Tax the Rich? Tax the Millionaires!

[georgephillip]

Millionaires grow with the stock market.

Last year the number of millionaire households in the US increased by 600,000.

Also in 2010 the US added 5,000,000 Americans to the national food stamp program.

With the stock market soaring over 100 percent from March 2009 lows, the richest 1% of the US population now controls 42% of all financial wealth.

Don't expect to hear/read these numbers in the corporate press.

The financial scam of...

Um. Don't you know the difference between Income and Net Worth?

A net worth of $1 Million is not that much, and for most people, the largest share of it is the equity in their homes, with the second largest bit being their 401Ks.

Are you now or have you ever been a millionaire?

"A 'millionaire's tax increase' is politically viable -- because the public supports raising taxes, when they understand that they're not the one who will pay them. That's why, for example, a tax on oil company profits always polls very well.

"In 2004, California voters passed Proposition 63 by State Senator Darrell Steinberg -- a 1% surcharge on incomes of over $1 million, which was specifically targeted at funding mental health services.

Would a federal surcharge on incomes over $1,000,000 be acceptable to you?

 

[boedicca]

The financial scam of...

Did you even bother to read your link?

There are only 78,147 people identified with incomes over $1M. Why we need to have our tax policy revolve around a tiny amount of wealthy people is logically inexplicable. Even if you taxed away most of their income, we'd still be left with an enormous national debt.

The piece is incoherent in its confusion of net worth and income. Small wonder it appeals to you.

 

[Defiant1]

If you taxed millionaires 100% it would barely pay for Obama's yearly vacations.

 

[boedicca]

Millionaires grow with the stock market.

Last year the number of millionaire households in the US increased by 600,000.

Also in 2010 the US added 5,000,000 Americans to the national food stamp program.

With the stock market soaring over 100 percent from March 2009 lows, the richest 1% of the US population now controls 42% of all financial wealth.

Don't expect to hear/read these numbers in the corporate press.

The financial scam of...

Um. Don't you know the difference between Income and Net Worth?

A net worth of $1 Million is not that much, and for most people, the largest share of it is the equity in their homes, with the second largest bit being their 401Ks.

Are you now or have you ever been a millionaire?

"A 'millionaire's tax increase' is politically viable -- because the public supports raising taxes, when they understand that they're not the one who will pay them. That's why, for example, a tax on oil company profits always polls very well.

"In 2004, California voters passed Proposition 63 by State Senator Darrell Steinberg -- a 1% surcharge on incomes of over $1 million, which was specifically targeted at funding mental health services.

Would a federal surcharge on incomes over $1,000,000 be acceptable to you?

No. The government doesn't have an undertaxing problem - it has an overspending problem.

And it's not a good idea for any government to model its fiscal and tax policy on the Epic Fail of California. That 1% surcharge has done nothing but drive high income people to Nevada.

 

[ba1614]

Millionaires grow with the stock market.

Last year the number of millionaire households in the US increased by 600,000.

Also in 2010 the US added 5,000,000 Americans to the national food stamp program.

With the stock market soaring over 100 percent from March 2009 lows, the richest 1% of the US population now controls 42% of all financial wealth.

Don't expect to hear/read these numbers in the corporate press.

The financial scam of...

If 600 000 households became millionaires, then why do you not find out what they are doing to achieve that success, do what it takes, and do it? Or do you expect it to magically fall into your lap?
You sure as fuck won't find it on this messageboard crying about other people succeeding.

Millionaires grow with the stock market.

The stock market has grown not because of hard work on the part of 600,000 new millionaire but rather the trillions of US taxpayer dollars handed out by Republicans AND Democrats to the old millionaires who crashed the market in 2008.

You sure as fuck won't change anything by "choosing" between Republican OR Democrat in November of 2012.

No you won't, they're one and the same, but I didn't let any of the bastards stop me from succeeding.

Millionaires don't become millionaires by doing nothing. These 600 000 households you loathe that just became millionaires are small potatoes. "old millionaires" didn't just become millionaires.

 

[manifold]

A tangential example of right-wing hypocrisy

They agree that...

Banning same sex marriage is equal treatment because the law is applied equally to all people.

They disagree that...

Progressive taxation is equal treatment because it is applied equally to all people.


Carry on

ehhhh.. wrong answer, asswipe

You see... many of us want the government out of marriage and want every person treated the same in terms of inheritance, taxation, power of attorney in emergencies, etc (you know, things government does have a right with its nose in) for any recognized family couple.... being against gay people being deemed 'married', forcing acceptance, etc is quite different....

Nice try

^ Given this reply I clearly described you to a T.

Pity you're too stupid to realize it though.

But what are you gonna do?

 

[Screaming Eagle]

I can't believe they said "the anti-tax state of California".

 

[HereWeGoAgain]

I love how libs think the old Axiom "it takes money to make money" is the only way to succeed in life.
While having money does make it easier to make money say in investments and and 401k's ,it's getting the money in the first place that vexes the lib.
Put down the joint stop buying the beer and start saving your money. In the meantime start thinking of a bussiness plan. Look for a need and fill it.
Sure there is some risk,but when it's your OWN money on the line I gaurantee you will work your ass off.
And you may fail the first time,in fact it's likely. But you learn from your mistakes and give it another go.
If you dont do these things you are destined to be average all your life.
And who do you have to blame for this?
Oh yeah......it must be the rich.
What happened to my country? Where punishing success is the norm.

 

[georgephillip]

The financial scam of...

Did you even bother to read your link?

There are only 78,147 people identified with incomes over $1M. Why we need to have our tax policy revolve around a tiny amount of wealthy people is logically inexplicable. Even if you taxed away most of their income, we'd still be left with an enormous national debt.

The piece is incoherent in its confusion of net worth and income. Small wonder it appeals to you.

What have those 78,147 Americans done in the last two years to "earn" an additional two percent of America's total wealth?

There's no confusion between "Income" and "Net Worth" apparent in the Saunders/Schakowsky legislation:

"Vermont Senator Bernie Sanders and Illinois Congresswoman Jan Schakowsky admit they wanted Bush tax cuts for those making over $250,000 to expire.

"But having lost that battle in December, they are proposing a 'surcharge' for incomes of over one million dollars.

"Schakowsky's bill creates a new tax bracket at 45% for those making $1 to $10 million a year, and 49% for those who make above $10 million. 'I certainly don't see it as a counter to the real and specific debate on the Bush tax cuts," she said. 'The fact is, Republicans don't want to do anything to take away tax breaks from the richest Americans, and we want to stimulate that debate.'"

Why shouldn't those who have prospered during the last two years pay back a portion of their gains? Particularly since it was taxpayer dollars that revived the stock market.

Paul Hogarth: Tax the Rich? Tax the Millionaires!

 

[DiamondDave]

A tangential example of right-wing hypocrisy

They agree that...

Banning same sex marriage is equal treatment because the law is applied equally to all people.

They disagree that...

Progressive taxation is equal treatment because it is applied equally to all people.


Carry on

ehhhh.. wrong answer, asswipe

You see... many of us want the government out of marriage and want every person treated the same in terms of inheritance, taxation, power of attorney in emergencies, etc (you know, things government does have a right with its nose in) for any recognized family couple.... being against gay people being deemed 'married', forcing acceptance, etc is quite different....

Nice try

^ Given this reply I clearly described you to a T.

Pity you're too stupid to realize it though.

But what are you gonna do?

Described ME to a T?? Hardly... I am for equal treatment by government for all.... but not for forced acceptance of all choices... and not for redefining marriage for political purposes... Call all government recognized family couples civil unions or family couples or whatever else... get government out of the religious institution of marriage... Now THAT is equal treatment... Pity you are too stupid to recognize it

 

[boedicca]

The financial scam of...

Did you even bother to read your link?

There are only 78,147 people identified with incomes over $1M. Why we need to have our tax policy revolve around a tiny amount of wealthy people is logically inexplicable. Even if you taxed away most of their income, we'd still be left with an enormous national debt.

The piece is incoherent in its confusion of net worth and income. Small wonder it appeals to you.

What have those 78,147 Americans done in the last two years to "earn" an additional two percent of America's total wealth?

There's no confusion between "Income" and "Net Worth" apparent in the Saunders/Schakowsky legislation:

"Vermont Senator Bernie Sanders and Illinois Congresswoman Jan Schakowsky admit they wanted Bush tax cuts for those making over $250,000 to expire.

"But having lost that battle in December, they are proposing a 'surcharge' for incomes of over one million dollars.

"Schakowsky's bill creates a new tax bracket at 45% for those making $1 to $10 million a year, and 49% for those who make above $10 million. 'I certainly don't see it as a counter to the real and specific debate on the Bush tax cuts," she said. 'The fact is, Republicans don't want to do anything to take away tax breaks from the richest Americans, and we want to stimulate that debate.'"

Why shouldn't those who have prospered during the last two years pay back a portion of their gains? Particularly since it was taxpayer dollars that revived the stock market.

Paul Hogarth: Tax the Rich? Tax the Millionaires!

Work. Save. Invest.

Really, grow a pair, sack up, and accept responsibility for your own lot in life. Whinging that 78,147 people are millionaires and you aren't is a sad way to live.

 

[manifold]

ehhhh.. wrong answer, asswipe

You see... many of us want the government out of marriage and want every person treated the same in terms of inheritance, taxation, power of attorney in emergencies, etc (you know, things government does have a right with its nose in) for any recognized family couple.... being against gay people being deemed 'married', forcing acceptance, etc is quite different....

Nice try

^ Given this reply I clearly described you to a T.

Pity you're too stupid to realize it though.

But what are you gonna do?

Described ME to a T?? Hardly... I am for equal treatment by government for all.... but not for forced acceptance of all choices... and not for redefining marriage for political purposes... Call all government recognized family couples civil unions or family couples or whatever else... get government out of the religious institution of marriage... Now THAT is equal treatment... Pity you are too stupid to recognize it

I couldn't possibly have demonstrated my point any better than you have now done twice.

Keep up the good work.

 

[georgephillip]

If 600 000 households became millionaires, then why do you not find out what they are doing to achieve that success, do what it takes, and do it? Or do you expect it to magically fall into your lap?
You sure as fuck won't find it on this messageboard crying about other people succeeding.

Millionaires grow with the stock market.

The stock market has grown not because of hard work on the part of 600,000 new millionaire but rather the trillions of US taxpayer dollars handed out by Republicans AND Democrats to the old millionaires who crashed the market in 2008.

You sure as fuck won't change anything by "choosing" between Republican OR Democrat in November of 2012.

No you won't, they're one and the same, but I didn't let any of the bastards stop me from succeeding.

Millionaires don't become millionaires by doing nothing. These 600 000 households you loathe that just became millionaires are small potatoes. "old millionaires" didn't just become millionaires.

During the last two years, when millions of Americans have lost their jobs, pensions and/or homes, two percent of the US population has nearly doubled its share of returns to wealth (interest, dividends, rent and capital gains) compared to a generation ago:

"Thanks largely to the $13 trillion Wall Street bailout – while keeping the debt overhead in place for America’s 'bottom 98 per cent' – this happy 2 per cent of the population now receives an estimated three quarters (~75 per cent) of the returns to wealth (interest, dividends, rent and capital gains). This is nearly double what it received a generation ago. The rest of the population is being squeezed, and foreclosures are rising."

This fortunate two percent and all the new millionaires created during 2010 owe most of their success to the US taxpayer since the stock market would never have recovered without a massive bailout.

What's immoral about clawing back some of that taxpayer-supplied recovery?

 

[Soggy in NOLA]

Yep, punish success. Increase the size and scope of government with nary an idea in sight to get spending under control.

Love these recycled old, demonstrably failed policies.

Is Paris Hilton a success?

Relevance?

 

[LordBrownTrout]

I see the op has his class warfare banjee dance shit going on again.

 

[drsmith1072]

Yep, punish success. Increase the size and scope of government with nary an idea in sight to get spending under control.

Love these recycled old, demonstrably failed policies.

LOL Just like trickle down economics and yet the right still believes in and preaches that "recycled old, demonstrably failed policy".

 

[georgephillip]

Did you even bother to read your link?

There are only 78,147 people identified with incomes over $1M. Why we need to have our tax policy revolve around a tiny amount of wealthy people is logically inexplicable. Even if you taxed away most of their income, we'd still be left with an enormous national debt.

The piece is incoherent in its confusion of net worth and income. Small wonder it appeals to you.

What have those 78,147 Americans done in the last two years to "earn" an additional two percent of America's total wealth?

There's no confusion between "Income" and "Net Worth" apparent in the Saunders/Schakowsky legislation:

"Vermont Senator Bernie Sanders and Illinois Congresswoman Jan Schakowsky admit they wanted Bush tax cuts for those making over $250,000 to expire.

"But having lost that battle in December, they are proposing a 'surcharge' for incomes of over one million dollars.

"Schakowsky's bill creates a new tax bracket at 45% for those making $1 to $10 million a year, and 49% for those who make above $10 million. 'I certainly don't see it as a counter to the real and specific debate on the Bush tax cuts," she said. 'The fact is, Republicans don't want to do anything to take away tax breaks from the richest Americans, and we want to stimulate that debate.'"

Why shouldn't those who have prospered during the last two years pay back a portion of their gains? Particularly since it was taxpayer dollars that revived the stock market.

Paul Hogarth: Tax the Rich? Tax the Millionaires!

Work. Save. Invest.

Really, grow a pair, sack up, and accept responsibility for your own lot in life. Whinging that 78,147 people are millionaires and you aren't is a sad way to live.

"While the primary source of wealth for the top 1 percent is stocks and this sector continues to improve thanks to bailouts and the Federal Reserve pumping easy money into investment banks, millions of other Americans are being kicked out of their homes that are losing value. Americans have lost $6.3 trillion in household real estate wealth.

"If your primary asset for your net worth is collapsing is it any wonder why the majority of the population does not feel this as any sort of economic recovery even though the stock market is now up over 100 percent in a relatively short timeframe?"

The financial scam of the century

 

[Soggy in NOLA]

It must really suck to spend one's entire existence in a perpetual state of envy and resentment.

 

[drsmith1072]

Typical liberal bullshit.
You got it, I don't. I want it. You can't have it.
Blah blah blah.

*yawn*

Funny how the right didn't seem to feel this way about the unions. The right tried desperately to turn private sector workers against public sector workers by arguing those public sector workers have it, you don't so let's take it from them.

It amazes me how many right wingers either don't see or just refuse to see their own hypocrisy. Gingrich's recent flip flop on libya is a perfect example of the rights willfull obliviousness to their own contradictions and hypocrisy that permeates their entire party.

 

[drsmith1072]

The call for selective equal treatment by government, yet again by liberal wingers....

Yawn

Look to the right's recent arguments concerning unions and how the public sector union members have it better than their private sector counter parts to see the right's support for selective equal treatement.