questionall:

1. Only THREE PERCENT of the very rich are entrepreneurs.

… Only 3.6 percent of taxpayers in the top .1% were classified as entrepreneurs based on 2004 tax returns. A 2009 Kauffman Foundation study found that the great majority of entrepreneurs come from middle-class backgrounds, with less than 1 percent of all entrepreneurs coming from very rich or very poor backgrounds.

2. Only FOUR OUT OF 150 countries have more wealth inequality than us.

… the U.S. has greater wealth inequality than every measured country in the world except for Namibia, Zimbabwe, Denmark, and Switzerland.

3. An amount equal to ONE-HALF the GDP is held untaxed overseas by rich Americans.

… between $21 and $32 trillion is hidden offshore, untaxed. With Americans making up 40% of the world’s Ultra High Net Worth Individuals, that’s $8 to $12 trillion in U.S. money … up to $750 billion of income is lost to the U.S. every year, resulting in a tax loss of about $260 billion.

4. Corporations stopped paying HALF OF THEIR TAXES after the recession.

After paying an average of 22.5% from 1987 to 2008, corporations have paid an annual rate of 10% since. This represents a sudden $250 billion annual loss in taxes… For every dollar of workers’ payroll tax paid in the 1950s, corporations paid three dollars. Now it’s 22 cents.

5. Just TEN Americans made a total of FIFTY BILLION DOLLARS in one year.

That’s enough to pay the salaries of over a million nurses or teachers or emergency responders.

That’s enough … to feed the 870 million people in the world who are lacking sufficient food…

6. Tax deductions for the rich could pay off 100 PERCENT of the deficit.

… tax deferrals and deductions and other forms of tax expenditures … are worth about 7.4% of the GDP, or about $1.1 trillion.

Other sources have estimated that about two-thirds of the annual $850 billion in tax expenditures goes to the top quintile of taxpayers.

7. The average single black or Hispanic woman has about $100 IN NET WORTH.

The … median wealth for black and Hispanic women is a little over $100. That’s much less than one percent of the median wealth for single white women ($41,500)… For every dollar of NON-HOME wealth owned by white families, people of color have only one cent.

8. Elderly and disabled food stamp recipients get $4.30 A DAY FOR FOOD.

Temporary Assistance for Needy Families (TANF) has dropped significantly over the past 15 years, serving only about a quarter of the families in poverty, and paying less than $400 per month for a family of three for housing and other necessities. Ninety percent of the available benefits go to the elderly, the disabled, or working households.

Food stamp recipients get $4.30 a day.

9. Young adults have lost TWO-THIRDS OF THEIR NET WORTH since 1984.

21- to 35-year-olds: Your median net worth has dropped 68% since 1984. It’s now less than $4,000.

That $4,000 has to pay for student loans that average $27,200. Or, if you’re still in school, for $12,700 in credit card debt.

With an unemployment rate for 16- to 24-year-olds of almost 50%, two out of every five recent college graduates are living with their parents…

10. The American public paid about FOUR TRILLION DOLLARS to bail out the banks.

That’s about the same amount of money made by America’s richest 10% in one year. But we all paid for the bailout. And because of it, we lost the opportunity for jobs, mortgage relief, and educational funding.

Bonus for the super-rich: A QUADRILLION DOLLARS in securities trading nets ZERO sales tax revenue for the U.S.

The world derivatives market is estimated to be worth over a quadrillion dollars (a thousand trillion). At least $200 trillion of that is in the United States. In 2011 the Chicago Mercantile Exchange reported a trading volume of over $1 quadrillion on 3.4 billion annual contracts.

A quadrillion dollars. A sales tax of ONE-TENTH OF A PENNY on a quadrillion dollars could pay off the deficit. But the total sales tax was ZERO.

(via starmichael)

After all but being shut out of the GOP conventions…

GEORGE TOWN, Cayman Islands (AP) —

Organizers say they have been forbidden from disclosing any details about former President George W. Bush (the keynote speaker) in the offshore financial haven.

The even is “totally closed to all journalists” and conference organizers are forbidden from discussing any aspect of it even in general terms, spokesman Dan Kneipp said.

The restrictions were imposed by the former president’s staff. Bush’s $4000 two-day conference include KPMG, a company that provides tax advisory services, and Deutsche Bank. Other speakers include billionaire Richard Branson at The Ritz-Carlton on Grand Cayman Island.

"It’s totally their decision," Kneipp said of the decision to close the event to the media. But members of the U.S. Congress and advocates for changes in tax laws have accused corporations and wealthy individuals of using so-called financial havens to improperly avoid taxes.

climateadaptation:

Absolutely brilliant report by USAToday. This is but a teeny glimpse into the future troubles facing cities across America. The public will soon be side-swiped by how terrible cities have been managed. It’s our next financial tsunami, and budget cuts to things like school systems and closing parks are not going to fix much.

Unfunded pensions (click!), deferred maintenance, inefficient management, poorly designed union contracts, lowered tax rates, aging infrastructure, deficient electric grid, water shortages (and leaks), will all be exacerbated by increasingly intense storms. The perfect storm is brewing. Sorry to be so bleak, but your politicians really are lying to you about a looming crisis. When cities advertise that you should shop or move there, or when they advertize new downtown revitalization, they’re really trying to get more money (taxes) to help pay for all the above issues. Climate change is going to put a lot of pressure on cities to perform basic functions unless leaders start being more forthright with these issues.

USA Today’s brilliant interactive map might wake-up the public enough to start at least asking questions about how their city is dealing with budget shortfalls. This map shows various rate increases (aka, poor city planning and management) in dozens of cities across the US. Solid piece on a complex set of issues facing America.

usatoday:

While most Americans worry about gas and heating oil prices, water rates have surged in the past dozen years, according to our analysis of 100 municipalities. Prices at least doubled in more than a quarter of the locations and even tripled in a few.

The top graphic here shows the highest increases in water rates across the country, while the bottom graphic compares water cost increases against other utilities.

Find our how your city stacks up: http://usat.ly/V5XWUN

(via truth-has-a-liberal-bias)

It takes 40 people making under $250,000 paying $6350 more to pay for one millionaires tax cut!

It takes 40 people making under $250,000 paying $6350 more to pay for one millionaires tax cut!

(Source: demnewswire, via truth-has-a-liberal-bias)

phroyd:

End Corporate Welfare!

phroyd:

End Corporate Welfare!

questionall:

When it comes to the economy conservative spin in the media. Here are three of their more inventive claims:

1. Higher taxes on the rich will hurt small businesses and discourage job creators

A recent Treasury analysis found that only  2.5% of small businesses  would face higher taxes from the expiration of the Bush tax cuts.

As for job creation, it’s not coming from the people with money.  Over 90% of the assets owned by millionaires are held in a combination of low-risk investments (bonds and cash), the stock market, real estate, and personal business accounts Angel investing (capital provided by affluent individuals for business start-ups) accounted for less than 1% of the investable assets  of high net worth individuals in North America in 2011.  The Mendelsohn Affluent Survey  agreed that the very rich spend less than two percent of their money on new business startups.

The Wall Street Journal noted, in way of confirmation, that the extra wealth created by the Bush tax cuts led to the “worst track record for jobs in recorded history.”

2. Individual initiative is all you need for success.

President Obama was criticized for saying “If you’ve been successful, you didn’t get there on your own…when we succeed, we succeed because of our individual initiative, but also because we do things together.”

A careful  analysis of Bill Gates rise shows that he had luck, networking skills, and a timely sense of opportunism, even to the point of taking the work of competitors and adapting it as his own.

In a  Pew research report  ”Pursuing the American Dream,” only 4% of those starting out in the bottom quintile make it to the top quintile as adults, “confirming that the ‘rags-to-riches’ story is more often found in Hollywood than in reality.”

3. A booming stock market is good for all of us

In a recent  Newsweek article , author Daniel Gross gushed that “The stock market has doubled since March 2009, while corporate profits and exports have surged to records.”

But the richest 10% of Americans  own over 80%  of the stock market. What Mr. Gross referred to as the  “democratization of the stock market”  is actually, as demonstrated by economist  Edward Wolff , a distribution of financial wealth among just the richest 5% of Americans.

Thanks in good part to a meager 15% capital gains tax, the  richest 400 taxpayers DOUBLED their income and nearly HALVED their tax rates in just seven years (2001-2007). So dramatic is the effect that anyone making more than $34,500 a year in salary and wages is taxed at a  higher rate than an individual with millions in capital gains.

The stock market has grown  much faster  than the GDP over the past century, which means that this special tax rate is being given to people who already own most of the unearned income that keeps expanding faster than the productiveness of real workers.

And one fading illusion: People in the highest class are people of high class.

Scientific American  and Psychological Science  have both reported that wealthier people are more focused on self, and have less empathy. 

This sense of self-interest, according to a  study and other sources, promotes wrongdoing and unethical behavior.


(via truth-has-a-liberal-bias)

livealifethatscompletelyfree:

prochoicetruth:

somuchplay:

godless-apostate:

rainbowdash-likesgirls:

sturmpony:

thunderifical:

cheesierthanthemoon:

Google to offer gay staff extra pay to allow for tax inequality with straight couples
Internet giant Google today began paying its gay staff more than heterosexual employees in the latest example of its lavish perks culture, reports The Daily Mail.
Lesbian and homosexual staff will get extra wages to make up for higher taxes they have to pay.
The search engine decided it was only fair to bump up the salaries of its gay staff, a spokesman said.
Under U.S. law, when a firm offers health insurance as a benefit for an employee’s partner, it is tax-free for married couples but taxable income for  gays.
Google will make up the difference in additional pay, on average $980 a year.


Google yet again confirmed for the best god damn people in the world holy shit.
How long until someone cries heterophobia?

Probably as soon as I post it.


This is awesome!

livealifethatscompletelyfree:

prochoicetruth:

somuchplay:

godless-apostate:

rainbowdash-likesgirls:

sturmpony:

thunderifical:

cheesierthanthemoon:

Google to offer gay staff extra pay to allow for tax inequality with straight couples

Internet giant Google today began paying its gay staff more than heterosexual employees in the latest example of its lavish perks culture, reports The Daily Mail.

Lesbian and homosexual staff will get extra wages to make up for higher taxes they have to pay.

The search engine decided it was only fair to bump up the salaries of its gay staff, a spokesman said.

Under U.S. law, when a firm offers health insurance as a benefit for an employee’s partner, it is tax-free for married couples but taxable income for  gays.

Google will make up the difference in additional pay, on average $980 a year.

Google yet again confirmed for the best god damn people in the world holy shit.

How long until someone cries heterophobia?

Probably as soon as I post it.

This is awesome!

John McCain, the one person with 23 years of Mitt Romney's tax returns, went with Sarah Palin for VP. Get it??  Its possibly THAT BAD.

Tags: GOP taxes Mittens

Corning Inc. and 30 other businesses would have the House Ways and Means Committee believe that the United States has the highest Effective Tax rate among the industrialized world when in fact many huge corporations paid no net federal income tax from 2008 through 2010. In fact 26 of the 30 paid negative federal income tax rates.

As American Billionaire Warren Buffet noted, “It is a myth” that U.S. corporate taxes are high… corporate taxes are not strangling American competitiveness.”

govtoversight:

Anyone else think that is ridiculous?
Army testimony before the Senate Homeland Security and Governmental Affairs Committee, Contracting Oversight Subcommittee estimated that $6 billion would be saved by the Army alone if the cap was reduced to $400,000.
Read about the amendment that aims to end ever-increasing taxpayer-funded contractor compensation.

govtoversight:

Anyone else think that is ridiculous?

Army testimony before the Senate Homeland Security and Governmental Affairs Committee, Contracting Oversight Subcommittee estimated that $6 billion would be saved by the Army alone if the cap was reduced to $400,000.

Read about the amendment that aims to end ever-increasing taxpayer-funded contractor compensation.

(via truth-has-a-liberal-bias)

Ann Romney

“He’s a very generous person,” she told ABC’s Robin Roberts of Mitt Romney. “We give 10 percent of our income to our church every year. Do you think that is the kind of person who is trying to hide things, or do things? No. He is so good about it. Then, when he was governor of Massachusetts, didn’t take a salary in the four years.”

“We’ve given all you people need to know and understand about our financial situation and how we live our life,” she said.

Romney also repeated her husband’s justification for not releasing more information. Doing so would only give opponents “more material for attack,” she said.

That’s all fine and good, but, know this; So far we know Romney likes to put his money into perfectly legal tax free/exempt/or below average options. The Mormon Church has billions of dollars in corporate holdings, all tax-free and all funded by tax-free donations. And the church doesn’t care much for civil rights.

liberalsarecool:

Mitt’s middle name is awkward.

liberalsarecool:

Mitt’s middle name is awkward.

think-progress:

Is this what fiscal conservatism looks like?

think-progress:

Is this what fiscal conservatism looks like?

(via truth-has-a-liberal-bias)