So marriage would solve most everything?
I would agree with you...but your assuming im a socialist...I am not...Im just against the rape of the working class that is being perpetrated on the middleclass by the corporations and their CEOS for an extra buck...all the evidence of that is plainly right out there...
"Over the last 30 years, the top income tax rate has averaged about 40%. It’s now at 35%, one-half of the 70% rate in effect throughout the 1970s. It was even higher, at 90% in the 1950s and early 1960s, before being reduced to 70% in 1965. As we discuss (Stable Income Inequality), these lower-than maximum income tax rates were an instrumental factor, together with the other two pillars of Reaganomics [1], in greatly increasing income and wealth inequality, with disastrous consequences for the economy and for the bottom 99%."
The 30-Year Growth of Income Inequality |
Stop changing the subject, support the statement that you made.
I've already supported it from several different sources, here are additional sources:
"Krugman and journalist Timothy Noah have referred to this period after 1979 as the “Great Divergence.”[18] During this time income became more unequal almost continuously except during the recessions in 1990-91 and 2001.[26] One difference in the income of high-income taxpayers between the two eras is that labor income has become a larger share of their income while capital income (interest, dividends, income from rent) a much smaller one.[27]"
"In 2011 the Congressional Budget Office (CBO) did a study of the change in income inequality in America ("Trends in the Distribution of Household Income Between 1979 and 2007"). (It chose the two years because they both preceded an economic recession and so both were periods of "similar overall economic activity"
"The study found two factors accounting for the changing distribution of market (before tax) income: an increase in the concentration of each source of income (different sources being: labor income, business income, capital gains, interest, etc.); and a shift in the share of income in the economy coming from sources that disproportionately go to top earners. Between 1979 and 2007 more income came from capital gains and business income, and less from labor (cash wages, salaries, employer-paid health insurance premiums, etc.)."
"A study by Thomas Piketty and Emmanuel Saez found that
Large reductions in tax progressivity since the 1960s took place primarily during two periods: the Reagan presidency in the 1980s and the Bush administration in the early 2000s.[125]
During Republican President Ronald Reagan's tenure in office the top marginal income tax rate was reduced from over 70 to 28 percent, high top marginal rates like 70% being the sort in place during much of the period of great income equality following the “Great Compression”.[124] Progressivity of income tax and the (effective) rate at which income is taxed can have an effect on equality."
Income inequality in the United States - Wikipedia, the free encyclopedia
"The Internal Revenue Service issues an annual report on the 400 highest income-tax payers. In 1961, there were 398 taxpayers who made $1 million or more, so I compared their income tax burdens from that year to 2007.
Despite skyrocketing incomes, the federal tax burden on the richest 400 has been slashed, thanks to a variety of loopholes, allowable deductions and other tools. The actual share of their income paid in taxes, according to the IRS, is 16.6 percent. Adding payroll taxes barely nudges that number.
Compare that to the vast majority of Americans, whose share of their income going to federal taxes increased from 13.1 percent in 1961 to 22.5 percent in 2007.
9 Things The Rich Don't Want You To Know About Taxes
Over the last 30 years tax rates have been increased for the middle class and cut for the wealthy.
"Krugman and journalist Timothy Noah …During this time income became more unequal almost continuously except during the recessions in 1990-91 and 2001.[26] One difference in the income of high-income taxpayers between the two eras is that labor income has become a larger share of their income while capital income…a much smaller one.[27]"
"In 2011 the Congressional Budget Office (CBO) did a study of the change in income inequality in America …
"A study by Thomas Piketty and Emmanuel Saez found that
Large reductions in tax progressivity since the 1960s took place primarily during two periods …the top marginal income tax rate was reduced from over 70 to 28 percent, high top marginal rates like 70% …Progressivity of income tax and the (effective) rate at which income is taxed can have an effect on equality."
Despite skyrocketing incomes, the federal tax burden on the richest 400 has been slashed, thanks to a variety of loopholes, allowable deductions and other tools. The actual share of their income paid in taxes, according to the IRS, is 16.6 percent. Adding payroll taxes barely nudges that number.
Compare that to the vast majority of Americans, whose share of their income going to federal taxes increased from 13.1 percent in 1961 to 22.5 percent in 2007.
Please .... we had much higher tax rates for the Rich than anything proposed by the Democrats today under Republican presidents, Eisenhower, Nixon and Ford
Please .... we had much higher tax rates for the Rich than anything proposed by the Democrats today under Republican presidents, Eisenhower, Nixon and Ford
lpast said:I would agree with you...but your assuming im a socialist...I am not...Im just against the rape of the working class that is being perpetrated on the middleclass by the corporations and their CEOS for an extra buck...all the evidence of that is plainly right out there...
Please .... we had much higher tax rates for the Rich than anything proposed by the Democrats today under Republican presidents, Eisenhower, Nixon and Ford
Yes, we did but we had FAR fewer earners in those upper brackets back then. Per the links you provided ‘In 1961, there were 398 taxpayers who made $1 million or more’. Adjusted for inflation $1m in 2009 was $7.2m. Per the 2009 IRS data there were 14,322 earners $5m-$10m and 8,274 above $10m. So if the base gets broader doesn’t it seem logical that the rates can be reduced? Or is it you contention that if there are more ‘rich’ people we need to tax them more to prevent their increase in wealth?
That is amazing! Just under 400 people making over a million dollars in 1961 and toady there are over 22,500? That would be over 50 times the amount of people off the top of my head making a million or more dollars today. Wow! There is hope Virginia. Tell me again libs how capitalism doesn't work, or how the money supply is static and the man is keeping us down.......?
j-mac
What party controlled congress during these times? Presidents don't do anything other than sign or veto.
First off, I am NOT saying you are a Socialist, merely that the road to arrive at serfdom is not limited to an upper class being more successful. We are not a Monarchy, Dictatorship, or Communist state.....Yet. Secondly, I have yet to hear one proponent of the current class warfare in here adequately explain how it is in a country with constant upward mobility, and free market how someone more successful than you is keeping you down. Can you explain that for me please?
j-mac
It's easy I have explained how over and over how the rich hold down the middle class and poor,Denying the truth to yourself or anyone else will not change it.
The stock market is the most obvious way that the rich steal from the poor.
Speculating driving up prices on essential life needs like food, gas, clothing any item needed for survival.
Lobbying against bills that would discourage the out sourcing of american jobs while voting down bills like the jobs act that would put Americans out of work.
Approving bailouts and not holding high ranking company officers for the fraud they have committed.
Lobbying against enforcing trade agreements.
It's nothing short of a miracle that we still have a middle class in America
Ok, Let's break this down and take your assertions one by one.
Is the Stock market closed to anyone? Most 401K's in this country are managed through some sort of managed fund that trades on Wall St. and provides a majority of people in this country a retirement income that without the stock market they would not have. So, I would conclude that the stock market enriches those working.
Money does not just disappear does it, so some body gets rich while others lose thier retirement accounts, homes and a portion of every thing they worked forRetirement account losses near $2 trillion - Business - Personal finance - Your retirement - msnbc.com
WASHINGTON — Americans' retirement plans have lost as much as $2 trillion — or about 20 percent overall — in the past 15 months, Congress' top budget analyst estimated Tuesday.
Speculation is how business is able to forecast things like materials, fuel, etc. and develop a business plan to add a certainty to doing business for future forecasting.
Freudian slip there? Anyhow, I know what you mean, it is a well worn talking point from the administration. Look, Obama promised you that Lobbyists were going to be all but outlawed in his administration, and what did you get? An administration filled with lobbyists. Regulation, and taxation, coupled with dumb assed bills like passing a 2 month tax bill are just the sort of uncertainty that are doing more damage to the business sector. No wonder they leave when it is easier to do business else where. Obama has been beating business upside the head his whole term, while demanding that they hire. Who would put up with that long term?
Obama had his own bailouts didn't he? And how do you feel about the CEO of Fannie taking a multi million dollar golden parachute on his way out with the blessing of Obama?
Some trade agreements are disadvantageous to this country period.
With Progressives in charge, I agree....One more term of Obama destruction and we won't.....
j-mac
Money does not just disappear does it, so some body gets rich while others lose thier retirement accounts, homes and a portion of every thing they worked for
I know this is wrong.
It is. The article linked to support this was dated in '08. A student of the market would have realized that the market was around $7500 on that date. It went down to the low 6500's within the next few months however it is trading in the $12,000's recently. This 'disappearing' money has somehow reappeared. Further the article states 'The upheaval...sent the stock market plummeting is devastating workers' savings...said Peter Orszag, the head of the Congressional Budget Office.' This seems a little misleading as I know of no one who 'saves' in the stock market, they invest and I assume they understand the investment is at risk...don't they?
Yeah those "Republican" congresses were responsible for those FDR era confiscatory rates
no. for example, it does not solve our entitlement crisis. but the reconstitution of the American family is the single item that would have the largest impact on reducing poverty in our country, as well as the crime and excess government expenditure that go with it.
I'm not convinced. I think it is merely one of those easy answers some like to throw out because it hits a soft spot. But the fact is, that ship has mostly sailed, and asking people to be married for the sake of being married isn't too smart. It may be that we need two incomes, because if one could do it, you'd ahve noa rgument at all. So, perhaps it is not marriage, but combined incomes you are really promoting.
You should dig deep on the entitlement meme. Too many use that as an easy answer as well. Working together, even through government, is not really entitlement. Those who most entitled, all too often actually have wealth. But, I suggest we see beyond that rethoric on both sides and think more about actually solving problems.
Class warfare is solving problems?
j-mac
Really, you guys should quit promoting class warfare if you think it is a problem. Quit favoring the wealthy so much and demonizing working people. I can't do much about so many of you drinking the koolaid, but the problem in this regard is really on your side, the Fox network political entertainers republican talking point side.
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