What if . . .

[Corn]

Originally posted by: DealMonkey

Originally posted by: Corn
Well Bumrush, one thing to consider is that there isn't a whole lot of profit to be made in $20 cigars. Small ticket items don't interest us as much as $40,000 SUV's........

Now if only we could make everyone poor, why we'd sell even more SUV's.......just ask Moonie, he'll explain it fer ya.

We were a wealthy nation prior to the rise in globalization and corporate consolidation -- please explain yourself.

I'm having difficulty grasping whatever point you are trying to make DM. Are you implying that we as a nation are now "less wealthy" after golbalization? Please explain yourself. Bring pie charts and graphs.

 

[DealMonkey]

Originally posted by: Train
the wealthiest 1% of american citizens pay 34% of total taxes collected. These are stats from the 2001 IRS revenue taken from the IRS website, you can look it up at irs.gov, I would post an exact link to where I read it, but I plead the 5th on that one.

And like my previous post stated: What percentage of their incomes do the wealthiest 1% pay? I don't care what percentage of the total they pay, as it means nothing. I want a straight up comparison between the federal tax paid as a percentage of total income between the 1% wealthiest and everyone else.

 

[DealMonkey]

Originally posted by: Corn
I'm having difficulty grasping whatever point you are trying to make DM. Are you implying that we as a nation are now "less wealthy" after golbalization? Please explain yourself. Bring pie charts and graphs.

Can I just bring pie instead?

Actually, I'm responding to your comments that Moonie was wrong about globalization (and by extension corporate consolidation) not benefiting the middle class. Can you elaborate on why you think he's wrong? At first glance, both seem more likely to consolidate wealth and power in fewer and fewer individuals. Or in fewer and fewer big corps. IMO, of course.

 

[Train]

The maximum tax is 39.6% so just under 40%, thats the maximum tax any individual is required to pay on his/her taxes. (but congress can change that at any time)

The middle class america pays something like 28% im not sure of the exact figure.

Another interesting statistic is that the top 1% average aprox 37% taxes, which means thier CPA's are so slick they can even get the richest people in a America some breaks, saving them 2-3% (2-3% of someone that rich is a LOT of money)

 

[MAW1082]

haha . . . you two have hijacked the thread . . .

Although the discourse about the distribution of wealth in the United States is a very interesting topic, I think that I have pre-supposed that this phenomena is disproportionately evident in order to analyze the effect it has on the media.

The data speaks for itself . . .

What I would like to ask you is, what is the role of wealth in determining what we see, hear and read on television, on the radio and in newspapers?

**If you do not agree that there is an extreme class based social system in the United States then I would suggest reading up on your statistics. I have provided one link; however, a simple search on Google will yield much more data.**

 

[DealMonkey]

Originally posted by: Train
The maximum tax is 39.6% so just under 40%, thats the maximum tax any individual is required to pay on his/her taxes. (but congress can change that at any time)

The middle class america pays something like 28% im not sure of the exact figure.

Another interesting statistic is that the top 1% average aprox 37% taxes, which means thier CPA's are so slick they can even get the richest people in a America some breaks, saving them 2-3% (2-3% of someone that rich is a LOT of money)

Well, telling me what the maximum tax bracket is doesn't really prove anything. I want to know actual tax rates paid vs. income on the wealthiest 1%. What about when you look at who pays payroll taxes? Nobody is proposing we lower payroll taxes now are they? As the old saying goes, the more money you have the more ways you have to shelter it. I seriously doubt anyone in the top 1% is paying the maximum federal tax rate.

 

[Train]

DealMonkey, im not sure of your question but didnt i answer it in the 3rd paragraph? let me summarize "though the max tax is 39.6% the avg for the top 1% of wealthiest people is 37%"

 

[DealMonkey]

Originally posted by: Train
DealMonkey, im not sure of your question but didnt i answer it in the 3rd paragraph? let me summarize "though the max tax is 39.6% the avg for the top 1% of wealthiest people is 37%"

Where did you get the average is 37%? Do you have a link?

EDIT: What do the wealthiest 1% pay in payroll taxes? SSI? State taxes? How do sales taxes affect the wealthy vs. the middle class? Federal taxes is just part of it.

 

[sandorski]

Originally posted by: Train
The maximum tax is 39.6% so just under 40%, thats the maximum tax any individual is required to pay on his/her taxes. (but congress can change that at any time)

The middle class america pays something like 28% im not sure of the exact figure.

Another interesting statistic is that the top 1% average aprox 37% taxes, which means thier CPA's are so slick they can even get the richest people in a America some breaks, saving them 2-3% (2-3% of someone that rich is a LOT of money)

You are using faulty comparisons.

The Maximum tax rate of 39.6% has no relation to the total amount of Income taxes paid(37%) by the top 1% earners. These 2 stats can not be directly compared, IOW, that doesn't mean the top 1% are paying a Tax Rate of 37%, they could be paying 39.6% or even 5% of their earnings and still be paying 37% of total Income Taxes collected. It all depends on how much they are earning. Here's a simplified example:

Assume

10% Flat Tax
$100,000 Earnings of Total population

Top 1% of Earners earn $90,000 paying $9,000 in Income Tax
Rest earn $10,000 paying $1,000 in Income Tax

Person 1: OMG! The tope 1% are paying a 90% Income Tax rate!!!! :Q
Person 2: Nope, 10% just like everyone else

Person 1: Hmm, but they are over taxed!!!! :Q
Person 2: Nope, same Tax as everyone else

If the Top 1% don't like paying that much of the Total Income Taxes collected(not that I've heared any of them complaining, quite the opposite in fact), they could always choose to Earn less.

 

[Train]

Originally posted by: sandorski

Originally posted by: Train
The maximum tax is 39.6% so just under 40%, thats the maximum tax any individual is required to pay on his/her taxes. (but congress can change that at any time)

The middle class america pays something like 28% im not sure of the exact figure.

Another interesting statistic is that the top 1% average aprox 37% taxes, which means thier CPA's are so slick they can even get the richest people in a America some breaks, saving them 2-3% (2-3% of someone that rich is a LOT of money)

You are using faulty comparisons.

The Maximum tax rate of 39.6% has no relation to the total amount of Income taxes paid(37%) by the top 1% earners. These 2 stats can not be directly compared, IOW, that doesn't mean the top 1% are paying a Tax Rate of 37%, they could be paying 39.6% or even 5% of their earnings and still be paying 37% of total Income Taxes collected. It all depends on how much they are earning. Here's a simplified example:

Assume

10% Flat Tax
$100,000 Earnings of Total population

Top 1% of Earners earn $90,000 paying $9,000 in Income Tax
Rest earn $10,000 paying $1,000 in Income Tax

Person 1: OMG! The tope 1% are paying a 90% Income Tax rate!!!! :Q
Person 2: Nope, 10% just like everyone else

Person 1: Hmm, but they are over taxed!!!! :Q
Person 2: Nope, same Tax as everyone else

If the Top 1% don't like paying that much of the Total Income Taxes collected(not that I've heared any of them complaining, quite the opposite in fact), they could always choose to Earn less.

Can you explain how the maximum income tax is not related to the maximum income tax? Dont try to say "payroll taxes" vs "other income" yada yada yada, because it ALL falls under maximum income tax rule.

 

[sandorski]

Originally posted by: Train

Originally posted by: sandorski

Originally posted by: Train
The maximum tax is 39.6% so just under 40%, thats the maximum tax any individual is required to pay on his/her taxes. (but congress can change that at any time)

The middle class america pays something like 28% im not sure of the exact figure.

Another interesting statistic is that the top 1% average aprox 37% taxes, which means thier CPA's are so slick they can even get the richest people in a America some breaks, saving them 2-3% (2-3% of someone that rich is a LOT of money)

You are using faulty comparisons.

The Maximum tax rate of 39.6% has no relation to the total amount of Income taxes paid(37%) by the top 1% earners. These 2 stats can not be directly compared, IOW, that doesn't mean the top 1% are paying a Tax Rate of 37%, they could be paying 39.6% or even 5% of their earnings and still be paying 37% of total Income Taxes collected. It all depends on how much they are earning. Here's a simplified example:

Assume

10% Flat Tax
$100,000 Earnings of Total population

Top 1% of Earners earn $90,000 paying $9,000 in Income Tax
Rest earn $10,000 paying $1,000 in Income Tax

Person 1: OMG! The tope 1% are paying a 90% Income Tax rate!!!! :Q
Person 2: Nope, 10% just like everyone else

Person 1: Hmm, but they are over taxed!!!! :Q
Person 2: Nope, same Tax as everyone else

If the Top 1% don't like paying that much of the Total Income Taxes collected(not that I've heared any of them complaining, quite the opposite in fact), they could always choose to Earn less.

Can you explain how the maximum income tax is not related to the maximum income tax? Dont try to say "payroll taxes" vs "other income" yada yada yada, because it ALL falls under maximum income tax rule.

You mean Maximum Income Tax Rate?

Sorry, you have to consider Payroll Taxes, because they are collected by the same Government, but applied to differing groups. It would surely suck if the Lower Income Earners had to Pay the same Income Tax as the Wealthiest in Society, then they had to add another n% on top of that for Other Taxes exclusively applied to them. Don't you think so?