This is probably the most misleading article I've seen on this topic - Ms. Madison must either be brain dead or your typical liberal media member standing at the ready to justify our president.
All this says is that the bottom 25% of millionaires pay less than the wealthiest 10% of "moderate income" Americans, which would be upper middle class people making probably $95-$100K...not exactly the working poor. It also compares "federal taxes" of millionaires to "taxes" or the upper middle class - which means they are probably comparing apples and oranges to justify Obama's baldfaced lies about who really pays income taxes in this country.
I hope all the people going after these "rich" folks are ready to pay more in property taxes. I would bet that a portion of this lower-tax income from these millionaires comes from tax-free municipal bonds (ie: towns issue bonds to fix schools, build buildings, etc). If those bonds are no longer "tax-free", investments will go elsewhere so the cities will have to pay a higher rate.
"According to the report, which was based on 2006 data, about a quarter of millionaires (about 94,500) paid less than 26.5 percent of their income in federal taxes, while about 10 percent of moderate-income taxpayers (about 10.4 million taxpayers) paid more than 26.5 percent in taxes."
There is so much seriously wrong with this statement! No one who earns less than $100,000 pays more than 26.5% in federal income tax so the statement must be comparing all taxes to the federal tax of the millionaire. (apples to oranges people! I know, they're both fruit, close enough)
Compared to the rest of the world, the UShas very high corporate tax rates and high capital gains rates. Those millionaires you're talking about actually paid almost punitively high taxes, first paying 35% on their corporate profits, and then 15% capital gains on the same money when it passed from the corporation to the individual. The idea that those people aren't paying enough is a non-starter. Do you really want to drive them out of the US? People with that kind of money can live anywhere they want.
Don't you love how CBS & the media have it both ways? They claim in this article that the rich basically don't pay as much taxes as lower earners. Then in another article on this same site, they try to act like the rich pay 35% and would get a cut if Cain's plan was enacted at 9% (no deductions etc). If the rich are not paying as much as the lower wage earners, then Cain's plan would force them to pay their share by making everyone pay 9% and dropping loopholes. Which is it, CBS?
I love the fact they play on words.. The rich pay a lower "rate" but only say less than 26.5%.. but they only briefly shine past the fact the same individual actually pay more (about 10% more) and the difference is long term investments. Those same investments sustain middle class business' and allow for other employers to keep employees.
IN OTHER WORDS.. those "loopholes" are meerly incentives to invest in American Workers. If they take away any incentives, then it is the "Investments", not the Invested business' NOT the Investors that will lose. They will just find other "Out of US" Investments that will provide tax shelters.
Also, keep in mind, if they change the Tax code to control those Tax Shelters, it won't take much to adjust them to have an advert effect on others tax shelters, including the middle class...
Sorry not that I like rich people but 10% of a million is a lot more than most of us pay or make. And thats not the problem the problem is us we do not car pool or combine trips which would cut the 35 million of oil imports a month. Two we go to the store and buy imports so there goes our jobs overseas. If the 308 million people would buy 1 dollar of american products and half of that products cost was labor that would mean we would have 7,000 people with a job for a year at 12 dollars an hour. If they did it for a year we would have 2.6 millon jobs created. So it is not up to the government its up to us to look for Products made in the USA.
by RetiredArmy_Nurse October 14, 2011 9:09 AM EDT I am constantly amazed at how repuglithugs demonize the working poor. These people do all the dirty work the rest of us will not do and hold the country together. Most people do not choose their life path. Those of us born to privilege remain privileged and those born poor stay poor. The reality is that few of us ever manage to break out of the class we were born in. It is immoral, unamerican, and unchristian to demonize the working poor, but that now seems to be the repug tactic to go after groups of people who cannot defend themselves. Shame on you.
OHHHHHHHHHHHH So it's ok to demonize the rich and call them bad evil people and thats ok. But pointing out facts about poor of how they make poor life choices that keep them poor is somehow a bad thing and makes me heartless and mean. Is a rich person less of American in your eyes then a poor person? Just curious does our constitution have somewhere in it where it says after a certain income this document no longer applies to you?
So I guess instead of looking for root cause of poverty and finding out why the poor are poor. Which is mean and cruel we should just continue to turn our money over to the government no questions asked so the government can continue the handouts to poor and never really try to fix the problem.
Maybe you should look at the mirror and say "Shame on you" for doing everything you can to keep the poor down so the Democrats can have a solid voting base. Because after all if everyone was successful, what need would there be for a democrat party?
Wow, thanks for repeating all that I said. Is a rich person less American? We are ALL Americans and the rich need to pay their fair share. Our wealthy pay lower taxes than any other upper class in the world. They take advantage of all the opportunities this nation offers and give back much less than the rest of us in proportion to their great wealth. How many rich people did I see serving with me in the Army? In combat? Saving Lives? Over nearly 30 years service, I don't remember any. Yes, shame on you again. I'm proud to be a liberal democrat who has given a lifetime of service.
Excuse me you ignorant rich witch! I have worked all my adult life and not all of my choices were bad and contributed to keeping me lower middle class! The root cause of poverty in one big instance is the cost of education! And the government keeps cutting the budgets of colleges so that the tuition keeps going up. Another reason is the big business owners want more and more profit so they send the jobs overseas, cutting jobs here and causing unemployment which makes people lose their income or have it severely cut, and if they have a college savings for their children, they have to use it to live. I am soooo sick of hearing how misused and abused the rich are. Come live and my area, where jobs are either retail or restaurant workers paying minimum wage, (and by minimum I mean $7.50 per hour) no health benefits because they are all mostly part time, limited public transporation, housing costs are high and then you tell me it's because of our choices that we are poor. Wake up and walk outside your ivory tower and smell reality!
@biker.... RetiredArmy_Nurse did not demonize the rich....they and their politicians are the one's who have declared a class war....with their trickle down economics. And as a former share cropper....I can tell you that the odds are that if you don't have an education....it was your choice. And even at that there are a lot of folks without an education but with a will to get ahead...that do very well.
The current issue is about the relative tax load, the Americans who earn wages have to pay compared to that the Americans whose earnings on their money have to pay.
It is not a class war....it is about financial equality in labor vs capital in the support of this country.
The bottom 45% have 0.2% of the nation's wealth. You repugs think you can squeeze more blood from that turnip? This is class warfare and the rich are winning. That is why we need a progressive tax system where the rich are not just charged more, but charged proportionally more. Money only flows in one direction now and that is up to the rich who just sit on the money and it does none of us any good. A progressive tax system takes this money from them, that they have amassed using unfair tax breaks, and redistributes it into larger society. America is supposed to be a land of equality and opportunity, not a nation of robber barrons as we had before an income tax--and that we are again becoming.
So if you think the econmy is bad now, go up on capital gains taxes and dividend taxes and make interest on municiple bonds taxable and see what happens.
I can tell you what would happen. The rich (those that profit from these investments) would continue to make money on those same investments. This crap about the rich would stop investing if they had to pay higher taxes is just that: crap! It is ludicrous to think that they would refuse to invest just because they had to give up 30% of their profit to taxes instead of only 25%. Paying 90% back in the 1990s didn't stop 'em. Why should they balk at much less than half of that?
Surely everyone realizes our current tax system is broken and no amount of patching will fix it. The only candidate to offer a different solution is Mr. Cain. I am ready to try it, just think April 15 could be just another day.
Give us some links or facts to back up your claim --- smokey
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Hear you go maybe you should learn what a millionaire is na dhow they live.
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All this says is that the bottom 25% of millionaires pay less than the wealthiest 10% of "moderate income" Americans, which would be upper middle class people making probably $95-$100K...not exactly the working poor. It also compares "federal taxes" of millionaires to "taxes" or the upper middle class - which means they are probably comparing apples and oranges to justify Obama's baldfaced lies about who really pays income taxes in this country.
There is so much seriously wrong with this statement! No one who earns less than $100,000 pays more than 26.5% in federal income tax so the statement must be comparing all taxes to the federal tax of the millionaire. (apples to oranges people! I know, they're both fruit, close enough)
They claim in this article that the rich basically don't pay as much taxes as lower earners.
Then in another article on this same site, they try to act like the rich pay 35% and would get a cut if Cain's plan was enacted at 9% (no deductions etc).
If the rich are not paying as much as the lower wage earners, then Cain's plan would force them to pay their share by making everyone pay 9% and dropping loopholes.
Which is it, CBS?
IN OTHER WORDS.. those "loopholes" are meerly incentives to invest in American Workers. If they take away any incentives, then it is the "Investments", not the Invested business' NOT the Investors that will lose. They will just find other "Out of US" Investments that will provide tax shelters.
Also, keep in mind, if they change the Tax code to control those Tax Shelters, it won't take much to adjust them to have an advert effect on others tax shelters, including the middle class...
I am constantly amazed at how repuglithugs demonize the working poor. These people do all the dirty work the rest of us will not do and hold the country together. Most people do not choose their life path. Those of us born to privilege remain privileged and those born poor stay poor. The reality is that few of us ever manage to break out of the class we were born in. It is immoral, unamerican, and unchristian to demonize the working poor, but that now seems to be the repug tactic to go after groups of people who cannot defend themselves. Shame on you.
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OHHHHHHHHHHHH So it's ok to demonize the rich and call them bad evil people and thats ok. But pointing out facts about poor of how they make poor life choices that keep them poor is somehow a bad thing and makes me heartless and mean. Is a rich person less of American in your eyes then a poor person? Just curious does our constitution have somewhere in it where it says after a certain income this document no longer applies to you?
So I guess instead of looking for root cause of poverty and finding out why the poor are poor. Which is mean and cruel we should just continue to turn our money over to the government no questions asked so the government can continue the handouts to poor and never really try to fix the problem.
Maybe you should look at the mirror and say "Shame on you" for doing everything you can to keep the poor down so the Democrats can have a solid voting base. Because after all if everyone was successful, what need would there be for a democrat party?
The current issue is about the relative tax load, the Americans who earn wages have to pay compared to that the Americans whose earnings on their money have to pay.
It is not a class war....it is about financial equality in labor vs capital in the support of this country.
"95% of millionaires are millionaire's because they earned it."
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Give us some links or facts to back up your claim --- smokey
==============================================================================================================================================
Hear you go maybe you should learn what a millionaire is na dhow they live.
http://www.nytimes.com/books/first/s/stanley-millionaire.html
http://www.nytimes.com/books/first/s/stanley-millionaire.html