Posts Tagged ‘rich’

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Cartoon of the day

Posted: 2 January 2016 in Uncategorized
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Each of the top 400 U.S. taxpayers took home, on average, about $336 million in 2012—but they only paid 16.72 percent in federal income taxes. That’s down from tax rates in the 28-29 range in the early 1990s, according to the latest data from the Internal Revenue Service (pdf).

What happened? Basically, the tiny group at the top has used a portion of the surplus they’ve been able to capture—amounting to about $134 billion or 1.5 percent of U.S. (adjusted gross) income—to purchase favorable tax policy and hire an army of lawyers and accountants to shield much of their income from U.S. taxes.

In the meantime, their incomes have grown dramatically: on average (in 1990 dollars), from $47 million in 1992 to $76 million in 2012, and, as a total (also in 1990 dollars), from $17 billion to $76 billion.

As F. Scott Fitzgerald explained, these careless people, who smash up things and creatures, are able to retreat back into their money and let other people clean up the mess they have made. . .

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Only in America

Posted: 2 November 2015 in Uncategorized
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Apparently, Maine is going to start limiting the financial assets of welfare recipients, effectively discouraging them from saving money.

The state will place a $5,000 cap on the savings and other assets of residents enrolled in the Supplement Nutrition Assistance Program (SNAP). Those whose bank accounts, secondary vehicles and homes, and other assets considered non-essential by the government, exceed the limit will no longer be eligible to participate in the food stamp program. An individual’s primary home and vehicle won’t count toward the limit.

The thinking, according to the Gov. Paul LePage’s office, is simple: People shouldn’t be allowed to take money from the government if they don’t need to. “Most Mainers would agree that before someone receives taxpayer-funded welfare benefits, they should sell non-essential assets and use their savings,” LePage said in a written statement.

So, we now live in a country that is hellbent on surveilling and limiting the financial resources of poor people—but never asks the question of how much savings and other assets (from stocks to art) rich people have when it comes to paying taxes.