PaulSpoerry.com

Social Media, technology, and geeky stuff for your brain.

  • Home
  • About
    • Privacy Policy
  • Categories
    • Google+ Posts
    • Site news
    • Tech
      • Android
      • Apple
      • Chrome
      • Gadgets
      • Hacking
      • Linux
      • OSX
      • Privacy
      • Web Life
        • Bittorrent
        • Facebook
        • FireFox
        • GMail
        • Google
        • Google+
        • Twitter
        • WordPress
        • Windows
          • Windows 7
    • Google+: Getting Started Guides
    • Games
    • Meditation
    • Politics
    • Science
    • That’s freakin hilarious
  • Code
    • FreeImageZoom
    • Post Editor for Google+™
    • The Plus Editor
  • Contact
You are here: Home / Google+ Posts / The poor rich and their taxes

The poor rich and their taxes

December 12, 2013 by Paul Spoerry 2 Comments

The title below is slightly, if not intentionally, misleading. While true they pay more, you have to consider how much each is bringing in, the cost to live, etc. What the CBO report really shows is a disappearing middle class, the wealthy getting wealthier, and that the "government transfers" aren't enough to stave off the growing income gap. 

"CBO finds that over the past three decades, a growing fraction of income has gone to the top of the income distribution (see first graph). The top fifth saw its share of pretax income rise from 43 percent in 1979 to more than 50 percent in 2010. Much of the gain went to the top 1 percent, whose share increased from 9 percent to 15 percent over that period. In contrast, households in the bottom two quintiles saw their income shares drop. The poorest 20 percent collected just 5.1 percent of pretax income in 2010, down from 6.2 percent in 1979. Households in the second quintile suffered a bigger decline—from 11.2 percent to 9.6 percent over the period." – http://www.forbes.com/sites/beltway/2013/12/09/cbo-details-growing-u-s-income-inequality/

"Yet there are some who believe that the redistribution of wealth is not nearly what it should be. The CBO report clearly shows that more money needs to be shifted to the lower income brackets.

"[The CBO report] tells me that the lowest quintile are being helped to some extent," observed Nancy Fox, an economics professor at Saint Joseph's University in Philadelphia. "But government transfers are not doing a great job of income redistribution, because the wealthiest are still earning about half of all after tax income. They are not being taxed high enough." — http://www.mainstreet.com/article/moneyinvesting/taxes/poor-get-richer-after-taxes-0?page=2

Reshared post from +Harold Carey Jr

The rich pay ALL the taxes!
40% Paid 106.2% of Income Taxes; Bottom 40% Paid -9.1%, 

Congressional Budget Office report and reveals the CBO broke the country into five tiers of wage earners. The top 20 percent pay nearly 93 percent of all income taxes, according to the report. At the same time, their incomes are growing far faster than everyone else
http://www.cnsnews.com/news/article/terence-p-jeffrey/cbotop-40-paid-1062-income-taxes-bottom-40-paid-91-got-average-18950

View this post on Google+

Filed Under: Google+ Posts

About Paul Spoerry

I’m a groovy cat who’s into technology, Eastern Thought, and house music. I’m a proud and dedicated father to the coolest little guy on the planet (seriously, I'm NOT biased). I’m fascinated by ninjas, the Internet, and anybody who can balance objects on their nose for long periods of time.

I have a utility belt full of programming languages and a database of all my knowledge on databases... I practice code fu. Oh, I've also done actual Kung Fu, and have a black belt in Tae Kwon Do.

I run. I meditate. I dance. I blog at PaulSpoerry.com, tweet @PaulSpoerry, and I'm here on Google+.

I'm currently work for IBM developing web enabled insurance applications for IBM and support and develop a non-profit called The LittleBigFund.

Comments

  1. Tobin Rysenga says

    December 12, 2013 at 7:56 pm

    flat tax, the only fair way

  2. Gene Scalf says

    December 12, 2013 at 10:16 pm

    Also clarify that the 40% that do not pay federal income taxes do pay a disproportionate share in payroll taxes which accounts for as much as the Federal income tax and pays for most of the social programs. Additionally the aforementioned 40% is comprised of 1000s of millionaires.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Copyright © 2023 · Epik on Genesis Framework · WordPress · Log in