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How Much is Too MuchPosted Friday, October 12, 2007, at 9:40 AM
The Wall Street Journal reported today that IRS data indicates that the wealthiest 1% of Americans earned 21.2% of all income in 2005 up from 19% in 2004. The bottom 50% of Americans earned 12.8% of all income in 2005 down from 13.4% in 2004. In an interview with the Wall Street Journal yesterday, President Bush attributed the income gap to a skill gap which he says indicates the importance of his No Child Left Behind program.
If I am to understand the president correctly he is indicating that the top 1% of earners makes nearly double the money that the bottom 50% of earners makes because of education level. This doesn't make sense to me because when I look at the top ten on the Forbes 500, what I see is a whose who of high school and college drop outs. Nonetheless, I do agree that the road to middle class prosperity begins with college, but I don't know many lawyers, college professors, or doctors that could be considered much more than the top tier of the middle class. These middle class achievers do live comfortably, but they are not driven to work in a limo or helicopter everyday. So who is in this top 1% of American earners? For some reason I have a sneaking suspicion that they have never been on the Forbes 500 list. I am sure that they wish to remain anonymous and have done so for a very long time. At what point does one have too much money? This question involves the skill set answer given by the president also. At what point does a person's wealth become an independent being that is virtually self sufficient just by its size and power? What I am saying is that you could give 100 billion dollars to the dumbest person walking the earth and even then the money would multiply without even trying. Ultimately what all of this is about is purchasing power. At what point does the middle class begin to get disenfranchised from the system? If the top 1% of earners in this country are doing whatever they want whenever they want, while the middle class can't afford to pay for college without getting a second mortgage or take a family vacation every year then something is wrong with the system and it needs a correction. Comments Showing most recent comments first [Show in chronological order instead] |
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yep thats it
Is this the right website top dead center?
http://taxprof.typepad.com/taxprof_blog/
william- i dont know how to post links or i would have done it. sorry.
google taxprof it might have been .org or something like that.
Here is where problems start for the economy:
http://www.foxnews.com/story/0,2933,3017...
TDC,
Can you post a link to this information? When I type in taxprof.com, all I get is a search page.
I would like to be informed on what you stated above.
My beliefs have always been (and still are) that the top 1% would pay more taxes, if they did not find so many loopholes to get out of paying more. Of course this 1% is also probably paying a tax accountant a hefty sum.
Something the bottom 90% probably can't afford to do or would not benefit as much from.
William
I am not a socialist elsancudo. My thought on this is that every working American deserves a fair wage. The executives of companies do have the power and right to decide how much their employees are paid, but I feel that it is immoral for these executives to pay their workers as little as possible while the board votes in higher pay and bonuses for themselves.
Hello Nathan. Nice writing. It's been a long time. Respond to the e-mail forwarded to you via Moseley and I'll be glad to mail that beret back to you. I've kept it for 10+ years just to give it back to you. LOL.
I don't think Porn is a life substaining force... teehee
nathan your quote about giving the dumbest person in the world a hundred billion dollars and the money would multiply is wrong. take a look at most past lottery winners, they are broke within a few years. the dumbest person in the world would blow that money so fast your head would spin. the reason that most americans are "have nots" is because they spend it before they get it.
-- Posted by tdc on Fri, Oct 12, 2007, at 6:47 PM
If you gave me 100 billion dollars I could easily live off of the interest.
This link to the US Treasury seems to support that higher income taxpayers pay a disproportionate share of the tax burden.
http://www.ustreas.gov/press/releases/js...
However, that in no way negates the fact that the middle class is getting squeezed. The tax burden is only one component of the equation.
also, horse gentler, the top 1% pay more taxes than the bottom 90%.
my source is taxprof.com
nathan your quote about giving the dumbest person in the world a hundred billion dollars and the money would multiply is wrong. take a look at most past lottery winners, they are broke within a few years. the dumbest person in the world would blow that money so fast your head would spin. the reason that most americans are "have nots" is because they spend it before they get it.
Well there's that old saying " The rich get richer and the poor get poorer"
I think in todays world we now need to add "and the middle class get poorer also".
What I wonder about is when the middle class disappears and we have only two classes. Rich & poor. That is especially troubling to me as the middle class carries much of this nation's tax burden.
William