wealthy benefit most from tax subsidies

iVillage Member
Registered: 09-15-2008
wealthy benefit most from tax subsidies
137
Wed, 09-22-2010 - 9:25pm


(Reuters) - Billions of dollars in U.S. tax breaks to encourage home ownership, retirement savings, business start-ups and education mostly benefit top income earners and do little to help low- and middle-income people build wealth, a report released on Wednesday said.

full article:
http://www.reuters.com/article/idUSTRE68L3WP20100922

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iVillage Member
Registered: 03-10-2010
Tue, 09-28-2010 - 3:38pm

"I do, however recognize that I live in society, and I do not have what I have just because of the choices that I have made. My life is better, because of the work that many people do."



Very nicely said!

 

iVillage Member
Registered: 05-13-2009
Tue, 09-28-2010 - 9:51am
Or, if your in the upper 20% the numbers will continue to get better.
iVillage Member
Registered: 01-21-2006
Tue, 09-28-2010 - 9:46am

No doubt that I believe that I live in the "right" country, but not based on any newspaper article...:)



Interesting read...I am not surprised that incomes have dropped over the last year. The census was taken during one of the worst economic down turns in recent history.

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iVillage Member
Registered: 05-13-2009
Tue, 09-28-2010 - 9:24am

Apparently, you live in the right country.

http://www.washingtonpost.com/wp-dyn/content/article/2010/09/28/AR2010092800465.html?hpid=topnews

Census finds record gap between rich and poor

By HOPE YEN
The Associated Press
Tuesday, September 28, 2010; 6:46 AM

WASHINGTON -- The income gap between the richest and poorest Americans grew last year to its widest amount on record as young adults and children in particular struggled to stay afloat in the recession.

The top-earning 20 percent of Americans - those making more than $100,000 each year - received 49.4 percent of all income generated in the U.S., compared with the 3.4 percent earned by those below the poverty line, according to newly released census figures. That ratio of 14.5-to-1 was an increase from 13.6 in 2008 and nearly double a low of 7.69 in 1968.

more...

iVillage Member
Registered: 11-13-2009
Tue, 09-28-2010 - 9:20am

Thanks for explaining.



 

iVillage Member
Registered: 08-16-2005
Tue, 09-28-2010 - 9:15am

Ha ha, my boys and DH do NOT shop :)


iVillage Member
Registered: 01-21-2006
Tue, 09-28-2010 - 9:07am

Haha...funny that your DH was going to go buy your pants! Sonny does almost all of the shopping for my clothes and may I add......the man has impeccable taste! If he didn't, I'd never have new stuff to wear.



We like you, put off our wants and some of our needs until we deemed ourselves financially rooted. Not to say, that we were financially secure, but we had laid down some roots that would give us stability. We were nearly 30 before we married and started our family. I have friends who married right out of high school, took what seemed like "good paying" jobs at the time and started spending. It was simply a different philosophy and I remember being jealous of them. I don't begrudge anyone for choosing to do things differently, but I don't think it's my responsibility to "spread the wealth" to those who made a conscience choice to take a different route. I have no problem with the government providing safety nets for those who fall on rough times or can not make it due to no fault of their own, but the idea that the

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iVillage Member
Registered: 01-21-2006
Tue, 09-28-2010 - 8:50am

<<<<>>>>



I don't know that I'd go as far as to say "everyone" but I would venture to guess that many have, which is the point I was making. It's often assumed that only some (those who have less) sacrifice and struggle, but often those who are considered 'wealthy' have struggled and sacrificed at the same level or perhaps more during their life.



It must be nice to know so many millionaires. I only know one couple who qualify as millionaires and they won the lottery, around 2.4 million after taxes in a one time payment. I grew up down the street from them, played with their children and went to church with them. He was a blue collar worker and she a secretary in a government school. He was forced into early retirement or be laid off and she had received her pink slip, when low and behold, they played the lottery and won! Now, they live comfortably and are able to help their daughter who has a special needs daughter. They still attend the same church and live down the street from my parents in a very middle class neighborhood. They are the only millionaires I know!



shell



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iVillage Member
Registered: 08-16-2005
Tue, 09-28-2010 - 5:32am

Exactly.


iVillage Member
Registered: 11-13-2009
Tue, 09-28-2010 - 12:25am

I can remember having only enough money left at the end of the month to be able to afford bologna, cheese and bread.



I would bet everyone on this board has done the same.



I am sure that there are some wealthy people that were born with that "silver spoon", however, I don't know any of them.



That's almost exclusively the case of the millionaires I know.

 

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