The 400 Richest Americans Pay An 18% Tax Rate

[Sallow]

This is sort of a WTF moment.

they pay 18% on the average, according to Steve Rattner, a Wall Street financier, who just presented these figures on Mornings With Joe,MSNBC.

The main reason for the drop in their tax rate of some 40% is the tax cuts by George Bush in 2003, taking the rate paid on dividends and capital gains down to 15%. This reduction in the investment class's taxes powered the bull market in stocks from the fall of 2003 until the fall of 2007.[gallery]

Shockingly, the plan to raise the debt ceiling collects nothing from the wealthiest Americans to reduce our budget deficit. The Republican right wing holds the Obama White House hostage
The 400 Richest Americans Pay An 18% Tax Rate - Yahoo! News

 

[CrusaderFrank]

That's twice what they should pay!!

 

[martybegan]

This is sort of a WTF moment.

they pay 18% on the average, according to Steve Rattner, a Wall Street financier, who just presented these figures on Mornings With Joe,MSNBC.

The main reason for the drop in their tax rate of some 40% is the tax cuts by George Bush in 2003, taking the rate paid on dividends and capital gains down to 15%. This reduction in the investment class's taxes powered the bull market in stocks from the fall of 2003 until the fall of 2007.[gallery]

Shockingly, the plan to raise the debt ceiling collects nothing from the wealthiest Americans to reduce our budget deficit. The Republican right wing holds the Obama White House hostage
The 400 Richest Americans Pay An 18% Tax Rate - Yahoo! News

And yet those 400 consist of 0.00016% and probably pay at least 10% of all federal tax revenue.

Since when have we decided taxes are retribution for people being sucessful?

 

[Sallow]

This is sort of a WTF moment.

they pay 18% on the average, according to Steve Rattner, a Wall Street financier, who just presented these figures on Mornings With Joe,MSNBC.

The main reason for the drop in their tax rate of some 40% is the tax cuts by George Bush in 2003, taking the rate paid on dividends and capital gains down to 15%. This reduction in the investment class's taxes powered the bull market in stocks from the fall of 2003 until the fall of 2007.[gallery]

Shockingly, the plan to raise the debt ceiling collects nothing from the wealthiest Americans to reduce our budget deficit. The Republican right wing holds the Obama White House hostage
The 400 Richest Americans Pay An 18% Tax Rate - Yahoo! News

And yet those 400 consist of 0.00016% and probably pay at least 10% of all federal tax revenue.

Since when have we decided taxes are retribution for people being sucessful?

Retribution?

We have a system that FOSTERS their accumulation of wealth. From the justice system, infrastructure like bridges and roads, to direct government contracts and grants.

There are multiple SERVICES provided, TO THEM to HELP THEM RUN THEIR BUSINESSES.

Heck WE INVADED IRAQ TO HELP THE OIL INDUSTRY.

WTF!

 

[Truthmatters]

Some people want them to be turned into our new kings and queens

 

[martybegan]

This is sort of a WTF moment.

And yet those 400 consist of 0.00016% and probably pay at least 10% of all federal tax revenue.

Since when have we decided taxes are retribution for people being sucessful?

Retribution?

We have a system that FOSTERS their accumulation of wealth. From the justice system, infrastructure like bridges and roads, to direct government contracts and grants.

There are multiple SERVICES provided, TO THEM to HELP THEM RUN THEIR BUSINESSES.

Heck WE INVADED IRAQ TO HELP THE OIL INDUSTRY.

WTF!

And they pay for it, a shitload more than you probably do. The question is at what point does increasing the tax rate on only a small percentage of americans becomes taxation without representation? If 99% of the people can force 1% to fund thier government in excess of what others are willing to pay, what type of democracy is that?

Also thier accumulation of wealth allows others to make money, to pay taxes, to have businesses.

Sometimes it seems this is less about government funding and more about envy of people who have more crap than you do.

 

[martybegan]

Some people want them to be turned into our new kings and queens

Some people want a system that is not based on having wealthy people float the majority of the government. It is unsustainable.

You dont see it at the federal level as much as at the state/city level.

 

[editec]

Oh those poor poor Billionaires.

They suffer so.

Boo hoo hoo!

 

[martybegan]

Oh those poor poor Billionaires.

They suffer so.

Boo hoo hoo!

Since when is taxation about suffering, lack of suffering, or taking money from people just because they have more of it?

Taxation is to fund the government, nothing more, and right now the government at the federal level is doing all sorts of jobs it was never intended to do. It is being used by people with social agendas to fund thier pet projects using other people's money, and the bully pulpit of the government to get other people's money.

I am not jealous of people who make more or have more than me, something others on this board obviously have issues with.

 

[abriaje]

Thanks for this info.

 

[editec]

Oh those poor poor Billionaires.

They suffer so.

Boo hoo hoo!

Since when is taxation about suffering, lack of suffering, or taking money from people just because they have more of it?

Hey don't blame me. Its your idiotic tools on the right complaining about how put upon the poor poor billionaire class is.

They're the people complaining about how the superwealthy have to pay too high a percentage of their obscene incomes in taxes.

Taxation is to fund the government, nothing more, and right now the government at the federal level is doing all sorts of jobs it was never intended to do. It is being used by people with social agendas to fund thier pet projects using other people's money, and the bully pulpit of the government to get other people's money.

You mean like the social agenda of sending our soldiers into foreign nations to defend the interests of international corporations?

Yeah I agree, that is wrong. PURE SOCIALISM for the billionaires.

Evil and stupid policies, I agree.

am not jealous of people who make more or have more than me, something others on this board obviously have issues with.

Well, aren't you special?

 

[CitizenPained]

18 per cent? Isn't that MY tax rate?!



edit: I saw my dad's tax returns from last year. I just now did the math. He paid a little over 18 per cent (tax write offs included here) for income slightly over 1m. He's Republican, of course.

 

[expat_panama]

...The Republican right wing holds the Obama White House hostage The 400 Richest Americans Pay An 18% Tax Rate - Yahoo! News

Wow, 18%, unbelievable!!!

Of course it would be a lot easier to believe if instead of just another story going around we had a first hand account from either the people paying or the gov't agency getting the taxes. Instead we're getting it from Yahoo, they got it from Forbes, who got if from Lenzner, who got it from MSNBC, who got it from Rattner, who says he got every one of the "400 richest Americans'' to all show him their private tax records so he could talk about them on TV. Right.

So much for that. About the only thing we do know for sure here is which side is taking hostages. A hostage taker is the one that wants money, and the hostage is they one being forced to pay.

 

[CrusaderFrank]

Clearly, the Proletariat must control the means of production; its the only fair way

 

[Leweman]

Some people want them to be turned into our new kings and queens

will this work?

 

[martybegan]

Oh those poor poor Billionaires.

They suffer so.

Boo hoo hoo!

Hey don't blame me. Its your idiotic tools on the right complaining about how put upon the poor poor billionaire class is.

They're the people complaining about how the superwealthy have to pay too high a percentage of their obscene incomes in taxes.







You mean like the social agenda of sending our soldiers into foreign nations to defend the interests of international corporations?

Yeah I agree, that is wrong. PURE SOCIALISM for the billionaires.

Evil and stupid policies, I agree.

am not jealous of people who make more or have more than me, something others on this board obviously have issues with.

Well, aren't you special?

Considering the percentage of the federal budget they pay with their "obscene" incomes they are already supporting most of our government's expenditures.

Raising and maintaining armed forces are part of the mandate of the federal government. Please find me where it is required to provide food stamps.

These are tasks best suited for the states, or charities. The federal government should stick to what its supposed to do.

 

[Trajan]

This is sort of a WTF moment.

they pay 18% on the average, according to Steve Rattner, a Wall Street financier, who just presented these figures on Mornings With Joe,MSNBC.

The main reason for the drop in their tax rate of some 40% is the tax cuts by George Bush in 2003, taking the rate paid on dividends and capital gains down to 15%. This reduction in the investment class's taxes powered the bull market in stocks from the fall of 2003 until the fall of 2007.[gallery]

Shockingly, the plan to raise the debt ceiling collects nothing from the wealthiest Americans to reduce our budget deficit. The Republican right wing holds the Obama White House hostage
The 400 Richest Americans Pay An 18% Tax Rate - Yahoo! News

.....I love watching meltdowns and drooling N V.....

so tell me oh wise one; what overall collection in Dollars of those 400 gazillionaires makes up fed. income tax receipts?

 

[iamwhatiseem]

I gotta go with expat on this one...this story is not based on first or even second or even THIRD hand information.
And to believe the 18% figure - you have to believe that these 400 people willingly opened up their private records to some guy who wants to show they don't pay enough.

Riiiiiiight.

 

[expat_panama]

...400 people willingly opened up their private records to some guy who wants to show they don't pay enough. Riiiiiiight.

lol!!

it was funnier when you said it.