It's the Inequality, Stupid

[one...two...tree 2,762]

How Rich Are the Superrich?

A huge share of the nation's economic growth over the past 30 years has gone to the top one-hundredth of one percent, who now make an average of $27 million per household. The average income for the bottom 90 percent of us? $31,244.

Gain

Why Washington is closer to Wall Street than Main Street.

Winning?

For a healthy few, it's getting better all the time.

LOSS,THEIR GAIN

How much income have you given up for the top 1 percent?

http://motherjones.c...ica-chart-graph

[mawilson 2,133]

Do you like the Soviet model of income equality, Steven?

Factory workers in USSR made more money than University professors.

[IR5FORMUMSIE 850]

Do you like the Soviet model of income equality, Steven?

Factory workers in USSR made more money than University professors.

Hate to burst your bubble but the age of Dickens is over and no matter how many Mad Maggies show up it's not coming back.

[Gary and Alla 3,694]

What is the suggested "maximum wage" Steven?

I wonder if Barbara Striesand would agree. Or John Kerry.

Edited November 26, 2011 by Gary and Alla

[IR5FORMUMSIE 850]

What is the suggested "maximum wage" Steven?

I wonder if Barbara Striesand would agree. Or John Kerry.

That's not the issue. The continued use of various legal and many not so legal devices to avoid paying taxes via tax breaks, etc. while systemically outsourcing American jobs or otherwise eviscerating well-paying jobs for lower-paying ones to pump up profits so the CEO can get a nice fat bonus, that's the issue.

[Bad_Daddy 2,209]

That's not the issue. The continued use of various legal and many not so legal devices to avoid paying taxes via tax breaks, etc. while systemically outsourcing American jobs or otherwise eviscerating well-paying jobs for lower-paying ones to pump up profits so the CEO can get a nice fat bonus, that's the issue.

Big business and sold out politicians are in a rush to bring the US to third world status and by the looks of it were heading that way faster than a lot of people figured on.

[Gary and Alla 3,694]

That's not the issue. The continued use of various legal and many not so legal devices to avoid paying taxes via tax breaks, etc. while systemically outsourcing American jobs or otherwise eviscerating well-paying jobs for lower-paying ones to pump up profits so the CEO can get a nice fat bonus, that's the issue.

Glad to hear it. Eliminate the current broken income tax system, eliminate income tax of any sort on anyone or any business and implement the FAIR TAX with no deductions, write offs, tax breaks, etc. Everyone pays the same percentage, rich pay more, poor pay less.

Done.

This would make the USA the biggest tax haven in the world for business and all those jobs would come home

[Brother Hesekiel 2,236]

Gary:

here's my plan:

Once you have gotten the first $1,000,000.00 in your pocket, a 50% tax rate applies to everything over $1 million annual income.

From there on the tax rate is 60% for income from $2 million to $3 million, 70% for $3 million to $4 million, 80% for $4 million to $5 million, 90% for $6 million to $6 million, and finally 95% for every dollar over $6 million.

Example,

if you are a CEO who gets a $7 million paycheck per year, you'd pay "normal taxes" (which are neglectible for this purpose), and then you'd have a take-home of:

$1,000.000.

+$ 500,000

+$ 400,000

+$ 300,000

+$ 200,000

+$ 100,000

+$ 50,000

Total take-home out of $7,000,000 would be $2,550.000.

Divided by 12 months you could spend $212,000 per month, every month, on top of the free corporate jet and the free 5-star hotels, all of which would be business expenses.

If somebody cannot live off of $212,000 per month, I don't feel that the American people need to feel sorry for him.

Edited November 27, 2011 by Brother Hesekiel

[Darnell 8,478]

I dunno, I always question anything coming out of Mother Jones.

[Usui Takumi 1,562]

Glad to hear it. Eliminate the current broken income tax system, eliminate income tax of any sort on anyone or any business and implement the FAIR TAX with no deductions, write offs, tax breaks, etc. Everyone pays the same percentage, rich pay more, poor pay less.

Done.

This would make the USA the biggest tax haven in the world for business and all those jobs would come home

Except Fair tax has the consumption rebate program which is basically a tax break.

Then there is the fact that black market activity would increase and more federal income tax would be lost. There is also the issue that the previous bills did not fully guarentee a constitutional amendment to strike the 16th amendment meaning that FAIR TAX could potentially just turn into a sort of VAT with income taxes still present.

Edited November 27, 2011 by Sousuke

[Obama 2012 1,714]

*yawn*

you're not going to fix ANYTHING unless you make it stable for 10-20 years.

[mawilson 2,133]

Hate to burst your bubble but the age of Dickens is over and no matter how many Mad Maggies show up it's not coming back.

?

[Gary and Alla 3,694]

Except Fair tax has the consumption rebate program which is basically a tax break.

Then there is the fact that black market activity would increase and more federal income tax would be lost. There is also the issue that the previous bills did not fully guarentee a constitutional amendment to strike the 16th amendment meaning that FAIR TAX could potentially just turn into a sort of VAT with income taxes still present.

It cannot turn into a VAT, it is only applied at ONE level. Retail sales

The rebate is for the tax paid on "basic necessities" and is the same for each PERSON, rich or poor.

The FAIR TAX would collect tax on the current "black market" (unclaimed cash payments for work and services)which recovers a loss in current tax revenue. It would also encourage the return of trillions of offshore holdings, a black market in itself. Imagine that the cirrent administration has suggested a "tax amnesty" to encourage this money to come back Why not encourage it to stay here all the time????? Can anyone think it is only good to have this money in our economy "sometimes"?

The most important thing is that it provides a revenue source for our government that cannot be manipulated and that is valuable beyond anything else that can be imagined.

Sousuke, I can tell you still haven't read the "Fair Tax Book" You really should, you would feel better about the whole thing if you stop getting your information from people that are either biased against it or just ignorant.

[mawilson 2,133]

How would you collect this fair tax if I order something online from another country?

Clearly foreign companies are not going to collect taxes for the US government.

Will the credit card company collect the tax when products or services are purchased?

Will the post-office (or FedEx/UPS) collect it when I receive the items? (This will not work for software, downloads, other intellectual property or services.)

Or will it be my responsibility to report and pay the tax on goods/services purchased overseas?

[Usui Takumi 1,562]

How would you collect this fair tax if I order something online from another country?

Clearly foreign companies are not going to collect taxes for the US government.

Will the credit card company collect the tax when products or services are purchased?

Will the post-office (or FedEx/UPS) collect it when I receive the items? (This will not work for software, downloads, other intellectual property or services.)

Or will it be my responsibility to report and pay the tax on goods/services purchased overseas?

Apparently yes the post office would. Its not just overseas goods, used goods would likely escape the tax when they are bought and sold outside of retail. Basically you'll have a large leak outside of US retailers. You know right now there is no real demand to smuggle most day to day goods into the US. With this bill, even the most basic of things can profit from being smuggled and then sold "used".

If your like me and you'd rather skip the partisan commentaries and just jump into the latest bill itself. its here: http://www.opencongress.org/bill/111-h25/text

One thing I have noticed on this bill that the previous one did not have was a sunset law on the national tax if the 16th is not stricken. So if a bill like were passed by previous comment about a national tax AND income tax would be irrelevant. There is still an element of trust placed in Congress however.

I'm still reading through this bill actually. One question I'm trying to answer is the whole bottom 50% thing. IE is it still possible to get more money via the rebate itself than you pay in national tax?