Conflict between rich and poor strongest in 24 years

[dmcowen674]

This is from the no shit sherlock department

Thanks to the Occupy Movement this is being addressed.

As much as the Rich and Government try to suppress and stop the Movement it will continue to grow as more Americans fall into financial abyss.


1-12-12

http://news.yahoo.com/conflict-between-rich-poor-strongest-24-years-191001724.html

Conflict between rich, poor strongest in 24 years

Americans now see more social conflict over wealth inequality than over the hot-button topics of immigration, race relations and age.

A record number of Americans — nearly 1 in 2 — have fallen into poverty or make earnings that typically classify them as low income.

 

[Doppel]

The trickle down myth is evaporating now. Ever so slowly the unwashed masses are figuring things out, even though it's at a snail's pace.

 

[Double Trouble]

When the current administration and most of those in the media constantly beat the class warfare drums, this is to be expected.

 

[Ausm]

When the current administration and most of those in the media constantly beat the class warfare drums, this is to be expected.

Can you blame people when they wake up and see what's REALLY happening in this country?

 

[Doppel]

When the current administration and most of those in the media constantly beat the class warfare drums, this is to be expected.

Sure, it can't have anything to do with graphs like this

 

[Craig234]

dp

 

[Craig234]

Sure, it can't have anything to do with graphs like this

I only wish that added top 0.01%.

It would be over 700% IIRC.

In the meantime, here are a couple sister charts to go with yours:

That 0.01% on taxes during Republicans since Reagan really tells the story.

 

[SamurAchzar]

The sooner the control of the United States is transferred from the hands of those that have built enterprises, invented stuff and generally know how to create wealth into the hands of those who can protest and ask for money, the better off is everyone.

 

[cybrsage]

Thanks to the Occupy Movement this is being addressed.

Huh? The occupy movement is a bunch of kooks who sit around and do not bathe.

The rich-poor battle (which is rather new to the world with the creation of the middle class) goes in cycles. When the economy is bad, those living closer to poverty feel it more (obviously), so they get upset. Once the economy starts to improve, people will stop caring about the battle again.

OWS is simply a result of a bad economy. If the economy was good, those with entitlement issues would have jobs which require them to bathe and not hang out in parks all day.

 

[HomerJS]

The sooner the control of the United States is transferred from the hands of those that have built enterprises, invented stuff and generally know how to create wealth into the hands of those who can protest and ask for money, the better off is everyone.

The sooner we let the data in the above graphs continue we will untimately achieve that Plutocrasy you crave.

 

[SamurAchzar]

The sooner we let the data in the above graphs continue we will untimately achieve that Plutocrasy you crave.

Do you think it's moral to tax someone 60%-80%? Discuss.

 

[Anarchist420]

It's dumb to think that the top marginal rate has any effect on wealth inequality. It is due partially to genetics, partially to low interest rates, and partially due to other things (like IP). I'd say about 1/3 or maybe even more of wealth inequality is due to below market interest rates.

Unregulated banking worked so much better.

 

[Anarchist420]

Do you think it's moral to tax someone 60%-80%? Discuss.

Some people already are taxed that much. However, your point is valid.

 

[HomerJS]

Do you think it's moral to tax someone 60%-80%? Discuss.

Morality has nothing to do with it.

I don't think 60-80% tax rates are a good idea. However the top hardly suffered with the Clinton tax rates yet the right bitched about that.

The top currently pay the lowest tax rates in the last 50 years yet they want to lower them for the top even more. The Bush tax cuts didn't stop our job hemmoraging.

As a percentage of GDP US companies are not even in the top 20 countries in corporate taxes paid.

 

[Craig234]

Do you think it's moral to tax someone 60%-80%? Discuss.

On the amount over a very large number?

You bet - it's immoral to undertax them, actually. JFK lowered the top rate to 70%.

The best number needs research - it might turn out to be under 60%.

But some higher number is a good idea.

 

[SamurAchzar]

Some people already are taxed that much. However, your point is valid.

Yep. I don't think using the tax code as a punitive or a redistribution mean has any legitimacy.

Why don't we start a campaign for the nation's wealthiest 1% to stop working and accumulating more wealth?

 

[SamurAchzar]

You bet - it's immoral to undertax them, actually. JFK lowered the top rate to 70%.

What's your criteria to determine an entity is undertaxed?

 

[J-Money]

morality has nothing to do with it.

I don't think 60-80% tax rates are a good idea. However the top hardly suffered with the clinton tax rates yet the right bitched about that.

The top currently pay the lowest tax rates in the last 50 years yet they want to lower them for the top even more. The bush tax cuts didn't stop our job hemmoraging.

As a percentage of gdp us companies are not even in the top 20 countries in corporate taxes paid.

but the jerb creators!

 

[SamurAchzar]

As a percentage of GDP US companies are not even in the top 20 countries in corporate taxes paid.

Where do you think US companies should ideally place on this scale?

 

[Craig234]

What's your criteria to determine an entity is undertaxed?

It's a balancing of the budget needs for society in the government and how much the people are paying of their income.

You won't find any scientific line to draw when moving a dollar one way or the other can be shown worse. It's a complicated issue in economics to analyze.

 

[HomerJS]

Where do you think US companies should ideally place on this scale?

Point is crying US corporations are overtaxed is a canard. Check out this chart. Last I heard Norway had no trouble retaining businesses. Their unemployment rate for 2010 was 3.6%. A lot of their critical industries are state owned. I'm not advocating this but they are doing pretty well.

 

[SamurAchzar]

Point is crying US corporations are overtaxed is a canard. Check out this chart. Last I heard Norway had no trouble retaining businesses. Their unemployment rate for 2010 was 3.6%. A lot of their critical industries are state owned. I'm not advocating this but they are doing pretty well.

This table is irrelevant to the discussion - it doesn't say anything about the tax rates themselves. I know this for a fact because corporate tax rates in Israel, which I'm familiar with, are lower than in USA, yet it places much higher on the table.

Corporate tax rates in USA are not low by any means - as the great lengths companies go to in order to offshore profits shows (it also demonstrates the effects of raising corporate taxes but this is another discussion altogether).

 

[xBiffx]

Point is crying US corporations are overtaxed is a canard. Check out this chart. Last I heard Norway had no trouble retaining businesses. Their unemployment rate for 2010 was 3.6%. A lot of their critical industries are state owned. I'm not advocating this but they are doing pretty well.

Point is, comparing the US to other countries is brilliant. Why can't we just be more like Norway. Yeah, I have always wanted to live in Norway. GTFO.

 

[kranky]

No matter what political persuasion you are, it should be obvious that the growing disparity in wealth is an unhealthy situation for the country. It's nice to say that a 50% or 60% personal income tax would solve the problem, but while that might have worked 40 years ago it won't work in today's global economy. Those who would get hit with that kind of tax rate would simply move to another country. Years ago that kind of choice was painful, but not so much any more.

Tax rates of 50% or more will only drive people out of the country. Yet something needs to be done to reverse the wealth disparity. It is harmful. People need to know that they have a chance to improve their standing. If the public feels that is no longer possible or that the odds are too staggering, people adopt a "I have nothing to lose" attitude and that means conflict.

A recently released study shows 1/3 of people who were born into the middle class have fallen lower than that in adulthood. Not good.

 

[SamurAchzar]

It's a balancing of the budget needs for society in the government and how much the people are paying of their income.

You won't find any scientific line to draw when moving a dollar one way or the other can be shown worse. It's a complicated issue in economics to analyze.

Lets go one step prior to this and ask, where lies the balance between the property rights of the individual and the needs of the society? Is every tax rate a fair game for as long as it benefits the society as a whole?