Monday, March 8, 2010
Wealth and Taxes in America : Unprotected Sex For The Bottom
Net American Wealth:
"Top 1% own 38.1%
Top 96-99% own 21.3%
Top 90-95% own 11.5%
In the aggregate the top 10% owns 79.9% of America's wealth.
And it gets much uglier as you proceed downward.
Bottom 1-40% of population has 0.2% of all wealth."
"I believe in free markets, but this distribution of wealth is not a normal distribution in any way (meaning it is not subject to natural forces- i.e. statistics 101). It can only exist within an un-natural (non-free) system, where the relative nature of freedom is constrained."
Source: --- Ron Paul
See why Ron Paul's original Tea Party was popular. Now it has been stolen by Dick Army and the UberCons as a Brownshirt device.
Taxes:2007 tax year
If the federal taxation rate is compared with the wealth distribution rate,
the net wealth (not only income but also including real estate, cars, house, stocks, etc) distribution of the United States does NOT coincide with the share of income tax -
the top 1% pay 36.9% of federal tax (wealth 32.7%),
the top 5% pay 57.1% (wealth 57.2%),
top 10% pay 68% (wealth 69.8%),
and the bottom 50% pay 3.3% (wealth 2.8%).
What this shows is that the bottom 50% of Americans are royally screwed on taxes.
The lower 50% are actually paying proportionally 19% MORE in taxes than their level of wealth. (remember a chunk of that bottom 50% don't actually shell out taxes except for sales taxes so it is even worse than it looks)
The top 10% however only pay 3% MORE than their proportional wealth. But here is the wierd part. The top 1% pay 18% more proportionately than their wealth. (even so if the top 1% paid that additional one percentage point like the bottom 50% do at a plus 19% portional to wealth it would be more than all of the taxes collected by the bottom 50% of tax payers.)
But look at the near super wealthy, the 90 t0 99 percenters. They are paying nothing over their proportional wealth , ZERO extra. And that is where the problem is, in the wanna-be-big-rich category. The pretenders to the super class are being subsidized by the bottom and the top.
There ain't nothing "graduated" about the current tax system. Indeed it is working backwards. Those with less pay proportionally more. The entire system has become a regressive tax and wealth system.
Do most of the three million of the top 1% really want to destroy America just so they can have a little more wealth than they can't actually use? I don't think so, they can easily afford that one percentage point increase. Do the the 90 to 99% want to destroy America just to move up a notch or so. I don't know. But that is where the injustice is. Deficit Reduction? Get it there!
In a Class War the Uppers always wins. The Uppers must see that it is in their interest to change. If they can not understand that then we all, top to bottom, will lose.
America, do you really want to give the lower upper wanna-be-richer Republicans and their UberCons back the power of Government?
Do you feel like you been had?
Do you feel like an indentured servant?
Do you feel like a Slave?
Is your stomach turning yet?
So what is to be done?