Top 1 percent take record share of U.S. income

IF you want to know why the economic recovery isn't as strong as some people wished it would be this is probably why- since the recovery average people's income has only gone up 1% while the rich saw their money increase by 20%. That's where the money is. They evidently aren't paying enough in taxes or something.

seattletimes.com...

reply to post by CB328


I'm not following your logic.

How would having the government take more in taxes, benefit me?

reply to post by CB328


Think about just how much tax money that actually is.

If you taxed the rich top earners more, they would do less business in the country and overall the country would lose money. Look at the efforts they go to already to reduce their tax bills.

reply to post by Biigs


While this claim is often made, the facts do not back up your claims. The U.S. remains the top nation for investment, even when taxes are raised,. not only recently but in the 90ties as well, after Clinton raised taxes on the rich.

What has been shown is that tax cuts in the U.S. for the super rich lead to less investment in the U.S., and more money flowing overseas.

CB328
IF you want to know why the economic recovery isn't as strong as some people wished it would be this is probably why- since the recovery average people's income has only gone up 1% while the rich saw their money increase by 20%. That's where the money is. They evidently aren't paying enough in taxes or something.

seattletimes.com...

Well Well.

How much in real numbers does all that amount to ?

Is it enough to pay off the debt corruption ?

How much should we be taxing the 1% ?

And how would that make the economy better for the majority of American citizens ?

reply to post by Biigs


Problem is not if huge businesses turn massive money as if the compnay re invests it the economy keeps turning.

Problem is these rich people hoard the majority of that in family funds, property or store it in banks.
If they are takeing 20% each year while the rest of us are lossing money you end up with a HUGE problem!

Fact is there should not nessarly be wealth distrubution by forceing the 1% into the 99% but by makeing sure there is steady wealth gain in all section of socity and the money flows.

Take Central london, you wouldnt know there was a recent economic collapse, go out to the outskirts and you see the problems, shut shops, empty busness parks, vacent homes ect

You have the issue that the elite top 1% caused the big screw up but they dont feel it, yet the 99% are the ones who are hit.

We need to massively raise taxes on corporations. Then add tax benefits for reinvestment of earned revenue into the company with the maximum benefit going towards employee compensation. I guarantee this would fix the wealth gap pretty quickly.

reply to post by crazyewok


i think the rich people arnt so much the problem with their tax anyway.

Sort out the corporation tax avoidance, some of the largest pay little while keeping and reinvesting MASSIVE profit that could have easily gone to higher pay checks. but shareholders dont give a rats ass about the employees, they want more %'s.

Its all a game of greed and it sucks.

I often wonder how much we need to be happy? I think about winning a huge amount of money and then what? I would give a lot of it away I would think?

I know that I could live comfortably on possibly less then 1 million in my lifetime never working again and enjoying life.

Why do so few need SO MUCH? I used to envy them, then I hated them, now I only pity them! I actually feel sorry for anyone who makes more than million a year because I know they are trying to buy happiness, pathetic really!

What do we do after we have all we need? Greed never has given me anything, but there is that old adage...

CB328
IF you want to know why the economic recovery isn't as strong as some people wished it would be this is probably why- since the recovery average people's income has only gone up 1% while the rich saw their money increase by 20%. That's where the money is. They evidently aren't paying enough in taxes or something.

seattletimes.com...

The problem is cronyism (aka crony capitalism, corporatism, mercantilism).

I used to hear so much about Bush's special interest ties to big oil. It wasn't hard to get people to accept that he had cabinet members connected to those interests.

Why is it so hard to get people to understand that the special interest groups that Obama represents are banks, insurance companies and lawyers (among others).

You want to know who is making a lot of money right now, see list above.

You want to know why the economy is treading water, see list above.

There is a lot more to this but, let's begin by recognizing the basics folks.

reply to post by CB328


Unfortunately the top earners in the country do not need the middle class anymore as most of the jobs have been shipped overseas. Why pay an american worker top dollar when they could get the same production elsewhere cheaper.

reply to post by RedShirt73


I think you got that wrong, they need the middle to do the "new grunt work"

the new grunts are overseas.

reply to post by beezzer


When the rich were paying in upwards of 80% on their income, America was flourishing. Single income households were entirely possible, in fact two income house holds were over kill in a lot of ways.

The middle class was strong and it's buying power was strong, hence the strong economy. The middle class were living large and the rich were still living like sultans.

The idea that the wealthy help create wealth in the economy for others is a myth and the more data we research on the topic, the more apparent it becomes.

~Tenth

reply to post by Biigs


Your in business to do two things, Make Money and Save Money. If something is going to cost me less clams to make in China then it is to make in the states, what incentive(s) do I have to bring that back to the states? When it comes to being a patriot for your country and bringing jobs back, well, in business patriotism of any kind takes a backseat.

reply to post by RedShirt73


This is what most people tend to think, but in reality all you are really doing is cutting off your nose in spite of your face. The difference is smaller long term gains over larger short term gains.

reply to post by RedShirt73


consider this.

The iphone could be made in the USA employing tens of thousands.

But the cost to apple to do such a thing, would be 4$ on each phone. On a 500$ handset.

money.cnn.com...

Thats business in the states.

The fact that MILLIONS of people are out of work and cant afford them anyway, that matters not because apple would make less than 1% profit by stimulating the USA economy and employing people.

Apple - "thanks USA you made us great but we might make a tiny bit less profit if we actually manufacture there anymore, so cheers also we arnt paying that tax bill"

CB328
IF you want to know why the economic recovery isn't as strong as some people wished it would be this is probably why- since the recovery average people's income has only gone up 1% while the rich saw their money increase by 20%. That's where the money is. They evidently aren't paying enough in taxes or something.

seattletimes.com...

the businesses need to focus less on increasing profit margins and more on spurring growth in the overall economy by paying higher wages. it's that or pay higher taxes. and they should not stop doing business because their profit margins arent steadily growing. it's an inhumane and immoral business practice causing this and sucking more out of the poor and middleclass than they can generate in income.. steadily.

higher expenses than rate of income is a steady road towards.. and deeper and deeper into debt.

reply to post by KeliOnyx


We're are also talking about business people. To them it's numbers, balance sheets, metrics, etc. They do care about the money their investing. Think about it like this, you have a portfolio of one million dollars (Queue the Dr. Evil quotes, lol) would you rather invest it into something that's going to give you a 50% return on investment or on something that gives you 25% return on investment? It's business, leave any feelings at the door.

Biigs
reply to post by RedShirt73

 

consider this.

The iphone could be made in the USA employing tens of thousands.

But the cost to apple to do such a thing, would be 4$ on each phone. On a 500$ handset.

Thats business in the states.

The fact that MILLIONS of people are out of work and cant afford them anyway, that matters not because apple would make less than 1% profit by stimulating the USA economy and employing people.

Apple - "thanks USA you made us great but we might make a tiny bit less profit if we actually manufacture there anymore, so cheers also we arnt paying that tax bill"

edit on 17-9-2013 by Biigs because: (no reason given)

If an iPhone costs $4.00 to make (For example) and then they sell them at the stores for $500.00, that's called markup and every business in the world does it. Sorry, don't mean to sound like an arse.

reply to post by RedShirt73


No, the 4$ is the EXTRA it would cost on the handset in the USA instead of china with the same profit margin.

also i updated my post with a link to the article.

And would a US person pay an extra 4 bucks to have it build in their country? I feel stupid for even having to make this bit obvious.