Tag: Rich

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Politics taxes

Report: Poor Families Pay Double The Tax Rate as Rich Families

And the Republicans rejoice. They have been working for this outcome for decades!

Middle- and low-income Americans are facing far higher state and local taxes than the wealthy, according to a new report assessing tax data from all 50 states.

In all, the analysis by the nonpartisan Institute on Taxation and Economic Policy (ITEP) finds that the poorest 20 percent of households pay on average more than twice the effective state and local tax rate (10.9 percent) as the richest 1 percent of taxpayers (5.4 percent).

ITEP researchers say the incongruity derives from state and local governments’ reliance on sales, excise and property taxes rather than on more progressively structured income taxes that increase rates on higher earnings. They argue that the tax disconnect is helping create the largest wealth gap between the rich and middle class that has ever been recorded in American history.

“In recent years, multiple studies have revealed the growing chasm between the wealthy and everyone else,” Matt Gardner, executive director of ITEP, said. “Upside-down state tax systems didn’t cause the growing income divide, but they certainly exacerbate the problem. State policymakers shouldn’t wring their hands or ignore the problem. They should thoroughly explore and enact tax reform policies that will make their tax systems fairer.”

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Domestic Policies News Politics Wealth

On Wealth, Inequality Rules

So I’m perusing through the news and I see this article about a Pew Research study on median wealth in the United States and how the Great Recession impacted household worth.

It is a stunning indictment of our fiscal, social and moral progress as a nation. If there’s anyone out there who needs a basic primer on why we are facing some months of unrest, then they need to take a look at this. What’s happened is that the wealth of white households has grown to 13 times that of African-American households since the end of the recession. In 2010, the gap was 8 times the wealth. For Hispanic households, the gap between their wealth and whites grew to 10 times the wealth, from 9 times in 2010.

In plain numbers, the results are even more shocking. In 2013, the median net worth of white households, which includes real estate, savings, stocks, bonds, etc., was $141,900, while that of African-Americans was $11,000, and the Hispanic household average was $13,700.

Linger over those numbers. How is it that we can address any kind of racial, ethnic or economic tensions when large groups of people in the United States have so little and fewer opportunities than whites to avail themselves of large parts of American society? These numbers are not well-publicized at all, but they need to be. Send them around social media. Put them on a poster. Talk to your friends.

But do something.

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Politics wealth inequality wealthy

Gap Between The Rich And Poor Now Same As in 1920s

Yet, Republicans and the rich are trying to extend that gap even more by implementing laws that will take from the poor and middle class, and give to the rich.

Categories
Politics

Poll: Republicans Know Nothing about The Poor and They Don’t Care

They think Americans are poor because they’re too lazy.

Findings released Thursday by Pew showed that most Republicans think rich people are largely responsible for their socioeconomic status. They also feel the same way about poor people.

Fifty-seven percent of GOP voters said that a person is rich because “he or she worked harder than others,” while just 32 percent attribute it to advantages they enjoyed. The results are almost completely flipped among Democrats.

Overall, 51 percent of Americans said that people are wealthy due to advantages in life, while 38 percent said it had more to do with hard work.

Pew also found that 51 percent of Republicans believe that people are poor due to a lack of hard work, compared with just 32 percent who attribute it to circumstances beyond their control.

Those results also put Republicans out of step with the rest of the country.

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Politics pope francis

Pope Denounces Rich Greed – Says Time to Share the Wealth

Republicans will not be happy hearing this papal message. Sarah Palin already wondered if his views were too liberal. What will they say now?

Pontiff’s first major publication calls on global leaders to guarantee work, education and healthcare

Pope Francis has attacked unfettered capitalism as “a new tyranny”, urging global leaders to fight poverty and growing inequality in the first major work he has authored alone as pontiff.

The 84-page document, known as an apostolic exhortation, amounted to an official platform for his papacy, building on views he has aired in sermons and remarks since he became the first non-European pontiff in 1,300 years in March.

In it, Francis went further than previous comments criticising the global economic system, attacking the “idolatry of money” and beseeching politicians to guarantee all citizens “dignified work, education and healthcare”.

He also called on rich people to share their wealth. “Just as the commandment ‘Thou shalt not kill’ sets a clear limit in order to safeguard the value of human life, today we also have to say ‘thou shalt not’ to an economy of exclusion and inequality. Such an economy kills,” Francis wrote in the document issued on Tuesday.

“How can it be that it is not a news item when an elderly homeless person dies of exposure, but it is news when the stock market loses two points?”

The pope said renewal of the church could not be put off and the Vatican and its entrenched hierarchy “also need to hear the call to pastoral conversion”.

“I prefer a church which is bruised, hurting and dirty because it has been out on the streets, rather than a church which is unhealthy from being confined and from clinging to its own security,” he wrote

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bill o reilly Politics taxes

Bill O’Reilly And The Liberal On Taxing The Rich – Video

Although rich folks in America have been the only benefactors of a Republican policy called Trickle Down Economics – a policy earning them trillions in wealth since it was implemented – there are those who still believes that asking these same people to contribute to the economy by paying a fair share of taxes is the wrong thing to do.

Bill O’Reilly tonight express his outrage with the Congressional Progressive Caucus over a budget proposal that includes taxing billionaire at 49 percent. O’Reilly squared off with Demos co-founder David Callahan over whether it is “morally right” for the government to impose that level of taxation on any American citizen. Callahan told O’Reilly that taxes were that high during the Reagan years, with O’Reilly dismissing that argument as irrelevant and asking if the government has any right to “take half your stuff.”

O’Reilly declared that if the CPC budget actually went into effect, it would “absolutely destroy the American economy, predicting that billionaires would have to hand over their personal information to the IRS. Callahan said, “Donald Trump and his dermatologist shouldn’t be paying the same tax rate.”

O’Reilly asked Callahan if it is “morally right” for the government to tax any American that much. Callahan pointed out that the top tax bracket under Reagan was around 50 percent, though O’Reilly shot back that no one really paid all of that due to deductions and tax shelters. He dismissed the Reagan argument as “not relevant to our discussion,” saying the real issue is if “the federal government in a free nation… [has] the right to take half your stuff, no matter how much money you earn.”

Categories
Politics taxes

Taxes Raised On The Rich, The Dow Goes Up. GOP Wrong Again

Wow. The Dow is approaching 14000 for the first time since 2007. This, in spite of the fact that taxes on the top 1% went up for the first time in over a decade.

Seems Republicans were wrong on this too.

Last week the broad Standard & Poor’s 500 index closed above 1,500 for the first time in five years. This week the Dow Jones industrial average has been flirting with 14,000, a level it hasn’t seen since October 2007.

In early trading Tuesday, the Dow added 22 points, or 0.2%, to 13,905.

Stocks are a bit pricey relative to their earnings, but are nowhere near the overheated levels they’ve seen before, said Robert Shiller, a famed Yale University economist who identified the stock market and housing bubbles of the last decade.

Shiller, who may be best known for a widely reported index tracking U.S. house prices bearing his name, also created an index to track whether stocks were cheap or overpriced.

His CAPE index — which stands for cyclically adjusted price-to-earnings ratio — factors in 10 years’ worth of earnings. He has collected data stretching back to 1871.

Categories
Politics taxes

Bill Kristol Again Sees Nothing Wrong With Raising Taxes On The Rich

The Weekly Standard’s Bill Kristol was among the panelists on this week’s Fox News Sunday, where he again noted that a tax increase for the wealthy wouldn’t be the end of the world for Republicans — and that, honestly, many members of the Tea Party wouldn’t care.

“I just don’t think that the Republicans have the leverage — or that it’s worth using whatever leverage they have — to maintain rates at 35 percent instead of instead of 37 or 38,” Kristol said, “especially if you take it up to millionaires.”

There will be a deal, he said, and Republicans “will yield a bit on top rates.”

Bob Woodward quipped that “they are going to burn Bill Kristol’s Tea Party card, hearing him talk like this. You are off the reservation.”

“You know,” Kristol responded, “a lot of the Tea Party guys don’t care that much if a few millionaires pay a couple percent more in taxes, honestly.”

h/t Mediaite

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Mitt Romney money Politics

Mitt Romney – My Wealth and Fame Makes Me Very Happy – Video

After trashing 47% of Americans earlier this week by calling them “victims” and suggesting that these Americans are unwilling to care for themselves, another video featuring Mitt Romney is making its rounds on the internet. This video shows Mitt Romney, explaining how privilege he is to be rich.

Said Romney;

When I was a boy, when I was a boy I used to think that becoming rich and becoming famous would make me happy. And boy was I right.

With that statement, Mitt Romney laughed, thanked the audience and exited the podium.

Earlier in the week, another video was released featuring Mr. Romney. In that video, Romney is seen speaking at a private fundraiser, telling his fellow millionaire donors, “my job is not to worry about those people.” Those people, are the 47% Romney criticized earlier in his speech, calling them poor and dependent on the government for food and shelter.

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Mitt Romney Politics

New Ad – Mitt Romney Did Cut Taxes… On Millionaires Like Himself

Apparently, Mitt Romney was telling the truth all along. Yes, he definitely cut taxes when he was governor of Massachusetts, but the people who enjoyed the benefits of the Romney Tax Cuts was Romney himself and his very rich friends. For the rest of the state – also known as the middle class and the poor, Romney raised their taxes and instituted over 1000 fees – on everything from school bus rides, Nurses, Hospitals and Funeral Homes.

Well of course the fees went up. Someone had to pay for the Tax Cuts he received!

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Domestic Policies money Wall Street

Question: Who Wrote the Book of Face?

My wife has given me permission to gloat a bit after I said this about Facebook, and Wal-Mart, by-the-by, yesterday on this very same blog. The reason? Wall Street had a nice day today, but the ‘book fell on its Face, dropping to $34.03, almost $4 from its opening last week. Meanwhile, a real company that makes real products that are really, really popular and, by-the-by, expensive relative to their competition, Apple, climbed 5.8% (%!) to $561.28.

This spells short-term trouble for Facebook and other social networking sites considering going public. Perhaps it’s just the leftover blahs from the past few weeks. Perhaps it’s the lingering blah form the remnants of Recession George. Perhaps this is a blip and the stock will rise commensurate with the hype as the economy improves.

Perhaps, but I don’t think so.

Facebook will never be like Apple or Google until they actually have something to sell that doesn’t involve people checking the box on a privacy policy that prints out at Moby Dick-like length and, by-the-by doesn’t really protect your privacy. They have loads of information, but now have to find a way to sell it in a responsible, green, diversity-friendly way.

I wish them every good luck with that.

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Domestic Policies

Facebook and Wal-Mart: With Friends Like These…

Big business has been in the news recently, and that’s not necessarily a good thing. JPMorganChase lost upwards of $3 billion dollars on hedge trades that should not be legal, but that the bank actively lobbied to protect. Hewlett-Packard is laying off 30,000 employees in an attempt to become more competitive, and in a blow to television networks everywhere, Dish Network has developed a DVR that will automatically skip over commercials. Yes, what you just heard was the spinal shiver of a thousand communications executives. From the article:

Ted Harbert, the chairman of NBC Broadcasting, struck a similar note at his network’s presentation on Monday, calling the Dish feature an insult to the television industry. “Just because technology gives you the ability to do something, does that mean you should? Not always,” he said.

An insult? Hardly. Aren’t we supposed to honor creativity and problem solving? That’s what Mitt Romney says. And he’s destroyed leveraged lots of companies.

Two companies stand out at present: Wal-Mart is in the news for nefarious activities (again) and Facebook just went public. But the stock price, which was supposed to soar, didn’t even get as high as your average Michigan tree (they are the right height, you know). Mark Zuckerberg made a bundle. You probably made $1.28. Though to be fair, a problem at Nasdaq might have had something to do with the price, according to this article. We’ll have to wait until Monday for confirmation.

It’s simply not OK for a company to act as Wal-Mart has acted over the years and expect that simple apologies would wipe away the tainted profits. Wal-Mart denied its employees medical insurance coverage by manipulating hours and schedules. It fought against unionization and continued to pay low wages until protests uncovered its hypocrisy. Some managers even locked in the cleaning staff overnight in an attempt to make sure they squeezed every penny from their labor. Now Wal-Mart is accused of bribery and covering up potential crimes in Mexico (and possible the United States, if this story is correct).

These activities are unacceptable. They were unacceptable when Wal-Mart first practiced them and they are unacceptable now, and any 10-year-old would tell you that people should not treat their employees this way. There is no apology that will sway me otherwise. Yes, Wal-Mart’s prices are low, but the store near me in New Jersey is dirty and I get a dirty feeling just walking into its front door. It’s as if I’m giving up some of my self-respect just by shopping there. So I don’t. I know others who feel the same way.

Facebook is another matter. Now that it’s made some people very, very wealthy, it’s going to be more of a prime target than it already has been. I won’t buy anything from Facebook, I don’t take its recommendations when they pop up on my page, and I really don’t like the new layout I’ve been forced to accept. I love my friends, but I don’t respond to their requests for birthdays or games or school pages because I find the Facebook notice that comes with these invitations, the one that says “this application will have access to all of my information” much too intrusive. Perhaps I wasn’t built for social networking. Perhaps I’m too old to appreciate the ease at which Facebook can improve my life. No matter. Facebook will not see a penny from me.

And that’s the real danger isn’t it? Haven’t we been told that Facebook’s value lies in its collected data? Our likes and dislikes, entertainment preferences and group memberships? We have become a world of sharers, but at some point in the not-too-distant future, I can see the backlash. Facebook will go too far (if they haven’t already) and use our information for purposes that will go beyond the pale. The reaction will be swift and intense. Public pressure will force Facebook and/or Congress to scale back its data mining. Facebook will lose the ability to track our movements, and thus its ability to make money. It will have billions of users, but its stock price will be stuck at $16.

When I think of all the advertising and public relations these companies pay for, you’d think they would pay closer attention to their actions. Perhaps they will adjust and thrive. They’ll just have to do it without my money.

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