View Full Version : America Has the World's Luckiest Billionaires

07-31-2012, 01:37 AM
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Charts: America Has the World's Luckiest Billionaires
None of our main global competitors give the ultrarich such a sweet deal.

The tax plan passed by Senate Democrats on Wednesday isn't really about taxing the rich; it's about taxing the megarich. As Timothy Noah has explained in The New Republic, the plan would actually reduce taxes on a lot of fairly rich people by renewing the (supposedly temporary) Bush-era tax cuts for everyone except those who make more than $250,000 a year. Even then, Democrats are only proposing a higher marginal tax rate, which means that even people raking in far more than $250,000 will still pay lower taxes on their first quarter million in annual earnings. Crunch the numbers, and it turns out that the biggest losers under the Senate plan are couples who earn more than $1 million a year—mostly multimillionaires and billionaires. </div></div>


<div class="ubbcode-block"><div class="ubbcode-header">Quote:</div><div class="ubbcode-body"> Crunch the numbers, and it turns out that the biggest losers under the Senate plan are couples who earn more than $1 million a year—mostly multimillionaires and billionaires.

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<span style='font-size: 14pt'>While the Senate tax plan could certainly go further in taxing the rich, focusing on the megawealthy makes sense considering how much of our economy is now controlled by them. <span style="color: #990000">According to the Internal Revenue Service, there are 66,000 taxpayers who individually control $20 million or more in assets, and all these people put together are worth $4 trillion—more than the net worth of the majority of the US population.</span></span>

The investment bank Credit Suisse, for its part, classifies "ultra high net worth individuals" as people with at least $50 million in assets—and according to the bank's 2011 Global Wealth Databook, more of these UNHWIs live in the United States than anywhere else in the world (see chart above).

So perhaps America has lots of multimillionaires because it's a prosperous country? That's certainly a factor—but not the only one. <span style='font-size: 17pt'>Compared to the superrich in the six other countries with the most multimillionaires, American tycoons grab a disproportionately large share of the economic pie:</span> </div></div>


link (http://www.motherjones.com/politics/2012/07/charts-how-americas-billionaires-get-off-tax-rich-congress)

The GOP are going to have to make a deal.


07-31-2012, 03:29 AM
What its really about is the Extending of a major cut in the estate tax and ,

<div class="ubbcode-block"><div class="ubbcode-header">Quote:</div><div class="ubbcode-body"> Extending a tax cut on stock dividends and capital gains

The main reason that Mitt Romney paid an effective tax rate of just 13.9 percent in 2010 was that most of his income was taxed at the capital gains rate, which Republicans under George W. Bush had slashed from 20 percent 15 percent. He also benefited from a Bush-era reduction in the tax rate on corporate stock dividends to 15 percent from a much higher top rate of 39.6 percent. President Obama wants to partially reverse those changes, applying the higher pre-Bush rates to all capital gains and corporate dividends income that falls into the top two tax brackets. But Senate Democrats wussed out, passing a bill with much smaller increases in those tax rates. Citizens For Tax Justice illustrates how the Senate's changes benefit the wealthy:</div></div>

Why should Mitt pay such a low tax rate?

Is there any justification in this?


Gayle in MD
07-31-2012, 09:38 AM
NO! The luckiest billionaires and the biggest CROOKS! And, no wonder, they are linked to the Repiglicans, crooks extraordinaire.

It all started with Ronald BSer and Liar in Chief, extraordinaire, and it has only gotten worse since!