IRS Data Shows: "The Rich" Pay Higher Rates

[Taft2016]

We have mechanisms in place to differentiate by income.

We have none to differentiate by wealth.

What you want is nothing new. Huey Long talked about it 75 years ago. The problem then, as it is now, is that even a 100% wealth confiscation from the top tier of wealthy Americans would only run the country for about 6 weeks.

And that wouldn't take into account what tossing all of those assets and holdings onto a fire sale market all at once would do to the economy. It's not reality, it's just class warfare demagoguery.

 

[Big Money]

What you want is nothing new. Huey Long talked about it 75 years ago.

Remind me, what happened to the Kingfish?

 

[Truth Detector]

We have mechanisms in place to differentiate by income.

We have none to differentiate by wealth.

What you want is nothing new. Huey Long talked about it 75 years ago. The problem then, as it is now, is that even a 100% wealth confiscation from the top tier of wealthy Americans would only run the country for about 6 weeks.

And that wouldn't take into account what tossing all of those assets and holdings onto a fire sale market all at once would do to the economy. It's not reality, it's just class warfare demagoguery.

BRAVO; someone who "gets" it.

 

[The Dude]

Popeye's is a fine Cajun establishment; they would not have asshat.

 

[Taichiliberal]

Originally Posted by Taichiliberal View Post
And then there is this:


26 Major Corporations Paid No Corporate Income Tax For The Last Four Years, Despite Making Billions In Profits

http://thinkprogress.org/economy/2012/04/09/460519/

And if that weren't enough, there's corporate welfare:

'Corporate Welfare' Costs Taxpayers Almost $100 Billion in FY 2012, Cato Report Finds
August 3, 2012 - 4:05 PM

http://cnsnews.com/news/article/corp...o-report-finds

What's your take on lowering the corporate tax rate while eliminating many of the loopholes?

First give me your "take" on the information I provided.

 

[Taft2016]

First give me your "take" on the information I provided.

The Think Progress links was basically "ZOMG! They made a lot of money and paid no taxes."

An explanation of why the IRS isn't breaking down their doors and arresting people would have added a little meat to the story, but apparently that would require a bit of thinking on the part of Think Progress.

 

[cawacko]

First give me your "take" on the information I provided.

I believe we need to lower the 35% corporate rate we have and eliminate many of the 75,000 pages of the current tax law. I'd prefer companies spend more time on their core competencies rather than the time and money they do now on ways to get around our unwieldy tax code. If it costs many accountants and lawyers their jobs in the process then so be it.

 

[The Dude]

I believe we need to lower the 35% corporate rate we have and eliminate many of the 75,000 pages of the current tax law. I'd prefer companies spend more time on their core competencies rather than the time and money they do now on ways to get around our unwieldy tax code. If it costs many accountants and lawyers their jobs in the process then so be it.

Burn in hell!

 

[cawacko]

Burn in hell!

Haha.

 

[christiefan915]

Why do you lump the poor into one category? Would cages be more suitable?
Your sentiments remind of what Santorum said: "Obama is a snob because be wants everybody in America to go to college."

I guess he's blaming the poor for the building's cable and internet wiring, plus big parking lots. The property developers had absolutely nothing to do with it, lol.

Apparently Daft also thinks that the residents have (or should have) subway-accessible jobs. Forget driving an old hoopty ten miles into the suburbs, where they may have found jobs that pay an extra few bucks an hour. Take that subway or else!

I don't think there's a bigger shill here for RW propaganda than Daft, oh wait, there's Truth Deflector, my bad.

 

[Taft2016]

I decided to some thinking for Think Progress and came up with this about Boeing, one of the companies they cited:

http://www.seattlemet.com/news-and-...ay-its-ceo-more-than-it-paid-in-federal-taxes

Scott Schumacher, an associate professor at the UW School of Law and director of its Graduate Program in Taxation, who gave his independent analysis of the dispute, leans towards Boeing on this matter. Schumacher agrees that the company likely paid more in federal taxes than what the IPS reported, although he concedes we'll probably never know the real numbers:

"The problem with saying why don’t they just disclose the actual amount of federal taxes paid is that it’s not that easy. For example, GE’s tax return for a recent year was 24,000 pages. How do you disclose a single number that accurately reflects the sum total of 24,000 pages of adjustments? These corporations have net operating losses, credits for taxes paid in prior years, research and development tax credits, losses from subsidiaries, and numerous other adjustments. There are also adjustments made when numbers go from book to tax purposes.

Why do I think they paid more than $13 million in federal taxes? Well, according to reports they paid $360 million in taxes in total, and I doubt that $347 million of that went to the states of Washington and Illinois. But then again, I am just guessing"

It's complicated, but the notion that a corporation can make billions and not pay taxes is believable only to those who desperately want to believe it.

 

[christiefan915]

Interesting question, coming from the sector that would categorize a cop/nurse married couple making $250K a year as "the rich", lumping them into the same category as those with assets of $1 billion or more.

If you truly wanted to tax the wealthy, you'd tax wealth, wouldn't you?

You do realize that people can be worth billions of dollars in accumulated assets and have virtually no reportable income, right?

Yet in the mind of the liberal, the cop/nurse married couple could be Ross Perot as far as they're concerned.

"Rich" is a relative term. If the cop/nurse earning $250K/year lived in Biloxi, Mississippi they'd be very rich indeed. San Francisco, CA... not so much.

 

[Taft2016]

I guess he's blaming the poor for the building's cable and internet wiring, plus big parking lots. The property developers had absolutely nothing to do with it, lol.

Apparently Daft also thinks that the residents have (or should have) subway-accessible jobs. Forget driving an old hoopty ten miles into the suburbs, where they may have found jobs that pay an extra few bucks an hour. Take that subway or else!

I don't think there's a bigger shill here for RW propaganda than Daft, oh wait, there's Truth Deflector, my bad.

Ahhh duhhhh. The buildings were wired years after they were built for cable and internet. duhhhh.

And I'm sure that's the problem; people reverse commuting from the ghetto to jobs in the suburbs. lol. Of course they need a Cadillac Escalade for that.

Logical gymnastics...lol

 

[Taft2016]

I love getting informed input from people who probably never even flew in a plane over inner city public housing, let alone actually worked inside it.

 

[christiefan915]

Ahhh duhhhh. The buildings were wired years after they were built for cable and internet. duhhhh.

And I'm sure that's the problem; people reverse commuting from the ghetto to jobs in the suburbs. lol. Of course they need a Cadillac Escalade for that.

Logical gymnastics...lol

And I suppose all the residents went on strike to get this wiring and the property owner caved.

You'd have a problem with people in ghettos commuting for jobs, if those jobs earned them enough money to eventually leave the ghetto?

Cadillac Escalade, sure, Rush.

 

[christiefan915]

I love getting informed input from people who probably never even flew in a plane over inner city public housing, let alone actually worked inside it.

Considering that you don't really know where anyone lives and works, your comment is just a desperate lame rejoinder.

 

[Taft2016]

And I suppose all the residents went on strike to get this wiring and the property owner caved.

Who said that? Your liberal politicians are responsible for that.

You'd have a problem with people in ghettos commuting for jobs, if those jobs earned them enough money to eventually leave the ghetto?

If I'm subsidizing housing, food, and medical care... a car is an unnecessary luxury.

Cadillac Escalade, sure, Rush.

And your last visit to an inner city public housing development was when?

 

[Taft2016]

Hmmm, not exactly beat up hoop dees, are they?

How much does it cost to park these babies?

http://www.nyc.gov/html/nycha/html/residents/parking-lot-changes-faqs.shtml

What are the new parking fees?

In reserved parking, spaces are assigned to a renter and the annual fee is $340 a year, or $272 annually for handicapped and seniors.

They can't afford housing, food, or medical insurance...

But they can afford cars, insurance, and $340 a year for parking?

 

[Taft2016]

http://www.nytimes.com/2004/08/27/nyregion/69-indicted-in-drug-ring-at-projects-in-brooklyn.html

Sixty-nine people, most of them members of five closely linked families, have been indicted on conspiracy charges that accuse them of cooperating as one enormous narcotics trafficker to peddle heroin and cocaine in Brooklyn housing projects, prosecutors announced yesterday.

Mr. Hynes said the total annual revenue of the gangs, which operated for two years, was $11 million. At a pier in Red Hook where the news conference was held, Mr. Hynes displayed a 35-foot boat and seven luxury vehicles seized from the suspects, including a Cadillac Escalade and a van with a plasma television and a satellite dish. He said the boat and the vehicles may have been useful in the drug trade to attract customers and as covert meeting places.

 

[christiefan915]

Who said that? Your liberal politicians are responsible for that.

Oh those e-e-e-vul librals. Bet those s.o.b's also pushed for indoor plumbing and central heating. The poor don't deserve such "luxury" as updated accommodations.

If I'm subsidizing housing, food, and medical care... a car is an unnecessary luxury.

The amount you "subsidize" is a fraction of a fraction of a fraction. When you're put in charge you can issue edicts from your ceremonial chair about who should or shouldn't have a car.

And your last visit to an inner city public housing development was when?

I drive past low-income housing regularly. Maybe next time I'll cruise through the "expansive" parking lot and count the "Escalades."