Sovereign of Doom
Posts: 837
Joined: Sun Jan 16, 2011 5:00 pm
Wed Jan 11, 2012 5:34 am
The Super-Rich Seceded From the United States?
Somethings never get told in the main stream media! Looks like the next president will be a corporation lackey,the same as it ever was!
little joe
http://www.readersupportednews.org/opin ... ted-states
As is well known by now, Schwarzman benefits from the "Buffett Rule:" financial sharks typically take their compensation in the form of capital gains rather than salaries, thus knocking down their income tax rate from 35 percent to 15 percent. But that's not the only way Mr. Skin-in-the-Game benefits: the 6.2-percent Social Security tax and the 1.45-percent Medicare tax apply only to wages and salaries, not capital gains distributions. Accordingly, Schwarzman is stiffing the system in two ways: not only is his income tax rate less than half the top marginal rate, he is shorting the Social Security system that others of his billionaire colleagues like Pete Peterson say is unsustainable and needs to be cut.
We who work pay federal payroll taxes. These taxes are regressive, and the dirty little secret is that over the last several decades they have made up a greater and greater share of federal revenues. In 1950, payroll and other federal retirement contributions constituted 10.9 percent of all federal revenues; by 2007, the last "normal" economic year before federal revenues began falling, they made up 33.9 percent. By contrast, corporate income taxes were 26.4 percent of federal revenues in 1950; by 2007 they had fallen to 14.4 percent. Who has skin in the game now?
little joe
http://www.readersupportednews.org/opin ... ted-states
As is well known by now, Schwarzman benefits from the "Buffett Rule:" financial sharks typically take their compensation in the form of capital gains rather than salaries, thus knocking down their income tax rate from 35 percent to 15 percent. But that's not the only way Mr. Skin-in-the-Game benefits: the 6.2-percent Social Security tax and the 1.45-percent Medicare tax apply only to wages and salaries, not capital gains distributions. Accordingly, Schwarzman is stiffing the system in two ways: not only is his income tax rate less than half the top marginal rate, he is shorting the Social Security system that others of his billionaire colleagues like Pete Peterson say is unsustainable and needs to be cut.
We who work pay federal payroll taxes. These taxes are regressive, and the dirty little secret is that over the last several decades they have made up a greater and greater share of federal revenues. In 1950, payroll and other federal retirement contributions constituted 10.9 percent of all federal revenues; by 2007, the last "normal" economic year before federal revenues began falling, they made up 33.9 percent. By contrast, corporate income taxes were 26.4 percent of federal revenues in 1950; by 2007 they had fallen to 14.4 percent. Who has skin in the game now?
“In the country of the blind, the one-eyed man is king.” Dutch philosopher Erasmus
