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Sen. Orrin Hatch of Utah, the top Republican on the Senate Finance Committee, said he has a solution for rich people who want to pay more in taxes: Write a check to the IRS. There's nothing stopping you.
"There's still time before the filing deadline for them to give Uncle Sam some more money," Hatch said.
capitalists lose a huge loop hole, with un/under-reported gains very probably going to Swiss banks or other offshore tax havens.
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Income from wages has been reported to the Internal Revenue Service ever since World War II. Starting in 2011, income from stock market capital gains will effectively begin to get the same treatment.
This closes a loophole that cost the Treasury billions every year. It takes a big burden off taxpayers.
Income from wages has been reported to the Internal Revenue Service ever since World War II. Starting in 2011, income from stock market capital gains will effectively begin to get the same treatment.
It was easy faking numbers on tax returns. It was hard keeping records year after year, adjusting them for distributions and stock splits, even remembering where they were. Computers erased the problems; brokers are now required to maintain basis records and forward the final results.
Tax compliance for income that’s reported to the IRS far exceeds compliance for self-reported income. Wage earners essentially report all their wages, and the reason is written on the W-2 forms they get every year: “THIS INFORMATION IS BEING FURNISHED TO THE INTERNAL REVENUE SERVICE.”
http://www.dailykos.com/story/2011/0...rting,-Finally
My guess is the Repugs, when they win the WH and Congress again, will open this loophole with a rider to a totally unrelated bill "nobody reads", like was done with "law forbidding derivatives regulation"
There are not enough fairy tale "rich" people to save the USA. Cut the spending and the problem is solved!
:lmaoQuote:
Originally Posted by jack sommerset
I guess the fact that 1% of people control 50% of the wealth in this country (80% if you discount primary home ownership) escapes your incredibly firm grasp of our economic situation?
Weren't you telling me how obsessed I am with you? Yes, you are the one. I'll leave you be, I wouldn't want you crying again.Quote:
Originally Posted by Cry Havoc
Quote:
Originally Posted by jack sommerset
you make nobody cry.
Your ignorance is laughable, all y'all's ideology is pathetic and wrong.
Way over his headQuote:
Originally Posted by Cry Havoc
Quote:
Originally Posted by Cry Havoc
You didn't address what he said at all.
"Cut the spending and the problem is solved!"
Ignorance incarnate.
Especially when the spending the Repugs want cut only effects the poor, the sick, the young, the old, govt employees without "sharing the sacrifice" with the criminal financial class that cratered the UCA economy.
Quote:
Originally Posted by boutons_deux
Wash, rinse, repeat.
Keep repeating your ignorance and lies, I'll keep bitch slapping you with the truth.
Of course he didn't. They (you know who you are) generally circle jerk each other giggling and laughing calling everyone names. Taxing the rich more will not save the USA from the 14 trillion dollar debt. It's pretty simple, cut the spending.Quote:
Originally Posted by DarrinS
Some people say "All truth is relative, it just depends on what you believe."
If what's true for you is true for you and what's true for me is true for me, what if my truth says your's is a lie? Is it still true?
Just sayin
he said all we had to do was cut spending.. jack obviously doesn't see the big picture.. he parrots what he hears without much thought ..Quote:
Originally Posted by DarrinS
Quote:
Originally Posted by jack sommerset
Quote:
Originally Posted by Cry Havoc
Come again?Quote:
Originally Posted by DarrinS
:lmaoQuote:
Originally Posted by jack sommerset
The first time I respond directly to jack in 2 months = obsessed.
Does that not appear a little warped to you?
Btw, since I stated that you were obsessed with me you strangely completely stopped quoting me or replying to me in threads. Did your ears burn a bit, jack?
You think that addressed the 14 trillion dollar debt. There is some much wrong with that "bold" staement it's not even funny but again, I don't want to hurt ur little fellings or be accused of being obsessed so I will back off.Quote:
Originally Posted by Cry Havoc
Btw, I never really addressed any of your post before. You made that up. I better stop now or I will be accused of stalking you!Quote:
Originally Posted by Cry Havoc
The *number* of rich people are kind of irrelevant when they earn such a high percentage of all the income and hold such a high percentage of all the wealth.Quote:
Originally Posted by jack sommerset
If the top .01% are earning 1000 times plus what the bottom 90% are, then their number means less than their overall income.
http://1.bp.blogspot.com/_H2DePAZe2g...Depression.jpg
or to put it to somewhat more concrete figures:
http://www.spurstalk.com/forums/pict...pictureid=1554
Your argument might have had some validity in the 1950's or 60's, but is obviously disconnected from the actual picture on the ground today.
Are all of your opinions based on 50 year old data?
Ah, the old republican "14 trillion dollar fix in one solution" stratagem. Beautiful. So given our GNP is around 14 trillion, we can effectively spend zero dollars this year and balance the debt. Awesome! While you're at it, you can buy an at-home generator for your electricity, pump your own water, educate your children, and maintenance the roads/interstate near your house. Don't forget to fix the trains if you have any rails near you and the train breaks down, and you also might need to shelter any towns that get caught in tornadoes/hurricanes this year. :tuQuote:
Originally Posted by jack sommerset
While we're at it, we should cure the world of war and solve every epidemic on the planet. Because major crises are not solved procedurally and incrementally, but instantaneously and simultaneously.
Again, you need to understand what you speak of before you decry others for "not solving the problem".
Are We In the Process of Creating a New and Enduring American Underclass?
Real corporate profits are now near an all-time high, yet one out of six working people are either out of a job or have no choice but to work part-time.
We just saw a huge two-year gain in productivity – the amount of goods and services produced per worker. In 2009, it rose by 3.5 percent, and last year we saw a 3.6 percent increase, the largest in eight years.
At the same time, labor costs – the value of wages and benefits – have seen their steepest decline since 1962-'63.
This is the result of companies putting the big squeeze on their workers – threatening to cast them into a sea of unemployed Americans if they don't produce more for the same wages. These numbers tell us that an economy that now employs seven million fewer workers than it did in 2008 can produce the same amount of stuff, albeit at a great social cost.
, just 45 percent of the population now holds a job, the lowest share since 1983. Over the past decade, the number of non-working adults in the U.S. has increased by 27 million.
over half of all full-time workers laid off after at least three years at the same job return to the workforce with lower wages. According to the Wall Street Journal, more than a third of them lose 20 percent or more of their previous income.
The average length of joblessness among the unemployed is now 39 weeks, shattering the record set during the 1981-'81 recession by around 17 weeks. The long-term unemployed face unique barriers to reentering the labor force – many have bad credit and anecdotal evidence suggests that employers tend to discriminate against them for the crime of being unemployed for an extended period. There are about five jobless workers for every full-time opening, but when you include involuntary part-timers, that ratio rises to 8:1.
Research shows that children of workers who lose jobs and go back to work at lower wages appear to suffer from lower wages, too. In a 2008 study, a group of economists tracked the wages of 60,000 father-child pairs from 1978 to 1999. Children whose fathers went through mass layoffs in the 1982 recession ended up with 9% lower earnings than similar children whose fathers didn't experience the job cuts.
he recovery “has been disproportionately driven by industries that pay median wages below $15.00 an hour.” Three out of four jobs the economy added last year were in the bottom 40 percent of the wage scale, while only one in 20 were in the top 40 percent.
almost four in 10 companies laid off workers, froze wages and suspended bonuses. Twenty percent reduced employee benefits and six in 10 said they hadn't rehired any laid-off workers. Only 11 percent had “restructured executive compensation” – those in the executive suite appear to be doing OK.
U.S. firms are now sitting on $1.9 trillion. What are businesses doing with all that cash sloshing around? First, they're investing more overseas – in the first half of 2006, the last year before the crash, American multinationals invested $30 billion more abroad than foreign companies invested here. In the first half of last year, that number was up to $220 billion. Companies are investing abroad because that's where the customers are.
That continues a longer trend – between 1999 and 2008, U.S.-based multinationals cut 1.9 million net jobs in this country while creating almost 2.4 million overseas.
companies are also pursuing a variety of strategies that “make investors wealthier.” They've increased dividend payments to investors, bought up smaller companies and bought back stock.
“In 2009, 115,795 fewer employer businesses were founded than in 2007, a 17.3 percent decline in firm formation.”
More troubling is the fact that nobody knows what the next “engine of job growth” might be. The big winners in this economic recovery appear to be large financial institutions that have less competition after several large players went under during the crash, and that's not the kind of broad growth that will help the job market.
These trends raise the frightening prospect that we're in the process of creating a permanent underclass in the United States.
http://www.alternet.org/module/printversion/150633
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The traditional boom/bust instability of capitalism is different this time. VRWC has engineered a hijacking of America, created a UCCA (United Corporations and Capitalists of America) to replace USA (the VRWC is pushing to destroy the States "United" with nullification and secession).
And, at the VALUE of repeating myself, THERE'S NO STOPPING THE VRWC, because the VRWC has completely captured government at all levels and disenfranchised citizens.
As progressive/commununist/socialist/liberal Barry has proven, elections are totally meaningless except as bread and circuses distraction.
REAGAN: We’re going to make it economical to raise children again. Flatter rates will mean more reward for that extra effort, and vanishing loopholes and a minimum tax will mean that everybody and every corporation pay their fair share.
the modern tax code is still riddled with loopholes and exemptions that allow big corporations to get away with paying little to nothing in federal corporate income taxes. When asked about this tax dodging, leading members of Reagan’s party have shown nowhere near the Gipper’s motivations to crack down on corporate America. Potential GOP presidential candidate Newt Gingrich said we should “celebrate” corporate tax dodgers, and Tim Pawlenty responded to a question about Bank of America paying nothing in federal income taxes by saying “taxes are too high.”
http://thinkprogress.org/2011/04/18/...corporate-tax/
“I think we need to let the so-called Bush tax cuts all to expire,” Alan Greenpsan said Sunday on NBC’s “Meet The Press.”
Greenspan, who led the Fed from 1986 to 2007, said the federal tax rates should go back to what they were under President Bill Clinton.
http://static1.firedoglake.com/1/fil...9x-167x300.jpg
The old "I have alot to say but it means nothing BS" We're you the one who complained of snide remarks? Yes, you were the one. This post is full of them.Quote:
Originally Posted by Cry Havoc
I know you hate to hear this but it's true. Class warfare is not the answer and taxing the rich more will not solve the government from over spending.Quote:
Originally Posted by jack sommerset
And dude, you should read the little I post to you. I never said you were obsessed with me.
Quote:
Originally Posted by jack sommerset
This is just more made up stuff.Quote:
Originally Posted by Cry Havoc
"Class warfare is not the answer"
goddman, you're stupid.
Class warfare is not the answer, ... not for the losers, lower 95% or 98%.
It sure as hell IS THE ANSWER for the top 2%, and as Warren Buffet said, "There is class warfare and my class is winning" Actually, the Wealthy Class has won and it's not unwinnable.
I don't mind snide remarks. It's a bit annoying when it constitutes 99% of what a user posts, though. You realize that puts you in a category with koriwhat, right?Quote:
Originally Posted by jack sommerset
:wowQuote:
I know you hate to hear this but it's true. Class warfare is not the answer and taxing the rich more will not solve the government from over spending.
Wow.
You fail to comprehend. I said you were obsessed with me in the past, because every time I posted to the political forum you were right there challenging me.Quote:
Originally Posted by jack sommerset
Riiiiiiight. You never responded to any of my posts. :lmaoQuote:
Btw, I never really addressed any of your post before. You made that up. I better stop now or I will be accused of stalking you!
the super wealthy are already pumping up the hedge funds to 2008 peaks. For those Class Warriors, their little dip is over, while the Real Americans remain fucked.
"Hedge funds are bounding back, with return-hungry investors pumping up the industry to a size not seen since before the financial crisis laid it low.
Total hedge-fund assets are approaching $2 trillion and are soon expected to surpass their peak in early 2008, according to industry analysts. Even start-ups and smaller funds, which were shunned by many investors in the wake of the crisis, are benefiting.
The resurrection of hedge funds, which invest money for wealthy individuals, pension funds and other large investors, marks yet another sign that the effects of the financial crisis are receding. "
http://online.wsj.com/article/SB1000...NewsCollection
You say that as if the wealthy aren't already engaging in class warfare.Quote:
Originally Posted by jack sommerset
They are.
If you don't like class warfare, please tell me how you propose limiting the lobbying ability of the top .1%. Otherwise you are asking one side in a war to voluntarily roll over.
????
If you ever bitch slap someone on this forum (besides yourself), it will be the first time.:rolleyesQuote:
Originally Posted by boutons_deux
believe whatever you want, bitch
Newsflash. I don't need your permission, lilttle fella.
You keep making things up. "99 percent of my post are snide remarks." Simply not true.Quote:
Originally Posted by Cry Havoc
I "comprehend" things just fine. You are a hypocrite thus snide remarks are good today!
I have never been obsessed with you. That was something you imagined. I hurt your feelings for the very few times I commented about something you wrote so you cried. You said "every time I posted to the political forum you were right there challenging me." Son, that is simply crazy wrong. I honestly think you live in a fantasy world.
Out of all the people who posted here over the years I never came across someone that is such a bigass open hypocrite with zero humility than you. I swear that is not just something I throw out there. You're the one. I can't compare you to anyone. You stand alone.
Son, I didn't say I never responded to any of your post, I said "I really never have responded" as in "Dude, noone is obsessed with you, stop acting like a little bitch all the freaken time"
Now that you have your big boy pants on, why don't you explain to the class how taxing the rich more money will make all our troubles go away or atleast our debt!
You said " I guess the fact that 1% of people control 50% of the wealth in this country (80% if you discount primary home ownership) escapes your incredibly firm grasp of our economic situation?" This is not an explanation. It's not even true but that is for another day. This is a bitching to say the least. So try again.
Here's the images from a good one-pager:
Only Little People Pay Taxes
http://motherjones.com/files/images/...l-income_0.png
http://motherjones.com/files/images/helmsley.png
https://motherjones.com/files/images/corp_taxes.png
https://motherjones.com/files/images..._tax_rates.png
http://motherjones.com/files/images/tax_cuts2.png
http://motherjones.com/print/108806
The VRWC has so fucked Human-Americans, and they are unfuckable, having had control of the country totally ripped away in the past 30 years.
:wow :lmaoQuote:
Son, I didn't say I never responded to any of your post, I said "I really never have responded"
Quote:
Originally Posted by jack sommerset
Yeah. Clearly no obsession there. :lolQuote:
Out of all the people who posted here over the years I never came across someone that is such a bigass open hypocrite with zero humility than you. I swear that is not just something I throw out there. You're the one. I can't compare you to anyone. You stand alone.
Son, ur wasting ur time.Quote:
Originally Posted by Cry Havoc
Its true. Trying to reason with you is a waste of time.
So...
How about one of you lefties tell us what the solution is other than increasing the marginal tax rates.
Hint:
Maybe you should first attempt to find out how much of the super rich's money falls under the income tax system that uses marginal rates.
I know this much. We could easily cap all marginal rates in the income tax system at 25% and only see economic growth, and it won't affect the rich very much at all.