A Riddle that Brings Joy to Mega Rich Hearts

[marmar]

from Too Much: A Commentary on Excess and Inequality:



A Riddle that Brings Joy to Mega Rich Hearts
September 17, 2011

The Census won’t count it. The IRS won’t tax it, at anywhere near full freight. What is it? It’s enough, all by itself, to keep grand fortunes constantly soaring.

By Sam Pizzigati


Can we start the century over?

Economically, new Census Bureau income stats released last week suggest, our 21st century so far rates as the worst century in American history. We are hurtling backwards — at an alarmingly rapid rate.

The typical American household income, $53,164 in 2000 after adjusting for inflation, stood at just $49,445 last year. Incomes for the typical working-age household — under 65 — have dropped over 10 percent since 2000.

The number of Americans living in poverty, meanwhile, is rising. In 2000, 11.3 percent of Americans rated as officially poor. Last year, 15.1 percent fit the poverty definition — under $22,314 for a family of four — and almost half those in poverty, 44.3 percent, had incomes less than half the poverty threshold. ...........(more)

The complete piece is at: http://toomuchonline.org/census-and-capital-gains-tax/

[cantbeserious]

1. US Tax Rates - Reagan Started The Trend Of Destroying Progressive Taxation Policies - See Link

US Tax Rates Nicely Summarized In A Spreadsheet.

http://www.taxfoundation.org/files/fed_individual_rate_history_nominal&adjusted-20110909.xls

[xchrom]

2. you see the two pints heading toward each other -- hard to look away -- like a car crash --

and there seems to be nothing anyone 'can do' about it.

'The typical American household income, $53,164 in 2000 after adjusting for inflation, stood at just $49,445 last year. Incomes for the typical working-age household — under 65 — have dropped over 10 percent since 2000.

The number of Americans living in poverty, meanwhile, is rising. In 2000, 11.3 percent of Americans rated as officially poor. Last year, 15.1 percent fit the poverty definition — under $22,314 for a family of four — and almost half those in poverty, 44.3 percent, had incomes less than half the poverty threshold.'