Are The Rich Being Taxed Enough?
"I Don't Mind A Parasite. I Object To A Cut-Rate One."
Last comment by timeontarget 4 months, 1 week ago.

Take Me To Post Comment Form

I'm not rich. In fact, my income is just about "average" on the scale of scales we use in this country. But I do pay income taxes on all of my income. I participate. I SHARE. That's what we're supposed to do in this society, right? Be our "brother's keeper" - that's what I keep hearing.

An easy answer to the question posed in my blog title would be: "Hell No!" But that's the kneejerk answer based on what supposedly "everybody knows" about our tax system. But if one examines the FACTS - a different picture emerges.

Now comes the Congressional Budget Office with a new study which identifies who "shares" with who, and what that sharing involves re: our income tax system. The highlights of an article which discusses the CBO study includes these FACTS:

*"The top 40 percent of households by before-tax income actually paid 106.2 percent of the nation’s net income taxes in 2010, according to a new study by the Congressional Budget Office. At the same time, households in the bottom 40 percent took in an average of $18,950 in what the CBO called “government transfers” in 2010.

*Taxpayers in the top 40 percent of households were able to pay more than 100 percent of net federal income taxes in 2010 because Americans in the bottom 40 percent actually paid negative income taxes, according to the CBO study entitled, “The Distribution of Household Income and Federal Taxes, 2010.”

*The CBO’s calculation of before-tax income included both the money a household earned and the money it got from the government. “Before-tax income is the sum of market income and government transfers,” said CBO. “Market income is composed of labor income, business income, capital gains, capital income (excluding capital gains), income received in retirement for past services, and other sources of income. Government transfers are cash payments and in-kind benefits from social insurance and other government assistance programs. The households in the bottom 40 percent of income—which on average paid negative federal income taxes—were on average receiving many thousands of dollars in what the report calls “government transfers.” These transfers included, among other things, benefits from unemployment insurance, Medicare and Social Security, as well as from means-tested programs such as the Supplemental Nutrition Assistance Program (food stamps), and Medicaid.

*According to the CBO, households in the bottom quintile received an average of $22,700 in government transfers in 2010 (including $14,300 in payments from Medicare and Social Security and $8,500 in payments from other government programs); and households in the second quintile received an average of $15,200 in government transfers (including $10,300 in payments from Medicare and Social Security and $4,900 from other government programs). Thus, households in the bottom 40 percent received a combined average of $18,950 in government transfers in 2010.

*The average after-tax income for American households in the bottom quintile in 2010 was $23,700, according to CBO. It then rose to $41,00 for households in the second quintile; $57,900 for households in the middle quintile; $80,600 for households in the fourth quintile; and $181,800 for households in the top quintile."

For the entire article, see: http://cnsnews.com/news/article/terence-p-jeffrey/cbotop-40-paid-1062-income-taxes-bottom-40-paid-91-got-average-18950

So - as a nation - are "we" doing enough to be "our brother's keeper?"

YOU DECIDE.


Latest Activity: Dec 09, 2013 at 4:38 PM


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PoliticsNation commented on Monday, Dec 09, 2013 at 16:55 PM

Trying to push my blog to the second page....I've noticed that you will post 5 blogs at one time until it's knocked off the page..so sad.

Sheran commented on Monday, Dec 09, 2013 at 17:37 PM

I've seen you PN do the same thing!☺
I think everyone should only be allowed 1 blog per day! I've gotten bored with to much, to fast! I've also noticed that if you don't like the way a person starts a blog , you go out and start a blog of your own on the same subject... Is that a contest to see "who is more popular?"

PoliticsNation commented on Monday, Dec 09, 2013 at 18:04 PM

@Sheran-thanks for the feed-back. I will limit by blogs to one a day.

Sheran commented on Monday, Dec 09, 2013 at 18:08 PM

Thank You very much PN. ☺

gacpl commented on Monday, Dec 09, 2013 at 18:44 PM

the tax code needs to really be cleared out. we are not rich, but we are not on the bottom by a long shot. but with a little time and the tax code handy, we paid -11% tax last year, that's a negative amount. i do not feel bad for it, but it is a big problem. i personally believe you should not get more then you put in. but as long as we can we will. it's human nature to do what's best for yourself.

Sheran commented on Monday, Dec 09, 2013 at 19:44 PM

I think Herman Cain with the 5-5-5 plan was better than what we have now... To bad, women came out of the wood work to crush this man! I can only wonder if Obama had something to do with it?

gacpl commented on Monday, Dec 09, 2013 at 20:02 PM

it wasn't the women that crushed him. it was his total lack of knowledge of world affairs. i liked him till that became known during the debates.

Sheran commented on Monday, Dec 09, 2013 at 20:21 PM

Obama was lacking in the US affairs when he made the the statement of 57 states in the USA...

http://www.youtube.com/watch?v=EpGH02...

Funkentelecky commented on Monday, Dec 09, 2013 at 20:55 PM

gacpl, it was the media pushing the lies about the women that did him in. Additionally world affairs wasn't his strongest attribute however as a leader he would have used the experts around him to make an informative decision on these issues. To say "it was his total lack of knowledge of world affairs" is quite an exaggeration at the least. Check out his radio show on WSB Atlanta from 9:00-12:00 M-F and see for yourself.

gacpl commented on Tuesday, Dec 10, 2013 at 02:52 AM

he could have over come the claims of the women. but if you saw the first time he was asked about world affairs you would have been shocked at his total ignorance. but if you look at his past, he can overcome it if he runs next time. he is a very fast learner, and applys what he learns.

timeontarget commented on Tuesday, Dec 10, 2013 at 14:50 PM

His perceived lack of knowledge regarding world affairs was not nearly as important as his understanding of capitalism (the backbone of the original American system) and unless we elect someone who understands that a cow cannot live off of it's own milk, our liberal friends will continue to drag this nation down the drain of self indulgence.

Government employees at any level no matter how much they are paid and no matter how much so called tax is deducted from their paychecks actually contribute anything to the GROSS NATIONAL PRODUCT of this country.

timeontarget commented on Tuesday, Dec 10, 2013 at 14:57 PM

I think one blog per day is a good idea.

It will allow more exchange of thought from those with different opinion.

I've become bored with the micky mouse game playing going on here on this site.

Sheran commented on Tuesday, Dec 10, 2013 at 21:24 PM

Great to see you back TOT!☺

sebekm commented on Wednesday, Dec 11, 2013 at 13:31 PM

Good discussion. Sheran - sorry if you get bored by my "multiple daily posts." Too much going on for me to get behind the computer daily anymore - but the news that I want to highlight doesn't slow down. So I'm now dealing with it this way. As you have noticed, I'm working on mainly one particular topic right now - because that's where the (IMHO) important news is which would be buried if one only listens to what the "mainstream" media is pushing.

I have no problem with who (if anyone) reads the blogs, but I am inspired to counter the spin.

Sheran commented on Wednesday, Dec 11, 2013 at 21:13 PM

If you want to be a "NEWS REPORTER" apply for a job! This is a blog where we exchange thoughts... Your blogging so much, no one is replying... Not only that, your not respecting other bloggers!

"I have no problem with who (if anyone) reads the blogs, but I am inspired to counter the spin."

There is "NO SPIN" if all bloggers leave!☺

timeontarget commented on Thursday, Dec 12, 2013 at 12:17 PM

"There is "NO SPIN" if all bloggers leave!"

We leave for other reasons also.

Such as if some on here insist on continuous personal attacks against others who post comments with which they are in disagreement.

Dr. Carson said in his great speech last year that liberals attack when they have nothing meaningful to say.

That practice ultimately led to Murelet being canned by the webmaster.

I am honest in what I post on this site.

I don't do the "Red Herring" tactic.

If you disagree that is your right. If you attack I simply discontinue to put any stock in what you say.

There are some on the left who simply seem unable to show respect to those of different persuasions (sp).

Thanks for the welcome back sheran but I've not been gone I simply became disgusted with some on this site.

sebekm commented on Thursday, Dec 12, 2013 at 13:51 PM

Sheran: I'll continue to blog the way I see fit. I am not violating any site rules, and those who don't want to read what I write don't have to.

My blogs are an invitation to exchange thoughts on the topics I believe are important. If you want to exchange thoughts on other topics, then it is your privilege to post whatever blogs you want. As far as I know, there are no realistic quantitative limits to the data which can be contained on the servers which service this site. In other words, no matter how much I post, it doesn't "take away space" from anybody else or limit their ability to post here. Consequently, the volume of my entries technically is meaningless - except for those who might want to suppress what I'm saying for whatever reason.

I say again: If you don't like my "reporting," then don't read it. If you want to exchange ideas on other topics, they start your own blogs on the topics you want. Nobody is stifling your ability to do that.

timeontarget commented on Thursday, Dec 12, 2013 at 15:57 PM

Hey I'd like to add something of explanation to TOT's comment Tues Dec 10 @14:50.

Government employees at any level, local, state, federal or DOD contribute absolutely nothing to the GROSS NATIONAL PRODUCT of this capitalistic society.

The rich are taxed quite adequately as it is currently.

sebekm commented on Thursday, Dec 12, 2013 at 16:40 PM

"Government employees at any level, local, state, federal or DOD contribute absolutely nothing to the GROSS NATIONAL PRODUCT of this capitalistic society."

Actually, this is not true.

First, let's substitute gross national product with gross "domestic" product - since the only difference between the two terms is that GNP includes the market value of U.S. goods purchased "abroad," as well as those produced domestically (within U.S. borders). For the purposes of my argument (and what I believe you actually meant by your statement), GDP works just as well.

Then, take a look at this link, which does a pretty good job of explaining WHY government employees may in some cases contribute MORE to GDP than private sector employees.

http://econlog.econlib.org/archives/2...

Here's the operative part:

"Hiring a worker who (through no fault of her own) accomplishes absolutely nothing raises GDP if the government does the hiring. Hiring a worker who (through no fault of her own) accomplishes absolutely nothing does nothing to GDP if the private sector does the hiring.

Why? Because GDP counts government salaries as "government expenditures" as soon as the government hires a person. But the "consumption" and "investment" parts of GDP only count genuine purchases by the private sector (leaving the oddities of imputed spending for the coda below).

So if a private sector product spends years in the incubator, burning through thousands of person-hours of work and millions of dollars of salary--but never sees the light of day--then the product never shows up in GDP. But if the government had hired those same workers who worked just as long on a similarly fruitless project, their labor would give a big boost to GDP.

Government hiring creates GDP by definition. Private hiring only creates GDP if the worker actually creates a product."

sebekm commented on Thursday, Dec 12, 2013 at 16:48 PM

P.S. for Sheran: In a sense, we all "report" when we blog - here and anywhere - when we communicate information or exchange ideas. That makes us all "reporters" (as opposed to journalists). This web site - in addition to providing space for bloggers to vent - also reports news. They have dedicated a space in each print version of the Courier where they reprint blogger's comments. Numerous comments they have reprinted include "news reports" provided by bloggers that the Courier didn't have the space for (or chose not to include for whatever reason) in their own "reporting."

I for one take my "news" where I can get it. I can usually tell by a news (or blog) title whether I'd be interested in the content. If so, I read on. If not, I look elsewhere. But either way, I don't assume that my likes and tastes are the same as others - who may appreciate the "news" that I choose to bypass.

Funkentelecky commented on Friday, Dec 13, 2013 at 16:32 PM

he could have over come the claims of the women. but if you saw the first time he was asked about world affairs you would have been shocked at his total ignorance. but if you look at his past, he can overcome it if he runs next time. he is a very fast learner, and applys what he learns.

gacpl, I agree with you that he could have overcome the claims from the women; however what I’m saying to you is just because he botched his first question on world affairs doesn’t mean he’s totally ignorant of all world affairs. The word total is absolute; I disagree with the word you are using which implies 100%. Nobody’s perfect.
And it was the women and the media that derailed his campaign because of the strain it caused his wife and family. He even acknowledges this in this blog, see:

http://community.coastalcourier.com/b...

Sheran, Herman’s economic plan was 9-9-9 and I called in “Cainsian Economics”

http://community.coastalcourier.com/b...

timeontarget commented on Saturday, Dec 14, 2013 at 06:15 AM

Frankly I hope he will enter the race in the next Presidential election.

I wish he was a candidate for the Senate seat being vacated by Saxby Chambless.

We need Cain in an elected office, the higher the better.


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