Appalling Greed: Richest 400 Average $270.5 Million Incomes, Pay Almost Nothing in Taxes

[dreamdancer 0]

the rich are eating us...

Quote

In 2008, the new IRS data show, the top 400 paid only 18.1 percent of their total incomes in federal income tax. The top 400 in 1955 paid 51.2 percent of their total incomes in tax.

After taxes, and after adjusting for inflation, 2008’s top 400 had a staggering $85 billion more left in their pockets than 1955’s most awesomely affluent.

You don’t have to go all the way back to 1955 to see how little today's top 400 are paying in taxes. In 1992, the IRS stats detail, only 33 of the top 400 paid less than 20 percent of their incomes in federal income tax. In 2008, 253 did.

The main reason: Today’s rich are getting more and more of their income from capital gains — the profits from buying and selling stocks, bonds, and other assets — and these capital gains now face a substantially lower tax rate than they did two decades ago.

Some specifics: In 1992, the top 400 grabbed 26 percent of their income from paychecks and 36 percent from capital gains. In 2008, by contrast, only 8 percent of top 400 income came from salary — 88 of the year's top 400 didn’t even have jobs — and 57 percent came from capital gains.

These 2008 capital gains faced only a 15 percent tax rate, down from a 1992 rate almost twice that high.

Incomes for the 2008 top 400 did dip from top 400 levels in 2007, a year that saw the top 400 average $344.8. But the dropoff from 2007 to 2008 turned out to be less steep than the dip in 2000 after the dot-com bust.

America’s richest came roaring back, fairly fast, from that dot-com setback. How fast will the next comeback be for America’s super rich? We won’t know for sure until next spring, when the IRS releases top 400 income figures for 2009.

http://www.alternet.org/economy/150956/appalling_greed%3A_richest_400_average_%24270.5_million_incomes%2C_pay_almost_nothing_in_taxes/

stay away from moving propellers - they bite
blue skies from thai sky adventures
good solid response-provoking keyboarding

[kallend 2,117]

What else do you expect? The super wealthy have bought all branches of the government; both major parties.

...

The only sure way to survive a canopy collision is not to have one.

[AdamLanes 1]

[lawrocket 3]

So if all they paid were capital gains taxes then they averaged a tax payment of $40.575 million per person.

To me, $40.575 million is a shitload. I guess to you that's almost nothing - chump change. It also means they paid $16,230,000,000 in taxes. $16.230 billion is also chump change to you, eh?

I'll tell you, you must have a fucking fortune if $16 billion is almost nothing to you. I'm sure that to the vast majority of Americans and those in the world, it's a shitload.

My wife is hotter than your wife.

[hairyjuan 0]

they don't pay taxes, why should you? taxation is slaverywww.livefreenow.org

we are all one consciousness experiencing itself subjectively


wishers never choose, choosers never wish

[rehmwa 2]

Quote

{{{some kind of comment}}}; both major parties.

I don't think I've ever seen that acknowledgment before. there is hope

...
Driving is a one dimensional activity - a monkey can do it - being proud of your driving abilities is like being proud of being able to put on pants

[Amazon 7]

Quote

What else do you expect? The super wealthy have bought all branches of the government; both major parties.

Its good to be THE KING... as the Koch's and others have found out.. and they have legions of worshipers willing to do their bidding.

They are above the law... since the laws are written and enforced for them.

[Belgian_Draft 0]

Quote

the rich are eating us...

Quote

In 2008, the new IRS data show, the top 400 paid only 18.1 percent of their total incomes in federal income tax. The top 400 in 1955 paid 51.2 percent of their total incomes in tax.

After taxes, ........

What percentage of your income did you pay in taxes last year?

HAMMER:
Originally employed as a weapon of war, the hammer nowadays is used as a
kind of divining rod to locate the most expensive parts adjacent the
object we are trying to hit.

[diverborg 0]

This article doesn't mention what portion of their income was donated to charity. It may not affect their tax rate much on their adjusted gross income, but it hugely affects the percentage of their gross income that they paid in taxes which this article is deceivingly referring to.

And considering most of these guys donate HUGE portions of their salary to charities, I think you need to cut them a little slack.

[Amazon 7]

Quote

This article doesn't mention what portion of their income was donated to charity. That would grossly affect they're final income tax percentage.

And considering most of these guys donate HUGE portions of their salary to charities, I think you need to cut them a little slack.

I think they should have to tithe at least 10% of their wealth every Sunday.. just like so many of the po folk do. If not.. let em burn in hell

From Matthew...

And Jesus looked round about, and saith unto his disciples, How hardly shall they that have riches enter into the kingdom of God! 24 And the disciples were astonished at his words. But Jesus answereth again, and saith unto them, Children, how hard is it for them that trust in riches to enter into the kingdom of God! 25 It is easier for a camel to go through the eye of a needle, than for a rich man to enter into the kingdom of God

[jimbrown 0]

Quote

the rich are eating us...

Listen,
You don't have to pay and you are not required to pay federal income taxes.
There is no law which requires you to pay income taxes. So bitch all you want to about some rich guy, pay if you feel you must.

I follow the advice of my good friend , Jesus Christ, "render unto Ceaser what is Ceasers".
Well the mioney I worked for is mine!

Ceaser can get off his ass and into the mud pits himself if he needs some coins.
Fuck him!

Peace,
Jim B

• Quote