top 1%

[Eastoff]

Feel free to dispute the data source, but I came across this chart I wanted to share.

 

[PtldPlatypus]

So, artificially inflated stock prices artificially inflate the wealth figures of the richest Americans? Yeah, that makes sense.

EDIT: Wait, this is income, not "wealth". I rescind my initial response.

 

[Denny Crane]

In 1980, there were 4,000 millionaires. In 1988 there were 64,000. Nice that the top 1% isn't so much an exclusive club anymore.

 

[PapaG]

I thought this thread was going to be about President Obama's Democratic National Convention acceptance speech being held at Bank of America Stadium in Charlotte.

 

[The_Lillard_King]

In 1980, there were 4,000 millionaires. In 1988 there were 64,000. Nice that the top 1% isn't so much an exclusive club anymore.

So if your net worth is 1 million or more, you are considered top 1%?

(Serious question)

 

[TripTango]

So if your net worth is 1 million or more, you are considered top 1%?

(Serious question)

Top 1% were worth over $14 million or so as of 2009, if I interpret this chart correctly.

 

[Denny Crane]

Just about every homeowner in the SF Bay area is a millionaire. Well, certainly many of them.

If they borrowed against their equity a $million, they'd not show that as income, but would have bought a $million yacht or whatever.

The whole top 1% thing is full of crappy insinuations.

 

[EL PRESIDENTE]

the top 1% is over $380k a year in income.

 

[PapaG]

the top 1% is over $380k a year in income.

Exactly, and for tax purposes, Warren Buffet is not considered a 1% taxpayer, based on the $100k 'salary' he reports, and the federal taxes he pays on it.

IRS data for Buffett at this link.

*Again, Warren Buffett pays himself just $100,000 a year in salary. His 17.4% tax bill is due to the lower, long-term federal capital gains tax rate on his stake in Berkshire Hathaway, a stake valued at an estimated $38 billion. Buffett only pays taxes on that stake if he sells his shares. Since he sits on them, his tax bill is low.

*His tax rate is likely higher because company, Berkshire Hathaway, first pays corporate capital gains taxes on that stake. Factor that in, and Buffetts actual rate likely nets out in the 25%-plus range.

*The top 1% of federal taxpayers footed the bill for 38% of all federal personal income taxes, according to IRS 2008 data. The top 5% paid more than half of federal income taxes, 58.7%, and the top 10% paid 69.9%. The $50,000-$75,000 crowd will pay an average 15% of their income in federal taxes; the $40,000 to $50,000 crowd will pay an average 12.5%, says the Tax Policy Center.

*The really high earners, taxpayers with annual incomes at $10 million or more -- call them the top 0.1% of all federal income tax returns -- accounted for 4% of all taxable income in the country, had an average federal income tax rate of 26%, and paid 6% of all personal federal income taxes, according to IRS data as of 2009.

*As of 2009, the top 2% of taxpayers who make $1 million or more were responsible for a 20.5% share of personal federal income taxes, even though they accounted for just 13% of all taxable income in the U.S.. The average income-tax rate of those earning between $1 million and $10 million was 24.6% in 2009.



Read more: http://www.foxbusiness.com/markets/2011/09/21/buffett-deception/#ixzz1mOjTe6sB

 

[EL PRESIDENTE]

Yet a neurosurgeon who works 80 hour weeks and spent 12 years in schooling after college while saving lives is part of the greedy 1%.

 

[The_Lillard_King]

Yet a neurosurgeon who works 80 hour weeks and spent 12 years in schooling after college while saving lives is part of the greedy 1%.

So while he gets the opportunity to attend college, socialize and learn in a educational environment for 12 years while I dig ditches and bust my butt for 12 years . . . and then after all that time he is learning while I am working he now wants to go to work, get paid more than 99% of the population and not see his taxes increased.

What a country for 1%!

 

[Denny Crane]

Exactly, and for tax purposes, Warren Buffet is not considered a 1% taxpayer, based on the $100k 'salary' he reports, and the federal taxes he pays on it.

IRS data for Buffett at this link.

His capital gains are on the sale of his stock in his own company, not the stocks the company trades.

If his cost basis in his shares is $.01, he made nearly all that money as long term capital gains and truly did pay 15%. The only additional tax he'd have paid is on the $.01, which
Likely was after tax money.

 

[Ed O]

The whole 1% thing is more emotional than factual, so a single chart doesn't really mean much.

Is "1%" based on income? A single year of income? A single year of regular income?

Or is it based on all income, including money that has already been taxed once?

Or is it based on wealth, which includes money and property that has often accumulated over the course of decades?

I honestly don't know which it is, and it seems that many just pick whichever definition suits their purpose and then sticks it at the top of a chart. (Not that westknob did that. I'm just saying.)

Ed O.

 

[blazerboy30]

Feel free to dispute the data source, but I came across this chart I wanted to share.

Why did you want to share? What do you think that chart shows or means?

 

[MARIS61]

In 1980, there were 4,000 millionaires. In 1988 there were 64,000. Nice that the top 1% isn't so much an exclusive club anymore.

You do understand 1% is always 1%?

And 99% is always 99%?

Count the people dying in poverty compared to 1980, and get back to me.

 

[Denny Crane]

You do understand 1% is always 1%?

And 99% is always 99%?

Count the people dying in poverty compared to 1980, and get back to me.

Count the people who owned stock in 2000 and get back to me.

 

[Eastoff]

Why did you want to share? What do you think that chart shows or means?

disparity.

 

[Denny Crane]

disparity.

Two guys paint widgets, get paid by the hour. The first guy paints 2 an hour and does a shitty job. The second guy paints 10 an hour and does a great job. Why shouldn't the 2nd guy get paid more by the hour? Isn't that "disparity?"

 

[PapaG]

Two guys paint widgets, get paid by the hour. The first guy paints 2 an hour and does a shitty job. The second guy paints 10 an hour and does a great job. Why shouldn't the 2nd guy get paid more by the hour? Isn't that "disparity?"

Since the first guy is probably in a union, and the second guy is not (meaning he must work hard to keep his job), I'm guessing that the guy who paints 2 an hour not only gets paid more, but he also has his retirement set by age 50.

 

[3RA1N1AC]

when i grow up im gonna be a unicorn rider, the best in all the land, as only a eunuch could

grand climacteric sonnets will be written with an air of grandeur consistent with the significance of my feats

placed away inside my cage, my testes get the best of me
now that they flee, its up to god, to kindly bless the rest of me
i mount my steed, my one horned stallion, jaunting fancy free
he leads the way, i steer the course, for all the world to see

clouuuuuud daaaaancing, make the heavens cry
clouuuuuud daaaaancing, always live and never die

 

[Eastoff]

Two guys paint widgets, get paid by the hour. The first guy paints 2 an hour and does a shitty job. The second guy paints 10 an hour and does a great job. Why shouldn't the 2nd guy get paid more by the hour? Isn't that "disparity?"

That's a nice anecdote. I didn't realize the top 1% paints widgets, I was misinformed.

 

[Eastoff]

Since the first guy is probably in a union, and the second guy is not (meaning he must work hard to keep his job), I'm guessing that the guy who paints 2 an hour not only gets paid more, but he also has his retirement set by age 50.

I quote you, but you'll probably edit again in 20 minutes.

 

[RoyToy]

More interesting charts inside

http://motherjones.com/politics/2011/02/income-inequality-in-america-chart-graph

 

[Denny Crane]

That's a nice anecdote. I didn't realize the top 1% paints widgets, I was misinformed.

There's a reason there's "disparity." You didn't address it.

 

[Draco]

I remember hearing in a tax class that in terms of income, as filed on tax returns; 7% of the population believes their in the top 1%.

 

[EL PRESIDENTE]

yeah, I'm the 1%.....here's 1% for ya.

 

[huevonkiller]

We spend more than 2/3 of Federal expenditures on the poor. And the government promises even more money, because it takes someone with guts to cut spending.

The bailouts were fucked up though.

 

[3RA1N1AC]

someone i know just got 11k back on his taxes, and he only made 17k on the year

wtf

 

[BLAZER PROPHET]

yeah, I'm the 1%.....here's 1% for ya.

Oh jeeze, I laughed so hard I cried.

REP'D!!!!

 

[bluefrog]

yeah, I'm the 1%.....here's 1% for ya.

Demeaning working people is awesome, taking away their dignity and everything. He sure put that server in their place!!!

Speaks volumes about your values EL P and BP