Show Me the Money!

I have been studying wealth distribution in America and hope you will do the same. These statistics are from Prof Bill Domhoff and can be found on his EXCELLENT website,
http://sociology.ucsc.edu/whorulesamerica/power/wealth.html
Did you know?
In 2006, 400 Americans made $286 Million each in personal income and paid 17% tax. I made $80,000 and paid 36% tax.
http://www.npr.org/templates/story/story.php?storyId=100073978
Issues around the question of wealth distribution in America.
1. Reagonomics
The top tax rate was lowered from 50% to 28% while the bottom rate was raised from 11% to 15% - the only time in the history of the U.S. income tax .
http://cwx.prenhall.com/bookbind/pubbooks/dye4/medialib/docs/tax1986.htm
2. Laffer Curve,
According to Nobel prize laureate James Tobin, "[t]he 'Laffer Curve' idea that tax cuts would actually increase revenues turned out to deserve the ridicule with which sober economists had greeted it in 1981.
http://en.wikipedia.org/wiki/Laffer_c...
3. Bush Tax cuts.
Opposing the Bush tax cuts was a statement signed by roughly 450, including ten of the twenty four American Nobel Prize Laureates alive at the time, in February 2003 who urged the U.S. President George W. Bush not to enact the 2003 tax cuts. The 450 plus economists who signed the statement believe that the 2003 Bush tax cuts will increase inequality and the budget deficit, decreasing the ability of the U.S. government to fund essential services, while failing to produce economic growth. http://en.wikipedia.org/wiki/Economis...
4. Does under taxing the rich generate economy?
Without other policy changes, tax cuts are likely to raise the federal budget deficit, which in turn is likely to reduce national saving, and hence the capital stock owned by Americans and future national income. The increase in the deficit is also likely to raise interest rates. Those changes — lower national saving and the associated increase in interest rates—create a fiscal drag on the economys ability to grow.
http://www.taxpolicycenter.org/Upload...
5. Is it Democratic?
We strive to sell the idea of Democracy across the world. Does freemarket Democracy have to include this kind of wealth inequality? Yes, I dont think the government is better at managing our money - but at least they can be voted out. The wealthy and powerful, we see now, apparently will sell out their countries, take the money and run. Even Allen Greenspan thought they would be wise with their positions (Im speaking of the screwballs that made all the $ in the recent wall street/banking disaster).

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[JasonDHoward]

Want wealth work for it--reject the handout get ambition and achieve......think about the lion in the zoo vs. the lion in the wild---the caged lion will never be able to compete if released into the wild.... Plus it's foolish to think wealth can be redistributed---if it were "redistributed" it would be worthless... the reason anything is worth value is because not everyone has it.........think about gold or a diamond it's just a rock and metal but because it is limited it is valuable

[HopeForPeaceNow]

@JasonDHoward Want facts - research! Refject Corporate Welfare! 2 0f every 3 COrporations paid zero federal incom tax 1998 - 2005. Bush tax cuts cost $4 trillion and continue to send the wealth of this country to the top.

We own less and less every year. Do you think they will stop at 6%? 4%?

[JasonDHoward]

@HopeForPeaceNow OK show me the facts.....where did you get the stat 2 of 3 corporations paid no federal income tax?

[HopeForPeaceNow]

@JasonDHoward

Shoot me an email - I'll be happy to hive you cites. Or just search it on google. Crazy huh?

[JasonDHoward]

@HopeForPeaceNow I think if you just post some references on here you would be doing everyone who reads this a service.....I'm willing to listen and learn but only from reliable academic and governmental sources--Everything I've looked at says 3 out of 3 Corporations paid between 15-35% on income---then they paid employees and the employees were taxed at the same rate.....that's a potential maximum tax of 70 cents on every dollar made and at the very least amount 30 cents on every dollar.

[kaaeyl]

we gonna need a big cup to share that milk round everyone :-) thankyou again Hope, it's doable :D

my thoughts to you and your boys.

your friend.

[SuperWilly33]

"Again - thank you, could you please provide the link (cite)"

I am not providing specific links because the stats about what % hold what amount of wealth. Are from your source, you should know that. The Tax burden stats are easy to find, again they just from the IRS. The numbers are represented on many sites.

[HopeForPeaceNow]

Again - thank you, could you please provide the link (cite). SOme data on Reagans legacy: "Reaganomics had some major problems. For one thing, it created a huge deficit. In 1981 at the start of the Reagan administration the deficit was about 2.5 percent of the national economy. By the end it was about 5 percent of the national economy. Interest payments just on that debt went from $69 billion in 1981 to $169 billion at the end of the Reagan administration."

[SuperWilly33]

Socialism doesn't work because money isn't an incentive for individuals to improve society. Why would henry ford take the risk of starting a car company if it just meant he would have to pay 70% of his income in taxes. When you have enormous taxes the risk isn't worth it. You don't keep your money why make it. The USSR was very advanced in technology, but far behind the US standard of living and consumer products, because individuals were not empowered to make money.