Forum Post: Top 1% Pay Most Of The Taxes - Shouldn't They - Read On...
Posted 12 years ago on Oct. 9, 2011, 5:59 p.m. EST by ithinkergoiam
(201)
This content is user submitted and not an official statement
Top 1% own over 44% of all American Financial Wealth... Next 9% own over 40% of all American Financial Wealth...
Shouldn't this top 10% pay at least 84% of all the Taxes?
They don't...
Sooo - the next time you hear someone say that the rich pay too much taxes, I say shouldn't they? After all they own practically all of the wealth...
When the Wall Street and the World’s financial system was on the verge of collapse Main Street bailed out Wall Street. It’s time for Wall Street to repay the debt. Main Street need two things now, jobs and mortgage relief.
Proposal: Levy a 1/10th of one percent tax (0.1%) on all Wall Street transactions with one half to be used to rebuild infrastructure across the US thus creating jobs and one half to be used to reduce principal and re-structure mortgage debt for those who are upside down on their mortgages and are faced with losing their homes.
In Wall Street terms, 0.10% is ten basis points. This tax would be levied on all financial transactions normally associated with Wall Street, purchases or sales on any index that is registered with or regulated by the Security Exchange Commission (SEC), as well as those financial instruments which caused danger to the financial system such as Credit Default Swaps, Derivatives and Hedge Fund Trading.
It is time for everyone to have “skin in the game.” Wall Street can continue to make billions and billions of dollars, but they must share the wealth. Continue to get rich but pay your dues along the way. This tax must be levied on all financial products associated with US Companies or companies that do business in the US no matter what exchange they are traded on.
This tax will generate several hundred billions of dollars. Money that can be used right away to re-build roads, bridges, public buildings, water systems, sewer systems, and schools. All of these will put people to work and the multiplier affects will put even more people to work. Working people pay taxes instead of collecting unemployment payments. Everyone benefits, including Wall Street.
Re-structuring mortgages and keeping people in their homes reverses the housing depression and allows companies to start building homes again putting people back to work.
No more free ride for Wall Street. This is “a county of the people, by the people and for the people,” NOT of the people, by the people and for Wall Street.
Congress needs to enact this Wall Street tax now or every Congressman or Senator who does not act to do so should be voted out of office and replaced with representative of the people and NOT representatives of the Wall Street bankers, brokers, analysts, economists, and fat cats.
The criminally low tax rates on the top 1% is one of the primary causes of the sharp increase in income inequality over the last thirty years.
See Winner-Take-All Politics: Public Policy, Political Organization, and the Precipitous Rise of Top Incomes in the United States: http://pas.sagepub.com/content/38/2/152.full.pdf
Right On Dude...
yes
they make money off our labor
http://www.getmoneyout.com/
Excellent!
Although I'm all in favor of taking down today's ineffective and inefficient Top 10% Management Group of Business & Government, there's only one way to do it – by fighting bankers as bankers ourselves. Consequently, I have posted the Strategic Legal Policies, Organizational Operating Structures, and Tactical Investment Procedures necessary to do this at:
http://getsatisfaction.com/americanselect/topics/on_strategic_legal_policy_organizational_operational_structures_tactical_investment_procedures
Join
http://finance.groups.yahoo.com/group/StrategicInternationalSystems/
if you want to support a Presidential Candidate Committee at AmericansElect.org in support of the above bank-focused platform.
why should wealth determine how much taxes should be paid? Why not pay taxes in proportion to government services provided/received? Does Disney World ask how much you earned last year to determine your ticket price for entry?
Taxing income is almost 100 years old, so all of us just think it's natural to tax income. But for 140 years before that, with the exception of 2 temporary income taxes during wars, our country did just fine without income taxes.
Why is it any of our government's business how much I earn? or what I do for a living?
Don't belive - it's true - do some research...
Here is one citation:
http://sociology.ucsc.edu/whorulesamerica/power/wealth.html
Where are you getting these numbers from?
Here is one citation:
http://sociology.ucsc.edu/whorulesamerica/power/wealth.html
Your numbers are wrong.
Not -
I'm right dude - what do you think all this turmoil is really all about?
Here is one citation: http://sociology.ucsc.edu/whorulesamerica/power/wealth.html
Those numbers are still wrong, "dude."
Ok - your right --
Then you tell me what the number are dude?
Are you saying they're wrong because you have an argument, but also have some compelling reason not to share it?? Or are you saying it's wrong because your ego can't withstand facts that are contrary to what you already feel emotionally invested in??
Neither, I'm just making the observation that they are inaccurate.
I am well aware that the rich hold the vast majority of wealth, so it has nothing to do with ego or emotions.
It has everything to do with the numbers being off by a few percentage points.
So... What are the RIGHT numbers??
Top 1% have about 42% and next nine have about 40%. 82% total.
OK -- you're really wrong to argue over such irrelevant detail...
I think you need to focus on the big picture...
Read the post -- the truth will set you free...
I think the rich wouldn't hate paying taxes as much if those on the other end of the income scale didn't abuse entitlements so much.
Entitlement baloney man...
Did you know that those entitlements are nothing compared to the bloated defense budget?
When Americans are out of work, don't we have an obligation to keep people from staving?
After all it was the 1%ers that outsourced their jobs - shouldn't they give a little more to support them and keep them from starving to death?
I am pretty sure there is almost no one in American literally starving to death. In fact, poverty is correlated with obesity.
The Dept of Defense pisses away money just like every other Gov agency. It is just not as obvious to everyone as the lady in front of you at the grocery store using her EBT card to buy prime rib. That's why there is such a backlash when people try to raise taxes. People know that regardless of where that money goes, it is not being spent efficiently.
Agreed
Which entitlements are they abusing?? Also, can you include facts and figures.(anecdotal evidence doesn't count)
I'll give you some anecdotal evidence anyways. I'm a dentist and I treat Medicaid patients every other Monday. Medicaid in my state is pretty good when it comes to dental treatment. It pays for things like routine fillings, extractions, and dentures but not higher end stuff like bridges or implants to replace missing teeth.
At least 5 times per month I will formulate a treatment plan for a Medicaid patient keeping what they cover in mind and the patient will turn around and tell me they want a bridge instead of a partial denture (who wouldn't?). I turn around and tell them that Medicaid won't cover that procedure. Then turn around and tell me that their private dental insurance will.
I have no idea how they manage to get Medicaid coverage if they already have private insurance but they do. Why? Medicaid has no co-pay but their private insurance does. So they use Medicaid to cover all things that it will cover and their private insurance for everything else.
I used to turn a blind eye but no more. I probably spend as much time now filling out Medicaid fraud complaint forms as I do reimbursement forms. And that is only taking Medicaid patients 2 days per month, I can only imagine the things I would see if I saw them everyday.