A few days ago I wrote about how much the top 400 earners paid in taxes. They pay an average of 17% in case you missed the post.
But that figure is an average, some paid more and some paid less.
Here in Los Angeles, the Dodgers are big news and since the owners are going through a divorce, we are getting a rare view inside the finances of relatively rich people. The McCourts are not in the top 400, not even close. However, they did have an income totaling $108 million from 2004 through 2009, according to documents Jamie McCourt recently filed. I don't think any of us would complain too loudly if we earned the same amount.
It seems that while they were earning over $100 million dollars during this period of time, they paid zero federal and state income tax.
Earning = $108,000,000.00
Taxes = $0.00
Now, no one at this point is saying that they did anything illegal. But there is something really wrong with our tax system that allows someone, or even a couple of someones, to earn that kind of money and pay no taxes.
What it means is that those of us who earn lowly amounts of money each year and pay our taxes are subsidizing the lifestyle of the rich.
And the republicans want to reduce taxes on the rich even more! What is next? If you earn over a certain amount the government will give you MORE money?
IDIOTS!!!
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I'm screaming Jerry, you ought to be able to hear from from there. It's very loud.
ReplyDeleteI have said it on numerous sites. I now add it to this one. There is a reason firing squads were invented. Oh, and I would like to add to, or amend this statement, "...no one at this point is saying that they did anything illegal". Maybe not...MAYBE...but it sure as hell fits in the immoral category, methinks.
ReplyDelete*Drowning out Holte*
That is so disturbing. I knew it was bad, but I never knew it was this bad. Thanks Jerry!
ReplyDeleteIt is time we return to a tax rate of 50% OR HIGHER for the highest two or three income brackets, WITHOUT LOOPHOLES! Health care could be provided for all easily, and our deficit would turn into a surplus in short order. That hardworking, struggling middle class people have to subsidize the rich AND the poor is immoral and a crime!
ReplyDeleteJack, I agree. Also, dividends should be taxed the same as income, not at 15% as they are now.
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ReplyDeleteDespicable!
ReplyDelete(btw... that was my deletion above...had it all spelled wrong!) :o)
Jerry, from the perspective of People Who Really Matter (i.e., rich, powerful and well-connected) this is a perfect system. What's not to like? It's the essence of American capitalism, the poor subsidizing the rich.
ReplyDeleteScrap current IRS code and go to a flat consumption tax (a VAT) that excludes basic food staples.
ReplyDeleteThe rich would pay much more because they consume more. Hundreds of billions in manhours, paperwork and fees would be saved annually. Money in our pockets...
Our current system certainly does not work. A VAT may be a very viable alternative. Unfortunately, the "powers that be" have a vested interest in the current system, so any significant changes are problematic.
ReplyDeleteUnfortunately it pisses us off but doesn't really surprise us;we're so used to get crapped on by the elites.
ReplyDeleteWhy don't teabaggers see these guys as the elites instead of working class/middle class who read books?
HI, you commented today on my blog and for me it is like for you: it is my crap NOT yours. If you done like stay away.
ReplyDelete