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cabdriver

Published Letters: 1913
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Friday, October 16, 2009 10:07 AM

@Barry

Democrats wish to add illegal immigrants to the census for simular reasons today, they will not vote but will skew representaion in liberal progressive favor.

That comparison is ridiculous. The Census counts people, it doesn't enfranchise them. And it does so in order to do things like enable planning for basic human needs. Do leave illegal immigrants out of the count is simply a denial of facts on the ground.

Today in America both the richest and poorest americans are Democrats. Democrats like to project the image of big business Republicans having all the money and power but 58% of our highest tax bracket is made of liberal progressive Democrats.

That's an obvious and blatant abuse of statistics- the top tax bracket includes 1.1 million Americans, and it begins at approximately $375,000 annual income.

Only the naivete of someone considering things from a middle-middle class point of view imagines that $375,000 per year is "rich", in the year 2009.

What is "rich"? More like 10-100 times that much- even when considered strictly on paper as a proportional disparity, that's a greater gap equivalent to a person making $50,000 per year- or $5,000 per year- vs. $500,000 per year.

How the Bush tax cuts- principally on capital gains- played out:

Bloomberg reports that, according to recently released IRS data, “the average tax rate paid by the richest 400 Americans fell by a third to 17.2 percent through the first six years of the Bush administration and their average income doubled to $263.3 million.” Much of their income came from capital gains resulting from the Bush tax cuts:

The drop from 2001’s tax rate of 22.9 percent was due largely to ex-President George W. Bush’s push to cut tax rates on most capital gains to 15 percent in 2003.

Capital gains made up 63 percent of the richest 400 Americans’ adjusted gross income in 2006, or a combined $66.1 billion, according to the data. In all, the 400 wealthiest Americans reported a combined $105.3 billion of adjusted gross income in 2006, the most recent year for which the IRS has data.

The Wonk Room has noted how “the conservative approach of putting big corporations and the very wealthy ahead of the middle class has failed to create prosperity that can be shared by all Americans.”

http://thinkprogress.org/2009/01/30/americans-income-doubled-bush/

This message has been brought to you by the Reality-Based Community.

(Oh yeah- all you newbie "gold bugs" out there? Your capital gains tax hasn't gone anywhere- which means that if you're holding hard gold assets, when you go to cash them in, you're instantly going to be assessed at a cool 28 per cent. Plus the gold buyer's commission, usually about 3-4% off of the trading price on a given day. So if you're buying coins as a hedge against inflation at $1000/oz, it's going to have to go up to over $1300 before you're ahead money. Futures contracts are different...that's where the big boys play, not the penny ante survivalists.

For gold to return to its "traditional" function as a currency medium of exchange, I suspect the population of this country would have to decline to around 20 million people, ballpark guess...have a nice day.)

Wednesday, October 14, 2009 02:23 PM

@London Lad

o Lord...next you'll be quoting "Broken Barricades", by Procul Harum.

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