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.
Over the same period, the average federal income tax rate for all taxpayers declined to 9.3 percent from 9.9 percent.
Despite skyrocketing incomes, the federal tax burden on the richest 400 has been slashed, thanks to a variety of loopholes, allowable deductions and other tools. The actual share of their income paid in taxes, according to the IRS, is 16.6 percent. Adding payroll taxes barely nudges that number.
Compare that to the vast majority of Americans, whose share of their income going to federal taxes increased from 13.1 percent in 1961 to 22.5 percent in 2007.
(By the way, during seven of the eight George W. Bush years, the IRS report on the top 400 taxpayers was labeled a state secret, a policy that the Obama administration overturned almost instantly after his inauguration.)
Lots of other people live tax-free, too. I have Donald Trump’s tax records for four years early in his career. He paid no taxes for two of those years. Big real-estate investors enjoy tax-free living under a 1993 law President Clinton signed. It lets “professional” real-estate investors use paper losses like depreciation on their buildings against any cash income, even if they end up with negative incomes like Trump.
Quote by wickedpam:
Morning
Good article - actually understood a discussion on economics for once
Quote by Raine:
BTW, Good morning, and I am glad you are ok, Mala. that was some wicked weather huh?
My friend lives in Raleigh in the area hardest hit. She is ok, but sadly a few people in her area did die.
Quote by wickedpam:
BTW - glad you guys got back okay - did you drive back Sat night?
Quote by wickedpam:
BTW - glad you guys got back okay - did you drive back Sat night?
Those elites will have no moral standing to argue for higher taxes on middle-income people or cuts in government programs until they acknowledge how much wealthier they have become than the rest of us and how much pressure they have brought over the years to cut their own taxes. Resolving the deficit problem requires the very rich to recognize their obligation to contribute more to a government that, measured against other wealthy nations, is neither investing enough in the future nor doing a very good job of improving the lives and opportunities of the less affluent.
Quote by TriSec:
And away we go! The Wheelchairs are already on the course, and the Elite Women have just started.
Quote by wickedpam:
Psst - Raine - be nice to Julie - she's my sane right wing friend on the board who I actually like - she's a totally math geek too
Not to say you wouldn't be nice - you both are passionate people about your sides
Quote by Raine:Quote by wickedpam:
Psst - Raine - be nice to Julie - she's my sane right wing friend on the board who I actually like - she's a totally math geek too
Not to say you wouldn't be nice - you both are passionate people about your sides
What? is this something of the Face of Cracks?
Quote by wickedpam:Quote by Raine:Quote by wickedpam:
Psst - Raine - be nice to Julie - she's my sane right wing friend on the board who I actually like - she's a totally math geek too
Not to say you wouldn't be nice - you both are passionate people about your sides
What? is this something of the Face of Cracks?
yep - I realized after I hit enter that it was kinda insulting - sorry about that - please accept my apology
Quote by Raine:
ahh yes, I See it is. Of course I will. She doesn't seem like a bagger at all.
Quote by Raine:That's fine. No apologies needed, I can understand what you are saying, I've had to tell people that wrt my mom.Quote by wickedpam:Quote by Raine:Quote by wickedpam:
Psst - Raine - be nice to Julie - she's my sane right wing friend on the board who I actually like - she's a totally math geek too
Not to say you wouldn't be nice - you both are passionate people about your sides
What? is this something of the Face of Cracks?
yep - I realized after I hit enter that it was kinda insulting - sorry about that - please accept my apology
Quote by Raine:
WRT: With Regard to
Quote by Raine:
I hope I am doing ok, Mala.
Quote by Scoopster:
BTW has anyone been paying attention to this shit goin' on in Michigan?
Quote by Raine:
TRI! your Gov is on the Big SHOW!!!!
Masazumi Soejima's winning time of 1:18:50 is one of the fastest men's wheelchair marathons ever. He nipped Australian Kurt Fearnley, who finished second, and Ernst Van Dyk of South Africa at the wire by a single second. Both Fearnley and Van Dyk were timed in 1:18:51.
Quote by Scoopster:
BTW has anyone been paying attention to this shit goin' on in Michigan?
Quote by wickedpam:Quote by Raine:
I hope I am doing ok, Mala.
oh yeah THank you
Quote by Raine:Quote by wickedpam:Quote by Raine:
I hope I am doing ok, Mala.
oh yeah THank you
I don;t mind talking with reasonable people. I used to enjoy the conservative forum on AAP -- until, well that happened...
I would never have been able to hold my shite with these teabaggers that probably have infiltrated over there.
Quote by wickedpam:
is that site still up?
Quote by Raine:Dunno.Quote by wickedpam:
is that site still up?
Don't think about it much.
Quote by Scoopster:
BTW has anyone been paying attention to this shit goin' on in Michigan?
The powers not delegated to the United States by the Constitution, nor prohibited by it to the States, are reserved to the States respectively, or to the people.
Quote by Scoopster:
My first three words were rage, eat, flesh
Quote by Scoopster:
My first three words were rage, eat, flesh
Quote by Raine:Quote by Scoopster:
My first three words were rage, eat, flesh
Crush, Fool, Deed.
WHAT?
Stocks fall as U.S. credit rating outlook lowered to 'negative' by Standard & Poor's (snip)
"More than two years after the beginning of the recent crisis, U.S. policymakers have still not agreed on how to reverse recent fiscal deterioration or address longer-term fiscal pressures," S&P analyst Nikola Swann said in a statement.
The United States debt is currently approaching the legally set debt ceiling of $14.3 trillion, though the White House and Republican congressional leaders have indicated they are likely to come to an agreement to raise the limit.
Even if that happens, S&P analysts expressed concern in their report that the United States will not succeed in taking longer-term measures to reign in the rising national debt.
Republican leaders and President Obama have recently introduced rival plans for reducing the government deficit. S&P analysts wrote that they were skeptical that the two sides could come together. Even if they do, the report says, their plan could take time to implement and could be reversed by future political leaders.
Quote by Scoopster:
My first three words were rage, eat, flesh
Quote by TriSec:
And now the Sux are underway.
Quote by Scoopster:
My first three words were rage, eat, flesh
Quote by TriSec:
So, the store is now carrying those "stand-up paddleboards" for the season. I think I might be a wag and refer to them as "waterboards" and see if anyone gets it.
(I know. Not Funny. But given my warped sense of humour anyway...)
I'll sit over here and wait for the bricks.
Quote by TriSec:
Looks like Dice-K will be on the hook for the loss today. (sure, they're up by 8 runs, but there is still time.)
Quote by Raine:
Can I Say, I saw Ed on Bill Maher.
HE was a fucking blowhard, and now he is massaging himself. HE and Steele were TOTALLY disrespectful to the ABC news chief on the panel -- who I amy add, was a woman. BOTH were arrogant bastads.
Your problem is not that he spanks too hard but that you don't want to submit. Period...
You pictured a strong dominant sexy guy who would take you in hand and give you a few sexy swats. But now it's real. You have a guy who really EXPECTS you to obey him and will really spank you when you don't. And not just a few taps!
I know you are probably hoping the other people here will give you "three easy steps" to fixing this, but I suspect you already know the answer... Maybe through prayer you can bring your heart around, but you sound very "hard" towards him. You say he's agreed to try other punishments and even that makes you resentful. You don't want to be a submissive wife, and that's all there is to it.
Quote by Scoopster:
They've won three in a row now.. seems like they're thawing out along with the weather.
Meanwhile, the O's have come back down to.. err.. you know.
Quote by TriSec:
You southern-tier folks and your early gardens!
My bulbs have barely poked above the earth. But they've also been under the Waltham Glacier since the day after Christmas. (Only just thawed!)
Quote by Raine:
IF this weren't Jesus' General, I would say this is satire. HOLY good god.Your problem is not that he spanks too hard but that you don't want to submit. Period...
You pictured a strong dominant sexy guy who would take you in hand and give you a few sexy swats. But now it's real. You have a guy who really EXPECTS you to obey him and will really spank you when you don't. And not just a few taps!
I know you are probably hoping the other people here will give you "three easy steps" to fixing this, but I suspect you already know the answer... Maybe through prayer you can bring your heart around, but you sound very "hard" towards him. You say he's agreed to try other punishments and even that makes you resentful. You don't want to be a submissive wife, and that's all there is to it.
Seriously WHAT THE FRUCK.
Having read the book seven times (yes I'm a glutton for punishment), I was fearful of a movie adaptation. My fears were well founded. This festering cellulose turd easily surpasses "The Room" as the worst movie of all time with its cast of horrible actors that swing from wooden personality to emotional chaos equaled only by Calculon from Futurama. Do the free market a favor and save your money for products that deserve it folks.
Quote by Mondobubba:Quote by Raine:
Can I Say, I saw Ed on Bill Maher.
HE was a fucking blowhard, and now he is massaging himself. HE and Steele were TOTALLY disrespectful to the ABC news chief on the panel -- who I amy add, was a woman. BOTH were arrogant bastads.
It was worse than watching "Crossfire." Ed is a Dick.
Quote by Scoopster:
Sooo.. over the weekend I managed to download a screener of Atlas Shrugged Pt. 1 off the internets.. Here is my review (posted on Rotten Tomatoes):Having read the book seven times (yes I'm a glutton for punishment), I was fearful of a movie adaptation. My fears were well founded. This festering cellulose turd easily surpasses "The Room" as the worst movie of all time with its cast of horrible actors that swing from wooden personality to emotional chaos equaled only by Calculon from Futurama. Do the free market a favor and save your money for products that deserve it folks.
Quote by Scoopster:
Sooo.. over the weekend I managed to download a screener of Atlas Shrugged Pt. 1 off the internets.. Here is my review (posted on Rotten Tomatoes):Having read the book seven times (yes I'm a glutton for punishment), I was fearful of a movie adaptation. My fears were well founded. This festering cellulose turd easily surpasses "The Room" as the worst movie of all time with its cast of horrible actors that swing from wooden personality to emotional chaos equaled only by Calculon from Futurama. Do the free market a favor and save your money for products that deserve it folks.
Quote by BobR:
The JG post isn't nearly as disturbing as the site where he got it
Quote by clintster:
Oh hai, Dagney...
Quote by TriSec:
You southern-tier folks and your early gardens!
My bulbs have barely poked above the earth. But they've also been under the Waltham Glacier since the day after Christmas. (Only just thawed!)
Quote by Raine:Quote by clintster:
Oh hai, Dagney...
Hey Clint! You on break this week?
Did you also too see this Shrug of the Atlas film?
Quote by Will in Chicago:
Hello, bloggers!! I hope that everyone is doing well.
I would like to wish everyone here who is celebrating Passover a Chag Sameach! (I am going to see family, including a 96-year-old great aunt who remembers FDR, Hoover, and the Cossacks.)
For those who want to learn a little bit more about the holiday, from traditions to recipes, here is a link to some Passover information at MyJewishlearning.com - Passover (Pesach) -- Commemorating the Exodus.
Quote by Raine:He was seriously uninformed.Quote by Mondobubba:Quote by Raine:
Can I Say, I saw Ed on Bill Maher.
HE was a fucking blowhard, and now he is massaging himself. HE and Steele were TOTALLY disrespectful to the ABC news chief on the panel -- who I amy add, was a woman. BOTH were arrogant bastads.
It was worse than watching "Crossfire." Ed is a Dick.
Quote by Mondobubba:
Judge Doom from "Who Framed Roger Rabbit" and Gov. Rick Scott, separated at birth? I think so!
Quote by livingonli:
Good day folks.
Recovering from another manic weekend. The OT might be good or maybe I should be glad once the Knicks and Rangers are eliminated because it will cut my work load considerably.
Quote by Scoopster:
Quote by Raine:Quote by Scoopster:
ewwww.
(is that from his trip to Iraq or is that taken in Wisconsin?)
Quote by Scoopster:
wat... Trump just officially announced?
Quote by Raine:OMG, I missed this earlier. HOLY CARP -- that's scary.Quote by Mondobubba:
Judge Doom from "Who Framed Roger Rabbit" and Gov. Rick Scott, separated at birth? I think so!
The movie grossed just $5,608 per theater over that time period, hardly a sign that groups were buying out theaters or that the movie was a pop culture phenomenon.
By contrast, An Inconvenient Truth took in $70,333 per theater during its first five days on screens. That number fell to $17,615 per theater in its second week, but that number is still higher than Atlas Shrugged’s more widely-available debut. And Atlas Shrugged’s numbers look positively puny next to another culture-war adaptation of a popular book, Mel Gibson’s The Passion of the Christ, which raked in $125,185,971 over its first five days in theaters.
Quote by Scoopster:
BTW has anyone been paying attention to this shit goin' on in Michigan?
Quote by TriSec:
So, the store is now carrying those "stand-up paddleboards" for the season. I think I might be a wag and refer to them as "waterboards" and see if anyone gets it.
(I know. Not Funny. But given my warped sense of humour anyway...)
I'll sit over here and wait for the bricks.
Quote by trojanrabbit:Quote by Scoopster:
BTW has anyone been paying attention to this shit goin' on in Michigan?
I posted something Saturday, but I can understand that there aren't many around here then.
Quote by Raine:I was too pooped to pop on Sunday!Quote by trojanrabbit:Quote by Scoopster:
BTW has anyone been paying attention to this shit goin' on in Michigan?
I posted something Saturday, but I can understand that there aren't many around here then.
Hiya Rabbit!
Quote by trojanrabbit:
We had the bRuins and Canadiens secretly switch jerseys before the game. Let's see if anyone notices....