Tempting Tuesday: Murdochs Testify to Parliament [View article]
Oops, you are right, I was thinking income. Still, $900Bn added in one year is no small potatoes so that's $300Bn to Uncle Sam plus the corporate number stands so it's up to the other 309,999,000 of us to put up the remaining $1Tn shortfall - "just" $3,300 per person!
In March 2006 Forbes reported 793 billionaires in the US with combined net worth of $2.6 trillion. In March 2007 Forbes reported 946 billionaires in the US with combined net worth of $3.5 trillion. That is a 1-year increase of 19% in the number of billionaires and an increase of 35% in their net worth during a time of increasing poverty. Severe poverty is at its highest point in three decades.
So 946 people in the US generated $900Bn of ADDITIONAL income in one year. Had they paid a 35% tax rate (these top 0.0003%) then that $1.225Tn would have closed the entire gap in our national debt. Had the Corporations also paid a 35% tax rate – there would have been no need at all to collect ANY taxes (including SS and medicare) from the other 309,999,054 people in this country. I know how awful it would be to say to a group of people who are "only" earning an average of $3.7Bn a year each to only take home $2.4Bn – surely that’s not what our founding fathers would have wanted…
You are right, Pwe, it would be inhuman to ask the top 0.0003% to make such sacrifices. After all, what would be their incentive to get up and work in the morning if the government was just going to leave them with $2.4Bn after a hard year’s work? Thank goodness you have their backs – someone has to stick up for the creme de la creme!
Tempting Tuesday: Murdochs Testify to Parliament [View article]
Tempting Tuesday: Murdochs Testify to Parliament [View article]
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In March 2006 Forbes reported 793 billionaires in the US with combined net worth of $2.6 trillion. In March 2007 Forbes reported 946 billionaires in the US with combined net worth of $3.5 trillion. That is a 1-year increase of 19% in the number of billionaires and an increase of 35% in their net worth during a time of increasing poverty. Severe poverty is at its highest point in three decades.
So 946 people in the US generated $900Bn of ADDITIONAL income in one year. Had they paid a 35% tax rate (these top 0.0003%) then that $1.225Tn would have closed the entire gap in our national debt. Had the Corporations also paid a 35% tax rate – there would have been no need at all to collect ANY taxes (including SS and medicare) from the other 309,999,054 people in this country. I know how awful it would be to say to a group of people who are "only" earning an average of $3.7Bn a year each to only take home $2.4Bn – surely that’s not what our founding fathers would have wanted…
You are right, Pwe, it would be inhuman to ask the top 0.0003% to make such sacrifices. After all, what would be their incentive to get up and work in the morning if the government was just going to leave them with $2.4Bn after a hard year’s work? Thank goodness you have their backs – someone has to stick up for the creme de la creme!
Amaranth: Tip of the Iceberg [View article]
There are crawlers that grab blogs quickly after they are published and the main site (philstocks.blogspot.co.../) posts, usually, before 9:30 am.
Amaranth: Tip of the Iceberg [View article]