When my annual salary is 55,000 and the government takes 1/3 of it, tell me again how the 1%er is screwing me?
By paying 20% on their long-term capital gains income that can range to hundreds of millions and beyond, the 1%er can benefit from a much lower average tax rate than you, especially if they don't have wage income (which tends to be the case for the higher echelon of the 1%). To put it as starkly as possible for you: They make more money than you ever will in a few hours. They pay lower taxes. They disproportionately benefit from government, from welfare paid to their workers (Waltons), to locked-in contracts and subsidies. You're getting very very screwed, but if you're cool with it, aight
What services do you get from the 1%? What billionaire bought policies are improving your life? I can't believe this is an actual discussion.
I don't know about hate, but being acutely aware of how you're being screwed would be good. Do you have a mortgage or any loan? 1er%s own and work at the London banks that rigged rates (LIBOR) so you have to pay more. Do you have any positions in forex or have you been to a currency exchange? 1er%s own and work at the banks that rigged currency exchanges. Do you have any economic positions, anywhere? 1er%s sank the economic below capacity and triggered a toxic real estate bubble due to casino derivative bets. Do you have healthcare needs? 1er%s own the insurance companies that ensure America has the worst healthcare system among developed nations, and the most expensive. Do you value your privacy? 1er%s own every piece of data on you and sell your purchase/viewing/consumption habits wholesale to data brokers. This includes selling your location to local police (essentially what some companies have done by tracking licence plates and phone locations). Do you value your children's freedom from jails? 1er%s own companies that jail children for profit. etc. etc. etc.
You shouldn't hate anyone. You should just do some math and understand what's happening to your country to the benefit of millionaires and the detriment of everyone else. Look at historical tax rates, look at the artificially low minimum wage, look at how the concerted effort of business against labor has depressed wages and benefits, look at how most first world nations provide benefits that we don't, look at how continued business mergers hurt consumers, look at how capital is increasingly valued over labor, learn how our national infrastructure is in a shambles, how trade deals have decimated American workers, etc. Stop being swayed by empty slogans and rhetoric.
45% is many. Further even those who don't own stocks directly or through pension funds are very affected by the market. Obviously this wouldn't be an issue if it wasn't that way. At this point I'm not yet decided on the implications of the Sanders' proposals on Wall Street. I can agree with addressing the moral hazard issue and also with reinstating much of Glass Steagall but I'm not just accepting his proposals just because he says this is a revolution that is sticking it to the 1%.
FICA Tax = $4208 Federal Income Tax = $7000 So, the federal government takes about 20%. State Income Tax will vary state to state, but lets say that adds another 5%. The remaining 8% would exist if a) you were self-employed and/or b) you included consumption/property tax.
Sorry, but its not close 1/3. No state tax in Texas Most people aren't self employed And many people rent.
You should be jealous of them and blame them for all of the problems in your life, that's the first step towards becoming a "progressive"
I pay less than 3% on my mortgage I don't get into currency exchange, most common people don't. I do have investments, I can say I'm happy with them overall. I don't blame the 1% for healthcare costs. The government concerns me more. They've helped create this mess. The government has been invading my privacy my whole life. At least I somewhat willingly provide my information to companies. My children aren't criminals. I'm more concerned about the 99%. I'm for raising taxes on the insanely rich (max 50%) and changing the capital gains tax rate to higher rates as well. Changing the definition of qualified dividends so they only exist for small corporations.
You do realize that those jails don't go around just snatching people off the street right? They are filled with little b*stard children that are criminals, not people that matter. Having said that, I'm sure there are a few innocents in jail, so it's not literally 100% assholes that are criminals, but you can't really blame that on the jail now can you?
I don't live in Texas (like most Americans). I am self employed. Renters pay property taxes indirectly and they still pay consumption taxes. I'm sure he is exaggerating (he may lose a 1/3 of his gross, but not just to taxes), but it doesn't mean that some people aren't paying that. I've been doing taxes for over a decade, I've seen it all. The feds hate single taxpayers with no kids (or worse, kids they pay child support for but can't claim).
Have you ever lived in the United States? You have some interesting assumptions about what Americans believe, feel and do. Nearly half of the United States is directly effected by the stock market and nearly all Americans are indirectly.
None of what you said has an effect on my life. I can see frustration from people but when you live in the wealthiest country in the world, have decent paying job (jobs that are created by the 1 percenters btw) and live comfortably within your own means, you're just not up for a "revolution".
