http://finance.yahoo.com/news/Super-rich...set=&ccode=


Those who keep chanting the right wing propaganda that we are soaking the rich might find this paragraph interesting.


"The Internal Revenue Service tracks the tax returns with the 400 highest adjusted gross incomes each year. The average income on those returns in 2007, the latest year for IRS data, was nearly $345 million. Their average federal income tax rate was 17 percent, down from 26 percent in 1992."


The bottom line is we are piling up more debt each year, in part because the ultrawealthy can avoid a reasonable rate of taxation.

Next year I will be paying an extra $300 dollars a quarter for tuition. An extra $1200+ dollars for the same education.

I should atleast get a free sweatshirt or something.

Perhaps some of those rich get to adjust their taxes by making huge charitable donations, like Bill Gates and Warren Buffet. Maybe some think that it would be better that the charitable donation money filters through the fed first.

And perhaps not. Perhaps you are simply thrashing about trying to justify an absurd tax policy.
Perhaps our nation might be better off if they paid anywhere near a reasonable tax rate. Perhaps GE made some charitable contributions so they shouldn't have to pay any taxes.


This from a second article on Yahoo today "Very high-income households can fall into the non-payer group if they get their income from tax-exempt bonds or overseas sources for which they get foreign tax credits, according to Roberton Williams, a senior fellow at the Tax Policy Center."



Hankster you use quotes around rich. Are you not too certain that an income of $350 million a year constitutes rich?

Hank,

I read it. And yes, it is a load of crap. First the numbskull says we would "only" cut the deficit by 16% by eliminating tax cuts to the rich and drastically cutting defense spending. Okay, where the problem with that? Wouldn't that be a great start? Naw, if it only removes 16% of the problem, we should ignore it.

Then he cries that Obama doesn’t want to tax middle class. Do the tea baggers? If so his is a disingenuous argument. A typical straw man argument with absolutely zero merit.

He then tries to tell us a couple earning $250,000a years can’t afford to return to what was the lowest tax rate in modern history before Bush lowered it. He then conveniently forgot that the return to the old historically low tax rate would NOT affect anyone earning "only" $250,000 a year. If they took advantage of all the current exemptions they would need to make well in excess of $350,000 before the tax increase hit them.

Then you try to slip in a factoid that would have us believe an income of $800,000 a year is NOT wealthy. Tell that to the couple working at Fred Meyer for a total of $45,000 a year. Even if you had your facts right - which you do not - yours is a illogical argument. In fact the article said - well you read it. This time slowly so you understand

"The average income on those returns in 2007, the latest year for IRS data, was nearly $345 million."

Very poor effort Hank.

BTW Under Bush the second the total public debt doubled. It will double again if we can't find reasonable politicians that understand we must cut spending, even for sacred cows, and we must get our tax rate back to where it was under Clinton. You seem to think I am holding Obama blameless. I am not. But to call this OIbama's debt as many of the Glen Beck ilk have is simply dishonest.

A sweatshirt and a cute cheerleader would be about right. totally fu.cked. I have resigned to the fact that I will NEVER totally pay off my student loans.

This is another area where we are, IMHO, making a major long term blunder. We should have very cheap public education through college to be sure we have a large base of will paid taxpayers that can compete globally.

Classic. It is amazing how "clever" someone can be when they have no reading comprehension.

It would still make more sense to filter it through the government. Sure it's great that they are giving to charities, but it shouldn't be used as glorified tax evation. With charity donations, they can choose who to fund. Our NATION needs help.

Why fund education when it's cheaper and more efficient to outsource to other nations for employment?

That's what they mean by the golden rule. Them's with the gold make the rules. And they'd druther not pay taxes and let the country that allowed them to make their fortunes go down the sh!tter. Hey, they got theirs. And Hankster is under the delusion that they're gonna' let him get on the yacht, he, he.

I'd rather go on todds house boat.

Jgrizzle,

that was a stud statement! my hope for the youth is not lost!

You're always welcome, if you don't mind having to dodge a shitton of scantily clad ladies in string bikinis...not sure where they all came from, but none of them seem to want to go home.

Fish on...

Todd

dave, If I have to pay 90 million (26%+-) on my $345 million a year, that means it'll take me 5 years to become a bonafide billionaire. I was planning on only 3 years (@ 17% average tax rate). I'm really depressed now and don't know how i'm going to make ends meet. You do the math. $250 million divided by 365 days a year only gives me $684,931.50 a day to live on. I won't be able to show my face in public. oh, the shame.

Hankster aka numbnuts, ok, say its your mom living in an assisted living home at say 75-80yrs. old. At $4000-5000 a month, your mom is kicked to the curb after 3-4 months and she dies. This in your own words is fairly generous?? wow, this is where our country is going?? With people like you out there, Not real proud to be an american right now.

Has anyone else noticed that our economy has gotten to the point that with current salaries, recent college grads can't even earn enough to afford a home much less blue collar workers like X-Ray techs?

I'm still trying to figure out why Hanky hates America so much. Keep defending the people who screw us over, though. You're doing a great job!

Shame on you for cut-n-pasting the Wikipedia definition of "Babyboomer."

I vote this best post of the year!

+1 to the Baby Boomer hypocrisy.
Nothing worse than a baby boomer who is pissed that they missed out on the good earning years to only whine about those who didn't waste their life sitting in their parents basement smoking dope. Sorry if this upsets those who still are. Some how they feel it is fine to waste most of their lives in search of the perfect doobie and put their burden upon the next several generations.
I place all of our national issues squarely on the shoulders of the baby boomer generation. They are the generation of entitlements and whiners. Feel free to try to explain away the historical data. You have pissed away every thing the greatest generation gave to you and saddled the next generations with your debt and entitlements.