America’s wealthiest families smash income ceiling, middle-class left far behind

[OnePercenter]

Caesars went bankrupt because the private equity firms that bought it loaded it up with a ridiculous amount of debt under the assumption that gaming revenues would never fall. It's capital structure is not indicative of whether or not the economy has fully recovered.

Bullshit. Caesars went bankrupt because they never recovered from 2008.

1. Caesars never got their customers back from pre-2008.

2. The moronic mergers OK'd by the BushCo SEC killed them.

3. Caesars lost almost all of their whales to Wynn and LVSands.

 

[EdwardBaiamonte]

I'm confused. How did this happen with a Democrat in the White House who cares so much about the poor and the middle class?

simple, Democrats destroyed the family, schools, inner cities, and drove the corporations off shore so now they need new Republicans policies to reverse their trends but cant admit how deadly they have been to America.

 

[SwimExpert]

Your forgetting that the floor is falling because the ceiling is rising.

No, the floor is falling because Americans lose up to 60% of their income to the government. Not just from taxes, either. Things like Obamacare too. What's the point of the government raising minimum wage so that a handful of people can walk away with an extra $100 in their monthly paycheck, if you're going to force them to spend $200 a month on health insurance they neither want nor need?

So a couple making $50K/yr loose $25K/yr to the government? Sure.

The exact amount depends on the state and individual circumstances. As you'll note, said up to 60% of their income.

Add up the federal, state, and local income taxes. Also add in payroll taxes. Then, add sales taxes. Don't forget about those surcharge taxes on your cable and phone bills. Add excises, like gas taxes and sin taxes. Finally, add in government mandates spending, such as the health insurance mandate. And we haven't even begun to touch property taxes.

The result is up to 60% of the money you earned over the course of a year goes to the government in the form of taxation, or is forced out of your possession by mandate.

 

[OnePercenter]

I understand that your capital controls and wage and price controls will fail miserably, as they do all around the world.

Except wage and price controls that have been tried before change numbers. My net numbers don't change, the numbers move to different columns which benefit workers and small business.

 

[EdwardBaiamonte]

Your forgetting that the floor is falling because the ceiling is rising.

No, the floor is falling because Americans lose up to 60% of their income to the government. Not just from taxes, either. Things like Obamacare too. What's the point of the government raising minimum wage so that a handful of people can walk away with an extra $100 in their monthly paycheck, if you're going to force them to spend $200 a month on health insurance they neither want nor need?

So a couple making $50K/yr loose $25K/yr to the government? Sure.

The exact amount depends on the state and individual circumstances. As you'll note, said up to 60% of their income.

Add up the federal, state, and local income taxes. Also add in payroll taxes. Then, add sales taxes. Don't forget about those surcharge taxes on your cable and phone bills. Add excises, like gas taxes and sin taxes. Finally, add in government mandates spending, such as the health insurance mandate. And we haven't even begun to touch property taxes.

The result is up to 60% of the money you earned over the course of a year goes to the government in the form of taxation, or is forced out of your possession by mandate.

yes and that does even take into account the inflation tax and cost of jobs driven offshore by taxes, jobs taken by illegals etc etc. Govt is far bigger than we know. It is a spreading cancer that does little good anywhere.

 

[OnePercenter]

yes dear to avoid taxes our corporations and jobs move off shore. Its as stupid as most liberal policies.

No, companies move off-shore to deduct earning in the US they never paid taxes.

Example: Apple buys iPhone's in China from off-shore accounts. The cost of the iPhone's is deducted from US taxes. It's a bottom line increase.

 

[EdwardBaiamonte]

yes dear to avoid taxes our corporations and jobs move off shore. Its as stupid as most liberal policies.

No, companies move off-shore to deduct earning in the US they never paid taxes.

Example: Apple buys iPhone's in China from off-shore accounts. The cost of the iPhone's is deducted from US taxes. It's a bottom line increase.

total idiot liberal. Do 1000's of companies move to Ireland because the corporate tax is 11% or becuase the sky is blue??

 

[OnePercenter]

yes its true easily expecially when you count all the hidden taxes, sales inflation phone mortgage gas local state county etc etc

Aren't State and local taxes deductible from the federal form? Doesn't that reduce federal taxes?

Why don't you post your effective federal tax rate for 2013 so we can see. Mine was 4%.

 

[EdwardBaiamonte]

Doesn't that reduce federal taxes?

dear, reduce does not mean eliminate. AT all levels govt spends a minimum of $100k per family!!

 

[EdwardBaiamonte]

yes its true easily expecially when you count all the hidden taxes, sales inflation phone mortgage gas local state county etc etc

Aren't State and local taxes deductible from the federal form? Doesn't that reduce federal taxes?

Why don't you post your effective federal tax rate for 2013 so we can see. Mine was 4%.

top 1% pay 40% of federal income tax and half of state budgets in NY and CA.

 

[OnePercenter]

Why don't you just say kill all the jobs and sink us into a depression that will dwarf the 1930s?

Why would it kill jobs when cost of employees and taxes drops 50%? Plus every person in the city receives a HUGE raise. Wouldn't that effect/affect a small businesses bottom line?

 

[OnePercenter]

I'm confused. How did this happen with a Democrat in the White House who cares so much about the poor and the middle class?

It was started in the mid-2000's. Republicans in Congress have kept it alive.

 

[OnePercenter]

100% stupid and liberal. No offshore oil exploration? No factories in China so Iphones made here? Instant Hawley Smoot trade war and instant depression which once again shows you the IQ of liberals. Stupid beyond words!

LOL You are such an idiot!

 

[EdwardBaiamonte]

Why don't you just say kill all the jobs and sink us into a depression that will dwarf the 1930s?

Why would it kill jobs when cost of employees and taxes drops 50%? Plus every person in the city receives a HUGE raise. Wouldn't that effect/affect a small businesses bottom line?

dear why be an idiot always!! THe choice is between capitalism and socialism not capitalism socialism and your hybrid soviet plan which nobody cares about or will ever care about let alone even know about.

 

[buddhallah_the_christ]

disallow any further off-shore investments.
.

100% stupid and liberal. No offshore oil exploration? No factories in China so Iphones made here? Instant Hawley Smoot trade war and instant depression which once again shows you the IQ of liberals. Stupid beyond words!

Yeh, he is liberal but partly a can agree with him and disagree with you.
No factories in China. Why not? I think that America needs more workplaces. Unemployed rate increases from one year to the next and the number of people on welfare too. Maybe the government should let them work?

 

[Toro]

Caesars went bankrupt because the private equity firms that bought it loaded it up with a ridiculous amount of debt under the assumption that gaming revenues would never fall. It's capital structure is not indicative of whether or not the economy has fully recovered.

Bullshit. Caesars went bankrupt because they never recovered from 2008.

1. Caesars never got their customers back from pre-2008.

2. The moronic mergers OK'd by the BushCo SEC killed them.

3. Caesars lost almost all of their whales to Wynn and LVSands.

It's irrelevant to your argument.

The results of one gaming company with an over-leveraged balance sheet and lousy management isn't evidence that the economy hasn't fully recovered.

In fact, it appears that gaming revenue has recovered to 2007 levels. 2013 was the highest gaming revenue in the state of Nevada on record.

http://gaming.unlv.edu/reports/NV_1984_present.pdf

Edit - I'm wrong. My bad. I read it incorrectly.

Total revenues have not yet recovered. Slots are still way down.

But your argument still isn't relevant. Even though the gaming industry hasn't totally recovered, revenues did grow last year whereas Caesar's did not. Caesar's total revenues did grow, however.

Caesars Entertainment Reports Fourth-Quarter and Full-Year 2013 Results NASDAQ CZR

 

[OnePercenter]

The exact amount depends on the state and individual circumstances. As you'll note, said up to 60% of their income.

Add up the federal, state, and local income taxes. Also add in payroll taxes. Then, add sales taxes. Don't forget about those surcharge taxes on your cable and phone bills. Add excises, like gas taxes and sin taxes. Finally, add in government mandates spending, such as the health insurance mandate. And we haven't even begun to touch property taxes.

The result is up to 60% of the money you earned over the course of a year goes to the government in the form of taxation, or is forced out of your possession by mandate.

So a couple making $50K/yr pay $30k leaving $20K or $1600.00/mo for living expenses?

 

[Toro]

I understand that your capital controls and wage and price controls will fail miserably, as they do all around the world.

Except wage and price controls that have been tried before change numbers. My net numbers don't change, the numbers move to different columns which benefit workers and small business.

Your proposals are irrelevant to whether or not imposing capital and wage and price controls would work as they would distort capital allocation within the economy.

I have no problem increasing your taxes from 4% to 24%, but your proposals are horrible economics.

 

[EdwardBaiamonte]

No factories in China. Why not?

thats great for American workers but horrible for American consumers. No net benefit is possible. Do you understand?

THe concern for workers over consumers is 100% stupid. Do you grasp the concept?

 

[EdwardBaiamonte]

No factories in China. Why not?

thats great for American workers but horrible for American consumers. No net benefit is possible. Do you understand?

THe concern for workers over consumers is 100% stupid. Do you grasp the concept?

also, it would take us out of cell phone business and most other businesse so be a huge huge net loss to America. A liberal lacks the IQ to understand free trade.