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: 09-01-2010
Thu, 09-23-2010 - 5:55pm

I'll have to go capture the bug again and see if I can trap him on your screen.

~Opal~    
iVillage Member
Registered: 03-26-2003
Thu, 09-23-2010 - 6:15pm

The overall trend over the last 30 years has been for the rich to get richer while the poor got poorer.

 


 


I disagree with you, but I'm pretty sure

iVillage Member
Registered: 01-21-2006
Thu, 09-23-2010 - 8:30pm

I can totally agree with letting all the tax cuts expire, but to favor one group over another is only tolerated when the group getting the short end of the stick is in the minority. It's easy to agree to let someone else to take the "hit"...so long as no one asks "me" to take it too. Easy!



shell



Photobucket
iVillage Member
Registered: 01-22-2000
Thu, 09-23-2010 - 9:15pm

"The author in his zeal to emphasize what percentage of taxes the top 1% pay, fails to cite what percentage of the wealth they have"



That might be because the author was clear in writing about, and we pay taxes on, income. But I think I get your point.



Sonny

iVillage Member
Registered: 01-22-2000
Thu, 09-23-2010 - 9:27pm

"That still ignores their wealth"



That is because she is discussing income tax, not "wealth" tax.



Sonny

iVillage Member
Registered: 09-01-2010
Thu, 09-23-2010 - 9:31pm

Wealth can generate income.

~Opal~
~Opal~    
iVillage Member
Registered: 01-22-2000
Thu, 09-23-2010 - 9:34pm

Which is also taxed,

iVillage Member
Registered: 09-01-2010
Thu, 09-23-2010 - 10:25pm
Yes....and still they hold the financial wealth, about 40% of it. So it seems like a coincidence that the wealthy pay about 40% of the income taxes in this country, and they hold about 40% of the financial wealth. There is almost a balance there when I think of it.
~Opal~
~Opal~    
iVillage Member
Registered: 10-30-2003
Thu, 09-23-2010 - 11:25pm
That might be because the author was clear in writing about, and we pay taxes on, income. But I think I get your point.





No, I don't think you get my point. Because although the author was writing about taxes, his argument that the top 1% pay more than their fair share falls short. Of course the wealthiest pay a greater percentage of taxes than their income; we have a progressive tax code. It's the discrepancy in the distribution of wealth that explains the need for the progressive tax code, as Opal has already explained. That wealth is not taxed is irrelevant to the question.





Anne

I have no need for anger
With intimate strangers
And I got nothing to hide



- Amy Ray






Edited 9/23/2010 11:27 pm ET by zabugle

I have no need for anger
With intimate strangers
And I got nothing to hide


- Amy Ray

iVillage Member
Registered: 08-16-2005
Fri, 09-24-2010 - 5:30am

The wealth is taxed, last time I saw my accountant and DH verified for me.


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