www.csua.org/u/us5 -> news.yahoo.com/top-0-1-nation-earn-half-capital-gains-172647859.html
Rich Neighborhoods Riddled With Foreclosures Capital gains are the key ingredient of income disparity in the US-- and the force behind the winner takes all mantra of our economic system. If you want even out earning power in the US, you have to raise the 15% capital gains tax. Income and wealth disparities become even more absurd if we look at the top 01% of the nation's earners-- rather than the more common 1%. The top 01%-- about 315,000 individuals out of 315 million-- are making about half of all capital gains on the sale of shares or property after 1 year; and these capital gains make up 60% of the income made by the Forbes 400. It's crystal clear that the Bush tax reduction on capital gains and dividend income in 2003 was the cutting edge policy that has created the immense increase in net worth of corporate executives, Wall St. The reduction in the tax from 20% to 15% continued the step-by-step tradition of cutting this tax to create more wealth. It had first been reduced from 35% in 1978 at a time of stock market and economic stagnation to 28% . Again 1981, at the start of the Reagan era, it was reduced again to 20%-- raised back to 28% in 1987, on the eve of the October 19 232% crash in the market. In 1997 Clinton agreed to reduce it back to 20%, which move was an inducement for the explosion of hedge funds and private equity firms-- the most "rapidly rising cohort within the top 1 per cent." the battle that is to be fought over the coming attempt to reverse this reduction in capital gains will be bloody and intense. The facts are clear according to the Congressional Budget Office more than 80% of the increase in income inequality was the result of an increase in the share of household income from capital gains. In fact, you can go so far as to claim that "Capital Gains income is the most unevenly distributed-- and volatile-- source of household income," according to Laura D'Andrea Tyson, University of California business professor and former chairwoman of the Council of Economic Advisers under President Clinton. No wonder the super wealthy plutocrats obtained the largest share of national income-- 25% of the nation's wealth- greater than any other industrial nation in the the period of 1979 to 2005.
Wall Street movement-- and an important national debate. I commend you to the late Justice Louis Brandeis warning to the nation that " We can have democracy in this country, or we can have great wealth concentrated in the hands of a few, but we can't have both." We have to make up our minds to restore a higher, fairer capital gains tax to the wealthiest investor class-- or ultimately face increased social unrest.
com%2Fyahoonews&layout=button_count&show_faces=0&width=90&height= 24&locale=en_US What do you think? Will austerity measures avert economic meltdown in Europe? Europe will pull back from the brink Too little, too late 30% 16,934 people have answered this question.
Miami, United States o 18 hours ago As I have written before, perhaps the congress and senate should wear jackets similar to NASCAR drivers to show off who have bought them!
QuestionEverything 19 hours ago The sad thing about this story is that it doesn't mention that the hedge fund managers, as well as managers of huge mutual funds, have numerous loop holes that allow them to pay even less in capital gains taxes. They can make the exact same trades as me and pay a third of what I pay in taxes because of loop holes they have by virute of buying off politicians to allow them the loop holes.
Dallas, United States o 19 hours ago People I am neither Republican or Democrat. We the people must find better Citizens to run for office. We must stop listening to the Party Elites and Media as to whom is electable.
Los Angeles, United States o 18 hours ago I have no problem with wealthy people. When they pay lobbyists to manipulate the tax code, in their favor, that is a different story. It is time to draw the line and take money out of politics.
Salisbury, United States o 19 hours ago We need people that will run for office that are honest and will not be corrupted by big business or special interest groups. Problem is that our system has gotten out of hand and it takes a great deal of money to run for office and the opponents look for skeltons anywhere they can get them. We need to look beyond single mistakes and look into the hearts of our leaders. We need several hero, honest Americans who can lead us to what we could become what our ansestors dreamed we would one day become. When I see this person I will vote for him/her and will aid them in their fight, our fight.
JB 18 hours ago This country will never be elevated to the great status it once was unless we get rid of these fools in our government. You could almost put them in the same category as the mafia. They've vote themselves in perk after perk and made it so that we (THE PEOPLE) can't change what they've put into law. They just gave themselves a raise in their pensions while the rest of us are watching ours drop by the minute. A new car every two years (on us tax payers) They're even taking from the elderly now.
three-toed sloth 19 hours ago Open memo to the Left and the Right: We have been listening to you people rant and rave for years now You both are fiddling while the rest of us are burn. or do you agree with Pete Stark that more debt is a sign of wealth? that keep-the-taxes-low-for-the-rich-so-they-can-create-jobs story is wearing thin.
KatsuakiW 17 hours ago Remember when John McCain said the average middle class family earns $250k a year? If 250k is middle class, then those making $25k,-100k must be poverty.
Alamo, United States o 20 hours ago This is EXACTLY what Warren Buffet meant when he said he pays an effective lower tax rate than his secretary. Most rich people and CEO's in this country derive their income almost entirely from dealings in the stock market.
Direct Edge to open new exchange in Brazil (Reuters) - US-based stock exchange operator Direct Edge plans to open a bourse in Brazil in a move meant to tap the country's fast-growing financial sector, and to speed the splintering of marketplaces ...
More Direct Edge to open new exchange in Brazil (Reuters) - US-based stock exchange operator Direct Edge plans to open a bourse in Brazil in a move meant to tap the country's fast-growing financial sector, and to speed the splintering of marketplaces globally. The privately-held company said on Monday it expects to launch the all-electronic exchange by the fourth quarter ...
Moody's warns on French rating outlook PARIS (Reuters) - A rise in interest rates on French government debt and weaker growth prospects could be negative for the outlook on France's credit rating, Moody's warned in a report on Monday, adding ...
More Moody's warns on French rating outlook PARIS (Reuters) - A rise in interest rates on French government debt and weaker growth prospects could be negative for the outlook on France's credit rating, Moody's warned in a report on Monday, adding to pressure on European debt markets. Worries that France has the weakest economic fundamentals among the euro's six AAA-rated ...
Gilead to buy biotech Pharmasset for $11 billion Lewis Krauskopf and Anand Basu (Reuters) - Gilead Sciences Inc struck a deal to buy biotechnology company Pharmasset for about $11 billion in a huge bet to diversify its portfolio with new hepatitis C treatments.
More Gilead to buy biotech Pharmasset for $11 billion (Reuters) - Gilead Sciences Inc struck a deal to buy biotechnology company Pharmasset for about $11 billion in a huge bet to diversify its portfolio with new hepatitis C treatments. Gilead, the world's largest maker of HIV drugs, will pay $137 per share for each Pharmasset share, an 89 percent premium to Pharmasset's Friday ...
Debt crisis strikes at heart of Europe Robin Emmott and Fiona Ortiz BRUSSELS/MADRID (Reuters) - The euro zone's debt crisis struck again at the heart of Europe on Monday despite a clear-cut election victory in Spain for conservatives committed to tougher austerity.
More Debt crisis strikes at heart of Europe BRUSSELS/MADRID (Reuters) - The euro zone's debt crisis struck again at the...
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