HM Customs and Revenue showed our millionaire Chancellor of the Exchequer anonymised tax returns for some of the UK's richest people. He is shocked they pay between 10% and nil on their income - all done legally.
He says this cannot be fair!
Yup..the Richistans here pay at 14% on average.
26 corporations paid 0.
Leona knew! "Only the little people pay taxes"
Janitor earning $33,000 pays at 26%.
$350,000 pays double that of a millionaire. Such advantage they have gotten from the gvt's eh? Time for a turn-around.
Sen. Bernie Sanders (I-VT) railed against the growing economic inequality in the United States during a Senate speech in support of the Paying a Fair Share Act of 2012.
“It is absurd that at a time when our country has a $15 trillion national debt and enormous unmet needs, the wealthiest people in this country have an effective tax rate that is lower than many middle-class workers,” he said on Monday. “It makes no sense that the richest 400 people in our country, who earned an average of more than $270 million each in 2008 pay an effective tax rate of just 18 percent, which is less than many small businessmen, nurses, teachers, police officers, et cetera. That is wrong from a moral perspective, it is also very bad economic policy.”
Bernie is as usual correct, the US has a terrible GINI index and it is only getting worse daily, we have almost the worst in the developed world.
Yep, Bernie's on target. The reason, at least in the US, that this happens is because the wealthy have access to lawmakers in a way that average people do not. This has led to decreases in things like the capital gains tax rate, which doesn't affect most people, but it tremendously beneficial to people like Mitt Romney, who earns comparitively little in actual salary, but has a huge income from capital gains and other things that are taxed less than salary.
by Tony Lawrence 6 years ago
Is nobody going to call Peter Schiff on his "I pay 50% tax" crap?Recently, Peter Schiff marched into OWS and confronted demonstrators, claiming that he pays 50% of his income to taxes. Unfortunately, the OWS folks did not respond intelligently (at least the ones I saw). They...
by ptosis 15 months ago
federal income tax rates history, During the eight years of the Eisenhower presidency, from 1953 to 1961, the top marginal rate was 91 percent. (It was 92 percent the year he came into office.)What does it mean, though? For the duration of Eisenhower’s presidency, that rate affected individuals...
by Nick Lucas 7 years ago
I don’t understand this concept that Obama and many liberals keep clinging to…..So allow me to make it simple. If everyone is taxed at say 10% people who make more do pay more as 10% of a greater amount is more……example 10% of 100 = 10 ...
by Stacie L 6 years ago
WASHINGTON (AP) — President Barack Obama is expected to seek a new base tax rate for the wealthy to ensure that millionaires pay at least at the same percentage as middle income taxpayers.A White House official said the proposal would be included in the president's proposal for long term deficit...
by My Esoteric 6 weeks ago
The GOP sold gullible Americans on the promise their tax give-a-way to the rich and corporate America would mostly benefit the Middle Class. Why isn't it.They said all of this money staying in corporate coffers would go to investment, more jobs, and higher wages. It has been six months...
by Sophia Angelique 5 years ago
https://www.commondreams.org/view/2012/ … sone_share1. Only 3 percent of the super rich are entrepreneurs. Most entrepreneurs come from the middle classes.2. America is No 4 from the bottom in terms of equality.3. 50% of the USA GDP is untaxed and held by rich Americans oversease.4....
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