1% CEO Confronts OWS Protesters, owns them

[spidey07]

if he's paying 50% of his income in federal taxes then he's doing it wrong and needs to hire a cpa. The highest tax rate is only 35%... n00b.

http://www.bargaineering.com/articles/federal-income-irs-tax-brackets.html

Tax Bracket Single Married Filing Jointly Head of Household
10% Bracket $0 – $8,500 $0 – $17,000 $0 – $12,150
15% Bracket $8,500 – $34,500 $17,000 – $69,000 $12,150 – $46,250
25% Bracket $34,500 – $83,600 $69,000 – $139,350 $46,250 – $119,400
28% Bracket $83,600 – $174,400 $139,350 – $212,300 $119,400 – $193,350
33% Bracket $174,400 – $379,150 $212,300 – $379,150 $193,350 – $379,150
35% Bracket $379,150+ $379,150+ $379,150+

You're forgetting city, state and medicare.

 

[shortylickens]

So, he was just doing it to feel better about himself? Um, congrats I guess.

Seems a bit douchy if you ask me.

Well, to be fair, if you actually worked yourself into the top 1 percent you'd be pretty angry if a bunch of sorry lazy useless assholes came up to you and said you were evil. Even more so if you had to walk past them every day, sitting around while you went to work and did something.

ONE short speech is considerably less douchy than camping out for weeks and months.

Of course, I dont care for HOW people get into that top 1 percent, thats my beef.

 

[dougp]

What most people are fed up with is the unholy alliance of government and big business. They're sick and tired of the system being gamed to the detriment of most Americans.

Funny enough, it's easily fixable by not blind voting and paying attention to who you vote for. The problem is when people vote unintelligently and blanket vote for a party, or for a particular reason that holds little merit over bigger categories where lobbying is huge. Depending on the next generation of politicians and the amount of lobbying success, it could see itself go away, or it could just get worse.

 

[highland145]

Funny enough, it's easily fixable by not blind voting and paying attention to who you vote for. The problem is when people vote unintelligently and blanket vote for a party, or for a particular reason that holds little merit over bigger categories where lobbying is huge. Depending on the next generation of politicians and the amount of lobbying success, it could see itself go away, or it could just get worse.

Both parties are on the dole. Nothing is changing there.

 

[sunzt]

You're forgetting city, state and medicare.

Yes, but those are pretty much the same for everyone who makes over 20k in NY.

http://swz.salary.com/salarywizard/layouthtmls/swzl_statetaxrate_ny.html

How New York State income tax rates are structured
The tax table below will show in detail the New York state income tax rates by income tax bracket(s). There are 5 income tax brackets for New York.
If your income range is between $0 and $8,000, your tax rate on every dollar of income earned is 4%.
If your income range is between $8,001 and $11,000, your tax rate on every dollar of income earned is 4.5%.
If your income range is between $11,001 and $13,000, your tax rate on every dollar of income earned is 5.25%.
If your income range is between $13,001 and $20,000, your tax rate on every dollar of income earned is 5.9%.
If your income range is $20,001 and over, your tax rate on every dollar of income earned is 6.85%.

Also, his SS tax is capped so a portion of his salary doesn't get taxed with SS/Medicare tax

The City tax rate is essentially the same and only varies by ~0.3% http://www.nyc.gov/html/dof/html/pdf/10pdf/business_tax_form/nyc-1127_fillin_2010.pdf

In other words... he's being disingenuous.

 

[spidey07]

Yes, but those are pretty much the same for everyone who makes over 20k in NY.

http://swz.salary.com/salarywizard/layouthtmls/swzl_statetaxrate_ny.html

How New York State income tax rates are structured
The tax table below will show in detail the New York state income tax rates by income tax bracket(s). There are 5 income tax brackets for New York.
If your income range is between $0 and $8,000, your tax rate on every dollar of income earned is 4%.
If your income range is between $8,001 and $11,000, your tax rate on every dollar of income earned is 4.5%.
If your income range is between $11,001 and $13,000, your tax rate on every dollar of income earned is 5.25%.
If your income range is between $13,001 and $20,000, your tax rate on every dollar of income earned is 5.9%.
If your income range is $20,001 and over, your tax rate on every dollar of income earned is 6.85%.

Also, his SS tax is capped.

The City tax rate is essentially the same and only varies by ~0.3% http://www.nyc.gov/html/dof/html/pdf/10pdf/business_tax_form/nyc-1127_fillin_2010.pdf

In other words... he's being disingenuous.

35%+7%+3.8%+1.5%= pretty damn close to 50%. There is no cap on medicare. And don't forget there is a special tax on high earners in NY.

AND they just raised the state maximum to 8.82%.
35+8.82+1.5+3.8 = 49.12%.

 

[airdata]

ignorant people arguing with ignorant people.

Some people are under the false impression that all " rich people " don't pay taxes when in fact many pay some 40% of gross take home... Which in turn gives you lots of tax evaders and what have you.

That he was even there made it seem like he was being defensive as if he felt like he was being personally attacked. Which he shouldn't feel that way unless he's defrauding the american people, getting unwarranted bailouts, or evading taxes.

Alot of this stuff just gets taken out of context and people just run with it. I have a problem w\ corporations getting billions in tax credits instead of paying anything in taxes. I also have a problem w\ the ultra rich who commit criminal acts in shipping money overseas and evading taxes like that...

 

[highland145]

35%+7%+3.8%+1.5%= pretty damn close to 50%. There is no cap on medicare. And don't forget there is a special tax on high earners in NY.

Plus property tax.

 

[HendrixFan]

35%+7%+3.8%+1.5%= pretty damn close to 50%. There is no cap on medicare. And don't forget there is a special tax on high earners in NY.

He also specified how much he paid on "income". As we know, that can be a nebulous number that doesn't show how much money he is really pulling in.

FWIW, I think Schiff is a reasonably smart guy.

 

[ViviTheMage]

The chick with glasses is just stupid.

 

[airdata]

The only CEO's that should be all defensive and mad about OWS are the ones who collected some of the billions of dollars paid in bonuses when we were footing the bill for the bail outs.

Those guys can all rot.

 

[ViviTheMage]

Yes, it's always a win when the rich degrade and humiliate the poor and unemployed.

In regards to this video, how is that his fault? He provides 150~ jobs.

 

[Lash444]

Okay, so 50% of his income goes to taxes according to him. If you believe that.

(And as talked about on NPR...)

What is the ratio of what he makes in comparison to his average employee. Now clearly the issue swings from being what his taxes are, to how greedy corporate executives have become.

"Fair share" taxes don't mean anything, if executives earnings ratio continues to grow larger and larger in comparison to the people they employ.

The idea that lower taxes mean jobs...well this isn't the country of old. When executives make money hand over fist, they don't disperse it amongst their employees or give back to the community. If a company thinks it can save money by moving operations abroad...they do. Very few companies care one lick about anything but the bottom line.


In the last 30 years incomes increased on average for:
The 1% 275%
Middle class 40%
Lower class 10%

Sure, he can say that his taxes may be high. Honestly, I don't really know. But if the studies out there are genuine, what does it really matter to the average person whether he pays 20% or 50% of his taxes. The underlying issue is that Mr 1% do-gooder is making so much more damn money than everyone else in comparison to his taxes (or more importantly his % of money after taxes still far outpaces the middle class or lower class in the last 30 years) that people should be upset. The problem is that they are pointing the finger at the wrong issue.

 

[CZroe]

You're forgetting city, state and medicare.

Plus property tax.

And the overhead from the people he employs.

 

[EMPshockwave82]

These Occupy people need to get a clue. It's equal opportunity not equal results.

 

[senseamp]

What exactly does Peter Schiff's company contribute to the economy? He and his 150 people are just parasites on the system, skimming off client money.

 

[sunzt]

35%+7%+3.8%+1.5%= pretty damn close to 50%. There is no cap on medicare. And don't forget there is a special tax on high earners in NY.

Close to 50, yes but pretty much everyone pays those other taxes (~12.3%). What those people are protesting about is the "fairness" of that 35% portion, not the other 12.3% (at least i think that's their point). Also, it's highly unlikely he's paying the full 35% anyway since the effective tax rate is never the same.

http://www.taxpolicycenter.org/taxfacts/displayafact.cfm?Docid=456

 

[gonzaga1751]

The other camera in the shot is ReasonTV who he came down with to shoot that. Here is the full time he was there unedited.
http://www.youtube.com/watch?v=ahMGoB01qiA&list=UU0uVZd8N7FfIZnPu0y7o95A&index=18&feature=plcp

 

[CZroe]

Close to 50, yes but pretty much everyone pays those other taxes (~12.3&#37. What those people are protesting about is the disparity of that 35% portion, not the other 12.3% (at least i think that's their point). Also, it's highly unlikely he's paying the full 35% anyway since the effective tax rate is never the same.

http://www.taxpolicycenter.org/taxfacts/displayafact.cfm?Docid=456

I work for $10 an hour and when I think of how much of my income goes to the government, I prefer to consider ALL of it. Income, property, sales- ALL of it. Your way is idiotic. If it isn't his to spend because the government took it, it counts.

 

[bfdd]

that is why OWS is such a joke. pissing and moaning about how people make more money than you is stupid. our society was built on some people winning and some people losing. get off your ass, put down the video game, stop smoking weed and figure out a way to make more money if that is what you want. if you are happy with games, drugs, or your lot in life quit bitching about other people.

or you know, find a place in life you're happy with. life isn't all about having more than the next guy.

 

[amish]

I dont smoke anything. I play video games in between actual projects and less now than I ever have in my life.
I cant get work.
The top 1 percent IS the top 1 percent cuz they keep sending my jobs away and employing illegal aliens here.

mine was more of a blanket statement pointed at the dirt bags that i see camping out. i do understand that there are a bunch of people that are not getting work and are model members of society.

in your case, not trying to be a jerk, but have you considered a different career?

 

[Shyatic]

The whole thing is disingenuous. Peter Schiff may pay 50% of his tax on his earned income (ie, salary), but he pays almost nothing on his capital gains. That's the difference. And the majority of the money that comes into the hands of Wall Street bankers (and surprise surprise, CEOs) is through the benefit of stock.

That woman was annoying as hell though, and she kept parroting the same thing "Bush tax cuts!" when in reality she has no idea what she's talking about. The problem with the OWS isn't that they are mad at the wrong people -- they are totally correct in that the Wall Street financiers that have basically destroyed our economy. They just don't have the intelligence enough to articulate it. For every POSTED job in the US, there are FOUR POTENTIAL applicants. There are NOT enough jobs to go around, and that's assuming that everybody would want to take them, or has the skill to take them.

We as a country keep getting dumber and dumber as a whole, and the whole reason that the rich do better continually is because education and skills are valued in those households above all, so when their kids go to get a job, they are already miles ahead of most Americans. I have the benefit of being from an Asian family, so I got that knocked into me at an early age, but not everybody gets that luxury. That said, if you are sending your child to do "art" or "English" or "philosophy" and then wonder why they are now jobless, then you're as much a part of the problem as anybody else.

God that woman is annoying though.

 

[Ausm]

Nobody "hates" the rich. That's not the debate.

What most people are fed up with is the unholy alliance of government and big business. They're sick and tired of the system being gamed to the detriment of most Americans.

Something that the hard right in here fail to grasp for some reason.

 

[OutHouse]

What exactly does Peter Schiff's company contribute to the economy? He and his 150 people are just parasites on the system, skimming off client money.

just a guess on my part.

they pay taxes and buy stuff?

 

[Shyatic]

He also specified how much he paid on "income". As we know, that can be a nebulous number that doesn't show how much money he is really pulling in.

FWIW, I think Schiff is a reasonably smart guy.

No, he's really not. He was right one time, but it's not a surprise since his company specializes in European assets, so he's always taking it hard against the US because it bolsters his position that the EU is better to invest into.

Now with Greece, Spain, Italy all tanking, I would imagine he'd be singing a different tune. LOL.