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The Reason for the Economic Decline of America

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posted on Nov, 21 2014 @ 11:45 AM
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Reading a post like this certainly explains how Gruber was able to pull off wealth redistribution without calling it wealth redistribution. The lack of knowledge of economics, history, trade is appalling such that the flaws in the conclusions are too numerous to refute. There is not enough time or space to offer the rebuttal to someone so ignorant of facts so I can only offer that one might read at least some history de Tocqueville and economics I recommend Hayek. Otherwise I quote Thomas Paine " to argue with someone who has abandoned reason is like giving medicine to the dead".




posted on Nov, 21 2014 @ 12:52 PM
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a reply to: Aazadan

Someone at the 60th % of what? You gave no point of reference? Do you mean the bottom 60%? If so, nearly all of those pay 0-7% in taxes (leaning more towards the 0%). You are saying that is too much??? And the top 40% pay 15-45%. You are saying that is too little?
edit on 21-11-2014 by raymundoko because: (no reason given)



posted on Nov, 21 2014 @ 03:20 PM
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a reply to: raymundoko

No, the 60th percentile in income. Not the bottom 60%, not the top 60%, the actual 60th. That places them a bit above average and somewhere inbetween middle class and upper middle class. That is the group that is considerably overtaxed. The 99th percentile is very undertaxed, 45% for a group that owns 90% of the wealth (and they actually pay 10% not 45%) is not enough.



posted on Nov, 21 2014 @ 03:37 PM
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a reply to: Aazadan

First off, for you to think they actually only pay 10% is laughable. Completely and utterly laughable. Source


Despite ongoing claims that high-income Americans pay taxes at a lower rate than middle- or low-income Americans, recent statements in the press and actual data from nonpartisan sources show that that is not the case



The top 1 percent of American households, who have an average household income of $1,743,700, pay an average tax rate of 31.2 percent. CBO estimates the top 5 percent of American households, with an average income of $564,200, pay an average tax rate of 29 percent.



Internal Revenue Service (IRS): those with incomes between $50,000 and $100,000 pay an average income tax rate of 8.9 percent.



Most Americans Pay Less Than 15%: “[H]ere's why [Romney’s] effective rate is probably higher than most people's: The effective tax rate is always going to be lower than one's top income tax rate. And the top rate for roughly four-fifths of Americans is 15% or less, said Roberton Williams, a senior fellow at the Tax Policy Center. In other words, 80% of Americans have an effective rate below 15%.” (CNN Money, January 19, 2012)
Average Tax Rates Paid by Americans


So it seems you got your information wrong on who pays 10%....

Corporate Gains Tax is 15% on it's own. There are no tax cuts that get you out of it. So at a minimum, income they receive from investments is taxed at 15%.

ACTUAL INCOME for someone making over 250K has the LOWEST EFFECTIVE TAX RATE of 24%, and that is if the person donates a metric crap ton to charity. So 1/4 of their income goes to taxes. Those who do not donate quite a bit to charity pay between 30 and 45% (including CGT), with the average being around 32-35%

So if someone gets a paycheck of 250k, 1/4 of it goes to taxes at minimum. On top of that, any investments they have which yield profit are taxed at 15%.

Romney is an example of someone who paid a 17% effective tax rate because 99% of his income was from investment revenue.

I am not sure you are even remotely aware of what you are typing. Someone in the 60th % of income are people making roughly 60K a year Source and have an average effective tax rate of 12-14% (See previous source from .gov)

So someone at the 60th is paying roughly 12-14% of their income to taxes. You are saying 12-14% is too high? And that's a single earner. Married/Head of Household with children would have an even lower effective tax rate, closer to 7-10%.

Keep in mind, and I've posted it before, the top 40% of earners in the USA pay ALL the taxes. The top 1% pay more than the bottom 90% combined:

Source

That data comes from the IRS...
edit on 21-11-2014 by raymundoko because: (no reason given)




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