Why do I want higher Federal taxes? State taxes don't have to hit the poor, states can adopt a progressive system. Nothing is stopping them. Funny how liberals raise regressive taxes with impunity, while claiming to be for the little guy.
Yes, let's hike taxes on everything. That will solve all our problems. Remember, Bush I raised taxes in 1990, and federal spending went up every year as well as the deficit. Federal receipts went DOWN after the Bush I tax hikes. The luxury tax on boats severely hurt the boating industry. The top tax rate is still higher than when Bush I was in office.
What's your point? Nobody is stopping you from emigrating to Europe. Second, how do you prpose to make people more "equal", and specifically what freedoms are being denied?
Re:How much the wealthiest 400 pay in income tax
on
Tech Rich Get Richer
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· Score: 1
You are right that these are different. However, Bill Gates and company easily fall into both categories and easily make the income cutoff for the top tier of taxpayers. You can look up the incomes of the wealthiest (from their public company) in public proxies or on Yahoo. Just type in a ticker and go to profile. I would not be surprised if all the 400 wealthieast (in assets terms) fall into the top 1% of taxpayers.
Gates' salary from MSFT is $753K. Add to that dividends earned on MSFT stock he owns ($186 million). Futhermore, the gains he has in stock he owns is taxable upon sale. Of course he can donate it, which does not create an income tax event. Larry Ellison's salary $59K, but he also excercised about $40 million in options, which he will owe taxes on.
Facts do not support your argument.
From the Millionaire Next Door
PORTRAIT OF A MILLIONAIRE
Who is the prototypical American millionaire? What would he tell you about himself?(*)
* I am a fifty-seven-year-old male, married with three children. About 70 percent of us earn 80 percent or more of our household's income.
* About one in five of us is retired. About two-thirds of us who are working are self-employed. Interestingly, self-employed people make up less than 20 percent of the workers in America but account for two-thirds of the millionaires. Also, three out of four of us who are self-employed consider ourselves to be entrepreneurs. Most of the others are self-employed professionals, such as doctors and accountants.
* Many of the types of businesses we are in could be classified as dull/normal. We are welding contractors, auctioneers, rice farmers, owners of mobile-home parks, pest controllers, coin and stamp dealers, and paving contractors.
* About half of our wives do not work outside the home. The number-one occupation for those wives who do work is teacher.
* Our household's total annual realized (taxable) income is $131,000 (median, or 50th percentile), while our average income is $247,000. Note that those of us who have incomes in the $500,000 to $999,999 category (8 percent) and the $1 million or more category (5 percent) skew the average upward.
* We have an average household net worth of $3.7 million. Of course, some of our cohorts have accumulated much more. Nearly 6 percent have a net worth of over $10 million. Again, these people skew our average upward. The typical (median, or 50th percentile) millionaire household has a net worth of $1.6 million.
* On average, our total annual realized income is less than 7 percent of our wealth. In other words, we live on less than 7 percent of our wealth.
* Most of us (97 percent) are homeowners. We live in homes currently valued at an average of $320,000. About half of us have occupied the same home for more than twenty years. Thus, we have enjoyed significant increases in the value of our homes.
* Most of us have never felt at a disadvantage because we did not receive any inheritance. About 80 percent of us are first-generation affluent.
* We live well below our means. We wear inexpensive suits and drive American-made cars. Only a minority of us drive the current-model-year automobile. Only a minority ever lease our motor vehicles.
* Most of our wives are planners and meticulous budgeters. In fact, only 18 percent of us disagreed with the statement "Charity begins at home." Most of us will tell you that our wives are a lot more conservative with money than we are.
* We have a "go-to-hell fund." In other words, we have accumulated enough wealth to live without working for ten or more years. Thus, those of us with a net worth of $1.6 million could live comfortably for more than twelve years. Actually, we could live longer than that, since we save at least 15 percent of our earned income.
* We have more than six and one-half times the level of wealth of our nonmillionaire neighbors, but, in our neighborhood, these nonmillionaires outnumber us better than three to one. Could it be that they have chosen to trade wealth for acquiring high-status material possessions?
* As a group, we are fairly well educated. Only about one in five are not college graduates. Many of us hold advanced degrees. Eighteen percent have master's degrees, 8 percent law degrees, 6 percent medical degrees, and 6 percent Ph.D.s.
* Only 17 percent of us or our spouses ever attended a private elementary or private high school. But 55 percent of our children are currently attending or have attended private schools.
* As a group, we believe that education is extremely important for ourselves, our children, and our grandchildren. We spend heavily for the educations of our offspring.
* About two-thirds of us work between forty-five and fifty-five hours per week.
The only BS is yours. There are more than one, and more than 400 examples of successful people in the U.S. Having $100 billion is not the only measure. Even if you take $100 billion, and give it to the hundreds of millions of poor stated in your quote that works out to $1000 per person (for 100 million people). I am sure that won't solve the problem.
The chances of taking an idea and turning it into a nice business is better than slim. Being stinking rich, or Fort 500, is not the only measure of a successful business. Luck plays a role in some scenrios, in others it has nothing to do with it.
One problem with donating money is that is may go into a big government black hole. Various groups compete to get a slice. I refer to the big dig as an example (e.g. police union demanded minimum overtime associated with the project). When a school is constructed by government the contracting process is onerous, and construction often slow. I have a feeling that MSFT may have an easier time getting contractors to do the job quickly, by not having to adhere to government red tape.
Additionally, a new building may help increase class space, but I will add that it could also hurt too. This might happen where the government decides - we don't have to build that new school we planned, because MSFT did it for us. Hooray! Raises for all administrators!
There is some good and bad in this, but if done mostly right I feel it would be a good thing, and I am no Windows fan (avid Apple user - like to see them do the same).
While there may be no Warranty or indemnification in the license to provide an end user's legal defense, IBM could take up the end user's defense. It may be in their interests to do so. Why would IBM want their end user (customers) getting screwed.
Because the platform is not popular or high in market share does not mean it is dead. That seems like some faulty logic to me. And, BTW I tried to get value out of an Intel machine it failed miserably. In fact my Compaq machine only operated slightly better than a dead computer. My Macs have done fantastic.
People throw around Apple's market share number of 3%. Why? Becuase three is a small number. But 3% of what? If we talk world population that would be about 145 million people. I will admit that 3% of the world population does not have an Apple. In reality Apple's world market share in people is around 26 million. That is not chump change.
Anyhow, thanks for opening my eyes. I never realized it, but all this time I wasn't taking my Mac seriously as a computing platform.
Slashdot Mirror
If a state has a politician in it, it has rich people in it.
Why do I want higher Federal taxes? State taxes don't have to hit the poor, states can adopt a progressive system. Nothing is stopping them. Funny how liberals raise regressive taxes with impunity, while claiming to be for the little guy.
Post Hoc Ergo Propter Hoc
Look at it this way. By cutting Federal taxes then the states have more room to raise theirs.
I expect them to cut spending.
Yes, let's hike taxes on everything. That will solve all our problems. Remember, Bush I raised taxes in 1990, and federal spending went up every year as well as the deficit. Federal receipts went DOWN after the Bush I tax hikes. The luxury tax on boats severely hurt the boating industry. The top tax rate is still higher than when Bush I was in office.
Why should any phone service be taxed at all?
Don't call my house.
What's your point? Nobody is stopping you from emigrating to Europe. Second, how do you prpose to make people more "equal", and specifically what freedoms are being denied?
Gates' salary from MSFT is $753K. Add to that dividends earned on MSFT stock he owns ($186 million). Futhermore, the gains he has in stock he owns is taxable upon sale. Of course he can donate it, which does not create an income tax event. Larry Ellison's salary $59K, but he also excercised about $40 million in options, which he will owe taxes on.
PORTRAIT OF A MILLIONAIRE
Who is the prototypical American millionaire? What would he tell you about himself?(*)
* I am a fifty-seven-year-old male, married with three children. About 70 percent of us earn 80 percent or more of our household's income.
* About one in five of us is retired. About two-thirds of us who are working are self-employed. Interestingly, self-employed people make up less than 20 percent of the workers in America but account for two-thirds of the millionaires. Also, three out of four of us who are self-employed consider ourselves to be entrepreneurs. Most of the others are self-employed professionals, such as doctors and accountants.
* Many of the types of businesses we are in could be classified as dull/normal. We are welding contractors, auctioneers, rice farmers, owners of mobile-home parks, pest controllers, coin and stamp dealers, and paving contractors.
* About half of our wives do not work outside the home. The number-one occupation for those wives who do work is teacher.
* Our household's total annual realized (taxable) income is $131,000 (median, or 50th percentile), while our average income is $247,000. Note that those of us who have incomes in the $500,000 to $999,999 category (8 percent) and the $1 million or more category (5 percent) skew the average upward.
* We have an average household net worth of $3.7 million. Of course, some of our cohorts have accumulated much more. Nearly 6 percent have a net worth of over $10 million. Again, these people skew our average upward. The typical (median, or 50th percentile) millionaire household has a net worth of $1.6 million.
* On average, our total annual realized income is less than 7 percent of our wealth. In other words, we live on less than 7 percent of our wealth.
* Most of us (97 percent) are homeowners. We live in homes currently valued at an average of $320,000. About half of us have occupied the same home for more than twenty years. Thus, we have enjoyed significant increases in the value of our homes.
* Most of us have never felt at a disadvantage because we did not receive any inheritance. About 80 percent of us are first-generation affluent.
* We live well below our means. We wear inexpensive suits and drive American-made cars. Only a minority of us drive the current-model-year automobile. Only a minority ever lease our motor vehicles.
* Most of our wives are planners and meticulous budgeters. In fact, only 18 percent of us disagreed with the statement "Charity begins at home." Most of us will tell you that our wives are a lot more conservative with money than we are.
* We have a "go-to-hell fund." In other words, we have accumulated enough wealth to live without working for ten or more years. Thus, those of us with a net worth of $1.6 million could live comfortably for more than twelve years. Actually, we could live longer than that, since we save at least 15 percent of our earned income.
* We have more than six and one-half times the level of wealth of our nonmillionaire neighbors, but, in our neighborhood, these nonmillionaires outnumber us better than three to one. Could it be that they have chosen to trade wealth for acquiring high-status material possessions?
* As a group, we are fairly well educated. Only about one in five are not college graduates. Many of us hold advanced degrees. Eighteen percent have master's degrees, 8 percent law degrees, 6 percent medical degrees, and 6 percent Ph.D.s.
* Only 17 percent of us or our spouses ever attended a private elementary or private high school. But 55 percent of our children are currently attending or have attended private schools.
* As a group, we believe that education is extremely important for ourselves, our children, and our grandchildren. We spend heavily for the educations of our offspring.
* About two-thirds of us work between forty-five and fifty-five hours per week.
Read the book the millionaire next door before spewing utter crap.
The only BS is yours. There are more than one, and more than 400 examples of successful people in the U.S. Having $100 billion is not the only measure. Even if you take $100 billion, and give it to the hundreds of millions of poor stated in your quote that works out to $1000 per person (for 100 million people). I am sure that won't solve the problem.
The chances of taking an idea and turning it into a nice business is better than slim. Being stinking rich, or Fort 500, is not the only measure of a successful business. Luck plays a role in some scenrios, in others it has nothing to do with it.
Try internet radio. Frequency ownership is not an issue on the net. Hell ther is even video blog.
Register.com increased fees by $10 today as a result of a recent class action settlement.
You are all very, very flawed. SCO rules, and we want to work with you [/sarcasm].
One problem with donating money is that is may go into a big government black hole. Various groups compete to get a slice. I refer to the big dig as an example (e.g. police union demanded minimum overtime associated with the project). When a school is constructed by government the contracting process is onerous, and construction often slow. I have a feeling that MSFT may have an easier time getting contractors to do the job quickly, by not having to adhere to government red tape. Additionally, a new building may help increase class space, but I will add that it could also hurt too. This might happen where the government decides - we don't have to build that new school we planned, because MSFT did it for us. Hooray! Raises for all administrators! There is some good and bad in this, but if done mostly right I feel it would be a good thing, and I am no Windows fan (avid Apple user - like to see them do the same).
First Link
Second Link
Legal Maneuvering - endless motions.
While there may be no Warranty or indemnification in the license to provide an end user's legal defense, IBM could take up the end user's defense. It may be in their interests to do so. Why would IBM want their end user (customers) getting screwed.
It might have been funny if it starred the Dell dude.
Because the platform is not popular or high in market share does not mean it is dead. That seems like some faulty logic to me. And, BTW I tried to get value out of an Intel machine it failed miserably. In fact my Compaq machine only operated slightly better than a dead computer. My Macs have done fantastic. People throw around Apple's market share number of 3%. Why? Becuase three is a small number. But 3% of what? If we talk world population that would be about 145 million people. I will admit that 3% of the world population does not have an Apple. In reality Apple's world market share in people is around 26 million. That is not chump change. Anyhow, thanks for opening my eyes. I never realized it, but all this time I wasn't taking my Mac seriously as a computing platform.
The bigger question is how you ever got to talk to a person?
It happened: Link Here I posted this in another voting related story, but it couldn't be more relevant here.