Super rich see federal taxes drop dramatically

[Capt Bringdown]

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.

[boutons_deux]

capitalists lose a huge loop hole, with un/under-reported gains very probably going to Swiss banks or other offshore tax havens.

===================

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"

[jack sommerset]

There are not enough fairy tale "rich" people to save the USA. Cut the spending and the problem is solved!

[Cry Havoc]

There are not enough fairy tale "rich" people to save the USA. Cut the spending and the problem is solved!

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?

[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.

[boutons_deux]

I wouldn't want you crying again.

you make nobody cry.

Your ignorance is laughable, all y'all's ideology is pathetic and wrong.

[George Gervin's Afro]

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?

Way over his head

[DarrinS]

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?

You didn't address what he said at all.

[boutons_deux]

"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.

[DarrinS]

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.

Wash, rinse, repeat.

[boutons_deux]

Keep repeating your ignorance and lies, I'll keep slapping you with the truth.

[jack sommerset]

You didn't address what he said at all.

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.

[Frenzy]

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

[George Gervin's Afro]

You didn't address what he said at all.

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 ..

[Cry Havoc]

There are not enough fairy tale "rich" people to save the USA. Cut the spending and the problem is solved!

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?

You didn't address what he said at all.

Come again?

[Cry Havoc]

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.

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?

[jack sommerset]

Come again?

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.

[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?

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!

[RandomGuy]

There are not enough fairy tale "rich" people to save the USA. Cut the spending and the problem is solved!

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.

If the top .01% are earning 1000 times plus what the bottom 90% are, then their number means less than their overall income.



or to put it to somewhat more concrete figures:



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?

[Cry Havoc]

You think that addressed the 14 trillion dollar debt.

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.

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".

[boutons_deux]

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 ins utions that have less compe ion 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

==========

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.

[boutons_deux]

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/

[Capt Bringdown]

“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.

[jack sommerset]

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.

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".

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.

There are not enough fairy tale "rich" people to save the USA. Cut the spending and the problem is solved!

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.

[jack sommerset]

And dude, you should read the little I post to you. I never said you were obsessed with me.

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.

The first time I respond directly to jack in 2 months = obsessed.

This is just more made up stuff.