Of the 1%, by the 1%, for the 1%

[Sandy Eggo]

t's no use pretending that what has obviously happened has not in fact happened. The upper 1 percent of Americans are now taking in nearly a quarter of the nation's income every year. In terms of wealth rather than income, the top 1 percent control 40 percent. Their lot in life has improved considerably. Twenty-five years ago, the corresponding figures were 12 percent and 33 percent. One response might be to celebrate the ingenuity and drive that brought good fortune to these people, and to contend that a rising tide lifts all boats. That response would be misguided. While the top 1 percent have seen their incomes rise 18 percent over the past decade, those in the middle have actually seen their incomes fall. For men with only high-school degrees, the decline has been precipitous—12 percent in the last quarter-century alone. All the growth in recent decades—and more—has gone to those at the top. In terms of income equality, America lags behind any country in the old, ossified Europe that President George W. Bush used to deride. Among our closest counterparts are Russia with its oligarchs and Iran. While many of the old centers of inequality in Latin America, such as Brazil, have been striving in recent years, rather successfully, to improve the plight of the poor and reduce gaps in income, America has allowed inequality to grow.

Economists long ago tried to justify the vast inequalities that seemed so troubling in the mid-19th century—inequalities that are but a pale shadow of what we are seeing in America today. The justification they came up with was called "marginal-productivity theory." In a nutshell, this theory associated higher incomes with higher productivity and a greater contribution to society. It is a theory that has always been cherished by the rich. Evidence for its validity, however, remains thin. The corporate executives who helped bring on the recession of the past three years—whose contribution to our society, and to their own companies, has been massively negative—went on to receive large bonuses. In some cases, companies were so embarrassed about calling such rewards "performance bonuses" that they felt compelled to change the name to "retention bonuses" (even if the only thing being retained was bad performance). Those who have contributed great positive innovations to our society, from the pioneers of genetic understanding to the pioneers of the Information Age, have received a pittance compared with those responsible for the financial innovations that brought our global economy to the brink of ruin.

Some people look at income inequality and shrug their shoulders. So what if this person gains and that person loses? What matters, they argue, is not how the pie is divided but the size of the pie. That argument is fundamentally wrong. An economy in which most citizens are doing worse year after year—an economy like America's—is not likely to do well over the long haul. There are several reasons for this.

First, growing inequality is the flip side of something else: shrinking opportunity. Whenever we diminish equality of opportunity, it means that we are not using some of our most valuable assets—our people—in the most productive way possible. Second, many of the distortions that lead to inequality—such as those associated with monopoly power and preferential tax treatment for special interests—undermine the efficiency of the economy. This new inequality goes on to create new distortions, undermining efficiency even further. To give just one example, far too many of our most talented young people, seeing the astronomical rewards, have gone into finance rather than into fields that would lead to a more productive and healthy economy.

Third, and perhaps most important, a modern economy requires "collective action"—it needs government to invest in infrastructure, education, and technology. The United States and the world have benefited greatly from government-sponsored research that led to the Internet, to advances in public health, and so on. But America has long suffered from an under-investment in infrastructure (look at the condition of our highways and bridges, our railroads and airports), in basic research, and in education at all levels. Further cutbacks in these areas lie ahead.

http://www.vanityfair.com/society/features/2011/05/top-one-percent-201105

[The Troll]

  But Sandy, Me, Henery and Squawk say these people create jobs and should keep every dollar they make.  Because they will leave the country.

  After doing a little research, where in hell are they going to go and not pay less taxes than America?  No where.  These asshole are getting a tax break off of the middle class backs.   

[Palehorse]

No matter how you say it, and the quoted article says it well, it will NEVER penetrate the propaganda of the political machines out there. THAT is responsible for blinding millions of Americans and conning them into actually believing that the lamb is bleeding them dry while the wolves lap at their throats! It has taken decades of conditioning to turn those blind people into the hapless, and unquestioning lemmings that they are today; and no one's eloquence or word smithing is going to be capable of positively influencing or changing this fact within the course of 4 years, much less even a decade.

What will change their blind acceptance is nothing short of absolute collapse of our economic and social infrastructure; and then it will be too late to do anything short of domestic warfare to turn the tide. Even then, the abject conditions driven by the collapse of infrastructure will leave this country globally exposed to takeover; increasing the likelihood of extinction of the nation as a whole. And all for the furtherance of the governmental pandering to the 1%. . .   

It seems "we the people" refers only to the top 1% within a modern interpretation of the phrase!

[The Troll]

  I am watching the Ed Show on MSNBC and he had a chart up showing the tax rate and job creation.  George H. Bush raised taxes and lost his job.  Clinton raised them to 36% and the jobs created boomed.

  George W. gave the rich a huge tax cut.  The chart shows no job creation at all.  Where is the damn jobs Republicans? 

  Republicans and job creations, all lies and smoke and mirrors. 

[Henry Hawk]

the bottom line is: the top 1% PAY 39% of ALL the federal revenue collected by our government....in 1980, when the top income tax rate was 70%, the richest 1% paid only 19% of all income taxes....when the top rate was reduced to 35% the more than double that share....

http://online.wsj.com/article/SB119786208643933077.html

the propaganda is convincing folks that the rich in this nation are evil....that is part of the socialist agenda....while I agree that our current tax code is "criminal" and it needs to be trashed and a new "fair" one put in place.....

My honest opinion is there is a fine line that needs to be found on where the tax rate actually works in favor of keeping a sound economy.  Perhaps it can go up on slightly on "millionaires"....but those at $200,000 are NOT what I consider "rich"....though I would LOVE to be in that class, those folks are the backbone to many, many small business that employ a large portion of this nation....and the are the epitome of "we the people".....

[The Troll]

the bottom line is: the top 1% PAY 39% of ALL the federal revenue collected by our government....in 1980, when the top income tax rate was 70%, the richest 1% paid only 19% of all income taxes....when the top rate was reduced to 35% the more than double that share....

http://online.wsj.com/article/SB119786208643933077.html

the propaganda is convincing folks that the rich in this nation are evil....that is part of the socialist agenda....while I agree that our current tax code is "criminal" and it needs to be trashed and a new "fair" one put in place.....

My honest opinion is there is a fine line that needs to be found on where the tax rate actually works in favor of keeping a sound economy.  Perhaps it can go up on slightly on "millionaires"....but those at $200,000 are NOT what I consider "rich"....though I would LOVE to be in that class, those folks are the backbone to many, many small business that employ a large portion of this nation....and the are the epitome of "we the people".....

  Give me a break Henery, I am sick and tired of how you are constantly crying about the the rich people.  I'll tell you something Henery.  Go down to Gulf Shores Alabama and go to Ono Island and try to go over the bridge and get in  there without written permission or a phone call from one of the Multimillionires that live there.  For most of the people it's their second, third and one guy's 4Th house.

  One Millionaire that has the four homes, has at Ono Island.  A three story house on and Private canal with his 42 foot yacht,  On top of his multimillion dollar house he has palm trees and some said he had a fresh water pool.

  He has a 4 boat slip.   light house that is set up for living and his mother-in-law live in.  A 6 car garage.  I seen a new Jaguar and a full size Hummer fully dressed.  Plus 8 Mexicans working in his yard.

  And you think he shouldn't pay any more taxes.  Henery, give me a break and     crying.
for the super rich.  :gah:  Brain damage.    When you find one that will take you under his wing and help you get rich, I'll change my mind about you.  Fat Change.     

[Henry Hawk]

  Give me a break Henery, I am sick and tired of how you are constantly crying about the the rich people.  I'll tell you something Henery.  Go down to Gulf Shores Alabama and go to Ono Island and try to go over the bridge and get in  there without written permission or a phone call from one of the Multimillionires that live there.  For most of the people it's their second, third and one guy's 4Th house.

  One Millionaire that has the four homes, has at Ono Island.  A three story house on and Private canal with his 42 foot yacht,  On top of his multimillion dollar house he has palm trees and some said he had a fresh water pool.

  He has a 4 boat slip.   light house that is set up for living and his mother-in-law live in.  A 6 car garage.  I seen a new Jaguar and a full size Hummer fully dressed.  Plus 8 Mexicans working in his yard.

  And you think he shouldn't pay any more taxes.  Henery, give me a break and     crying.
for the super rich.  :gah:  Brain damage.    When you find one that will take you under his wing and help you get rich, I'll change my mind about you.  Fat Change.     

do you even read ANYTHING i ever post?  I never said millionaires should NOT pay more.....I just pointed out they (top 1%)  with a 35% rate pay nearly 40% of federal income revenue....than back in 80, when it was 70% rate ... they only paid 19% of the federal income revenue....

raising taxes does NOT equate into MORE federal revenue....maybe it could go up some, but we got to be careful.....there is a fine line ...

[me]

  I am watching the Ed Show on MSNBC and he had a chart up showing the tax rate and job creation.  George H. Bush raised taxes and lost his job.  Clinton raised them to 36% and the jobs created boomed.

  George W. gave the rich a huge tax cut.  The chart shows no job creation at all.  Where is the damn jobs Republicans? 

  Republicans and job creations, all lies and smoke and mirrors. 

Unemployment was only 4 and 5% during the Bush administration so there didn't need to be any jobs "created".  What is so hard to understand about it is NOT the government's job to "create" jobs?

[The Troll]

do you even read ANYTHING i ever post?  I never said millionaires should NOT pay more.....I just pointed out they (top 1%)  with a 35% rate pay nearly 40% of federal income revenue....than back in 80, when it was 70% rate ... they only paid 19% of the federal income revenue....

raising taxes does NOT equate into MORE federal revenue....maybe it could go up some, but we got to be careful.....there is a fine line ...

  Henery the Millionaires and Billionaires pay less tax than you.   These people don't work for a living, they let their money work for them, Trillions of dollars and it's called CAPITAL GAINS TAXES.  That money is taxed at 15%.  Henery you're paying some where between 18% to 20% maybe a little more on the chicken shit wages you and I make.

  Like I said boy you're a few feather short to even fly.  You have no real idea of how these asshole cook their books.  You and me are so out of their depth, they call us bottom feeders.  We eat the shit they leave on the bottom, like Tilapia fish do.     Think what you are saying.  These people don't give a damn about us.  Wise up. 

[Henry Hawk]

  Henery the Millionaires and Billionaires pay less tax than you.   These people don't work for a living, they let their money work for them, Trillions of dollars and it's called CAPITAL GAINS TAXES.  That money is taxed at 15%.  Henery you're paying some where between 18% to 20% maybe a little more on the chicken shit wages you and I make.

  Like I said boy you're a few feather short to even fly.  You have no real idea of how these asshole cook their books.  You and me are so out of their depth, they call us bottom feeders.  We eat the shit they leave on the bottom, like Tilapia fish do.     Think what you are saying.  These people don't give a damn about us.  Wise up. 

Troll, i know that don't give a damn about me....and there is no law that says they have too.....that is life.

I know we have a problem to fix....just the approach we want to fix it is different.

Why can't we take the approach to live within our means...like you and I have to do.    Instead of RAISING taxes to meet our bills....why don't we cut our spending to meet our income.  Fix the economy, and the income will raise.  Then we can decide on what needs to be done.....Bigger Government is NOT a fix.

How much do you think we need to raise taxes and on who?

Millionaire and Billionaires...I probably won't argue with you....

Those making $200,000 to 500,000 should NOT be getting smaked for more taxes.....we need to encouage them to SPEND.

[The Troll]

  If you saying that we have to get rid of Medicare, changing Social Security and destroying Medicade for the very sick, old and poor and give the super 2% rich another 10% tax cut, you are so wrong and I will fight you Republicans all of the way.

  You people just sing song   sing song the same thing all of the time.  I just wish, one time you would study the things these rich people do to us.  Instead of reading Tea Party garbage the Koch brothers have planted in your brain.   

[Sandy Eggo]

I don't understand why anyone who isn't part of the one percent would defend them and their right to shirk their responsibility tax-wise.

[The Troll]

I don't understand why anyone who isn't part of the one percent would defend them and their right to shirk their responsibility tax-wise.

  Well, I think it is a miscarriage of justice for theirselves, for their thinking and against the middle class people which they are part of.  It is an absolutely a vote against their ownself interest and the interest of America.  and every other day.

[Henry Hawk]

  If you saying that we have to get rid of Medicare, changing Social Security and destroying Medicade for the very sick, old and poor and give the super 2% rich another 10% tax cut, you are so wrong and I will fight you Republicans all of the way.

  You people just sing song   sing song the same thing all of the time.  I just wish, one time you would study the things these rich people do to us.  Instead of reading Tea Party garbage the Koch brothers have planted in your brain. 

and wish you would quit listening to MSNBC and the Huffington report...just once let common sense have a chance....NOT ONE person is against getting "RID" of medicare and SS....it is time to reconstruct it....so it will be there for those of us who have been paying into it for the last 35 years....it is NOT working the way it should the way it currently is.

Sandy, the top ONE percent is already paying for MOST OF the taxes as it is....where do you want to draw the line....they will win no mater what....you tax them TOO much they will just pass it on to us...the middle class.
I think the best way to handle this is to throw out our current tax code and start over....getting rid of loop holes.....they need to pay the 35% of their honest income.....but more importantly I am against raising ANY taxes on those at the $200,000 to $500,000....those guys are the real meat and potato's guys in this country....

just listen to what the conservatives are actually saying instead of the liberal talking points....

NOT ONE CONSERVATIVE wants any kids or old people to die or eat cat food...like the dickhead POTUS is telling the media....that guy SUCKS!

[The Troll]

and wish you would quit listening to MSNBC and the Huffington report...just once let common sense have a chance....NOT ONE person is against getting "RID" of medicare and SS....it is time to reconstruct it....so it will be there for those of us who have been paying into it for the last 35 years....it is NOT working the way it should the way it currently is.

Sandy, the top ONE percent is already paying for MOST OF the taxes as it is....where do you want to draw the line....they will win no mater what....you tax them TOO much they will just pass it on to us...the middle class.
I think the best way to handle this is to throw out our current tax code and start over....getting rid of loop holes.....they need to pay the 35% of their honest income.....but more importantly I am against raising ANY taxes on those at the $200,000 to $500,000....those guys are the real meat and potato's guys in this country....

just listen to what the conservatives are actually saying instead of the liberal talking points....

NOT ONE CONSERVATIVE wants any kids or old people to die or eat cat food...like the dickhead POTUS is telling the media....that guy SUCKS!

  Newt Gingrich and Paul Ryan would.  You can bet you sweet ass on that.

  But Henery, I was just thinking You're 51 years of age.  That's only 14 years from 65.  Those 14 years are going to pass so fast  you won't believe it.  Most young Hawk just can't believe it. bit it does. 

  You let your Republicans have their way.  You and the people your age are going to get screwed and tattoed.  Talk about buyer remorse.  Just ask the people that voted these Tea Party Governors into office this last time.

   If you won't watch, CNN or MSNBC why don't  you try watching Link TV.  They will lay it on the line for  you.  You don't have enough feathers, I say Boy you don't have enough feathers to make a pillow.  Boy.