Think Progress Reports 400 richest Americans’ incomes doubled under Bush.»

[1776Forever]

400 richest Americans’ incomes doubled under Bush

http://thinkprogress.org/

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.”

.........

Now President Obama is on the path of saving the middle-class - HIS BASE! VP Biden's Middle Class Task Force is asking for your thoughts to build a strong middle-class at this link:

http://www.whitehouse.gov/strongmiddleclass/

Enough Repub's! It is our turn! Let's get this country moving!

[mod mom]

1. It's enough to make you blood boil! There needs to be some serious action taken

against the robber barons. There is no faith let in the system and the economy will not improve until faith is restored.

I have to say, although an active Obama supporter, seeing President Obama place some of those who pushed the de-regulation policies of the last 28 years, makes we wonder whether we are heading for real change or a fluff job to protect the corporate elitists.

[1776Forever]

3. I agree that "we" must get serious and stand up for justice and prosecute those who stole from us!

I cannot wait until AG Eric Holder takes office! His post should be one of the most important offices in the Administration! We must start to bring confidence back to our country and those who think they live by other rules!

The list is so long! I posted this in another post today about some of them:

http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=389&topic_id=4948023&mesg_id=4949801

[NNN0LHI]

2. Send this to everyone you know because most news sources won't report this

[Wiley50]

4. Combined wealth= 1 trillion, 5 billion, 320 million

Just figured out a way to pay for the stimulus

Kill those 400 and take their hoarded wealth

sacrifice 400 to save 300 million?

Sounds fair to me

[1776Forever]

5. It is simple - put the taxes back to Clinton years % - No killing needed.

Sounds fair to me!:rant:

[Lasher]

8. I'm for reversion to the 1980 tax structure.

The Reagan tax cuts sucked too, and for the same reasons. Let's put an end to this failed experiment with Reaganomics. Supply side economics was never anything more than an attempt to find moral justification in taking from the poor and giving to the rich.

[1776Forever]

9. Agreed - It is what got us here! n/t

[boomerbust]

6. But at least

This spreading of wealth created millions of jobs.:hi:

[Lasher]

7. About those capital gain and dividend tax cuts...

CAPITAL GAINS AND DIVIDEND TAX CUTS: DATA MAKE CLEAR THAT HIGH-INCOME HOUSEHOLDS BENEFIT THE MOST

January 30, 2006

Half of American households have some investment in the stock market. What this statistic ignores, however, is that nearly two-fifths of this stock is held in retirement accounts, such as 401(k)s and IRAs. This distinction is crucial, because capital gains and dividend income accruing inside these retirement accounts is not subject to taxation, and thus do not receive a tax benefit from the reduction in the tax rates on capital gains and dividend income.

Survey of Consumer Finance data for 2001 show that 30 percent of households own some stock in taxable accounts, but that ownership of stock in taxable accounts is much more prevalent among high-income households than among low- and moderate-income households.

Only 17 percent of households in the bottom 60 percent of the income spectrum own stock in taxable accounts. In contrast, 73 percent of the households in the top 10 percent of the income spectrum own stock in taxable accounts. Among those at the very top of the income spectrum — the top one percent — 84 percent own stock in taxable accounts.

Further, among those households that own taxable stock, the average holding is much larger for those at the top of the income spectrum than for those with more modest means. For households in the bottom 60 percent of the population that have any taxable stock, the average value of the holding is about $52,000 (in 2001 dollars). The average value is nearly $2 million for those in the top one percent of households.

Because taxable stock holdings are both smaller and less common for the bottom 60 percent of households, this group owns only 9 percent of all taxable stock. The top 10 percent owns 70 percent of all taxable stock. The top one percent owns 29 percent of all taxable stock.

<snip>

Further, focusing on the number of households claiming capital gains and dividend income does not tell the full story; it is much more important to look at the amount of capital gains and dividend income collected by various income groups. Tax Policy Center data for 2005 indicate that the bulk of income from dividends and capital gains flows to high-income households.

Over half — 54 percent — of all capital gains and dividend income flows to the 0.2 percent of households with annual incomes over $1 million. More than three-quarters — 78 percent — of this income goes to those households with income over $200,000, which account for about 3 percent of all households.

In contrast, only 11 percent of capital gains and dividend income goes to the 86 percent of households with incomes of less than $100,000. Only 4 percent of this income flows to the 64 percent of households that have income of less than $50,000.

http://www.cbpp.org/1-30-06tax2.htm

[hfojvt]

14. dang, they wrote about that way before I did

http://journals.democraticunderground.com/hfojvt/81

[Lasher]

15. Good detective work.

I missed that journal article but it's bookmarked now. Thanks for the heads-up. :thumbsup:

[Carni]

10. An idea (probably a dumb one)

There is a website called restaurants.com and there you can buy certificates for between 50 and 80% off (depending on the specials they are running)

I have paid 2.00 for a 25.00 certificate to a participating restaurant...the only catch is I have to use it towards a purchase of 35.00 or more--bottom line I can go and have a 35.00 meal out for 12 bucks (plus I have to leave a gratuity)

OK so what is the point to the above? My question...why couldn't the government start some type of a program where either THEY (the Gov with our money)could invite merchants to participate in such a program OR just invite merchants to participate and then the people (us individuals) could purchase coupons for a reduced amount of the value of what we are getting?

I mean on any type of goods.

I am not savvy on economics but this has been a recurring theme that keeps popping into my head--many restaurants in my area are participating in the restaurants.com site to generate business so I have to think they must be gettting something out of the deal.

Curious as to what others think of this (I may have no idea what I am talking about however! If that is the case nevermind!)

[1776Forever]

11. Send it to VP Joe Biden's Middle Class Task Force ..... link

http://www.whitehouse.gov/strongmiddleclass/

One idea leads to another - I think you may be on to something. Seems this is the only way some of these restaurants are staying in business. Why not do it for other types of businesses?

[Divine Discontent]

13. wrote him

"In brief so my comment is considered strongly - thousands of angry comments online about how the 400 richest doubled their wealth under Bush laws & waste spending - they've stolen from our treasury - we DEMAND it be taken BACK.""

[1776Forever]

17. We all must take time to speak up! If we cannot get out there & march it is the least we can do!

:thumbsup: :hi:

[Carni]

16. I tried but 500 characters wasn't enough ti desribe it properly

I was about half finished when my blabbing space was maxed out.

[Divine Discontent]

12. kick for social economic justice !!!!!!!!!!!!!!!!!!!!!

[4 t 4]

18. and there are Repukes

on teevee right now spewing they want tax cuts

[Divine Discontent]

19. effing delusional GOPers! they're blind to the suffering, and ignorant to the fact that spending to

create jobs actually involves spending programs, that... ya know, CREAT jobs...

good grief. they're such obstructionists!

[NNN0LHI]

20. Kick because its important