Wealth gap widens

[Remodeling Maidiac]

Chris, the top 1% DO NOT pay a lower rate than the rest of us. That 1% pays 40% of ALL OF THE TAXES.
Where do you get your BS information?

Forbes.....

WASHINGTON, D.C.--The 400 highest-earning taxpayers in the U.S. reported a record $105 billion in total adjusted gross income in 2006, but they paid just $18 billion in tax, new Internal Revenue Service figures show. That works out to an average federal income tax bite of 17%--the lowest rate paid by the richest 400 during the 15-year period covered by the IRS statistics. The average federal tax bite on the top 400 was 30% in 1995 and 23% in 2002.

Richest 400 Earn More, Pay Lower Tax Rate - Forbes.com

Do they teach math where you went to school Chris?
400 folks is not 1% of taxpayers.
That equals .0000057 of the taxpayers.
If they taxed 100% in taxes of those 400 it would run the government for 4 days.
Try again with something, anything of substance Chris. Respectfully, you have come to the table with nothing.

they have a "special education" when it comes to basic skills. Remember Clinton wasn't even sure what (is) ment and he had to check with a lawyer. Silly libs....

 

[Chris]

Chris, the top 1% DO NOT pay a lower rate than the rest of us. That 1% pays 40% of ALL OF THE TAXES.
Where do you get your BS information?

Forbes.....

WASHINGTON, D.C.--The 400 highest-earning taxpayers in the U.S. reported a record $105 billion in total adjusted gross income in 2006, but they paid just $18 billion in tax, new Internal Revenue Service figures show. That works out to an average federal income tax bite of 17%--the lowest rate paid by the richest 400 during the 15-year period covered by the IRS statistics. The average federal tax bite on the top 400 was 30% in 1995 and 23% in 2002.

Richest 400 Earn More, Pay Lower Tax Rate - Forbes.com

Do they teach math where you went to school Chris?
400 folks is not 1% of taxpayers.
That equals .0000057 of the taxpayers.
If they taxed 100% in taxes of those 400 it would run the government for 4 days.
Try again with something, anything of substance Chris. Respectfully, you have come to the table with nothing.

It really helps if you actually read the article at the link....

By contrast, Americans overall reported less than 10% of their adjusted gross income as coming from capital gains. The richest 400 reported 1.3% of all adjusted gross income but booked 8.5% of all net capital gains.

Richest 400 Earn More, Pay Lower Tax Rate - Forbes.com

 

[Gadawg73]

Forbes.....

WASHINGTON, D.C.--The 400 highest-earning taxpayers in the U.S. reported a record $105 billion in total adjusted gross income in 2006, but they paid just $18 billion in tax, new Internal Revenue Service figures show. That works out to an average federal income tax bite of 17%--the lowest rate paid by the richest 400 during the 15-year period covered by the IRS statistics. The average federal tax bite on the top 400 was 30% in 1995 and 23% in 2002.

Richest 400 Earn More, Pay Lower Tax Rate - Forbes.com

Do they teach math where you went to school Chris?
400 folks is not 1% of taxpayers.
That equals .0000057 of the taxpayers.
If they taxed 100% in taxes of those 400 it would run the government for 4 days.
Try again with something, anything of substance Chris. Respectfully, you have come to the table with nothing.

It really helps if you actually read the article at the link....

By contrast, Americans overall reported less than 10% of their adjusted gross income as coming from capital gains. The richest 400 reported 1.3% of all adjusted gross income but booked 8.5% of all net capital gains.

Richest 400 Earn More, Pay Lower Tax Rate - Forbes.com

Capital gains should not be taxed at all Chris.
The higher the capital gains tax the less profit a business MAY MAKE. Keep in mind Chris that there is NO GUARANTEE someone will make a profit when they RISK their capital.
So guess what happens when the tax rate goes up? LESS CAPITAL FOR INVESTING.
And less investing means fewer jobs Chris.
Easy enough to understand I am sure.
So now you know how that works and now you are also for low or no capital gains taxes.
Because Chris is all for capital investing to create jobs. Right?

 

[Chris]

Do they teach math where you went to school Chris?
400 folks is not 1% of taxpayers.
That equals .0000057 of the taxpayers.
If they taxed 100% in taxes of those 400 it would run the government for 4 days.
Try again with something, anything of substance Chris. Respectfully, you have come to the table with nothing.

It really helps if you actually read the article at the link....

By contrast, Americans overall reported less than 10% of their adjusted gross income as coming from capital gains. The richest 400 reported 1.3% of all adjusted gross income but booked 8.5% of all net capital gains.

Richest 400 Earn More, Pay Lower Tax Rate - Forbes.com

Capital gains should not be taxed at all Chris.
The higher the capital gains tax the less profit a business MAY MAKE. Keep in mind Chris that there is NO GUARANTEE someone will make a profit when they RISK their capital.
So guess what happens when the tax rate goes up? LESS CAPITAL FOR INVESTING.
And less investing means fewer jobs Chris.
Easy enough to understand I am sure.
So now you know how that works and now you are also for low or no capital gains taxes.
Because Chris is all for capital investing to create jobs. Right?

Wrong.

Capital gains should not be taxed unless they are taken out as income.

But thanks for playing.

And thanks for the apology.

 

[Remodeling Maidiac]

Why is there a wealth gap to begin with? Of course it will widen during recession and all the effects that go along with that.

lets have a look at some education statistics...

Educational Attainment by Race & Origin, 1940–2007: Population 25 Years & Older — Infoplease.com (note the numbers in the third line of each race)

Graduation Rates, by State and Race - NYTimes.com (highschool stats)

now look at home ownership stats

Homeownership Rates by Race and Ethnicity of Householder — Infoplease.com

Historical Census of Housing Tables - Homeownership by Race and Hispanic Origin (old but relative)


The two seem tied at the hip to me. The reports you keep citing are speaking of net worth ie savings and investments. Now with such low stats on education for minorities how are they supposed to build wealth?

 

[ClosedCaption]

Well I guess the question would be since there is a link between the wealth gap and the education gap. Why aren't minorities receiving the same or equivalent education?

But that question is so complicated that it can't be answered referring to personal behavior of an entire class of people. Sure there are slackers but an entire race doesn't have a slacker gene where others don't.

...orrrrrr we can just call names. Seems pretty popular 'round here

 

[8537]

Chris, the top 1% DO NOT pay a lower rate than the rest of us. That 1% pays 40% of ALL OF THE TAXES.

Where did you get that information?

 

[Remodeling Maidiac]

Well I guess the question would be since there is a link between the wealth gap and the education gap. Why aren't minorities receiving the same or equivalent education?

But that question is so complicated that it can't be answered referring to personal behavior of an entire class of people. Sure there are slackers but an entire race doesn't have a slacker gene where others don't.

...orrrrrr we can just call names. Seems pretty popular 'round here

I gave you a couple responses to your question and I didnt use any gratuitous adjectives.

Care to respond in kind?

 

[8537]

What part of fewer minorities own houses because fewer have good educations do you not understand?

It's not *just* because they don't have a good education. It's also because for 35 years whites participated in the great experiment to create suburbs courtesy of the federally-backed, low interest 30 year mortgage for people buying homes outside of city centers, while blacks didn't. During that time, whites were able to accumulate tremendous wealth through the value of their homes.

 

[Remodeling Maidiac]

What part of fewer minorities own houses because fewer have good educations do you not understand?

It's not *just* because they don't have a good education. It's also because for 35 years whites participated in the great experiment to create suburbs courtesy of the federally-backed, low interest 30 year mortgage for people buying homes outside of city centers, while blacks didn't. During that time, whites were able to accumulate tremendous wealth through the value of their homes.

And that is anyones fault but their own why? Besides were all the baby boomers supposed to live in an overcrowded city? No one is locking all the blacks inside the city, in fact the ones in my neighborhood might take you up on your point.

 

[8537]

What part of fewer minorities own houses because fewer have good educations do you not understand?

It's not *just* because they don't have a good education. It's also because for 35 years whites participated in the great experiment to create suburbs courtesy of the federally-backed, low interest 30 year mortgage for people buying homes outside of city centers, while blacks didn't. During that time, whites were able to accumulate tremendous wealth through the value of their homes.

And that is anyones fault but their own why?

Why? Federal and state-level enforced institutional racism. Blacks were legally denied access to the programs and instead had to get loans in the private market - with much higher interest rates, much shorter terms and many banks legally refusing to loan to them.

Blacks were also denied the right to live in many suburban communities, send their kids to suburban schools or participate in the wealth-accumulating effects of low-interest home ownership

 

[Remodeling Maidiac]

It's not *just* because they don't have a good education. It's also because for 35 years whites participated in the great experiment to create suburbs courtesy of the federally-backed, low interest 30 year mortgage for people buying homes outside of city centers, while blacks didn't. During that time, whites were able to accumulate tremendous wealth through the value of their homes.

And that is anyones fault but their own why?

Because blacks were legally denied access to the programs and instead had to get loans in the private market - with much higher interest rates, much shorter terms and many banks legally refusing to loan to them.

I assume you have proof of widespread conspiracy's? And those banks are now closed with their owners/operators in jail?

 

[Remodeling Maidiac]

It's not *just* because they don't have a good education. It's also because for 35 years whites participated in the great experiment to create suburbs courtesy of the federally-backed, low interest 30 year mortgage for people buying homes outside of city centers, while blacks didn't. During that time, whites were able to accumulate tremendous wealth through the value of their homes.

And that is anyones fault but their own why?

Why? Federal and state-level enforced institutional racism. Blacks were legally denied access to the programs and instead had to get loans in the private market - with much higher interest rates, much shorter terms and many banks legally refusing to loan to them.

Blacks were also denied the right to live in many suburban communities, send their kids to suburban schools or participate in the wealth-accumulating effects of low-interest home ownership

I call bs on your last sentence.

EDIT: you gotta stop changing you posts so fast. When I respond to the original and then you change it, it makes it look like I off in left field.

 

[ClosedCaption]

Well I guess the question would be since there is a link between the wealth gap and the education gap. Why aren't minorities receiving the same or equivalent education?

But that question is so complicated that it can't be answered referring to personal behavior of an entire class of people. Sure there are slackers but an entire race doesn't have a slacker gene where others don't.

Admittedly this is far to complicated for me to understand but I will offer my ideas of what needs to be seriously looked at...

Schools
Location of schools
Teachers in those schools
Lack of parental involvement
Union policies keeping poor performing teachers
Cultural acceptance of failure (drop out rate)
Drugs and everything they offer (women money cars fame)
Lack of determination
Single parent issues with too many children
Trapped in a welfare state of mind


And please don't call me racist. I've worked and lived in the inner cities when I was doing schools and I've seen a lot of this first hand. Bottom line is the govt can't fix these issues unless they have a willing partner (the affected population)

Ok I just saw this.

I wont say you are racist you are just quick to apply labels to an entire segment of the population for an "easy answer". None of what you listed above is exclusive to any race. All races have do-nothings, cheats, drop outs etc.

What I'm trying to understand is why are drop-outs happening at such an alarming rate with minorities? Just chalk it up to "pure determination" and "grit" is tooting ones horn. Feel good explanations (or story line explanations) dont seem to cover it completely.

I can tell you no one accepts failure or promotes drop-outs no matter how many times it's repeated by other races about minorities. There is no proof that this is ok, accepted or promoted within minority communities...soo, where'd that "story" come from? Welfare state of mind? Where'd that story come from and why?

See stories have a reason or a main point behind them. Saying that someone suffers from a "welfare state of mind" is painting a picture. Is it a pretty picture? Just think about it? Now if you said that some couldnt afford certain schooling...that paints a different picture.

But it's soo easy to attribute the failings of all minorities to keep up with whites in EVERY SINGLE WAY EXCEPT ATHLETICALLY to personality or mindstate because it paints that ugly picture for you to look and say yuck

 

[8537]

And that is anyones fault but their own why?

Why? Federal and state-level enforced institutional racism. Blacks were legally denied access to the programs and instead had to get loans in the private market - with much higher interest rates, much shorter terms and many banks legally refusing to loan to them.

Blacks were also denied the right to live in many suburban communities, send their kids to suburban schools or participate in the wealth-accumulating effects of low-interest home ownership

I call bs on your last sentence.

EDIT: you gotta stop changing you posts so fast. When I respond to the original and then you change it, it makes it look like I off in left field.

Ok, which portion do you think is BS?

 

[8537]

And that is anyones fault but their own why?

Because blacks were legally denied access to the programs and instead had to get loans in the private market - with much higher interest rates, much shorter terms and many banks legally refusing to loan to them.

I assume you have proof of widespread conspiracy's? And those banks are now closed with their owners/operators in jail?

huh? The Federal Housing Administration explicitly excluded blacks from loan services. The banks weren't allowed to issue federally-backed mortgages to them. It wasn't a conspiracy, it was legislation. No one went to jail because they were simply following the law set down in the act. Racial covenants existed across the US.

 

[Remodeling Maidiac]

Well I guess the question would be since there is a link between the wealth gap and the education gap. Why aren't minorities receiving the same or equivalent education?

But that question is so complicated that it can't be answered referring to personal behavior of an entire class of people. Sure there are slackers but an entire race doesn't have a slacker gene where others don't.

Admittedly this is far to complicated for me to understand but I will offer my ideas of what needs to be seriously looked at...

Schools
Location of schools
Teachers in those schools
Lack of parental involvement
Union policies keeping poor performing teachers
Cultural acceptance of failure (drop out rate)
Drugs and everything they offer (women money cars fame)
Lack of determination
Single parent issues with too many children
Trapped in a welfare state of mind


And please don't call me racist. I've worked and lived in the inner cities when I was doing schools and I've seen a lot of this first hand. Bottom line is the govt can't fix these issues unless they have a willing partner (the affected population)

Ok I just saw this.

I wont say you are racist you are just quick to apply labels to an entire segment of the population for an "easy answer". None of what you listed above is exclusive to any race. All races have do-nothings, cheats, drop outs etc.

What I'm trying to understand is why are drop-outs happening at such an alarming rate with minorities? Just chalk it up to "pure determination" and "grit" is tooting ones horn. Feel good explanations (or story line explanations) dont seem to cover it completely.

I can tell you no one accepts failure or promotes drop-outs no matter how many times it's repeated by other races about minorities. There is no proof that this is ok, accepted or promoted within minority communities...soo, where'd that "story" come from? Welfare state of mind? Where'd that story come from and why?

See stories have a reason or a main point behind them. Saying that someone suffers from a "welfare state of mind" is painting a picture. Is it a pretty picture? Just think about it? Now if you said that some couldnt afford certain schooling...that paints a different picture.

But it's soo easy to attribute the failings of all minorities to keep up with whites in EVERY SINGLE WAY EXCEPT ATHLETICALLY to personality or mindstate because it paints that ugly picture for you to look and say yuck

I never said those things were exclusive to any one race, but they run rampent in the races "we are discussing"

In my next post I gave you reasons why drop out rates may be higher in those communities. scroll back and look

Trapped in a welfare state of mind is very real. Some families are completely trapped because of the dependency they have gotten into on the govt dime. Jobs are scarce in the inner cities and because they cant make more working part time somewhere than they can by taking welfare from multiple sources (govt, churches, charities etc) its cheaper and easier to do nothing. There have been recent reports that show our poor still have cable, internet, xboxes, big screen tv's, nice cars, fancy audio equipment, etc... That shows a lack of priorities and determination and grit. (I struggled to earn all those things after I began my career)

As far as your comments about no one accepting "drop out mentality" your wrong. Our black leaders here in KC (Emanual Cleaver and others) are constantly trying to get the inner city to fight back from this mentality with public forums and community gatherings.

I think maybe your just not really in touch with what transpires in large cities. Not saying thats a bad thing but if you dont live in or work in one how could you know the workings? The media, be it left or right, doesnt focus on these kind of local issues despite the national impact they have on socieity at large.

 

[Remodeling Maidiac]

Because blacks were legally denied access to the programs and instead had to get loans in the private market - with much higher interest rates, much shorter terms and many banks legally refusing to loan to them.

I assume you have proof of widespread conspiracy's? And those banks are now closed with their owners/operators in jail?

huh? The Federal Housing Administration explicitly excluded blacks from loan services. The banks weren't allowed to issue federally-backed mortgages to them. It wasn't a conspiracy, it was legislation. No one went to jail because they were simply following the law set down in the act. Racial covenants existed across the US.

umm, Im discussing the problems of today not pre civil rights issues.

I was born in the 60's and went from dirt poor to where I am today through hard work. Any one of those were discussing could have been right beside me doing the same thing.

 

[8537]

I assume you have proof of widespread conspiracy's? And those banks are now closed with their owners/operators in jail?

huh? The Federal Housing Administration explicitly excluded blacks from loan services. The banks weren't allowed to issue federally-backed mortgages to them. It wasn't a conspiracy, it was legislation. No one went to jail because they were simply following the law set down in the act. Racial covenants existed across the US.

umm, Im discussing the problems of today not pre civil rights issues.

One can not discuss the issues of today without understanding the context of those issues - for instance, the fact that whites in America had a 160 year history of building and inheriting wealth in the United States before the first black Americans were legally allowed to do so. The impact of that can not be understated. The policies of the time created the segregation that forced blacks into blighted urban cores with declining schools while whites were able to accumulate wealth via a low-interest 30 yr mortgage in a suburban town free from said blight.

Context is important.

 

[Remodeling Maidiac]

huh? The Federal Housing Administration explicitly excluded blacks from loan services. The banks weren't allowed to issue federally-backed mortgages to them. It wasn't a conspiracy, it was legislation. No one went to jail because they were simply following the law set down in the act. Racial covenants existed across the US.

umm, Im discussing the problems of today not pre civil rights issues.

One can not discuss the issues of today without understanding the context of those issues - for instance, the fact that whites in America had a 160 year history of building and inheriting wealth in the United States before the first black Americans were legally allowed to do so. The impact of that can not be understated. The policies of the time created the segregation that forced blacks into blighted urban cores with declining schools while whites were able to accumulate wealth via a low-interest 30 yr mortgage in a suburban town free from said blight.

Context is important.

I agree it is important in that aspect. But those born of my generation dont bear those burdens. Like my last sentence that you omitted in the quote, they had all the same opportunities I had. They chose a different path. No one forced them to not do as I did. I got my own student loans as my family didn't qualify and paid my own way. As indigent as many of them are they could have easily done the very same thing. Instead half of them drop out in high school. How is that anyones fault but their own?

YOU CANT MOVE FORWARD IF YOUR CONSTANTLY LOOKING BACK