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Originally posted by crimvelvet
reply to post by no time
....Show me ONE individual in the actual top 10% of income earners in the united states that is no longer rich and I will submit.
Actually he was a Canadian...
I really have to write up the true story and post it. A self-made Canadian I once worked for managed to royally tick off not only the British Royal Family but the Royal family of Netherlands over a couple of oil company deals.
They colluded to wipe him off the map, although they did not quite succeed in completely bankrupting him.
So yeah, not all of the wealthy are "Insiders" and belong to the "club" and if they get in the way they are "Fair Game" The Canadian is not the only one.
I talked to a guy who worked for a small grain trader. Cargill intentionally wiped them off the map.
There is this humorously told story too: Five Minutes With John Munsell & A Trip To The Woodshed With The USDA.
.....An inspector, armed with many official looking pieces of paper, looked Big John in the eye and said, “Assume the position!”
John was frisked. The authorities stopped just short of a full body cavity search. It was a very thorough exam.
“Wait,” protested Big John. “The meat came in with bad stuff already on it. I didn’t put it there. Go after the people who sent it to me!”
“Obviously you don’t understand the way we do things around here,” chuckled the inspector who was amused by Big John’s apparent naivety....
Originally posted by crimvelvet
reply to post by no time
This is exactly why we have this problem. Your telling me that giving me an AVERAGE, including ALL THE TAXES PAID, is an accurate representation of the data. Yes, and No.
This article should show you NOTHING but how disproportionate the income for that 29% is compared to the rest of us. Think about it. I know I can't be the only one that sees this.
I did not feel like scrounging around for the actual chart.
30.06% or about one third of the taxes are paid by those FAMILIES (possible two incomes) making less than $113,800.. (That is two middle class professionals.) Accountants, computer types, QC engineers....
Here is the break down of income and percent TAXES paid:
Top 50% - $33,048 (and up) pay 97.30% of the taxes
Top 25% - $67,280 (and up) pay 86.34 % of the taxes
Top 10% - $113,799 (and up) pay 69.94 % of the taxes
Bottom 50% less than $33,048 pay 2.7 % of the taxes
modified chart from ntu.org...
It has to be a misrepresentation of the data, as this would have you believe that things are pretty equal. Please view my link, these are the people I am talking about.
...Over the past several decades, those with huge amounts of money and power have been busy rigging the game so that the rest of the money and power slowly but surely funnels into their hands.... Today, the big banks, the big corporations and the federal government are all in bed with one another and it is average Americans that always lose out.....
[THIS IS THE SIGNIFICANT STATISTIC: cv]
#1 In the United States today, the richest one percent of all Americans have a greater net worth than the bottom 90 percent combined.....
Those pretty green slips of paper in your wallet commonly known as U.S. dollars are Federal Reserve Notes. Bank scrip. The Fed can print as much of it as it wants or needs to. With this in mind, consider that fully eighty percent (80%) of U.S. Treasuries (U.S. government debt) sold in 2009 were bought by the Fed because there were no other willing buyers. factsnotfantasy.blogspot.com...
"A third of the cost of a gallon of gas is tax, half the cost of a pack of cigarettes and last I checked (20 years ago), there were 109 different taxes on a loaf of bread before you paid sales tax on the loaf and carried it home.' - JB Williams
"If people need any more concrete explanation of this, start with the staff of life, a loaf of bread. The simplest thing; the poorest man must have it. Well, there are 151 taxes now in the price of a loaf of bread — it accounts for more than half the cost of a loaf of bread. It begins with the first tax, on the farmer that raised the wheat..." - President Ronald Reagan
Originally posted by boncho
Not sure how people having more or less assets relates to fairness.
In reality, I work 60-70 hour weeks usually. Would it be fair to me if someone working half those hours were paid the same, had the same assets, etc.
...I do agree that 300,000 - 400,000 per year is not wealthy beyond being easily destroyed.
3 Companies Control 90% of the Beef Industry - JBS Swift, Tyson, Cargill.
4 Companies Control 66% of the Pork Industry. Smithfield, Tyson, Cargill and JBS Swift
4 companies control 83% of Beef Processing; 4 companies control 66% of Pork Processing and 4 companies control 58% of broiler Chicken Production and Processing.
In the dairy industry, 3 dominant players control most of the dairy products we consume.
Farmers of America: ...DFA then works in tandem with the likes of Dean Foods to manipulate milk prices to be low for farmers while price-gouging consumers. These anti-competitive practices have been the subject of a two-year investigation by the Department of Justice and DFA has been fined $12 million for price manipulation by the Commodities Future Trading Commission.
3 Companies Control 90% Corn Market.
Only three companies -Archer Daniels Midland, Bunge andCargill - control 90% of the global grain trade . This means farmers in Iowa and elsewhere have had lessand less options for selling their grain. These companies can also manipulate the price of corn on theChicago Board of Trade.
In 1866, 1,186 varieties of fruits and vegetables were produced in California. Today, California's farms
produce only 350 commercial crops.
An analysis of the 2007 financial markets of 48 countries shows the world's finances are in the hands of a few mutual funds, banks, and corporations. This is the first report of global concentration of financial power ..www.insidescience.org...
January 29, 1989
...Of mergers and acquisitions each costing $1 million or more, there were just 10 in 1970; in 1980, there were 94; in 1986, there were 346. A third of such deals in the 1980's were hostile. The 1980's also saw a wave of giant leveraged buyouts. Mergers, acquisitions and L.B.O.'s, which had accounted for less than 5 percent of the profits of Wall Street brokerage houses in 1978, ballooned into an estimated 50 percent of profits by 1988...
THROUGH ALL THIS, THE HISTORIC RELATIONSHIP between product and paper has been turned upside down. Investment bankers no longer think of themselves as working for the corporations with which they do business. These days, corporations seem to exist for the investment bankers....
In fact, investment banks are replacing the publicly held industrial corporations as the largest and most powerful economic institutions in America....
THERE ARE SIGNS THAT A VICIOUS spiral has begun, as each corporate player seeks to improve its standard of living at the expense of another's. Corporate raiders transfer to themselves, and other shareholders, part of the income of employees by forcing the latter to agree to lower wages. January 29, 1989 www.nytimes.com...]New York Times
* Sound recording industries - 97%
* Commodity contracts dealing and brokerage - 79%
* Motion picture and sound recording industries - 75%
* Metal ore mining - 65%
* Wineries and distilleries - 64%
* Database, directory, Book and other publishers - 63%
* Cement, concrete, lime, and gypsum product - 62%
* Engine, turbine and power transmission equipment - 57%
* Rubber product - 53%
* Nonmetallic mineral product manufacturing - 53%
* Plastics and rubber products manufacturing - 52%
* Other insurance related activities - 51%
* Boiler, tank, and shipping container - 50%
* Glass and glass product - 48%
* Coal mining – 48%
Up for grabs at the negotiating table [WTO] is worldwide privatization and deregulation of public energy and water utilities, postal services, higher education and state alcohol distribution controls; a new right for foreign firms to obtain U.S. Small Business Administration loans; elimination of a list of specific U.S. state laws about land use, professional licensing and consumer protections, and extreme deregulation of private-sector service industries such as insurance, banking, mutual funds and securities. www.commondreams.org...
Originally posted by crimvelvet
reply to post by Jezus
It is simply a fundamental part of Capitalism.
It is NOT Capitalism!
Let's be VERY clear. As usual the elite are playing mind games with us. To start with Their "Free Market" is NOT a real free Market, where there is a FREE (willing) exchange of products, services and labor.
If my neighbors and I meet at the weekly market and swap eggs for milk or veggies or some lamb chops THAT is an actual FREE market. I set the value of my lamb chops, Dale sets the value on his eggs, Mike sets the value on his veggies and Cindy set the value on her beef. We either agree to the swaps or we do not. (These are real products and people BTW)
In the Elite "Free Market" we have the central BANKS setting currency exchange rates and corporations setting wage scales in one country and prices in another. There is NOTHING "free" about that situation at all.
So we can allow them to play the "get rich" game as long we tax corporate profits enough to prevent the destruction of the environment and the enslavement of the masses....
Economic Policy Institute: Exported to Death
In the two decades from 1978 to 1997, real grain prices were slashed in half. Then, in 1998, prices fell an additional 10-20%, pushing many family farmers to the brink of bankruptcy.1 - (Footnote 1. Real corn prices declined from $5.28 per bushel in 1978 to $2.65 in 1997, then to 2.36 in 1998. Real wheat prices declined from $7.08 per bushel in 1978 to $3.87 in 1997, then to $3.01 in 1998.)
...Corporate control is becoming much more concentrated both upstream and downstream from farmers...Recently, Cargill has proposed to purchase Continental’s grain storage unit, which would result in a single firm that would control more than one-third of U.S. grain exports...
R-CALF USA Comments on Agriculture and Antitrust Enforcement Issues in Our 21st Century Economy
...the number of U.S. cattle operations has declined 40 percent since 1980, the size of the U.S. cattle herd is now the smallest since 1958.....
...fed cattle that have reached their optimal slaughter weight must be marketed within a narrow window of time (generally within about a two-week period); otherwise, the animals would degrade in quality and value....
In February 2006, all four major beef packers – Tyson, Cargill, Swift, and National – withdrew from the cash cattle market in the Southern Plains for an unprecedented period of two weeks. On February 13, 2006, market analysts reported that no cattle had sold in Kansas or Texas in the previous week.....
Retail giants like Walmart grab an increasing share of any profits. The price a rancher gets for beef, adjusted for inflation, dropped from $1.97 to 93 cents per pound between 1980 and 2009.
...Congress tried to crack down with the 1921 Packers and Stockyards Act, which forbade packers from engaging in "unjust, unfair or discriminatory practices" against livestock sellers. At the time the law was passed, "it was viewed as providing the most complete oversight of any sector of the economy," says Neil Harl, an Iowa State University economist and lawyer who has studied it extensively. Yet the meatpackers' grip simply tightened, as they used "intense political pressure" to ward off the Agriculture Department regulators, says Harl. "Whether it was a Republican administration or a Democratic administration, there was not a lot of effort ... to implement the full measure."
....The "Big Five" meatpacking companies controlled 45 percent of the domestic cattle market by the early 1890s. Every Tuesday at 2 p.m., their representatives met in downtown Chicago to decide how many cattle each would bring to the marketplace. This illegal act of collusion -- which kept meat prices high by limiting supply -- was known as the Veeder Pool, because the meatpackers' attorney, Henry Veeder, kept records for the meetings and later testified about them in Congress.
The big meatpackers were mostly able to evade enforcement of the 1890 federal Sherman Antitrust Act. Whenever the pressure got too strong, the companies would play legal hide-and-seek, merging or dissolving to avoid prosecution. Even when trust-busting President Teddy Roosevelt took office, the companies retained their power. Upton Sinclair, a leading muckraker, described the power of the "Beef Trust" in his classic 1906 novel, The Jungle:
"... it wiped out thousands of businesses every year, it drove men to madness and suicide. It had forced the price of cattle so low as to destroy the stock-raising industry ... it had ruined butchers who refused to carry its products. It divided the country into districts, and fixed the price of meat in all of them ..."
SEC. 404. COMPLIANCE WITH INTERNATIONAL AGREEMENTS.
Nothing in this Act (or an amendment made by this Act) shall be construed in a manner inconsistent with the agreement establishing the World Trade Organization or any other treaty or international agreement to which the United States is a party.
I agree. Our capitalism is not based on the free market but freedom of power.
Originally posted by wardk28
I say it time and time again. We should convert to the Fair Tax. That way everyone pays federal taxes. 23% national sales tax on everything except essentials like food and utilities.
Originally posted by no time
Eh, i was wrong and I admit it, it seems the super rich are thrown in with the moderately wealthy in the top 10% whereas I believe most of my comments I am talking about the super wealthy, and apparently there doesn't seem to be allot of information about the super wealthy in this country, whodathunkit.
edit on 27-7-2011 by no time because: (no reason given)