Let's Talk Politics! The Official Political Discussion Thread - Page 465 - Wrestling Forum: WWE, AEW, New Japan, Indy Wrestling, Women of Wrestling Forums
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post #4641 of 4978 (permalink) Old 10-09-2019, 09:10 AM
 
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Re: Let's Talk Politics! The Official Political Discussion Thread

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A new book-length study on the tax burden of the ultrarich begins with a startling finding: In 2018, for the first time in history, America's richest billionaires paid a lower effective tax rate than the working class.

"The Triumph of Injustice," by economists Emmanuel Saez and Gabriel Zucman of the University of California at Berkeley, presents a first-of-its kind analysis of Americans' effective tax rates since the 1960s. It finds that in 2018 the average effective tax rate paid by the richest 400 families in the country was 23 per cent, a full percentage point lower than the 24.2 per cent rate paid by the bottom half of American households.

In 1980, by contrast, the 400 richest had an effective tax rate of 47 per cent. In 1960, their tax rate was as high as 56 per cent. The effective tax rate paid by the bottom 50 per cent, by contrast, has changed little over time.

The tipping point came in 2017 with the passage of Donald Trump's tax cuts. They were a windfall for the wealthy.
The tipping point came in 2017 with the passage of Donald Trump's tax cuts. They were a windfall for the wealthy.CREDIT:AP

The analysis differs from many other published estimates of tax burdens by encompassing the totality of taxes Americans pay: not just federal income taxes but also corporate taxes, as well as taxes paid at the state and local levels. It also includes the burden of about $US250 billion of what Saez and Zucman call "indirect taxes," such as licenses for motor vehicles and businesses.

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The analysis, which was the subject of a column in The New York Times on Monday, is also notable for the detailed breakdown of the tax burden of not just the top 1 per cent but also the top 0.1 per cent, the top 0.01 per cent and the 400 richest households.

The focus on the ultrarich is necessary, Saez and Zucman write, because those households control a disproportionate share of national wealth: The top 400 families have more wealth than the bottom 60 per cent of households, while the top 0.1 per cent own as much as the bottom 80 per cent. The top 400 families are a "natural reference point," Zucman says, because the IRS publishes information on the top 400 taxpayers as a group, and other sources, such as Forbes, track the fortunes of the 400 wealthiest Americans.

The relatively small tax burden of the super-rich is the product of decades of choices made by American politicians, some deliberate, others the result of indecisiveness or inertia, Saez and Zucman say. Congress has repeatedly slashed top income tax rates, for instance, and cut taxes on capital gains and estates. Politicians have also failed to provide adequate funding for IRS enforcement efforts and allowed multinational companies to shelter their profits in low-tax countries.

Trump's tipping point
But the tipping point came in 2017, with the passage of the Tax Cuts and Jobs Act. That bill, championed by President Donald Trump and then-House Speaker Paul Ryan, was a windfall for the wealthy: It lowered the top income tax bracket and slashed the corporate tax rate.

By 2018, according to Saez and Zucman, the rich were already enjoying the fruits of that legislation: The average effective tax rate paid by the top 0.1 per cent of households dropped by 2.5 percentage points. The benefits the bill's supporters promised - higher rates of growth and business investment and a shrinking deficit - have largely failed to materialise.

Not all economists accept Saez and Zucman's analysis. It is based in part on their previous work, along with French economist Thomas Piketty, on the distribution of wealth and income in American society. Other economists have generated estimates of that distribution that show smaller disparities between the country's haves and have-nots. Saez, Zucman and Piketty have defended their research and maintain that their methods are the most accurate.

On the question of tax burdens, Jason Furman, an economics professor at Harvard who chaired the White House Council of Economic Advisers under President Barack Obama, noted that Saez and Zucman did not include refundable tax credits, such as the earned-income tax credit (EITC), in their analysis.

The credit, which is intended to encourage low-income families to work, "is part of the tax code," Furman said. A person who paid $US1,000 in federal income taxes and then received a $US1,500 credit would have a total federal tax burden of minus $US500, but Furman said that under Saez and Zucman's analysis, that person would instead show a burden of $US0. That result would make total tax burdens at the lower end of the income spectrum appear higher than they actually are.

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"The best estimates indicate that the tax system is progressive - with the rich paying a higher tax rate than everyone else," Furman said.

Zucman countered that his and Saez's analysis considers the EITC and other credits like it as transfers of income, akin to food stamps or jobless benefits, rather than tax provisions.

"If you start counting some transfers as negative taxes, it is not clear where to stop," he said via email. "Do you treat the EITC as a negative tax? Veterans' benefits? Medicaid? defense spending? . . . There's no clear line, and the results become arbitrary."

There is general agreement among economists, however, that the tax burden of the rich has fallen considerably in recent decades.

"The rich definitely pay less in taxes than they did in the past and less than they should," Furman said.
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post #4642 of 4978 (permalink) Old 10-09-2019, 09:32 AM
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Re: Let's Talk Politics! The Official Political Discussion Thread

Why are the masses 9f America so retarded about politics? I mean there's plenty of outrage online about Chinese taking down content in video games. Ok cool.

No online outrage about their own government killing millions of people in wars around the world they started though.

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post #4643 of 4978 (permalink) Old 10-09-2019, 09:35 AM
 
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Re: Let's Talk Politics! The Official Political Discussion Thread

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No online outrage about their own government killing millions of people in wars around the world they started though.
That would imply that they aren't selfish
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post #4644 of 4978 (permalink) Old 10-09-2019, 09:37 AM
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Re: Let's Talk Politics! The Official Political Discussion Thread

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That would imply that they aren't selfish
Saw the anti-chinese stuff combined with Jimmy Carter being a bad ass go viral yesterday at the same time. So much outrage over apologies and internet content taken down lol.

Couldn't help but chuckle considering Jimmy Carter was a war criminal who continued funding and therefore creating both Al Qaeda and the Taliban eventually playing his own role in the 9/11 attacks.

Same with Ellen and Bush. The upper class looking out for itself while the idiot serfs defending them.
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post #4645 of 4978 (permalink) Old 10-09-2019, 09:49 AM
 
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Re: Let's Talk Politics! The Official Political Discussion Thread

The outrage is because stuff that happened recently affected them directly. Why gatekeep over why people can't be outraged over it by comparing it to other horrible stuff they aren't outrage about?

I just don't like how people are framing it into a pro-democracy or freedom shit to virtue signal. The outrage should be over China's government and its nationalists using China's economic might to force people outside of China to self-censor themselves. Make no mistake about it, the outrage is real in China over Hong Kong stuff. Imagine 1/3 of China is nationalists like the MAGA asshats in America. 1/3 of China's population is almost the total number of people in America being outraged at pro-Hong Kong stuff.
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post #4646 of 4978 (permalink) Old 10-09-2019, 09:50 AM
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Re: Let's Talk Politics! The Official Political Discussion Thread

Ib4 someone accuses me of being pro-chinese government. I'm not. I'm just pointing out the sheer hypocrisy of american masses ... because it's the masses that continue to ignore their own country's imperialism and mass murder while pointing fingers at others ... creating situations where it's easier for americans to kill others.

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post #4647 of 4978 (permalink) Old 10-09-2019, 10:09 AM
 
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Re: Let's Talk Politics! The Official Political Discussion Thread

I mean what can most people do about America imperialism? Geo-politics isn't as simple as playing a video game. Their ideal candidates can't unilaterally decide what the military can or cannot do without unintended consequences.

It is easier for most people to just stop supporting corporations that they disagree with. Speaking of which, it is funny how players are attempting to meme a character in OverWatch into a pro-Hong Kong character to try to get Blizzard banned in China.
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post #4648 of 4978 (permalink) Old 10-09-2019, 12:40 PM
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Re: Let's Talk Politics! The Official Political Discussion Thread

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What fantasy world do you live in?
you can feed yourself on 5-8 dollars a day. even if you wanted to 'splurge' and treat yourself, you can feed yourself on 10-12 dollars a day. that's if you spent your money on prepared food. it would cost even less if you went grocery shopping for the week.

go ahead and lie and tell me that working people cannot put aside money everyday to feed themselves. what could they possibly be spending the rest of their money on that's more important? wear the same two outfits a week if you have to.

if you're a working person and you're eating out of a trashcan, it's not because you aren't making enough money.

you watch too many movies
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post #4649 of 4978 (permalink) Old 10-09-2019, 01:19 PM
 
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Re: Let's Talk Politics! The Official Political Discussion Thread

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Clearly the greatest is the greatest because they stopped the Nazis. That alone gives them a pass for whatever other bullshit they pulled.
"They stopped the Nazis."

Just wanna take this time to note that the USA was lied into WWII, just like every other war.

@DesolationRow can attest to this. He knows the history better than I do.

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post #4650 of 4978 (permalink) Old 10-09-2019, 02:01 PM
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Re: Let's Talk Politics! The Official Political Discussion Thread

Am watching Oliver Stone's documentary series on WWII now and he presents a solid case for why it would Russia that won WWII and not the Allies.

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