Under Bush US's 400 richest doubled their wealth

Discussion in 'Economy' started by Truthmatters, Feb 1, 2009.

  1. Truthmatters
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    Truthmatters BANNED

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    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.
     
    Last edited: Feb 1, 2009
  2. Amanda
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    Amanda Calm as a Hindu cow

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    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.
     
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  3. Shogun
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    Shogun Free: Mudholes Stomped

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    who the hell is working here? Do you consider Capital Gains working?
     
  4. Lycurgus
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    Lycurgus Who is Obama, really...??

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    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!
     
  5. Annie
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    Annie VIP Member

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    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.
     
  6. editec
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    editec Mr. Forgot-it-All

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    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.



    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.

    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?
     
  7. dilloduck
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    dilloduck Gold Member

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    I guess if I thought money would lead to a guaranteed happy and secure life style I would care.
     
  8. Amanda
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    Amanda Calm as a Hindu cow

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    LOL, I knew this one would get dragged out. :tongue:

    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.
     
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  9. auditor0007
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    auditor0007 Gold Member

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    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.
     
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    Last edited: Feb 1, 2009
  10. Chris
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    Chris Gold Member

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

    This is the Republican Valhalla.
     
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