Cognitive Dissonance

"Democracy! Bah! When I hear that I reach for my feather boa!" - Allen Ginsberg

26 notes

One Quarter of the Tax Cut deal's estimated $900 Billion goes to top 1% of earners.





In fact, the only groups likely to face a tax increase are those near the bottom of the income scale — individuals who make less than $20,000 and families with earnings below $40,000.


To the wealthiest Americans, however, an assortment of breaks is available.

The plan includes a two-year “patch” for the alternative minimum tax, which is now paid by about 4 million taxpayers with income in the mid- to high six figures. Without the patch, more than 20 million additional taxpayers would have been liable for that tax.

The estate tax — which was allowed to lapse this year and was scheduled to resume at a rate of 55 percent on most assets above $1 million — will be reinstated under less onerous terms. Estates over $5 million will be subject to a 35 percent tax.

The proposal will also maintain the current rates on dividends and capital gains, averting scheduled increases to ordinary income and 20 percent, respectively.

The marginal tax rate on high incomes will also remain unchanged. The top brackets had been scheduled to increase to 36 percent and 39.6 percent, from 33 percent and 35 percent.

boo pee doo pee doo pee doo

So what we’ve got here is a possible tax increase on the very poorest Americans? Way to go.

Think of it this way. with out the wealthy people, none of the poor people get jobs. 

so suck it.

First of all, you’re 14 years old. You don’t know shit about job creation or economics, for that matter. Second, the rich are good at one thing: getting rich. No one got rich by creating more jobs; rather they get richer the more jobs they eliminate or ship overseas. Don’t be an idiot.

In regards to chrisyack:

"The number of Americans making $50 million or more, the top income category in the data, fell from 131 in 2008 to 74 last year. But that’s only part of the story.

The average wage in this top category increased from $91.2 million in 2008 to an astonishing $518.8 million in 2009. That’s nearly $10 million in weekly pay!

You read that right. In the Great Recession year of 2009 (officially just the first half of the year), the average pay of the very highest-income Americans was more than five times their average wages and bonuses in 2008. And even though their numbers shrank by 43 percent, this group’s total compensation was 3.2 times larger in 2009 than in 2008, accounting for 0.6 percent of all pay. These 74 people made as much as the 19 million lowest-paid people in America, who constitute one in every eight workers.

In this era, the incomes of the vast majority have barely grown while incomes at the top have soared. Reaganism has trimmed the base of the income ladder while placing a much heavier weight on the top. Narrowing the base while adding weight to the apex does not make a stable structure.”

You can read my post on this here. My big hope for you is that you understand this before you grow up.

(via savagemike)

Filed under Taxes Tax Cut Tax cuts don't solve everything Rich Rich versus Poor

  1. politeyeti reblogged this from greenstate and added:
    Apparently, fourteen year olds. We need a civics class up in here, stat.
  2. cognitivedissonance reblogged this from savagemike and added:
    In regards to chrisyack: "The number of Americans making $50 million or more, the top income category in the data, fell...
  3. soldat-dhiver reblogged this from rebeccam and added:
    bulletproofstatic: i’m not saying i’m right, and i’m not saying i’m wrong. i’m not saying you’re right or wrong. I...
  4. rebeccam reblogged this from soldat-dhiver and added:
    "did you know the cost of flour went up? And butter? because corporations are being taxed more, they are having to up...
  5. rantingnraging reblogged this from greenstate
  6. radiation-riots reblogged this from greenstate and added:
    Exactly. It’s for the same reason that being a server at a restaurant. Sometimes you get good money from them. Sometimes...
  7. jakke said: What are the odds the estate tax would have been allowed to resume naturally, though? I thought it was pretty inevitable that the break was going to be extended.
  8. greenstate reblogged this from savagemike and added:
    i think you’re 14 and an idiot. who is still buying into this myth that the rich create jobs when they are given tax...