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top 5 % own more than half of the wealth
- Thread starter Truthmatters
- Start date
the dif bettwen conservative and neocon being the former is appauled, the later can't deal with being a tool to the elities
etta>
http://www.huffingtonpost.com/2011/...c_n_845042.html#s261411&title=Wage_Inequality
"Economists are not sure how to fully explain the growing inequality in America," Nobel Prize-winning economist Joseph Stiglitz writes in a new piece for Vanity Fair this week. "But one big part of the reason we have so much inequality is that the top 1 percent want it that way."
While it's unclear whether Stiglitz is correct about the intentions of the super-wealthy, what's certain is that the rich have emerged from the rubble of the last 30 years as indisputable winners. Since 1980, middle-class wages have largely stagnated and lower-class wages have declined, while the upper echelons of American society have seen a windfall. A study by University of California, Berkeley professor Emmanuel Saez found that, as of 2007, the top decile of American earners pulled in 49.7 percent of total wages, a level that's "higher than any other year since 1917."
etta>
http://www.huffingtonpost.com/2011/...c_n_845042.html#s261411&title=Wage_Inequality
"Economists are not sure how to fully explain the growing inequality in America," Nobel Prize-winning economist Joseph Stiglitz writes in a new piece for Vanity Fair this week. "But one big part of the reason we have so much inequality is that the top 1 percent want it that way."
While it's unclear whether Stiglitz is correct about the intentions of the super-wealthy, what's certain is that the rich have emerged from the rubble of the last 30 years as indisputable winners. Since 1980, middle-class wages have largely stagnated and lower-class wages have declined, while the upper echelons of American society have seen a windfall. A study by University of California, Berkeley professor Emmanuel Saez found that, as of 2007, the top decile of American earners pulled in 49.7 percent of total wages, a level that's "higher than any other year since 1917."
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The top 1% (of earners) pay 38.02% of taxes.
The top 5% pay 58.72% of taxes.
The top 10% pay 69.94% of taxes.
The top 25% pay 86.34 of taxes.
The top 50% pay 97.3% of taxes
The bottom 50% pay 2.7% of taxes.
The bottom 45% pay none at all.
The salient point that is missed by all right wingers is that even after the top 1% pay 38% of the income taxes, they still have enough income to have accumulated 37% of the nation's wealth, the top 10% have 71% of the nation's wealth even after paying 70% of the income taxes. The bottom 60% of the people in the USA have only 4% of the wealth and the bottom 40% have only 1/4 of 1%! The average top 1% federal taxpayer has $923,000 left per year after paying their annual federal tax. The average top 10% federal taxpayer has $223,000 left per year after paying their annual federal tax. The average bottom 50% federal taxpayer has only $15,000 per year left after paying what little they pay for federal income tax. Only $15,000 compared to $923,000 or $223,000!
This disparate result is because our economic system in these United States is inequitably biased in favor of the wealthy and against the vast majority of Americans. This bias is massive, and the concentration of wealth at the top is an abomination and a distorted result for the vast majority of the working class which is the vast majority of Americans.
The only thing that is saving this country from an even more disastrous disparity is the progressive income tax rates and the estate tax. However, obviously the tax rates aren't nearly as progressive as they need to be as we are the second worst offender in the world in terms of the lopsided concentration of wealth and income at the top. This lopsidedness is unhealthy for the nation. Much of the working class has trouble making ends meet and is living at subsistance or worse. Currently, businesses have pulled back production because there isn't enough demand to support more production or even new enterprise. There isn't enough money in the pockets of the majority of Americans to support a healthy economy. The wealth and income, by way of our biased economic system, legally found their way out of the grasp of the working class and in the pockets of the few at the top.
I would like to see a more equitable economy that wasn't so wildly biased in favor of the few at the top. When and if the economy ever gets more in order and fairly and equitably compensates all its participants, then there will be more money in the pockets of the working class and then it makes sense for the working class to pay more income taxes. Not now, Gomer. The right wing has hijacked our country and they favor an even worse bias than what we currently have. What is such a sad pitty is that the right wingers who are in the working class, and particularly those right wingers that are in the bottom 50% of taxpayers are too stupid to see the big picture and how even more bias in our current economic system will make their lot worse.
The top 5% pay 58.72% of taxes.
The top 10% pay 69.94% of taxes.
The top 25% pay 86.34 of taxes.
The top 50% pay 97.3% of taxes
The bottom 50% pay 2.7% of taxes.
The bottom 45% pay none at all.
The salient point that is missed by all right wingers is that even after the top 1% pay 38% of the income taxes, they still have enough income to have accumulated 37% of the nation's wealth, the top 10% have 71% of the nation's wealth even after paying 70% of the income taxes. The bottom 60% of the people in the USA have only 4% of the wealth and the bottom 40% have only 1/4 of 1%! The average top 1% federal taxpayer has $923,000 left per year after paying their annual federal tax. The average top 10% federal taxpayer has $223,000 left per year after paying their annual federal tax. The average bottom 50% federal taxpayer has only $15,000 per year left after paying what little they pay for federal income tax. Only $15,000 compared to $923,000 or $223,000!
This disparate result is because our economic system in these United States is inequitably biased in favor of the wealthy and against the vast majority of Americans. This bias is massive, and the concentration of wealth at the top is an abomination and a distorted result for the vast majority of the working class which is the vast majority of Americans.
The only thing that is saving this country from an even more disastrous disparity is the progressive income tax rates and the estate tax. However, obviously the tax rates aren't nearly as progressive as they need to be as we are the second worst offender in the world in terms of the lopsided concentration of wealth and income at the top. This lopsidedness is unhealthy for the nation. Much of the working class has trouble making ends meet and is living at subsistance or worse. Currently, businesses have pulled back production because there isn't enough demand to support more production or even new enterprise. There isn't enough money in the pockets of the majority of Americans to support a healthy economy. The wealth and income, by way of our biased economic system, legally found their way out of the grasp of the working class and in the pockets of the few at the top.
I would like to see a more equitable economy that wasn't so wildly biased in favor of the few at the top. When and if the economy ever gets more in order and fairly and equitably compensates all its participants, then there will be more money in the pockets of the working class and then it makes sense for the working class to pay more income taxes. Not now, Gomer. The right wing has hijacked our country and they favor an even worse bias than what we currently have. What is such a sad pitty is that the right wingers who are in the working class, and particularly those right wingers that are in the bottom 50% of taxpayers are too stupid to see the big picture and how even more bias in our current economic system will make their lot worse.
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And that same percentile pays more than 58% of the Income tax.
This is a travesty and I'm glad you pointed it out. When will everyone else pay their fair share?
National Taxpayers Union - Who Pays Income Taxes?
The top 5% are not paying nearly their fare share. They have benefitted enormously from the economy and they got the lion's share of wealth as a result. Their wealth dwarfs the wealth of the bottom 60%. Taxation should follow the wealth and income and the fruit that the economic tree provides. If the top 5% paid their fare share, the lopsidedness of their share of the nation's wealth wouldn't be so disparate. Pretty obvious stuff.
You know, the average top 5% taxpayer has $331,000 left over after paying their federal income tax. Average bottom 50% federal taxpayer has only $15,000 left over. Chew on that for a while, think about that and what kind of reward $15,000 is compared to $331,000. Think about the magnitude of the financial situation in real economic value terms the difference in those two incomes reflect. Remember, both have to live off of their respective income. Now that you realize the nature of the difference in economic reward is, due to the difference in magnitude of that difference and what that magnitude means in real, down to earth value terms and not just dollar terms, maybe, just maybe the light bulb of enlightenment will go on and you will get a "visceral" feel for it.
You know, the average top 5% taxpayer has $331,000 left over after paying their federal income tax. Average bottom 50% federal taxpayer has only $15,000 left over. Chew on that for a while, think about that and what kind of reward $15,000 is compared to $331,000. Think about the magnitude of the financial situation in real economic value terms the difference in those two incomes reflect. Remember, both have to live off of their respective income. Now that you realize the nature of the difference in economic reward is, due to the difference in magnitude of that difference and what that magnitude means in real, down to earth value terms and not just dollar terms, maybe, just maybe the light bulb of enlightenment will go on and you will get a "visceral" feel for it.
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the class war is being waged by the wealthy on the rest of us
yes exactly
1) the top 1% pay 40% of all taxes
2) they invent the products that got us from the stone age to here
3) they create all the jobs
Gates and Buffett are great example of war!! Who needed Microsoft anyway!!!
See why we are 100% positive the liberal will have a low IQ?
It's class warfare, my class is winning, but they shouldn't be.
CNN Interview, May 25 2005, in arguing the need to raise taxes on the rich.
There's class warfare, all right, but it's my class, the rich class, that's making war, and we're winning.
New York Times, November 26, 2006.
the need to raise taxes on the rich.
Brutus:
1) the top 1% already pay 40% of all Federal taxes
2) In NYC 5000 people pay 50% of all NYC tax( they can move)
3) in CA 10000 people pay 50% of all CA tax( they can move)
This is destroying our ability to have a competitive and growing economy. You don't take money from your most productive citizens, those who create new products and new jobs, and give it to liberal bureaucrats to waste on one shot welfare programs.
No other industrial country does this!!!
Brutus:
1) the top 1% already pay 40% of all Federal taxes
2) In NYC 5000 people pay 50% of all NYC tax( they can move)
3) in CA 10000 people pay 50% of all CA tax( they can move)
This is destroying our ability to have a competitive and growing economy. You don't take money from your most productive citizens, those who create new products and new jobs, and give it to liberal bureaucrats to waste on one shot welfare programs.
No other industrial country does this!!!
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obviously, simple explanations are in order>
http://www.teachingeconomics.org/content/staticpages/index.php?page=teaipm10
http://www.teachingeconomics.org/content/staticpages/index.php?page=teaipm10
obviously, simple explanations are in order>
liberal lacks IQ to participate so refers others to links,.... as if we all couldn't do that!! Its a discussion forum not a trade link forum!! Sorry!!
the need to raise taxes on the rich.
Brutus:
1) the top 1% already pay 40% of all Federal taxes
2) In NYC 5000 people pay 50% of all NYC tax( they can move)
3) in CA 10000 people pay 50% of all CA tax( they can move)
This is destroying our ability to have a competitive and growing economy. You don't take money from your most productive citizens, those who create new products and new jobs, and give it to liberal bureaucrats to waste on one shot welfare programs.
No other industrial country does this!!!
i know that tune!, c'mon, everybody sing along!
Old lion's dying, got left behind cut your teeth
Lose your meat and man it's just a matter of time
Key's to the cuffs, you might be king
That's it, that's all, that's everything
Skeletons come here to dance
Where barrooms beat their brothers into a bloody trance
What's the deal? What did I do?
Who cops all the cops is all I asked of you
Lining up, waiting on the trickle down
Something's up, taking time to get around
Belly up, all the drinks are on the crown
It's just a matter of trickle down
Twenty miles before the crash
That's the style for a while and man, I think it's gonna last
Hit the breaks is all you can say
Conductor says, "We'll save them for another rainy day"
Lining up, waiting on the trickle down
Something's up, taking time to get around
Belly up, all the drinks are on the crown
It's just a matter of a trickle down[ From: TRAGICALLY HIP - TRICKLE DOWN LYRICS ]
They may own 50% of all wealth but they control 100% of all power.
yeah because politicians have no power. i hope you enjoy fantasy land as much as it seems you do.
the need to raise taxes on the rich.
Brutus:
1) the top 1% already pay 40% of all Federal taxes
2) In NYC 5000 people pay 50% of all NYC tax( they can move)
3) in CA 10000 people pay 50% of all CA tax( they can move)
This is destroying our ability to have a competitive and growing economy. You don't take money from your most productive citizens, those who create new products and new jobs, and give it to liberal bureaucrats to waste on one shot welfare programs.
No other industrial country does this!!!
i know that tune!, c'mon, everybody sing along!
too stupid !! a liberal responds to facts with songs and pictures. See why we are sure a liberal will have a low IQ?
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OK Brutus and all you other right wing hobbits, this is the reason the income tax is too low on the wealthy:
Here it is again:
BTW, Brutus, the only thing around here in double digits is your IQ. Why don't you move to Somalia so that the average IQ of the USA and Somalia can both increase? Here's a tid bit for you. During the 1990 presidential election, the average amount of college education by the attendees at the Democratic convention was 6 years, the average for the Republican convention was only 3.5 years. Look at your popular leaders and spokes people: Palin, Limbaugh, Glenn Beck, Joe the Plumber, Bush ll. Look at ours: Obama, the Clintons, Chuck Schumer, Harry Reid, Polosi. Neither Bush11 nor Palin can parse a sentence, let alone construct one. Did you know that Limbaugh and Beck and Joe are all college dropouts? You are on very thin ice when talking about relative intelligence and knowledge.
Furthermoe, for the vast most part, the only people talking about class warfare are the wealthy and most of the right wingers. I personally don't advocate nor do I perceive a current class war. That is a scare tactic that the right wingers love to put out there. The problem is not the rich nor the wealthy, it is our economic system that is skewed in their financial favor. Most of the rich and wealthy are good citizens successfully able to take advantage of the skewed system. Only a few are bad people that use their influence and money and power and public presence to further the skewing of the bias in their favor. The other immoral parties are the politicians who do the skewing, both Republican and Democrat, and the vast majority of people who enable the skewing of the system are you dumb Republican voting, working class fools who insist on doing the wrong thing and vote against their own best interest. The top 15% own 85% of the country's wealth, the bottom 85% only own 15% of the wealth. There are alot of working class Republicans in that 85% working class group, they are just too stupid to realize it, like you.
The top 5% are not paying nearly their fare share. They have benefitted enormously from the economy and they got the lion's share of wealth as a result. Their wealth dwarfs the wealth of the bottom 60%. Taxation should follow the wealth and income and the fruit that the economic tree provides. If the top 5% paid their fare share, the lopsidedness of their share of the nation's wealth wouldn't be so disparate. Pretty obvious stuff.
You know, the average top 5% taxpayer has $331,000 left over after paying their federal income tax. Average bottom 50% federal taxpayer has only $15,000 left over. Chew on that for a while, think about that and what kind of reward $15,000 is compared to $331,000. Think about the magnitude of the financial situation in real economic value terms the difference in those two incomes reflect. Remember, both have to live off of their respective income. Now that you realize the nature of the difference in economic reward is, due to the difference in magnitude of that difference and what that magnitude means in real, down to earth value terms and not just dollar terms, maybe, just maybe the light bulb of enlightenment will go on and you will get a "visceral" feel for it.
Here it is again:
MitchMan said:The top 1% (of earners) pay 38.02% of taxes.
The top 5% pay 58.72% of taxes.
The top 10% pay 69.94% of taxes.
The top 25% pay 86.34 of taxes.
The top 50% pay 97.3% of taxes
The bottom 50% pay 2.7% of taxes.
The bottom 45% pay none at all.
The salient point that is missed by all right wingers is that even after the top 1% pay 38% of the income taxes, they still have enough income to have accumulated 37% of the nation's wealth, the top 10% have 71% of the nation's wealth even after paying 70% of the income taxes. The bottom 60% of the people in the USA have only 4% of the wealth and the bottom 40% have only 1/4 of 1%! The average top 1% federal taxpayer has $923,000 left per year after paying their annual federal tax. The average top 10% federal taxpayer has $223,000 left per year after paying their annual federal tax. The average bottom 50% federal taxpayer has only $15,000 per year left after paying what little they pay for federal income tax. Only $15,000 compared to $923,000 or $223,000!
BTW, Brutus, the only thing around here in double digits is your IQ. Why don't you move to Somalia so that the average IQ of the USA and Somalia can both increase? Here's a tid bit for you. During the 1990 presidential election, the average amount of college education by the attendees at the Democratic convention was 6 years, the average for the Republican convention was only 3.5 years. Look at your popular leaders and spokes people: Palin, Limbaugh, Glenn Beck, Joe the Plumber, Bush ll. Look at ours: Obama, the Clintons, Chuck Schumer, Harry Reid, Polosi. Neither Bush11 nor Palin can parse a sentence, let alone construct one. Did you know that Limbaugh and Beck and Joe are all college dropouts? You are on very thin ice when talking about relative intelligence and knowledge.
Furthermoe, for the vast most part, the only people talking about class warfare are the wealthy and most of the right wingers. I personally don't advocate nor do I perceive a current class war. That is a scare tactic that the right wingers love to put out there. The problem is not the rich nor the wealthy, it is our economic system that is skewed in their financial favor. Most of the rich and wealthy are good citizens successfully able to take advantage of the skewed system. Only a few are bad people that use their influence and money and power and public presence to further the skewing of the bias in their favor. The other immoral parties are the politicians who do the skewing, both Republican and Democrat, and the vast majority of people who enable the skewing of the system are you dumb Republican voting, working class fools who insist on doing the wrong thing and vote against their own best interest. The top 15% own 85% of the country's wealth, the bottom 85% only own 15% of the wealth. There are alot of working class Republicans in that 85% working class group, they are just too stupid to realize it, like you.
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The top 5% are not paying nearly their fare share.
too stupid!!! the top 1% pay more than their fair share, in fact 37% more than their fair share. Their share is 1%, yet they pay 38% of all federal taxes. When the top 1% go into a supermarket do they pay more for a can of soup or does everyone pay the same price? Do they get more benefit from a jet fighter than a poor person??
Moreover, taking so much from our most productive citizens when they know how to use money to create the jobs and products that sustain our lives is purely stupid, and of course perfectly liberal.
Here a simple example that even a liberal might understand. The more you tax capital gains or venture capital the less ventures you have, like Google, Twitter, Facebook, HP, etc.etc.
Herbie Hancock
Member
- Apr 4, 2011
- 44
- 7
- 6
My response is so what. I wish to be one of those 5% someday. Funny thing is most of these people you liberals demonize are likely liberals themselves. I tell you what, since you all believe spreading the wealth is a good idea. If every liberal inside that 5% gives back every cent each year to the point where they are only keeping the average US citizens income/year than ill be impressed. Until then your all hypocrites.
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