Rover -> RE: Dominance in other Countries? (11/2/2008 5:20:05 AM)
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ORIGINAL: MsDonnaMia Those figures look innocent enough. Of course that's of all adjusted gross income the higher percentile *reports* to the government. Or as my (Republican) uncle used to say "figures don't lie, but liars figure." With a country that has so many corporate tax loopholes and hidden money, its pretty hard to know exactly what the top 1-5% is making. Corporate taxes have nothing to do with personal income taxes. One is not related to the other. But several things regarding US corporate taxes are worth noting. First, the corparate tax rate is amongst the highest in the world (I believe it is the highest amongst our major trading partners, and second highest in the world). It wouldn't be accurate to say that US corporations are not paying their fair share. http://www.taxfoundation.org/publications/show/22917.html Second, no corporation really pays any taxes. All they do is pass that cost along to you, the consumer, in the form of higher prices. One of the best examples of this was when the tobacco companies were socked with that hundreds of billion dollar settlement with the government , all they did was raise the prices of their product to cover the cost. And the price of a pack of cigarettes went from $ 1.50 a pack to $ 4.00 a pack. Yeah, those clowns really socked it to the bad tobacco folks. And finally, those faceless corporations are actually owned by people. Over half of US households own stock, and half the country isn't made up of fat cat rich folks. http://www.ici.org/shareholders/dec/02_news_equity_ownership.html It's where your 401k's, Keogh's and other retirement funds are invested. The profits those corporations generate are your profits... your income. And after the corporations are done paying tax on those profits, you will pay tax on those profits as well (either immediately, or when you withdraw them from your retirement account). So in point of fact, corporate profits are taxed not just once, but twice. Any inference that US corporations don't pay their fair share just doesn't pass the smell test either. quote:
Another thing...the "top 50%" in America starts at roughly $32,000.00 and up, according to the last IRS table I looked at. I don't know about you, but I think that accounts for quite a bit of us. The US Census Bureau states that median household income is now over $ 50,000 per year. That means that half the households make less than $ 50,000, and half more. http://www.census.gov/Press-Release/www/releases/archives/income_wealth/012528.html As a result, Federal income taxes in this country are generally not being paid in households earning less than $ 50,000 per year. I believe that is a breathtaking reality, and quite illustrative of the problem. quote:
I had the privilege of working up from what would be "bottom 50%" to reasonably good income..110,000.00+ per-year and yes, my tax table rose right along with it (i'm in the top 25-10%, woo hoo). Actually, that would put you in the top 2 % of all household incomes. You see, there just aren't that many rich folks out there. You're a lot better off than you may have imagined, so don't be surprised when they ask you to pay more as well. quote:
I don't have a problem with this country's progressive taxes. the more I make the more i pay. You would do that without a progressive tax rate. quote:
Seems fair enough, because I'm still living well, and its my civic responsibility toward society. Now, if I were making $400,000.00+ a year, I would be living much more than well, even after taxes. My point is, when you're living on a lousy income, every nickle and dime hurts, so while the bottom 50% doesn't pay as much, their burden is still felt. Not all of them are the free loading welfare clones right wingers like to envision, I assure you.. many of them are working their asses off. I know because I've been there, and while i've been there, i had rich college buddies with loaded dads who set them up to sail pretty comfortably into their careers. Yep... to each according to his needs, from each according to his abilities. It sounds so rational. It just doesn't work in practice. John
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