Comments on: Fear in Davos http://blogs.reuters.com/felix-salmon/2012/01/25/fear-in-davos/ A slice of lime in the soda Sun, 26 Oct 2014 19:05:02 +0000 hourly 1 http://wordpress.org/?v=4.2.5 By: TFF http://blogs.reuters.com/felix-salmon/2012/01/25/fear-in-davos/comment-page-1/#comment-35368 Fri, 27 Jan 2012 03:13:10 +0000 http://blogs.reuters.com/felix-salmon/?p=12016#comment-35368 Our direct taxes (not counting corporate income taxes, business real estate taxes, sales tax, or employer FICA taxes) came in around 25% for 2010. Agreed that it would be difficult to push that to 50% through direct taxes.

Still, if total government spending at all levels is 40% of GDP, then there are likely some people who directly or indirectly end up paying 50%.

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By: duniamn http://blogs.reuters.com/felix-salmon/2012/01/25/fear-in-davos/comment-page-1/#comment-35356 Thu, 26 Jan 2012 19:53:32 +0000 http://blogs.reuters.com/felix-salmon/?p=12016#comment-35356 I’m puzzled by the statement above regarding 50% income paid in tax. While no doubt there are any number of areas that need work with regard to our tax code, I think it helps to operate from fact. So: according to payscale.com, a journalist with 3 years of experience, working in NY, for a news or print company, could expect to make $39k at the mid-point and $47,730 at the 75th percentile. Using the higher number, assuming single, no dependents and standard deduction, that person would pay $5706 in federal tax, $2221 in NYS tax and if in NYC, $1283. That comes out to 19.3% in income taxes; this is probably on the high end, as there may well be the opportunity for itemized deductions or other credits. On top of that there’s a hefty sales tax in NYC of 8.875%, given that likely not all of the income will go toward things that generate sales tax, the % of income that goes toward sales tax is less than this figure. If someone owns a house, of course there’s real estate tax (but then there will be some offset for deductions.) In any case, my point is that it’s hard to see how you get to 50%…

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By: CeriParker_WEF http://blogs.reuters.com/felix-salmon/2012/01/25/fear-in-davos/comment-page-1/#comment-35351 Thu, 26 Jan 2012 17:04:00 +0000 http://blogs.reuters.com/felix-salmon/?p=12016#comment-35351 Hi Felix, just a few points of fact… We don’t have fewer heads of state than usual at Davos this year; we have around 40, which is more than usual. Our history may be rooted in Europe, but the Forum today really doesn’t fit the description of a “very European organisation”. We have staff from 56 nationalities, offices in New York and Beijing as well as Geneva, and a programme of regional meetings taking place this year in Mexico, Ethiopia, Thailand, China, India and the UAE. You’d be very welcome to come along and blog from any of them.

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By: nicfulton http://blogs.reuters.com/felix-salmon/2012/01/25/fear-in-davos/comment-page-1/#comment-35338 Thu, 26 Jan 2012 09:34:05 +0000 http://blogs.reuters.com/felix-salmon/?p=12016#comment-35338 I think that Soros speaks openly about another, maybe the biggest, of the Davos-elite’s fears. Paying taxes like the rest of us. I hope some might listen. These Davos attendees, minus the journalists, bloggers, start-ups, scientists, artists, are some of the least likely to be impacted if they paid half their income in tax. Yet is is the journalists, bloggers, start-ups, scientists, artists, who are most likely to have 50% income paid in tax. Davos is a just a social party for the 1337 (who don’t know what that means). I’ve been. It actually has some absolutely awesome parties. You need to gate-crash in many cases, but that’s possible. The skiing should be good this year.

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By: Curmudgeon http://blogs.reuters.com/felix-salmon/2012/01/25/fear-in-davos/comment-page-1/#comment-35316 Wed, 25 Jan 2012 14:22:09 +0000 http://blogs.reuters.com/felix-salmon/?p=12016#comment-35316 I am not quite old enough to have thoughtful memories the US in the 1960s and early 1970s, where the powers-that-be were thought to be taking away something far more important than economic opportunity (young lives in a largely meaningless war). The Vietnam War protests played against a backdrop of race riots that were at least partially economically motivated, policial protests (like at the Chicago Democratic convention of 1968), and the murder of key public figures such as the Kennedys and MLK Jr.

The point is that we muddled through, and were perhaps stronger for a generation or two because of it. And we did so without the WEF telling the world how to respond. This organization has long been irrelevant in terms of both understanding the problems and providing actionable solutions. It seems merely a way for the elite to gather to feel important.

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