Comments on: Beyond the 1 percent http://blogs.reuters.com/david-cay-johnston/2011/10/25/beyond-the-1-percent/ Sat, 23 Mar 2013 13:49:31 +0000 hourly 1 http://wordpress.org/?v=3.4.2 By: WizardPrang http://blogs.reuters.com/david-cay-johnston/2011/10/25/beyond-the-1-percent/#comment-1685 WizardPrang Mon, 03 Dec 2012 16:01:40 +0000 http://blogs.reuters.com/david-cay-johnston/?p=156#comment-1685 My beef is not with the 1%. 1% of the adult population is TWO MILLION PEOPLE! Narrowing our focus to the 1% of the 1% - looking at the 20,000 richest adults in America might be the way to go. There is only one problem with taxing the super-rich, and it is an elephant in the room that nobody has mentioned. The super-rich can afford TO LEAVE. They can move their money overseas and invest it so that the taxman cannot get his grubby paws on it. Or, like Rod Stewart, Sean Connery, Richard Branson and others, they can just move themselves out of the country completely. And I can't blame them. So the Government does what it can; taxing those who cannot afford to leave - and that's why the Middle-class will always pay the lion's share of the taxes. The poor can't afford to pay taxes; the rich can afford not to. We may not like it, it may not be "fair", but who can blame them? My beef is not with the 1%. 1% of the adult population is TWO MILLION PEOPLE!

Narrowing our focus to the 1% of the 1% – looking at the 20,000 richest adults in America might be the way to go.

There is only one problem with taxing the super-rich, and it is an elephant in the room that nobody has mentioned.

The super-rich can afford TO LEAVE.

They can move their money overseas and invest it so that the taxman cannot get his grubby paws on it. Or, like Rod Stewart, Sean Connery, Richard Branson and others, they can just move themselves out of the country completely.

And I can’t blame them.

So the Government does what it can; taxing those who cannot afford to leave – and that’s why the Middle-class will always pay the lion’s share of the taxes. The poor can’t afford to pay taxes; the rich can afford not to.

We may not like it, it may not be “fair”, but who can blame them?

]]> By: Galleyos http://blogs.reuters.com/david-cay-johnston/2011/10/25/beyond-the-1-percent/#comment-1630 Galleyos Mon, 13 Aug 2012 16:15:38 +0000 http://blogs.reuters.com/david-cay-johnston/?p=156#comment-1630 Attacking Rich peoples money with more taxes is nonsense!!! The Rich have more lawyers & Accountants per capita than the Federal Gov't.What we want from the rich is the same we want from the Federal Goverment!! JOBS!!! More incentives must be created for the Rich to invest in US jobs. Tax them sure but beat them at their investing game by forcing them to produce more 50k+ perminant US jobs with full benefits!This can be done with Gov't. contracts for road, bldg.,bridge etc. work. Be creative? Tax deductions for jobs created??? There you go Abama - get started doing not talking!!! Galleyos Attacking Rich peoples money with more taxes is nonsense!!! The Rich have more lawyers & Accountants per capita than the Federal Gov’t.What we want from the rich is the same we want from the Federal Goverment!! JOBS!!! More incentives must be created for the Rich to invest in US jobs. Tax them sure but beat them at their investing game by forcing them to produce more 50k+ perminant US jobs with full benefits!This can be done with Gov’t.
contracts for road, bldg.,bridge etc. work.
Be creative? Tax deductions for jobs created??? There you go Abama – get started doing not talking!!! Galleyos

]]> By: ChristieJones http://blogs.reuters.com/david-cay-johnston/2011/10/25/beyond-the-1-percent/#comment-1603 ChristieJones Thu, 09 Aug 2012 07:35:38 +0000 http://blogs.reuters.com/david-cay-johnston/?p=156#comment-1603 greencapitalist - I think you misunderstand Johnston's point. He is saying that we typically talk about the "1%" as "the rich" who should be taxed more, but in fact around half of that 1% have more in common with the other 99% than they do with those above them. In fact, it is the top tenth of 1% that we should be talking about when it comes to tax fairness. You complain about those who pay no federal income tax, but do you know _why_ they are not paying? Most of them don't pay because their income is so low that with the exemption and standard deduction, their AGI is below the taxable minimum. In 2010, for example, a married couple filing jointly didn't have to pay any income taxes if their income was less than $18,700. But here's the thing, if you with your $110K income also filed as a married couple filing jointly, YOU didn't pay any taxes on your first $18,700 either. Plus, you may have done even better than that. Few people with incomes under $18,700 own a home so they cannot, for example, take advantage of the mortgage deduction. You may have had enough deductions that you itemized rather than using the standard deduction and so paid no taxes on an even larger portion of your AGI. But, hey, if you resent paying taxes so much, why not take a job that pays only around $18,000. It's possible--but not a sure thing--that you won't have to work as hard as you do in your $110K job (or maybe you won't have to work as hard, but what you do do will be a lot less pleasant or interesting or rewarding), but, well, hey, you won't have to be part of that poor top 20 percent of income earners and will instead be a "lucky ducky" at the bottom. Go for it! greencapitalist – I think you misunderstand Johnston’s point. He is saying that we typically talk about the “1%” as “the rich” who should be taxed more, but in fact around half of that 1% have more in common with the other 99% than they do with those above them. In fact, it is the top tenth of 1% that we should be talking about when it comes to tax fairness.

You complain about those who pay no federal income tax, but do you know _why_ they are not paying? Most of them don’t pay because their income is so low that with the exemption and standard deduction, their AGI is below the taxable minimum. In 2010, for example, a married couple filing jointly didn’t have to pay any income taxes if their income was less than $18,700. But here’s the thing, if you with your $110K income also filed as a married couple filing jointly, YOU didn’t pay any taxes on your first $18,700 either. Plus, you may have done even better than that. Few people with incomes under $18,700 own a home so they cannot, for example, take advantage of the mortgage deduction. You may have had enough deductions that you itemized rather than using the standard deduction and so paid no taxes on an even larger portion of your AGI. But, hey, if you resent paying taxes so much, why not take a job that pays only around $18,000. It’s possible–but not a sure thing–that you won’t have to work as hard as you do in your $110K job (or maybe you won’t have to work as hard, but what you do do will be a lot less pleasant or interesting or rewarding), but, well, hey, you won’t have to be part of that poor top 20 percent of income earners and will instead be a “lucky ducky” at the bottom. Go for it!

]]> By: GEK2 http://blogs.reuters.com/david-cay-johnston/2011/10/25/beyond-the-1-percent/#comment-1580 GEK2 Fri, 20 Jul 2012 22:21:36 +0000 http://blogs.reuters.com/david-cay-johnston/?p=156#comment-1580 Was the article intended to enlighten or confuse? If to enlighten, then present the numbers in a table that is complete, accurate and capable of being cross-footed to verify that all the data is used appropriately. Nonetheless, if I correctly interpreted the data provided, and added some other information publically available, then parsing the top one percent into their respective income categories, and assigning them the effective tax rate of the middle class, the result in added taxes would equate to about $500 per middle class household. Since one could surely assume that this amount would not be a "give-back" to middle class households, then it would not be a stretch to guess that it would simply be used as handouts to the non-working, non-taxpaying underclass that would be more than happy to vote for a socialist president. Edward Kalbaugh Was the article intended to enlighten or confuse? If to enlighten, then present the numbers in a table that is complete, accurate and capable of being cross-footed to verify that all the data is used appropriately. Nonetheless, if I correctly interpreted the data provided, and added some other information publically available, then parsing the top one percent into their respective income categories, and assigning them the effective tax rate of the middle class, the result in added taxes would equate to about $500 per middle class household. Since one could surely assume that this amount would not be a “give-back” to middle class households, then it would not be a stretch to guess that it would simply be used as handouts to the non-working, non-taxpaying underclass that would be more than happy to vote for a socialist president.
Edward Kalbaugh

]]> By: greencapitalist http://blogs.reuters.com/david-cay-johnston/2011/10/25/beyond-the-1-percent/#comment-1320 greencapitalist Sat, 05 May 2012 12:09:45 +0000 http://blogs.reuters.com/david-cay-johnston/?p=156#comment-1320 Hi You have to really look at the authors use of the 2009 tax tables to see the political bias. Think about the way he deceivingly present the numbers. IF the top 1% pay about 37% in taxes ---> he then shows a chart that indicates about 67% of all taxes are paid by the BLUE or MIDDLE CLASS (ME-- I make $110K and work very very hard for it) SO, heres the rub. ----> The middle class apparently includes everyone from those paing NO taxes all the way up to 1%. Wow.... the top 2% is considered MIDDLE CLASS. BAD DATA. PRESENTED WITH BIAS. Most all tax income comes from the top 20% of income earners ANY WAY YOU CUT IT. AND WE ARE THE JOB CREATORS. GET OFF OUR BACK. Hi

You have to really look at the authors use of the 2009 tax tables to see the political bias. Think about the way he deceivingly present the numbers. IF the top 1% pay about 37% in taxes —> he then shows a chart that indicates about 67% of all taxes are paid by the BLUE or MIDDLE CLASS (ME– I make $110K and work very very hard for it) SO, heres the rub. —-> The middle class apparently includes everyone from those paing NO taxes all the way up to 1%. Wow…. the top 2% is considered MIDDLE CLASS. BAD DATA. PRESENTED WITH BIAS. Most all tax income comes from the top 20% of income earners ANY WAY YOU CUT IT. AND WE ARE THE JOB CREATORS. GET OFF OUR BACK.

]]> By: wilki http://blogs.reuters.com/david-cay-johnston/2011/10/25/beyond-the-1-percent/#comment-1024 wilki Mon, 30 Jan 2012 17:20:25 +0000 http://blogs.reuters.com/david-cay-johnston/?p=156#comment-1024 something that i think everyone here missed while talking about the occupy movement is that they are against the fiat money/ federal reserve banking system in general. simply put we wouldn't have as many money problems if we didn't owe interest on every bit of money in circulation just because its printed by an entity that isn't our government. that said, many people in that highest bracket also avoided taxes. yes they should be taxed more. but how much will it work? i think many changes need to be made. they make money doing nothing. they earn by denying the profit of labor to the people who do the labor. then they move labor to other countries to make it less costly. because of factors like that i think we need to do alot more than tax the rich more, we need to establish something that will act as a deterrent to outsourcing and fix all the other little issues. like an extra tax on companies based on the percent of their employees that are outsourced. we need to set up incentives for co-op and communally run businesses so that profit can get to laborers and so people have say in industry and so businesses are tied back to our people and communities. we need to eliminate this whole system of a board room of rich people making the decisions that affect everyone while they are too removed from the general populace to even know our concerns. businesses run like this, so does our government. and the biggest problem? that the two intersect too much, ceo's go into office, mess up regulation, get out of office, and once again ceo, make loads of money off loopholes they created for themselves. it doesn't matter what anyone wants or how we tax the rich if they are the only people to have power in our country and can change the law to fit their desires and greed. we also need things like initiative and referendum in the half of states that dont have them and we need those things on a national scale so people can have a say in government and law. and to moneymoneymoney, they aren't doin the best, they are simply dominating the masses. this is not good, and there cant be more rich people without more poor people in this system. this isn't like a smart kid doin well on tests, its like the bully stealing lunch money from the majority of the other children... so yes, we should beat him down and take it back. something that i think everyone here missed while talking about the occupy movement is that they are against the fiat money/ federal reserve banking system in general. simply put we wouldn’t have as many money problems if we didn’t owe interest on every bit of money in circulation just because its printed by an entity that isn’t our government. that said, many people in that highest bracket also avoided taxes. yes they should be taxed more. but how much will it work? i think many changes need to be made. they make money doing nothing. they earn by denying the profit of labor to the people who do the labor. then they move labor to other countries to make it less costly. because of factors like that i think we need to do alot more than tax the rich more, we need to establish something that will act as a deterrent to outsourcing and fix all the other little issues. like an extra tax on companies based on the percent of their employees that are outsourced. we need to set up incentives for co-op and communally run businesses so that profit can get to laborers and so people have say in industry and so businesses are tied back to our people and communities. we need to eliminate this whole system of a board room of rich people making the decisions that affect everyone while they are too removed from the general populace to even know our concerns. businesses run like this, so does our government. and the biggest problem? that the two intersect too much, ceo’s go into office, mess up regulation, get out of office, and once again ceo, make loads of money off loopholes they created for themselves. it doesn’t matter what anyone wants or how we tax the rich if they are the only people to have power in our country and can change the law to fit their desires and greed. we also need things like initiative and referendum in the half of states that dont have them and we need those things on a national scale so people can have a say in government and law.

and to moneymoneymoney, they aren’t doin the best, they are simply dominating the masses. this is not good, and there cant be more rich people without more poor people in this system. this isn’t like a smart kid doin well on tests, its like the bully stealing lunch money from the majority of the other children… so yes, we should beat him down and take it back.

]]> By: kritik1 http://blogs.reuters.com/david-cay-johnston/2011/10/25/beyond-the-1-percent/#comment-732 kritik1 Fri, 09 Dec 2011 03:04:39 +0000 http://blogs.reuters.com/david-cay-johnston/?p=156#comment-732 How does he do it? The Oracle of Omaha earns a lot, and he pays his share of tax and yet he remains ever so cool. And mind you he has a contagious giggle when he laughs. How does he do it? The Oracle of Omaha earns a lot, and he pays his share of tax and yet he remains ever so cool. And mind you he has a contagious giggle when he laughs.

]]> By: kritik1 http://blogs.reuters.com/david-cay-johnston/2011/10/25/beyond-the-1-percent/#comment-731 kritik1 Fri, 09 Dec 2011 03:04:35 +0000 http://blogs.reuters.com/david-cay-johnston/?p=156#comment-731 How does he do it? The Oracle of Omaha earns a lot, and he pays his share of tax and yet he remains ever so cool. And mind you he has a contagious giggle when he laughs. How does he do it? The Oracle of Omaha earns a lot, and he pays his share of tax and yet he remains ever so cool. And mind you he has a contagious giggle when he laughs.

]]> By: kritik1 http://blogs.reuters.com/david-cay-johnston/2011/10/25/beyond-the-1-percent/#comment-730 kritik1 Fri, 09 Dec 2011 02:55:38 +0000 http://blogs.reuters.com/david-cay-johnston/?p=156#comment-730 The higher the income level the higher the tax bracket and the lower the income the lesser would be the tax. Any thing wrong with that? Everyone knows that when they hit the millions in lottery a big chunk will get taxed. So the tax rate applies to all the winnings and all the incomes, whether the rich gets richer or the poor got rich. Those that are devious will always try to wiggle their way out of taxes. The higher the income level the higher the tax bracket and the lower the income the lesser would be the tax. Any thing wrong with that?
Everyone knows that when they hit the millions in lottery a big chunk will get taxed. So the tax rate applies to all the winnings and all the incomes, whether the rich gets richer or the poor got rich.
Those that are devious will always try to wiggle their way out of taxes.

]]> By: Dilbert314159 http://blogs.reuters.com/david-cay-johnston/2011/10/25/beyond-the-1-percent/#comment-704 Dilbert314159 Tue, 29 Nov 2011 20:04:18 +0000 http://blogs.reuters.com/david-cay-johnston/?p=156#comment-704 An excellent analysis that will unfortunately be lost on 95% of Americans since it cannot be summed up in a five word catch phrase or bumper sticker. An excellent analysis that will unfortunately be lost on 95% of Americans since it cannot be summed up in a five word catch phrase or bumper sticker.

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