Occupywallstreet pics.

The top 1% are only supported by the greed that makes "capitalism" an effective economic tool. It's effect is muted when too few get too much unchecked.

 

Or rather: It's muted when too many get too little.

 

This BS is repeatec endlessly, while its untruthfulness remains.

http://online.wsj.com/article/SB10001424052970203914304576629302662250680.html?mod=googlenews_wsj

The yacht tax exemption (it is no "loophole") stands. It was enhanced in 2008.

Supposedly it invigorates yacht jobs. It certainly invigorates millionaire's sex lives.

Is suppose we could say it creates some jobs because many times the attractive female "entertainment" on board is company paid and written off as "promotional expense".

 

Based upon 2008, a very bad year financially for most Americans including the wealthy, the average income tax rate for the top 1% was 23.27% which is higher than any other group. Obviously the top 1% doesn't "often" pay zero or even 15% of their income in taxes. There might be rare exceptions but it is not common or often.

http://www.taxfoundation.org/news/show/250.html#Data

Of note the bottom 50% only averaged 2.59% in income taxes or about 1/10th of what the top 1% paid. Everyone pays numerous taxes unrelated to the income tax and the wealthy certainly pay their fair share of these taxes as well whether it's sale taxes, FICA taxes, property taxes or state income taxes.

It is somewhat ironic that many liberals condemn FICA taxes because they are a regressive tax to support a government poverty level welfare program but they mindless support Social Security and Medicare that are supported by these taxes. If a person supports Social Security/Medicare then,by default, they support FICA/Payroll taxes that support these programs. They cannot support the program without supporting the funding for it. No funding equals no program.

 

Very interesting!

 

Actually this followed on the heels of the yacht luxury tax that was repealed in 1993 because it resulted in a massive layoff of workers in the yacht industry in New England and it was sponsored by Ted Kennedy and the Democrats and opposed by many Republicans.

It isn't a loophole but instead a tax credit for those that purchase yachts over 50' in length in the US as opposed to overseas because it results in literally thousands of high paying US manufacturing jobs. The tax credit is offset many times over by taxes generated by those thousands of jobs. It actually increases revenues for the US government.... or at least that is what Kennedy argued at the time.

 

Indeed. These smug 'I got mine, (*)(*)(*)(*) you' republicans might well be laughing on the other side of their faces if the recession hits them. Things are bad now and scheduled to get a whole lot worse. I daresay they think they are immune. I predict much right-wing whining...

 

The problem with 'averages' is precisely that. They are average figures and not truly representative.

 

Were you going to point out to us what was untruthful?

 

This has got to be one of the most uninformed posts I have EVER read. Banks failed because they lent out money they didn't have. People wanted their money from the banks and the banks couldn't afford to give it to them and that is when they failed.

You really shouldn't be commenting AT ALL because it is painfully clear you haven't the slightest idea as to what you are talking about.

The worst offender in giving out money they don't have (aka, fake money with no hard currency behind it) and then expecting people to pay back the money with real hard currency is the FED.

 

What are you talking about? No they don't. Many people gladly pay into FICA, or, well, they DID, until they realized the money they were paying into it wasn't being used for it's purpose.

What people are against is the money being used for other things and not what it is ACTUALLY FOR.

You are obviously a die-hard faux watcher if you believe the ignorant verbiage coming out of your mouth.

 

LOL - It's easy to preoccupy yourself with other people's governments when your own country doesn't have one itself:

 

Belgium hasn't had a government and nobody has noticed. There's a lesson to be learned here.

 

True, even Belgian citizens don't notice...

When we'll have a new one, which is expected soon since the institutional reforms are now ready, we'll notice because wide austerity is expected.

Thank god, the PS -- the Parti Socialiste -- will be the biggest party. They are Social-Democrats but are often called "the last true Socialist party in Europe" since they are so well organized and have enormous power because of that.

Also, Mr. Di Rupo will become the first Francophone PM in almost 40 years and the first gay Prime Minister of the European Union, if not the world!

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No, it was loophole ,cleverly nicknamed the "sloophole" by liberal activists and it was for all intents and purposes closed. To avoid paying sales tax in CA on a yacht (or plane) you must take delivery out of state and store the vehicle out of state for a year. California made this change under the assumption theyd regain a sizable chunk of the tax revenue lost under the 90day loophole.

I thought many of the lax tax laws nationwide regarding yacht has to do with their status as residences...not stimulating yacht sales.

Of course there are taxes associated with owning a yacht after the sale.

 

There is a lesson here... they're still marching in the streets. No such thing as a contented lefty because they can always find somebody who's got more than they do... and they won't give up until they get it all.

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Half-naked young men hold a Belgian flag during a protest event Thursday by some 249 people doing a striptease. Belgium has equaled Iraq's dubious record for the world's longest political crisis of recent times.​

 

Your simplistic explanation isn't any better, D.E.P. Banks lent out money to people who couldn't afford what they were buying... thx to govt interference that made loans to high-risk borrowers mandatory. Bad loans sunk many lenders.

The more the feds get involved in business, the greater the risk of failure. Mainly because only a very small percentage of lawmakers have an iota of business experience.

If OWS was calling themselves OWH, they might get more support from mainstream America. Targeting Wall Street is stupid... and useless. By this time next month, OWS will be nothing but rotting trash in the landfills.

 

LOL - I bet you won't see those girls' picture plastered all over the walls of Smartie's Bar and Grill...

 

Are you really suggesting getting mad for the government not having a giant mattress with each ACTUAL dollar put in it for FICA outgoing benefits?

That's just fiscally nutty, I for one have no problem with excess FICA funds being put into government bonds.

 

That Belgium is irrelevant (except to Belgians, of course), or that government isn't necessary?

 

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Does Herman Cain think it's their fault too.... re: the 3 pictures in the posts above?