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Thread: Over 90% of the income gains in the first year of the recovery went to the top 1%

  1. #191
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    Re: Over 90% of the income gains in the first year of the recovery went to the top 1%

    Quote Originally Posted by TurtleDude View Post
    so whose fault is this?
    Anybody that supported Reaganomics (deregulation and supply side economics).
    Treat the earth well: it was not given to you by your parents, it was loaned to you by your children. We do not inherit the Earth from our Ancestors, we borrow it from our Children. ~ Ancient American Indian Proverb

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    Re: Over 90% of the income gains in the first year of the recovery went to the top 1%

    Quote Originally Posted by Catawba View Post
    The working class has no interest in continuing to vote for tax cuts to the rich that they just use to invest overseas. The debt has grown too large and the economy has suffered too much, and they are not helping the working class.

    Tax cuts to those that actually produce jobs in this country make sense. Voting to give someone a tax cut just because they are rich is idiotic!
    the working class are for the most part pawns that rich liberals use as tools to take more money from the other rich

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    Re: Over 90% of the income gains in the first year of the recovery went to the top 1%

    Quote Originally Posted by TurtleDude View Post
    the working class are for the most part pawns that rich liberals use as tools to take more money from the other rich
    You are so funny! So you are now claiming there are different tax rates of rich liberals and rich conservatives????
    Treat the earth well: it was not given to you by your parents, it was loaned to you by your children. We do not inherit the Earth from our Ancestors, we borrow it from our Children. ~ Ancient American Indian Proverb

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    Re: Over 90% of the income gains in the first year of the recovery went to the top 1%

    Quote Originally Posted by Catawba View Post
    You are so funny! So you are now claiming there are different tax rates of rich liberals and rich conservatives????
    YOu are confused as usual. Rich liberals believe they make more money when Democrats control government. One of the ways to assure that is to pretend you side with the masses and call for higher taxes.

    Those who are rich despite the government are opposed to this.

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    Re: Over 90% of the income gains in the first year of the recovery went to the top 1%

    Quote Originally Posted by Catawba View Post
    You are so funny! So you are now claiming there are different tax rates of rich liberals and rich conservatives????
    crony capitalism.


    there is good reason why GE pays no taxes. there is also good reason why Goldman Sachs gave so much money to Obama.

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    Re: Over 90% of the income gains in the first year of the recovery went to the top 1%

    Quote Originally Posted by cpwill View Post
    crony capitalism.


    there is good reason why GE pays no taxes. there is also good reason why Goldman Sachs gave so much money to Obama.
    GE and other big corporations like Exxon weren't paying taxes under the Bush administration. And which party is it that wants to close the loopholes?

    Wall street changed their tune after Obama went after them. Look who they are supporting this time:

    "So who do they want to win in 2012? Based on contribution patterns so far, the overwhelming favorite of the Wall Street banks to win in 2012 is Mitt Romney."

    The Big Wall Street Banks Are Already Trying To Buy The 2012 Election
    Treat the earth well: it was not given to you by your parents, it was loaned to you by your children. We do not inherit the Earth from our Ancestors, we borrow it from our Children. ~ Ancient American Indian Proverb

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    Re: Over 90% of the income gains in the first year of the recovery went to the top 1%

    Quote Originally Posted by Catawba View Post
    However, the facts show:

    "Incomes for 90% of Americans have been stuck in neutral, and it's not just because of the Great Recession. Middle-class incomes have been stagnant for at least a generation, while the wealthiest tier has surged ahead at lighting speed.
    the facts do indeed show this when they are manipulated. For example, when you define "middle class" as a multiple of the poverty level, wages remain relatively stagnant indeed because the poverty level is generally tied to inflation. This, however, completely fails to account for the increasing percentage of Americans who earn above that marker. The general underpinning of the American Dream, after all, is that each generation does better than it's parents - but measuring only within an artificial income range does not produce a number that reflects whether or not that is being achieved. When you look at actual people, therefore, what you find is that 2/3rds of American 40 year olds are earning more (constant) today than their parents did at age 40 - and once you adjust for our smaller modern household size, that number increases to 4/5ths of households. If 80% of Americans That data, incidentally, comes from Scott Winship of the left-leaning Brookings Institution, using data from the Pew Economic Mobility Project.

    incomes of all percentiles have net increased:



    though agreeably we have seen an expansion of income range, as many of those in the upper half of the income stream have advanced faster (and worked themselves out of the "middle class" used by people wishing to demonstrate stagnation).

    And those who do not work ahead or advance? What is causing them? Have they been robbed by monopoly men? Did a banker mug them on the way home from school? Perhaps a small business owner stole their car and life-savings? What drags that bottom 10th Percentile?

    Well, again, according to a scholar from the left-leaning Brookings Institute:

    ...The size and scope of federal spending on programs to boost economic mobility, paid for disproportionately by the rich, helps us to see that the current system again in contrast to the common *perception is structurally designed to help the poor. But many years of evaluation studies show that most of these programs produce modest, if any, lasting impacts on participants. The effect of government assistance, in short, is not proportional to its scope and scale. Even so, the decades of data on which programs work and which do not allow us to sketch out a realistic public-policy agenda to aid economic mobility in America provided we understand that the ability of government to change the underlying circumstances will always be limited, because economic mobility is constrained above all by personal choices and behaviors. Indeed, we need more public polices that are designed to provide incentives for individuals to make choices that will promote their own development and boost their own income....

    Census data show that if all Americans finished high school, worked full time at whatever job they then qualified for with their education, and married at the same rate as Americans had married in 1970, the poverty rate would be cut by around 70% without additional government spending. No welfare program, however amply funded, could ever hope for anything approaching such success.

    huh. looks like "they got beaten up and mugged by a guy driving a rolls-royce" isn't mentioned....

    "Tax Cuts For Wealthy Americans Cost Treasury $11.6 Million Every Hour"

    http://www.huffingtonpost.com/2011/1...n_1011601.html
    : static scoring? Trust the Huffington Post to make an argument built on an assumption that has never proven accurate in the real world. Due to the fact that we live in a dynamic world, the portion of the income tax paid by the wealthy INCREASED following the Bush Tax Cuts.

    Sorry, but there is no incentive for the working class to continue voting for tax cuts for the rich. If a dog bites you once, its his fault. If the dog bites you twice, its your fault.
    no dog has bitten me. I am not harmed by my neighbor being more successful. Good for him .

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    Re: Over 90% of the income gains in the first year of the recovery went to the top 1%

    Quote Originally Posted by Catawba View Post
    GE and other big corporations like Exxon weren't paying taxes under the Bush administration. And which party is it that wants to close the loopholes?
    Republicans. You may recall the budget they passed did so. Democrats seem to be intent on increasing the complexity of the tax code.

    Wall street changed their tune after Obama went after them
    "Wall Street" =/= "The Rich", though the Street is agreeably fantastically good at Crony Capitalism. But to think that Democrats are going after them?

    ...Nancy Pelosi and her husband were parties to a dozen or so IPOs, many of which were effectively off limits to all but the biggest institutional investors and their favored clients. One of those was a 2008 investment of between $1 million and $5 million in Visa, an opportunity the average investor could not have bought, begged, or borrowed his way into — one that made the Pelosis a 50 percent profit in two days. Visa, of course, had business before Speaker Pelosi, who was helping to shape credit-card-reform legislation at the time. Visa got what it wanted. The Pelosis have also made some very fortunate investments in gas and energy firms that have benefited from Representative Pelosi’s legislative actions.

    The Pelosis made a million bucks off a single deal involving OnDisplay, the IPO of which was underwritten by investment banker William Hambrecht, a major Pelosi campaign contributor. Writes Schweizer: “The same Bill Hambrecht went before the House Finance Committee, chaired by Barney Frank, a Pelosi ally, to push for a change in the registration process for stock IPOs, an exemption called Regulation A. Under current law, a company that plans an IPO of less than $5 million in stock gets an exemption from detailed reporting. Hambrecht wanted the exemption raised to $30 million, which would greatly benefit his business, making IPOs easier, quicker, and far less expensive. As the hearings began, Congressman Frank said, ‘I should note also that it was Speaker Pelosi who first called this to our attention earlier in the year. It is something that the speaker has taken a great interest in.’”

    Besting Nancy Pelosi, Rep. Gary Ackerman (D., N.Y.) got in on the pre-IPO action, without putting up so much as one rapidly depreciating U.S. dollar of his own assets, when a political supporter — who just happened to be the biggest shareholder of the firm in question — lent him $14,000 to buy shares in the private company, which he then sold for more than a hundred grand after the firm went public. There wasn’t so much as a written loan agreement.

    On and on and on it goes: Sen. John Kerry invested aggressively in health-care companies while shaping health-care legislation. Rep. Spencer Bachus (R. Ala.) was a remarkably apt options trader during the days when he had a front-row seat to Congress’s deliberations on the unfolding financial crisis. The Obama administration poured billions of dollars into solar companies, of which the failed Solyndra is the most infamous. But a lot of that money went to other firms, including First Solar, which is owned by billionaire Obama supporter Ted Turner and by Goldman Sachs. Goldman Sachs is omnipresent. And during the financial crisis, a big piece of Goldman Sachs was bought by Warren Buffett, who stacked up a lot of cash when the government poured money into that struggling investment bank with the support of Barack Obama. When the federal government bought into Goldman Sachs, it negotiated for itself a 5 percent dividend. Warren Buffett got 10 percent — on top of the benefit of having Washington inundate his investment with great rippling streams of taxpayers’ money....

  9. #199
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    Re: Over 90% of the income gains in the first year of the recovery went to the top 1%

    Quote Originally Posted by cpwill View Post
    huh. looks like "they got beaten up and mugged by a guy driving a rolls-royce" isn't mentioned....
    You scoff at IRS data and have the gaul to cite the Brookings Institute?


    no dog has bitten me. I am not harmed by my neighbor being more successful. Good for him
    Its nothing to do with one person being more successful than another. Its about the fact that a consumer economy cannot prosper with too much wealth concentrated at the top. Look at other countries where wealth disparity is as great, Mexico and Turkey.............is that what you aspire to?
    Treat the earth well: it was not given to you by your parents, it was loaned to you by your children. We do not inherit the Earth from our Ancestors, we borrow it from our Children. ~ Ancient American Indian Proverb

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    Re: Over 90% of the income gains in the first year of the recovery went to the top 1%

    Quote Originally Posted by cpwill View Post
    Republicans. You may recall the budget they passed did so. Democrats seem to be intent on increasing the complexity of the tax code.
    Yes, I recall the bill that never had a chance of passing the Senate because it threw seniors under the bus to provide lower taxes for the rich and corporations. That's simplified alright!





    "Wall Street" =/= "The Rich", though the Street is agreeably fantastically good at Crony Capitalism. But to think that Democrats are going after them?
    I see, you claimed Wall Street was the bad guy when they funded Obama in 08, but after they found out he wouldn't play ball and are now funding Romney, they are not the bad guys anymore? Is what the Brookings Institute told you?
    Treat the earth well: it was not given to you by your parents, it was loaned to you by your children. We do not inherit the Earth from our Ancestors, we borrow it from our Children. ~ Ancient American Indian Proverb

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