Under Bush US's 400 richest doubled their wealth

[Truthmatters]

Bloomberg.com: U.S.


Are you begining to get it?



Capital gains made up 63 percent of the richest 400 Americans’ adjusted gross income in 2006, or a combined $66.1 billion, according to the data. In all, the 400 wealthiest Americans reported a combined $105.3 billion of adjusted gross income in 2006, the most recent year for which the IRS has data.

“The big explosion in income for this group is clearly on the capital gains side, although there are also sharp increases in dividend and interest income,” said Dean Baker, co-director of the Center for Economic Policy and Research in Washington.

 

[Amanda]

I have never understood what some people have against the rich. I'll probably never be super rich but I hope to do ok and I sure don't want some helpful wealth redistribution plan to punish me for being successful by giving what I worked for to someone that didn't.

 

[Shogun]

who the hell is working here? Do you consider Capital Gains working?

 

[Lycurgus]

Yes, let's focus on Bush, let's focus on Rush, let's focus on Hanity, let's focus on Fox News, let's focus on everything we can except what Obama plans to do!

 

[Annie]

Yes, let's focus on Bush, let's focus on Rush, let's focus on Hanity, let's focus on Fox News, let's focus on everything we can except what Obama plans to do!

Well perhaps he should start to 'revamp or dismantle' FEMA, when not engaged with talking to the little Hitler or operating all the businesses the government is now the proud owner of. Ravi suggested now would be a great time to set up national disaster insurance, right along with government provided health insurance.

 

[editec]

Bloomberg.com: U.S.


Are you begining to get it?

Sadly some of us got it a long time ago. Those of us foolish enough to point it out have been called all sorts of things because we bothered to mention it.

Capital gains made up 63 percent of the richest 400 Americans’ adjusted gross income in 2006, or a combined $66.1 billion, according to the data. In all, the 400 wealthiest Americans reported a combined $105.3 billion of adjusted gross income in 2006, the most recent year for which the IRS has data.

And bear in mind, that's just the money that they report, too.

ACcording to the one IRS official, the rich basically declare what they want, and the IRS accepts it because the IRS knows that the superwealthy can tie them up in courts, obfucate their real incomes and simply make it impossible to ever get a REAL ACCOUNTING for their wealth since their incomes are STRUCTURED to remain under the radar.

“The big explosion in income for this group is clearly on the capital gains side, although there are also sharp increases in dividend and interest income,” said Dean Baker, co-director of the Center for Economic Policy and Research in Washington.

And who pays the difference?

The poor?

No they have no money.

The middle class?

No they bearly pay any taxes either.

The upper middle and lower upper classes are really funding the stupendous wealthy by paying their taxes for them.

And from which class will we find the superwealthy's greatest supporters?

Ironically, the same class who is making up the losses for the richest class.

The truly most productive members of our society are the people who are MOST screwed by our tax structure.

Ironic, isn't it?

 

[dilloduck]

Bloomberg.com: U.S.


Are you begining to get it?

Sadly some of us got it a long time ago. Those of us foolish enough to point it out have been called all sorts of things because we bothered to mention it.

Capital gains made up 63 percent of the richest 400 Americans’ adjusted gross income in 2006, or a combined $66.1 billion, according to the data. In all, the 400 wealthiest Americans reported a combined $105.3 billion of adjusted gross income in 2006, the most recent year for which the IRS has data.

And bear in mind, that's just the money that they report, too.

ACcording to the one IRS official, the rich basically declare what they want, and the IRS accepts it because the IRS knows that the superwealthy can tie them up in courts, obfucate their real incomes and simply make it impossible to ever get a REAL ACCOUNTING for their wealth since their incomes are STRUCTURED to remain under the radar.

“The big explosion in income for this group is clearly on the capital gains side, although there are also sharp increases in dividend and interest income,” said Dean Baker, co-director of the Center for Economic Policy and Research in Washington.

And who pays the difference?

The poor?

No they have no money.

The middle class?

No they bearly pay any taxes either.

The upper middle and lower upper classes are really funding the stupendous wealthy by paying their taxes for them.

And from which class will we find the superwealthy's greatest supporters?

Ironically, the same class who is making up the losses for the richest class.

The truly most productive members of our society are the people who are MOST screwed by our tax structure.

Ironic, isn't it?

I guess if I thought money would lead to a guaranteed happy and secure life style I would care.

 

[Amanda]

who the hell is working here? Do you consider Capital Gains working?

LOL, I knew this one would get dragged out.

Do you have to be digging a ditch or laying bricks to be working? I sit in a little cube talking on the phone and pushing tiny little buttons all day. The little buttons are super easy to push and talking on the phone is nearly effortless because I have a headset and well... I'm a girl and you know how we love to gab, so if you think about it I should be paying THEM to let me sit in their nice climate controlled environment and drink their free coffee. You sure couldn't call what I do working.

I guess someday if I ever get enough money to start investing I'll have it made cos them I won't have to have any knowledge of what I'm doing, or ever do any research to make money, it will just start magically flowing in. I see what you're saying now. We should all grab our pitchforks and storm the gates of their mansions and demand that they share their wealth, that wealth that they didn't work for, with the rest of us.

 

[auditor0007]

If we want a fair tax that will force the wealthy to pay a fair share, then we should move toward a flat tax on all income, weather it be earned income, investment income, inheritance income, any income. Get rid of all deductions, and only allow a standard exemption plus deductions for dependents. Cap the rate at 30% as a maximum across the board. One last thing; tie capital gains income to the rate of inflation, so that only real earnings are taxed.

 

[Chris]

10% of the people control 96% of the wealth in America.

This is the Republican Valhalla.

 

[dilloduck]

10% of the people control 96% of the wealth in America.

This is the Republican Valhalla.

dramatic, kirk.

 

[Skull Pilot]

This is nothing but pure jealousy.

Do you really think that because a rich person made money that it means there is less money for you to make?

Do you really think wealth is a zero sum game?

So what if one derives his income from interest or dividends. Do you realize the money that person leaves in banks and investment accounts enables other people to make many more times what he was paid in interest and dividends? In fact that money produces many many more times a return than does the labor of an assembly line worker but you revere the guy who puts 2 nuts and a screw into 3 different holes all day long more than the guy whose wealth is used to build a new hospital or fund research for new drugs or to bring a new product to market that could improve the lives of many people.

Be happy all those rich folk don't just keep their money in safety deposit boxes.

And if you've ever cashed in stocks or mutual funds, you have no choice on how much of that transaction gets reported, it all does and you get a 1099 for your trouble.

 

[Old Rocks]

I have never understood what some people have against the rich. I'll probably never be super rich but I hope to do ok and I sure don't want some helpful wealth redistribution plan to punish me for being successful by giving what I worked for to someone that didn't.

Damn, are you that innocent? When an industry makes a profit, that money can be used to increase the efficiency of the industry. It can be used to start new industries. It can be used to increase the standard of living for the people working in that industry. Or it can be funneled all to the top. And it has been almost all funneled to the top for the last 40 years.

The little that has been used to re-invest has all too often been invested in nations such as China, Indonesia, and India. The gap of income between the very wealthy and the middle class now exceeds even that of 1929. And the results are proving to be the same. When we pay CEO's tens of millions of dollars to turn in multi-billion dollar losses, when the receptionist of the CEO pays a higher per centage of her salary in taxes than the CEO, then the system is broken.

For 40 years the wages of the middle class have been stagnant in terms of real purchasing power. Now all of the sudden the market crashes because of nobody buying anything. While the wages have been stagnant, the prices of the basics of life have all risen. And now we are seeing half a million men and women a month losing their jobs. But the people that we are bailing out still insist that they should recieve the bonuses for failing to do their jobs. To the tune of 18 billion dollars.

I have no beef with the Gates and Buffets that actually create wealth, but all too many of the very wealthy are just scam artists that should be in jail.

 

[Old Rocks]

Yes, let's focus on Bush, let's focus on Rush, let's focus on Hanity, let's focus on Fox News, let's focus on everything we can except what Obama plans to do!

Hell yes, let us focus on what President Obama plans to do. Will he actually come through on the promise for a workable health care system? If not, how can we, through our representatives, set one up in spite of him.

Will he put enough money into building an energy infrastructure that will eliminate the use of fossil fuels? What can the individual states do on this matter to speed the process?

How about an equitable taxing system, one will eventually pay the debts that we are running up?

President Obama has been in office two weeks. He has done much in that two weeks, much that needed done, particularly in the issue of government transparency. He needs to do much more, including opening most of the files marked secret by the prior admin.

 

[Lycurgus]

Amanda makes sense by using simple common sense and not clouding issues up.

Basically what she said is, she does see it right to take from others, simply to hand out to others.

Gee, what a good basic value.

She doesn't want hand outs or what another has worked for, but, she wants the right to keep what she is able to achieve herself.

Hmmm ........... sounds fair to me.

Seems she chooses to live without making excuses and blaming others.

 

[Old Rocks]

Bloomberg.com: U.S.




I guess if I thought money would lead to a guaranteed happy and secure life style I would care.

Why in the hell should you care. I mean like the fellow I work with that has put the max in his 401-k for the whole time that he has worked, creating a nice retirement fund in the upper six figures. Now 67% of that is gone. Or the young man with a wife and two kids. Bought a fixer upper, 30% down, and reasonable payments. Except that he no longer has a job, and little prospect of getting another one in this economy. Oh yes, his wife has developed a medical condition, and once his medical lapses, the medical on the next job will not cover the prior existing condition.

We realize that you people don't care. It is an accepted fact. We just have to keep people like you from ever having the kind of say in our government that you have had for the last eight years.

 

[Skull Pilot]

Why in the hell should you care. I mean like the fellow I work with that has put the max in his 401-k for the whole time that he has worked, creating a nice retirement fund in the upper six figures. Now 67% of that is gone. Or the young man with a wife and two kids. Bought a fixer upper, 30% down, and reasonable payments. Except that he no longer has a job, and little prospect of getting another one in this economy. Oh yes, his wife has developed a medical condition, and once his medical lapses, the medical on the next job will not cover the prior existing condition.

We realize that you people don't care. It is an accepted fact. We just have to keep people like you from ever having the kind of say in our government that you have had for the last eight years.

So you can "care" us all into being broke because more and more of our pay goes to the fucking government

 

[Old Rocks]

So you can "care" us all into being broke because more and more of our pay goes to the fucking government

The fucking government is bailing out the sytem that the very wealthy have broken. Yes, a great deal more of the income of the very wealthy should go the the government. Since they do not see fit to invest the money earned in this nation, within this nation, it should go to someone that will invest that money in this nation.

Too many Haliburton's. Multi-billion dollar no bid contracts from our government here and abroad, then they move to Dubai. Symptomatic of the last administration and the worship of those that best scam the system. Madroff was just the clumsy one.

 

[Chris]

At one point the top 26 hedge fund managers were averaging $877 million dollars a year in income.

All the while they were running a Ponzi scheme that robbed hard working Americans of their retirement savings.

These guys should be in prison.

 

[Skull Pilot]

The fucking government is bailing out the sytem that the very wealthy have broken. Yes, a great deal more of the income of the very wealthy should go the the government. Since they do not see fit to invest the money earned in this nation, within this nation, it should go to someone that will invest that money in this nation.

Too many Haliburton's. Multi-billion dollar no bid contracts from our government here and abroad, then they move to Dubai. Symptomatic of the last administration and the worship of those that best scam the system. Madroff was just the clumsy one.

So you see that the government is a big part of the problem and yet you have no problem if that same government confiscates more and more of the people's money. A no bid government contract stems from government corruption not private sector corruption.

And the government is "bailing out" the system by screwing you. The government is just as complicit in this mess as anyone if not more. But you would rather trust the government where billions of dollars are put under the control of a treasury secretary that is not an elected official and has absolutely no accountability to any one.

You trust a government whose "bail out" or the benevolent sounding American Reinvestment Act or what ever bullshit name they give government waste projects these days where the largest sum of the total cost is for appropriations and not direct stimulus spending.

So appropriations otherwise known as earmarks are more important to the government than direct stimulus spending. And yet you want to give them, or have them confiscate even more of the public's money.

God, I am willing to bet you're too old to be so fucking naive.