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View Diary: Extra! Extra! Read the word that wins the tax cut debate! (288 comments)

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  •  IIRC, the tax revenue we get them is roughly (1+ / 0-)
    Recommended by:
    Pete Rock

    on the level w/ their ownership of financial assets.

    •  Invert pyramid and tax share is tiny as well (2+ / 0-)
      Recommended by:
      Liberal Thinking, Seneca Doane

      exactly burrow owl: the actual taxes paid by the top 1% is after all the adjustments little more than 1%.  They shelter or keep nearly all their income.

      When you couple 63% of US corporations paying 1% of their income or less on taxes, and the basic heavy burden on those earning up to 250,000 salary , you realize the bottom wage earners pay the majority, the overwhelming majority of taxes.

      The top tier of incomes that 1 to 2% (actually fraction of top 1%) own most of the shares in those same companies that pay the least or no taxes, due to liberal investment or breaks for resource depletion (the old scam to keep oil companies profits protected) or investment credits, like relocating a manufacturing or resource extraction company overseas,firing Americans and hiring cheap and desperate labor.  

      We pay extra taxes for American companies to move
      overseas. We give them the rope to hang us. That top 1% gets that tax break to "improve" their business.

       That moving expense is paid by the American regular citizens in the form of subsidies and business expenses in the tax code, IOW we pay for the thieves to steal our futures.  No adjustments such as forbidding those kinds of deductions allowed, the Repubs filibustered a vote to deny it this past month prior to the elections.

      The ratio between how much tax is actually paid
      as a share and how much is owned is skewed and obscured in the popular media by lumping the top 20% all together where that stratum on the bottom 90% of that top 20% pays actually a huge amount of the entire Federal tax burden and the top fringe pays much, much less proportionately compared to the bottom 9/10ths in their own top tier.
       That explains the NYC well off ($1/4 to $1 mill) paying big chunks of taxes.  They are not quite rich enough to get the benefits available to the above $ 1 million level creative accounting and owners club group.  That explains Senator Schumer's interest in up to 1 million level as a beneficiary of extending the expiring Bush cut.

       

      cast away illusions, prepare for struggle

      by Pete Rock on Sat Nov 27, 2010 at 10:48:44 AM PST

      [ Parent ]

    •  Are You Saying 1% Pays 35% of Federal Taxes (0+ / 0-)

      I understand that their effective tax rate is 20%, not 35%.

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