Goo-goo... for Gogo
Posted on 08/07/2007 8:32:10 AM PDT by Sir Hailstone
Hiliary’s people would include us government workers, or at least 80% of us. The public employees unions are a major arm of the Democratic Party.
Hillary has been cozing up to wall street recently and getting gushing praise from the execs at the big financials, but today she flat out said she’s going to tax the hell out of them to pay for her housing bailout and other social programs.
I hope wall street is listening today.
Yes. And we are approaching the tipping point in the US of A, because 2002 data shows that the top 1% in Adjusted Gross Income accounted for 33.7% of personal income tax receipts (federal), the top 5% accounted for 53.8%, and the bottong 50% of AGI paid only 3.6%.
If and when we get to the point where more than half of voters have little or no federal income tax liability, we are in serious economic trouble.
Critics would point out, though, that the above numbers don’t count social security and Medicaid taxes, which is true, but the data does show that the so called rich (per AGI) are paying plenty already.
OMG: She has hopped onto the latest Sky is Falling fad: subprime mortage delinquencies. She wants more regulation of “unscrupulous” lenders.
Funny thing is, for years politicians have been hammering banks and lenders to lend more in poor urban areas, where some of the mortgage deliquencies are now occurring.
LOL! That chick kicked ass in Kill Bill.
As was pointed out in an earlier thread, even the stat Rush puts on his website about how the richest 10% pay 95% of the taxes, or something like that, is misleading.
Since the truly wealthy don’t EARN anything, they are effectively ‘off the grid’.
If you have $3MM in capital, and you invest it in municipal bonds, then you will have $150,000/yr. in non-taxable income on a 5% bond. You don’t have to touch the interest, and you are definitely wealthy.
In WA state, you’ll get popped on property taxes, and probably escape gasoline taxes altogether since you don’t commute.
As such, you don’t pay taxes, not really.
The AMT was always a sham on the American people, because it never touched the ‘idle’ rich. If you earned a wage, you got hit.
CNBC is playing all day long in our office but when I heard Hillary’s shrill voice I got up and mutued the TV. I’m going to leave it muted for now since I’m sure the talking heads are still going ga ga. I’ll wait to hear Kudlow when he’s on his own show later this afternoon.
RATigan is a massive NYC liberal. He exploded when one of the guys on the show he hosts, Fast Money, in the afternoons talked about how Michael Moore was banned from getting into the NYSE. This was when Michael Moore showed up on the steps of the NYSE with a bunch of tv crews claiming he wanted everyone to sell all their HMO stocks and wanted to be able to do it from the floor of the NYSE.
The NYSE said no way and RATigan looked like he was going to have a nervous breakdown over the matter.
Ratigan is usually pretty good. I dunno what his politics are but I’ve generally found him to be pretty fair with his observations and such. I did not get to see this interview though.
I have a feeling they were under orders..probably an agreement before hand or the like.
You know the drill with Hitlery. All questions screened in advance.
Yeah, the truly rich usually escape the tax bite — why I said measured by AGI.
But, tax exempt interest from munis does get captured by the AMT. There are AMT tax free muni bonds, but they are fewer than non AMT, and price richer.
Goo-goo... for Gogo
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