... so it must be true, right?
Did you know that:
GE actually did pay taxes, and the stories about them getting a $3 billion refund were completely false?
The effective US corporate tax rate is one of the highest in the world, and the marginal rates are the highest?
GM made large profits, but didn't have to pay any taxes?
The top 1% of Americans pay, on average, 24% federal income tax while the bottom 50% pay 1.85%?
Remember, news reporters are people who can make mistakes, so be careful about what they say if there isn't anything to substantiate their claims.
*I'm not providing any sources for these points because I just don't care to right now. Maybe someone will complain and I'll do it, but they are available in other threads I've posted in.
Middle class pays fed, state and FICA.
Rich pay fed and state, no FICA
Low pay FICA only.
Pretty sad that 50% of Americans make $45,000 or less.
Even more outrageous that 400 people have more wealth than half the rest combined.
How DID that happen?
Rich pay just as much FICA as the middle.
Again, what you get out of it depends on what you put into it. Just raising the limit wouldn't fix the deficit in SS.
$45,000 is a lot of money. I managed to float with myself, a spouse, and a toddler for under $20,000. America is the land of opportunity, people have the chance to work hard and make a living, or create their own opportunities.
What do you want to do, just take money from rich people and give it to the poor?
One reason is because of irresponsible use of credit. The bottom 50% has almost NO net wealth, because of debts. If people lived within their means, they would have a lot more wealth.
If someone has a $150,000 mortgage and $20,000 in credit card debt, they are counted as having -$170,000 dollars (+ any money/assets). That's why the bottom 50% have very little net wealth. Most of it is tied up in credit cards and mortgages.
See, I make all of these points, and you just carpet bomb one little statement thinking you are making a good point.
Because I say it's ALL to do with Bush tax cuts! That's why.
You should really look at our tax rates from a global perspective. Then you can see what the real problem is.
You say the problem is that the rich only pay 24%, while half of America is FORCED to pay 1.85%?
I prefer to look at an income chart from America...and weep.
From Reagan on.....it's been a steady increase for the top brackets, a steady decline for the middle, and a stagnant slump for the poor.
Gvt did it. They can reverse it too.
Yes, gvt can help reduce it. If we become competitive, corporations will look at America and say 'Gee, I like America, and now I don't have to pay an extra 20% in taxes to be there'. More corporations = more jobs. More jobs = more people making money. More people making money = more wealth.
Of course, lower and middle class Americans need to learn to stop living on credit. That will do wonders as well.
As for income, income per bracket has basically increased at the same rate from the 70s until now.
Credt is fine if the interest rates are reasonbale, and the little tricks are snipped.
Not everyone has the cash on hand to do things....that is whay credit card reform was necessary.....and now the bank user fees and overdraft charges have gone up. What crooks!
And I disagree. Middle class and poor incomes are stagnating. Huge leap for the top.
And it is due to those tax cuts. They can give it back now.
Credit can be fine, but usually isn't. Over the course of your life, you will be better off if you don't use it. All the interest you would have paid stays in your pockets.
People shouldn't blame the credit card companies. They need to take responsibility. If you can't afford something now, buy it later. Learn to save money instead of just spend.
That's why the bottom 50% have almost no wealth. Everyone has debt, not wealth.
Listen. The banks and credit card companies and insurance companies are businesses. If they don't make money, they will go bankrupt and not be able to provide their services anymore. These companies don't actually rip you off like you are told. They make just a few percentage points of profit each year.
Take the debit card fees. People complained that the banks were charging a tiny amount every time you swipe your debit card(the banks have expenses to pay). Legislation forced them to stop doing that, so they tried the $5/month fees to make up for it. People griped about that, so they basically stopped doing that.
You can't just force businesses to give you something for cheaper and cheaper and cheaper. Eventually they won't exist anymore.
http://www.census.gov/hhes/www/income/d … household/
There's the data. Actually, the lowest bracket started doing better after Reagan.
Should I post some charts so you can see?
Yesterday the CBO said ending the Bush tax cuts along with putting in place the spending cuts for the Pentagon and other domestic agencies would damage the economy, putting the US in a recession.
That goes under the category of 'facts'.
I heard in a newspaper that our tax rate for corporations is the lowest among all nations!
"CBO forecasts recession in '13 unless Bush tax cuts and payroll tax cut extended, and spending cuts delayed. Odds of Cong deal in '12? Zero."
spending cuts delayed.....THAT is the sticking point. R's want cuts cuts cuts.....NOW.
It's been a long time since I've seen someone so proactively partisan.
What about the cuts?
LMC, I'm not like that. I'm more than willing to criticize R's. I'm not very happy with how our financial situation has been handled by either side. I'm not happy with the educational system, nor how either side has handled it. I'm not happy with the tax rates.
That's all the R's are about. Even had a deal: one tax dollar to 10 cut dollars...they said no way. They need 100% cut dollars, or no deal.
Plus, I'm sure they wn't want the payroll tax extended...that's for the "little" people...we don' matter.
Of course they would say no, anyone with reasonable accounting practices would. If you make a 1 dollar cut in spending, or a 10% cut, that is a spit in the ocean. You still need to cut 4 more dollars just to break even. You are bringing in 5 dollars and you want to spend 10. That is why we are in this mess. It is time for someone to say no more.
Dems offered 10 cuts to 1 tax increase...it wasn't enough??
Give me a break.
R's want 100% or nothing. Waaaaaaa
I don't need charts...I live it.
The best times in my life are when Dems are in charge. That has been my experience and no amount of charts can alter that in any way shape or form. And particularly this last round of R's was sadistically horrendous.
You want to go back...you go for it.
I do not, and will fight it every step of the way.
Calling Obama an appeaser....don't these R's have any shame? They are working the dark arts.
And they can kiss my butt!
Right... your perception of a limited experience in a limited area is better than country-wide facts?
Ok, as long as you aren't concerned with facts.
Listen....facts are different to different people. Some people here say Bush was the best president ever.....and they will show me charts to prove it.
I'm an old broad...we didn't always have the computer you know....we relied on other things....intuition and nature and the like.
I know Repubs are bad for both. Thanks but no thanks to your charts. I'll stick with what I "know".
I don't like many things Bush did. I care more about America than Rs or Ds.
You stick with what you know. It's nice to know that you would rather decide what the employment situation in America is like(and possibly who to vote as POTUS because of it) without caring about what the employment rate actually is.
I live in a tourist area. Last friday I got stuck in such awful traffic, I wanted to scream. Hadn't seen it like that in many years...especially pre-season..
That is a sign that we will be busy this summer...a sign that the economy is improving. as bad as that is for Republicans to hear.
and I didn't have to look it up in a factual article....I know by experience. Wait til your baby comes...when it cries you know it needs something. You don't run to a fact to tell you what to do.
Accidents cause traffic jams and that has nothing to do with the economy
I've lived here since 1985...I know what I'm talking about.
Cape Cod will not have a huge tourist season, even if it is preseason. According to AAA, despite gas prices haven't fallen $.17 in the last month, reservations in Cape Cod the Memorial Day weekend are light.
We're full. I know what I'm talking about.
My BF has a heck of a time getting back and forth from work now too.....
Anyone can read the signs if they live here long enough... Experience matters.
WEll, it's been R side for a long time. And I was hoping for a dem turn. If they had just been decent,we would not be here. But they chose to obstruct and nullify our votes...to get back in power again.
I can't stand them any more. They don't deserve any respect, and they sure don't give it!
by Holle Abee 7 years ago
Four Democrats and Lieberman voted with the Republicans. I have mixed feelings about this, according to the research I've done. It seems that "economy experts" are split on their views. Some argue that increasing taxes on the upper economic class will stifle jobs, while others say that...
by Brian 7 years ago
I was on facebook earlier today, and a friend of mine posted a Youtube video about just how much money is being used to support the Bush tax cuts for the rich. 100 Billion dollars of the average tax payer's money! Which amounts to over $83,000.00 a year for a single individual making over...
by My Esoteric 2 months 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 Alex Frias 7 years ago
Question. If the Bush-era tax cuts were so popular and such the "economic reality" as it's being coined, then why did Obama fail to see this until recently. Where was his voice in favor of the Bush tax cuts 6 months ago, or even 2 years ago..?Yes Obama has always maintained...
by SparklingJewel 6 years ago
I don't claim to be a big financial, economics know it all (how could anyone, frankly, but the link here is a conservative version of the current presidents tax creation scenario for next yearcan anyone that monitors similar information from the liberals post a comparison for us all to learn...
by My Esoteric 9 months ago
When Obamacare passed it began life with a high approval rating. Once the GOP propaganda juggernaut kicked into high gear (along with some amazing, but temporary Dem incompetence), that approval rating tanked and stayed that way until the GOP tried to repeal it. Today, Obamacare is well...
Copyright © 2018 HubPages Inc. and respective owners. Other product and company names shown may be trademarks of their respective owners. HubPages® is a registered Service Mark of HubPages, Inc. HubPages and Hubbers (authors) may earn revenue on this page based on affiliate relationships and advertisements with partners including Amazon, Google, and others.
|HubPages Device ID||This is used to identify particular browsers or devices when the access the service, and is used for security reasons.|
|Login||This is necessary to sign in to the HubPages Service.|
|HubPages Traffic Pixel||This is used to collect data on traffic to articles and other pages on our site. Unless you are signed in to a HubPages account, all personally identifiable information is anonymized.|
|Remarketing Pixels||We may use remarketing pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to advertise the HubPages Service to people that have visited our sites.|
|Conversion Tracking Pixels||We may use conversion tracking pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to identify when an advertisement has successfully resulted in the desired action, such as signing up for the HubPages Service or publishing an article on the HubPages Service.|