link Report Says That the Rich Are Getting Richer Faster, Much Faster Mario Tama/Getty Images At the New York Stock Exchange. Investments have been a big source of rising wealth. By DAVID CAY JOHNSTON Published: December 15, 2007 The increase in incomes of the top 1 percent of Americans from 2003 to 2005 exceeded the total income of the poorest 20 percent of Americans, data in a new report by the Congressional Budget Office shows. The poorest fifth of households had total income of $383.4 billion in 2005, while just the increase in income for the top 1 percent came to $524.8 billion, a figure 37 percent higher. The total income of the top 1.1 million households was $1.8 trillion, or 18.1 percent of the total income of all Americans, up from 14.3 percent of all income in 2003. The total 2005 income of the three million individual Americans at the top was roughly equal to that of the bottom 166 million Americans, analysis of the report showed. The report is the latest to document the growing concentration of income at the top, a trend that President Bush said last January had been under way for more than 25 years. ....
Well many states used to have statutes that interracial marriage was illegal. States cannot limit marriage if it violates other constitutional principles--they don't have free reign--just like a state can't decide what speech is illegal or what kinds of places of worship can be built. Further, we didn't need a new constitutional amendment to strike down states statues prohibiting interracial marriages or allowing "separate but equal", solely the USSC applied constitutional principles. These creatures of the USSC are very much part of the bedrock of constitutional law--not germane to a political debate IMO.
What is this supposed to convince me of? This coincides with a larger percentage of taxes paid by them as well. 1997 (Clinton): Top 5% paid approximately 50% of all taxes. 2007 (Bush): Top 5% paid approximately 60% of all taxes. 1997 (Clinton): Bottom 50% paid approximately 4-5% of all taxes. 2007 (Bush): Bottom 50% paid approximately 2-3% of all taxes. This does two things: it proves that you are correct, in that it shows the rich are getting richer faster. It also shows that they're taking on a higher burden of the overall tax pie while the majority of Americans are paying a lower percentage of taxes. It's not as if they're getting richer and paying LESS money on their taxes.
If the rich controls 99% of the money and pay 100% of the tax I am sure the country will be in great shape.
I am a first time voter. I may vote for Obama or neither. I don't like the idea that one party controls both White House and the Capital. That is my only problem with voting Obama. I like McCain a lot, except his cross-the-board tax cut. We are running a huge deficit. Not a good time to cut tax, imo.
For those of you undecideds following the GOP convention, has it swayed you either way? Are you more/less likely to vote for McCain today than a few days ago?
Nope. DNC didn't sway me towards Obama/Biden and the RNC hasn't swayed me towards Mccain/Palin. As for the speeches I have heard so far as pertains to the main participants I haven't learned anything new that I haven't already heard in their other speeches before today and what I had read about Palin so far. Don't expec to hear anything new from Mccain with his speech either. I know basically where everyone stands to this point on the issues. Now I want to know how they realistically plan to pull all of these promises off that we get with every presidential election. Hopefully we will get that with the debates to a certain extent. These debates will push me one way or the other as far as who I will ultimately vote for as they have always done in the past.
Mine too. My parents are nearly as bad, but not quite. Though to be honest. I am more interested in both the VP candidates than Obama and McCain. I haven't read through this entire thread, but I plan to when I have a bit more time.
Serious question: You said you know where everyone stands on the issues and yet the debates will push you to make a decision. Why is that? I ask because debates are usually a game of "gotcha" more than anything else and all you learn is how the candidates look next to each other and whether they make a major gaff, or not. Since the long campaign has told us virtually everything we will know about them, I don't understand why you would expect the evasive and canned answers during the debates to reveal anything more (other than how well prepared they are for the debate). There are millions of voters who are like you and I really want to know what makes you tick. For me, debates are little more than election "eye candy" that does nothing to show how the candidates would govern as president. Please educate me. Maybe my view is wrong.
In percentage terms they absolutely are. They may be contributing more to the till in gross terms but that's because they're reaping an ever larger share of the pie, and paying an ever smaller share of it back in. Ask Warren Buffet. He says its' not fair that he pays a smaller share of his income as taxes than his secretary. I don't see how anybody can argue with that.
Worse yet is I know a lot of people who won't vote for him because he's Muslim. When I tell them that he is a Christian, they dismiss him off as being from a Muslim family when that really isn't accurate either. Really goes to show you what a lot of people know. All that being said, I am not voting for him. I've been a big Mccain fan for years. I really respect someone that will go against his own party to stand up for what he believes in and thinks is right. I respect that and I think that it represents America as a whole. Most of us are moderates even if we are not necessarily independents. Politicians, especially presidential candidates are usually very right or left and rarely cross party lines. I think we will be fine with either one as president, although I do prefer Palin over Biden if they were to die in office. Everyone makes far to big of a deal about these guys dying in office. Mccain will probably make it through 4 more years and even 8, as living to 80 is likely for a healthy 72. Bush has terrible approval ratings, but nobody has gunned him down. Are we really still so far behind that we would expect a black man to be assassinated if he wins an election?
Are you sure you are not talking about the Mccain of 2000 and not the Mccain of 2008? I am pretty sure he is no longer the mavrick that goes against his own party on many issues these days.
MadMax- I would like to add that I know you and you care alot about people. Isn't that what Jesus does? If I was to be serious about politics I have only one political issue- abortion that's it, I am going to pray for whoever wins, but I am not voting this time. It's not that I think voting doesn't make a difference or greatly influence our future course... it is just that the data is hard to shake- I think a careful study will show that politics is deceptive, what is cheered and championed in the campaign is mostly altered and often unsuccessful in implementation... Do we have the world today, the utopia today of the thousands of campaign promises of the past 20 elections? Kinda, there is a lot of credit to give for many positive changes, but to be honest after 29 years of ministry the problems are worsening at the key battlegrounds, heart, home and community. (I know that is a distorted observation because I deal with many problems in our community- single parenthood, hurting young people, drugs, marriage failure, anger, revenge, hatred etc) I have come to the conclusion that I am the problem and the answer. The problem, because I have not loved my neighbor as myself- all of them. The answer because I still have the opportunity to put words into actions in my community. It is not that I don't care about who is elected, I care very much. I just don't perceive a significant connection for me to either candidate. Personally, I believe there needs to be an overhaul of the way govt. tackles problems and a better understanding of how the root issues are addressed to acheive success. I think education is a key, debt is a destroyer of nations and liberty the principle that produces success. But none of those is addressed satisfactory to me in either platform. I am primarily motivated by one slogan- love God with all your heart, and love your neighbor as much as yourself. Nothing would transform this nation faster than empowering neighbors to heal, help and hold on to one another. So in a way I am going to vote. I am going to vote for my neighbors and pay my taxes- whoever decides what they will be. I think any Christian who votes for Obama is awesome if they live the life of Jesus. I think any Christian who votes for McCain is awesome if they live the life of Jesus. I believe Jesus is awesome. Faith with out action is dead promises.
How about we ask someone who doesn't have many billions of dollars in excess of what he could possibly spend before he dies? Buffett's wealth totally removes him from giving a schit as to what levels of taxation are. Just a weak talking point from the libs, and revealing of their totally bare argument. Anyone else see Austan Goolsbee get totally pimp slapped for about the 10th time on CNBC last night? He's Obama's lap dog on economic matters and every time he is asked whether Obama is going to raise taxes, he responds with "rich people had it good during the 90's". Great. Informative. The guy is a clown. Bottom line is that Obama will raise taxes on at least half of America. And that's just capital gains/dividend tax related. Just wait until he rolls out the other tax hikes...
http://projects.washingtonpost.com/congress/members/m000303/votes/against-party/ Mccain has been 88% with Republican majority this session.
Warren Buffett is either lying, or doesn't understand taxes. That Secretary must be single with no children and taking the standard deduction. Most people don't do that. Social Security Tax is the only tax that hurts the poor more than the rich because it caps out. I doubt he is taking into consideration the double taxation of corporations that he is owning. I've seen thousands of tax returns with people making millions to people that are poverty level. The tax code is not that favorable to the rich. It is very favorable to people with children with only one parent working. EIC doesn't really help someone unless they have children. Child tax credits only benefit people with children. My actual income tax rate for this year will be negative, and to think I'm an accountant. Don't buy what people say out there. You can't trust one thing they say.
It's possible if he actively works to shelter his actual income from taxation. If so, that is a problem with the tax code and his own moral scruples.
