If you think rich people are suffering in America under some kind of unfair tax burdon, you've been had. From the Romney thread and the Income Inequality thread:
"Thirty years ago, when Forbes published its first Forbes 400, a net worth of $75 million would get you on the list. Today it takes $1.1 billion. In the last year alone, the cumulative net worth of the wealthiest 400 people, by Forbes’s calculation, rose by $200 billion. That compares with a 4 percent drop in median household income last year, according to the Census Bureau. One would be hard pressed to find a clearer example of how powerfully income inequality has taken root."
"Financiers, who make up a large percentage of the Forbes 400, long ago found ways to convert their compensation to capital gains, for instance. Romney, of course, did the same thing when he was running Bain Capital, a private equity firm. But even those who are not on Wall Street rely on capital gains. A large number of the Forbes 400 — “roughly 40 percent,” according to a group called United for a Fair Economy — inherited their wealth. Many others on the list — people who started companies that they’ve since left — are classified by Forbes as investors."
"Even many of the corporate executives on the Forbes 400 are likely paying a lower tax rate. Many of them get minimal cash compensation and rely on stock options for the bulk of their wealth. Or they maneuver to take their companies through a leveraged buyout, which reaps them huge potential capital gains. In 2009, according to recent Congressional testimony by Leonard E. Burman, a professor at Syracuse University, the 400 highest-income taxpayers reaped an astounding 16 percent of all capital gains."
Wealthy people use the tax code to increase their wealth in ways that are not possible for the average citizen. Take that into account when you think about income tax rates and taxes in general. That's how Mitt got to 13.9%. They use us like a rug. And then we fight their wars. Isn't that a definition of stupidity? "Trickle Down" has been a big stick shoved up our collective you-know-what...sideways.
Do you think, could it be possible, that Ronald "Trickle Down" Reagan was a Chinese plant (he kinda looked Asian when he laughed
) designed to destroy the American Dream and promote inequality, ulitmately leading to revolt and the demise of the Great Experiment?
Venezuela, here we come. What irony!
You can never have too many gated communities, you know?
Last edited by Gnhtsg; 03-04-2013 at 05:13 AM.