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A new survey indicates that most Americans want tax cuts for the rich to expire.
…The Bush-era tax cuts will expire by the end of 2010, and Obama wants to extend them for everyone except those who earn more than $200,000 or households that make more than $250,000.
Most Democrats want the tax cuts to be extended for the middle class, but not the wealthiest Americans. Republicans and some moderate Democrats want an extension for all off the tax cuts.
Two-thirds of Democrats think tax cuts for the wealthiest should expire, in addition to most independents (55%). The majority of Republicans (57%) think it’s a bad idea.
THE RICHEST 1 (ONE) PERCENT OF AMERICANS possess more wealth than
THE COMBINED WEALTH OF THE BOTTOM 90 (NINETY) PERCENT.
Originally posted by Erasurehead
...Did you know that the top 40% of Wage Earners Pay 86% of Federal Income Taxes in America and 47% of Americans pay no Federal income taxes at all?
The wealthy tend to be business owners that employ a lot of people.
When politicians start talking about not raising taxes on small businesses, they do so when the president proposes restoring taxes on the people making more then $250,000 per year.
The protesters suggest this is a tax on small business. Does this suggest that small business owners make more then $250,000 per year?
The protesters suggest that a graduated tax on wealthy folks will curtail economic growth. Then I would advise they think back when the tax rate on the most wealthy was in the neighborhood of 90 percent. This did not prevent the creation of many millionaires and billionaires.
The nation's six largest banks ...set aside a whopping $140 billion for executive compensation last year, a sum only slightly less than the $164 billion they paid themselves in the pre-crash year of 2007. In a gesture of self-sacrifice, Blankfein himself took a humiliatingly low bonus of $9 million, less than the 2009 pay of elephantine New York Knicks washout Eddy Curry. But in reality, not much had changed. "What is the state of our moral being when Lloyd Blankfein taking a $9 million bonus is viewed as this great act of contrition, when every penny of it was a direct transfer from the taxpayer?" asks Eliot Spitzer, who tried to hold Wall Street accountable during his own ill-fated stint as governor of New York.
King says banking bailout 'unfair'
Bank of England governor Mervyn King has described the huge banking bailout as "unfair" and appeared to sympathise with calls for multibillion-pound tax evasion to be tackled when he spoke to union activists.
Mr King told the TUC gathering in Manchester that he understood the strength of feeling over the size of bankers' bonuses, and said "radical reform" of the UK's financial system is needed.
Originally posted by OldDragger
But the wealthy take that money and use it to create jobs for us little people!
You can see how this has been true the last few years! The uber rich have been opening business like crazy, desperatly hoping to employ Americans!
It's not like they outsource to cheap labor to countries like China and India and insource a huge supply of cheap illegal alien labor from Mexico! They would never relocate their corporation overseas in places like Dubai to avoid paying tax here!
Why if the uber rich pay more , think of all the people in the yachting industry, private jets and domestic servants that will suffer? How are they supposed to live!
I barely can live on millions per year!!
Oh the humanity!
Originally posted by soficrow
Rich human persons and huge non-human corporate persons have access to loopholes ordinary people can't imagine - and already get out of paying what little taxes they're supposed to pay.
Which leaves ordinary people carrying the load and picking up the slack.
Originally posted by Erasurehead
Actually the wealthy pay the majority of taxes already. Did you know that the top 40% of Wage Earners Pay 86% of Federal Income Taxes in America and 47% of Americans pay no Federal income taxes at all