Article on rise of millionaires. I found it interesting to compare it to the other articles where I got this link: Geo Topics
post #1 of 21
10/17/03 at 3:29pm
|Originally posted by Curandera
I also think it is no surprise that this record rise of millionaries and of the poverty level - occured with a republican in office.
|Millionaires make terrible neighbors. They try to buy their way out of the civic/democratic process. They put up fences to shut the riff-raff out of their neighborhoods. They trample over the little guy (that is to say, you) on their way to what they want. They might hire you to be a nanny or gardiner, but the new millionaires seem to have little sense of civic responsibility and don't donate much to libraries, parks, concert halls or other public works.|
|Originally posted by Els' 3 Ones
The middle class.
|Top 5% pay 53.25% of all income taxes (Down from 2000 figure: 56.47%). The top 10% pay 64.89% (Down from 2000 figure: 67.33%). The top 25% pay 82.9% (Down from 2000 figure: 84.01%). The top 50% pay 96.03% (Down from 2000 figure: 96.09%). The bottom 50%? They pay a paltry 3.97% of all income taxes. The top 1% is paying more than ten times the federal income taxes than the bottom 50%! And who earns what? The top 1% earns 17.53 (2000: 20.81%) of all income. The top 5% earns 31.99 (2000: 35.30%). The top 10% earns 43.11% (2000: 46.01%); the top 25% earns 65.23% (2000: 67.15%), and the top 50% earns 86.19% (2000: 87.01%) of all the income.|
|My grandpa said, "A millionaire is a person that screwed 10,000 good people out of $100 and never looked back."|
|The taxes I pay to the federal government, including the payroll tax that is paid for me by my employer,
Berkshire Hathaway, are roughly the same proportion of my income -- about
30 percent -- as that paid by the receptionist in our office. My case is
not atypical -- my earnings, like those of many rich people, are a mix of
capital gains and ordinary income -- nor is it affected by tax shelters
(I've never used any). As it works out, I pay a somewhat higher rate for
my combination of salary, investment and capital gain income than our
receptionist does. But she pays a far higher portion of her income in
payroll taxes than I do.