Quote (ofthevoid @ Dec 11 2014 06:51pm)
gov't designed to cater to the rich, corporations allowed to evade taxes through subsidiaries paying less the 1% in taxes (research Luxemburg most recently) while the 99% of citizens in us are forced to pay for extensive bureaucracy, entitlement programs, and pay for wars that have nothing to do with freedom but rather protecting the economic interests of the 1% (nearly all oil extracted in iraq goes through US oil refineries in the gulf)
Quote
Buried inside a Congressional Budget Office report this week was this nugget: when it comes to individual income taxes, the top 40 percent of wage earners in America pay 106 percent of the taxes. The bottom 40 percent...pay negative 9 percent.
You read that right. One group is paying more than 100 percent of individual income taxes, the other is paying less than zero.
It's right there in Table 3 on page 13 of the report. The numbers are based on 2010 IRS and Census Bureau figures.
(Read more: New budget deal will pass, says GOP congressman)
How does someone pay negative taxes? The CBO's formula offsets whatever taxes are paid with "refundable tax credits." Some of these are due to "government transfers" of money back to the taxpayer in the form of social security and food stamps.
That's not to say the rich are going broke. Hardly.
According to the CBO, the wealthiest 1 percent of Americans saw before-tax income grow more than 16 percent from 2009 to 2010, which isn't such a surprise since the stock market was coming off the bottom. Most of the rest of the country only saw gross incomes grow about 1 percent. When it comes to federal taxes,the top bracket paid 69 percent of the total last year. The bottom bracket paid 0.4 percent.
http://www.cnbc.com/id/101264757#.
This post was edited by IceMage on Dec 11 2014 06:05pm