Bar Stool Economics

[cckandb24]

Uggghhhhhh!

In a vacuum this makes sense, but no one lives in a vacuum. If you are an employee making $500k+ then maybe it applies to you, but most people making $500k+ a year are not employees and intern do not pay a set income tax like everyone else. If you own a business or profit from investments in business you are in a completely different tax world full of credits, deductions and deferrals ( ALL 100% LEGAL). And if you are Warren Buffett and feel you don't pay enough tax you can always decide to contribute more than you do . . .but he doesn't. And why is that? Because deep down Warren knows the government will squander his wealth, so he set up his own foundation . . .good for him.

The whole discussion of what is a "fair" tax is the biggest joke in the history of politics. When the top 10% pay the vast majority of the tax to run the country and provide benefits and entitlements to those who pay little to nothing they deserve to reap the benefits of tax changes. The only thing not fair about the tax system is the burden put on the top earners to take care of everyone else who can't or won't contribute to the system.

Those in the audience who feel obliged to take care of everyone else should be applauded for your charity, but like most handouts it can be a slippery slope. When and where will the line be crossed where those who you are taking care of have little or no motivation to improve their circumstances because of the shear amount of benefits they receive??? Also, when will those with means fail to support the burden put on them by their governments....??? The simple answer is, it already is happening. Look at Euro Zone, Greece et al. Taxes couldn't be higher in most cases and the system is collapsing on itself because those who pay little to nothing into the system are sinking it. Taxation of the upper class is not the answer to prosperity. Empowering those with the means to move money thru the system at an exponential rate should be supported and the black hole of government should be curbed. Only when those who depend on the taxation/charity of others for their livelihood wake up and realize that their open mouths are killing the economic viability of the countries they love so much will things turn around.

AMEN brother

[cckandb24]

Some of you would be wise to read "Someplace Like America" to gain an insightful and sobering assessment of present times economics, as relayed through stories of the American working class. The folks in line at food banks are working 2 and 3 jobs. This concept that they're free loaders has been brought to you by FOX NEWS et al.

http://www.amazon.com/Someplace-Like-America-Tales-Depression/dp/0520262476

I have been trying to hire dependable people for 2 years in my business and they want me to wait until there 2 years of unemployment runs out till they will start or want cash so they can still collect benefits. Most people take complete advantage of this safety net and have nicer cars, tvs, etc than someone who works himself to death. Any media skews reality to fit thier own agenda. Our government is now offering 75000 grants to people who can help the government sign more people up for welfare. Isn't the goal to get people up on thier feet and off welfare not to pay people to refer as many people as they can to get on the free ride bus.

[khomeinist]

Please back up this interesting political position with data.

Thanks in advance.

[mazolaman]

This paradigm only works if the wealthy are paying income tax the same as everyone else does (as employees). In many cases they aren't - Mitt Romney paid less than 14% of his earnings (dividends) in tax last year, and Warren Buffett famously complained that his rate of taxation by percentage was lower than that of his secretary...

My 'non political' response is that this misleading description of the taxation system is propaganda. I'm keeping it non political by not identifying who the propagandist is

There it is....

I'm still not sure where All the envy comes from and why the recent agenda to punish success

It's a mystery isn't it?

Average World-Wide CEO Compensation as a Multiple of Average Employee Compensation in 2000

Country Year 2000 CEO compensation as a multiple of average employee compensation*

US 531

Brazil 57

Venezuela 54

South Africa 51

Argentina 48

Malaysia 47

Mexico 45

Hong Kong 38

Singapore 37

Britain 25

Thailand 23

Australia 22

Netherlands 22

Canada 21

China (Shanghai) 21

Belgium 19

Italy 19

Spain 18

New Zealand 16

France 16

Taiwan 15

Sweden 14

Germany 11

South Korea 11

Switzerland 11

Japan 10

Source: Towers Perrin & Finfacts

The Ratio of Average CEO compensation and Minimum Wage Worker in the US 1965-2005

2005 - 821:1 (Worker- Minimum wage $5.15/hr plus benefits)

2004 - 725:1

2003 - 540:1

2002 - 416:1

2001 - 668:1

2000 - 815:1

1992 - 319:1

1989 - 207:1

1978 - 78:1

1965 - 51:1

Source: Mercer Survey of 350 large industrial and service firms conducted for the Wall Street Journal

Greece has a lot of Debbie downers too.

There are only 100 people in Greece who are registered as earning over 100,000 Euro....Greece is a country that invented the shipping magnet......so now the average Panos in Greece is rioting, as their wages and rights are cut, pensions dismantled etc etc.

Strange world isn't it?

Those hard working billionaires deserve to avoid their obligations, and dump them on the people who can't afford smart accountants.

Sorry if I avoided my home country...Stephen Hester, who had to be forced politically not to take his 1 million pound bonus, but will still get £600,000 in shares, even though the taxpyer (aforementioned whingers) had to bail out and nationalise the RBS bank, after it indulged itself in lots of toxic debt (remember that)? He has since made 21000 people redundant (more dole cheques to pay)

and the share price has halved....I agree, chaps like him deserve their bonus, otherwise these high flying brains may go and work abroad!!!!

[fattires]

Stephen Hester, who had to be forced politically not to take his 1 million pound bonus, but will still get £600,000 in shares, even though the taxpyer (aforementioned whingers) ...

Imagine the taxes that were lost on that unpaid bonus...

Maybe the CEO's should change their titles to footballers or pro baseball players...

[jimschn]

That's exactly it Mazo... the rich get richer while all the decent middle class jobs get outsourced. How about all the CEO's that have destroyed their companies yet still got multimillion dollar golden parachutes? They deserve to be shot.