Still Taxing the Rich?

[DawnONight]

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Prior thread.

Meanwhile, half of California's registered "voters say they’ve given consideration recently to leaving" the state. 58 percent cite high taxes as a reason. Institute of Governmental Studies, Release #2019-08, University of California-Berkeley (Sep. 27, 2019).

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[DawnONight]

The published census data for 2017 portray the top quintile of households as having almost 17 times as much income as the bottom quintile. But this picture is false. The measure fails to account for the one-third of all household income paid in federal, state and local taxes. Since households in the top income quintile pay almost two-thirds of all taxes, ignoring the earned income lost to taxes substantially overstates inequality.

The Census Bureau also fails to count $1.9 trillion in annual public transfer payments to American households. The bureau ignores transfer payments from some 95 federal programs such as Medicare, Medicaid and food stamps, which make up more than 40% of federal spending, along with dozens of state and local programs. Government transfers provide 89% of all resources available to the bottom income quintile of households and more than half of the total resources available to the second quintile.

In all, leaving out taxes and most transfers overstates inequality by more than 300%, as measured by the ratio of the top quintile’s income to the bottom quintile’s. More than 80% of all taxes are paid by the top two quintiles, and more than 70% of all government transfer payments go to the bottom two quintiles....

Any debate about further redistribution of income needs to be tethered to these facts. America already redistributes enough income to compress the income difference between the top and bottom quintiles from 60 to 1 in earned income down to 3.8 to 1 in income received.​

P. Gramm & J.F. Early, The Truth About Income Inequality, WSJ (Nov. 3, 2019).

 

[DawnONight]

The Bureau of Labor Statistics publishes a wide array of statistics in its “first Friday” report, and the real surprise of Friday's report was the strength across the board. For example, the payroll report, which is collected differently from the unemployment data’s survey of households, showed a net increase in payroll jobs of 266,000 in November alone. Analysts predicted far fewer jobs, but November outpaced 2019’s monthly average of 180,000 jobs. There’s even a silver lining: Previous months' payroll estimates were revised up by 41,000 more jobs....

The 2017 corporate tax cuts worked, pure and simple. They weren’t, as critics warned, a sop to the rich. Instead, lowering tax rates from 35 percent to 21 percent on corporate income led to firms hiring more workers and paying higher wages, exactly as theory in economics textbooks predicted.​

T. Kane, The hidden message in strong jobs data The Hill (Dec. 7, 2019).

 

[Rightguide]

Dawn continues to take untold numbers of left wing intellectual scalps. The sheer savagery of it all is hard to watch.

 

[DawnONight]

Dawn continues to take untold numbers of left wing intellectual scalps. The sheer savagery of it all is hard to watch.

Thank you, Sir.

*Takes a bow*

 

[phrodeau]

Still trolling after being banned?

 

[dan_c00000]

Still trolling after being banned?

Not only that but you should see the anti-Semitic stuff "she's" posting and linking to. The other day one of "her" alts linked to a very pro-rape website.

 

[BabyBoomer50s]

Canada should borrow a page from the US full employment playbook. Their jobs numbers tanked in November.

 

[Fuzzy1975]

Canada should borrow a page from the US full employment playbook. Their jobs numbers tanked in November.

Historically the employment numbers do tank in November, right when winter hits, the season employment ends, and the workers get laid off. I was surprised to see the job expectation numbers forecast in such a positive light. Not sure what they were thinking...

 

[DawnONight]

Historically the employment numbers do tank in November, right when winter hits, the season employment ends, and the workers get laid off. I was surprised to see the job expectation numbers forecast in such a positive light. Not sure what they were thinking...

Or, to be more specific: Under a Liberal PM, Canada falters while under a Republican President, the USA exceeds expectations.

 

[Fuzzy1975]

Or, to be more specific: Under a Liberal PM, Canada falters while under a Republican President, the USA exceeds expectations.

In case you didn't notice the numbers are about par for historical reference.

Just out of curiosity, do you even know the Liberal party policies? The term Liberal in Canada has no joiner with it's use in the US.

A little snippet below on the 2019 overall economy:

Overall, though, the year-to-date jobs tally for 2019 remains positive, with the economy adding 26,000 net new jobs between January and November. Another silver-lining came from wage data, which showed a 4.5 per cent increase year over year, up from 4.3 per cent in October.

 

[BabyBoomer50s]

.​

Prior thread.

Meanwhile, half of California's registered "voters say they’ve given consideration recently to leaving" the state. 58 percent cite high taxes as a reason. Institute of Governmental Studies, Release #2019-08, University of California-Berkeley (Sep. 27, 2019).

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​

Much has been written and said about California’s insanely high marginal tax rates and the state’s unhealthy reliance on taxing the wealthiest. Tech recessions like 2001 and 2008 tank the treasury.

But there’s something else going on here that is not getting as much attention. The state, counties, cities, and school boards are incrementally piling more and more taxes on the poor and the middle class. They come in the form of sales taxes, parcel taxes, gas taxes, vehicle taxes, property transfer taxes, minimum wage hikes, property development fees, tobacco and weed taxes, and other forms. Each increase is tiny. Barely noticeable. But collectively, the burden is growing significantly.

Our roads, public safety services, and schools are rotting. Meanwhile, pension liabilities keep getting worse. It’s a death spiral. The consequence of one party rule.

 

[The_Trouvere]

Those who are rich, who think they will get rich, and those who admire rich people can always come up with excuses for not raising taxes on the rich. Since the Reagan administration the rich have paid lower taxes on more money, while incomes for the rest of us have stagnated or declined.

There is plenty of money in this country. All we need to do is to vote for politicians who will take the money from those who have it, and spend it on the rest of us.

For years there has been public support support for higher taxes for the rich.

 

[dan_c00000]

Those who are rich, who think they will get rich, and those who admire rich people can always come up with excuses for not raising taxes on the rich. Since the Reagan administration the rich have paid lower taxes on more money, while incomes for the rest of us have stagnated or declined.

There is plenty of money in this country. All we need to do is to vote for politicians who will take the money from those who have it, and spend it on the rest of us.

For years there has been public support support for higher taxes for the rich.

Not only that but there are plenty of countries with a higher tax rate and better schools, health care, infrastructure, and are overall both more happy and more "free" than the U.S.

Finland is a good example.

 

[BotanyBoy]

Those who are rich, who think they will get rich, and those who admire rich people can always come up with excuses for not raising taxes on the rich. Since the Reagan administration the rich have paid lower taxes on more money, while incomes for the rest of us have stagnated or declined.

And those who support US political values at any level....but don't let that stop you!!

There is plenty of money in this country. All we need to do is to vote for politicians who will take the money from those who have it, and spend it on the rest of us.

For years there has been public support support for higher taxes for the rich.

Why don't you all move to Venezuela???

Oh wait...probably because it doesn't work very well.

If lefties quit worrying about how much other people have so much and started worrying about their own finances they might not be such a bunch of broke beggars looking for handouts.

 

[BotanyBoy]

Not only that but there are plenty of countries with a higher tax rate and better schools, health care, infrastructure, and are overall both more happy and more "free" than the U.S.

Finland is a good example.

Move to Finland then buddy!!! Tear your fuckin' ass champ and slave away for Finland....

I'd rather live the American dream and get to keep the fruits of my labor.

 

[dan_c00000]

Move to Finland then buddy!!! Tear your fuckin' ass champ and slave away for Finland....

I'd rather live the American dream and get to keep the fruits of my labor.

You clearly didn't read the articles. It shows that people in Finland are happier and have more freedom than those in the US. In other words evil, socialist Finland provides a much better shot at the American Dream than the US.

And no I think I'll stay right here in the US and work towards making this country better and more equitable for everyone. Even sad, limp dicked racists like yourself bot.

 

[BotanyBoy]

You clearly didn't read the articles. It shows that people in Finland are happier and have more freedom than those in the US. In other words evil, socialist Finland provides a much better shot at the American Dream than the US.

According to some definition of "freedom" that doesn't include the freedom to keep your property/labor.

BTW Finland isn't socialist, it's a highly capitalistic mixed economy like most nordic states.

And no I think I'll stay right here in the US and work towards making this country better and more equitable for everyone. Even sad, limp dicked racists like yourself bot.

Better by destroying everything it's been and that which has made it so great??

Better by turning into a socialist shit hole???

Equity or freedom, can't have both...they are opposed to one another.

That's why the USA is and has been all about freedom for 243 years, not equity.

 

[dan_c00000]

Equity or freedom, can't have both...they are opposed to one another.

I just showed you that both exist in Finland and Finland was rated as "more free" than the US by the right wing CATO Institute.

Sorry racist bot you just owned yourself again.

 

[Fuzzy1975]

I just showed you that both exist in Finland and Finland was rated as "more free" than the US by the right wing CATO Institute.

Sorry racist bot you just owned yourself again.

The reason Finish people, ( and many others in other Countries) rate their lives as happier and freer is they do not live in a society of fears, such as is the case in the US.

No fear of losing (gun) rights, immigration, tax's, health care, turning socalist etc etc...
90% of the discussion by Americans on this board revolve around their fear based problems.

Free your fear and you will be happier...

 

[dan_c00000]

The reason Finish people, ( and many others in other Countries) rate their lives as happier and freer is they do not live in a society of fears, such as is the case in the US.

No fear of losing (gun) rights, immigration, tax's, health care, turning socalist etc etc...
90% of the discussion by Americans on this board revolve around their fear based problems.

Free your fear and you will be happier...

Bot is scared of blacks, Hispanics, gays, women, trans, young, old, gay, and anyone who disagrees with his racist point of view.

He's got a lot of fears and is very easy to trigger. He's quite the special little snowflake.

 

[magicalmoments]

#4 above.
Really? So finding and cutting and pasting from articles that support your narrow point of view counts as intellectual endeavour in the states? We have news clipping services that do a similar, but more balanced job.
What's missing in most of the analysis presented is the impact of your crippling national debt on all these positive growth stats. Sooner or later that mountain will need to be levelled, it will be interesting to see what happens to job growth and employment trends when that starts happening.
The other factor is the trade deficit, which trump presented as a crippling burden to the USA. How much impact has trump had on that.
Another factor is bankruptcies. Especially in the agricultural sector, despite being paid out billions in socialist subsidies.
Also gdp. That tanked at 1.9% in the last quarter, which according to trump is a disaster for the economy.
Horses for courses I guess.

 

[The_Trouvere]

And those who support US political values at any level....but don't let that stop you!!



Why don't you all move to Venezuela???

Oh wait...probably because it doesn't work very well.

If lefties quit worrying about how much other people have so much and started worrying about their own finances they might not be such a bunch of broke beggars looking for handouts.

Nothing works well in the third world. The countries to compare the U.S. economy with are other affluent democracies.

 

[DawnONight]

Nothing works well in the third world. The countries to compare the U.S. economy with are other affluent democracies.

If that's true, then it's proof that free markets provide better results than the more controlled, pseudo-socialist economies typical of the EU.

Since Trump became president and reversed many of the previous administrations' high tax and oppressive regulatory policies, the USA's annual GDP growth has significantly outperformed that of the EU.

Thank you, The_Trouvere, for supporting the thesis of this thread.

 

[BotanyBoy]

Nothing works well in the third world.

They weren't third world until they gave "progress" a try.

The countries to compare the U.S. economy with are other affluent democracies.

They all run on capitalist economies. though they are hindered and stunted from growth due to the crushing taxes imposed there.