20 February 2010
The incomes of the very rich in the US grew phenomenally between 1992 and 2007, while their tax rates plummeted, according to recently uncovered IRS statistics.
Thefigureswere published on the IRS web site in December of 2009, but received little notice because they were not announced. The report only became widely known when Tax Analysts, a news outlet for tax information, discovered the document and wrote about it on its web site,tax.com, on Thursday.
The report shows that the average income for the top-earning 400 families, denominated in 1990 dollars, grew from $17 million to $87 million, representing a five-fold increase in real terms. During this time, the percentage of the total national income that went to the top 400 families tripled, from .52 percent in 1992 to 1.59 in 2007.
The data shows that these families saw their incomes increase by 31 percent between 2006 and 2007 alone, while the average income of each family reached $345 million.
The amount of money earned by the group more than doubled from 2001, when its members earned on average $131.1 million. In 1993, the top 400 tax return filings amounted on average to $46 million. This means that there was an eight-fold nominal increase in the average earnings for this group between 1993 and 2007.
Meanwhile, the effective tax rate on this groupthe amount actually paid in taxesfell to 16.6 percent, the lowest figure on IRS records dating to 1992.
Congressional Democrats have sought to place blame for falling taxes on the wealthy solely on the Bush administrations tax cuts. But the IRS figures show that the effective tax rate on the top 400 income earners actually fell faster under the last part of the Clinton administration than at any later time.
The effective tax rate hit a high point of nearly 29 percent in 1995. By the end of the Clinton administration, the rate had fallen to 22 percent. The trend continued under Bush, with the effective tax rate falling another 6 percentage points between 2001 and 2007.
The Bush administration lowered the capital gains tax by 5 percentage points, to 15 percent, in 2003. But Bushs policies were only a continuation of laws passed under the Clinton administration, when the capital gains tax was lowered from 28 percent to 20 percent for the top income brackets.
The top income earners received a total income of $138 billion in 2007. This figure is larger than the yearly output of most of the worlds countries, and is nearly as large as the GDP of Chile. Out of this amount, the group paid only $23 billion in taxes.
If the top 400 earners had been taxed in 2007 at the 1995 rate, they would have paid an additional $18.4 billion in taxes, enough to cover the entire 2010 budget shortfall of the state of California.
About three quarters of income for earners in this tax bracket came from capital gains, which were taxed at 15 percent, as opposed to income, which is taxed at a rate of 35 percent for the top bracket.
The top 400 families actually paid lower taxes compared to other high-income earners. In 2005, the Congressional Budget Office found that the top 1 percent as a whole paid a tax rate of 19.7 percent.
The median 20 percent of income earners paid a tax rate of 12.5 percent, including Social Security payments, which are negligible for the very rich.
The IRS report on the top 400 families was first regularly published by the Clinton administration, but the Bush administration shut down its release, according to the tax.com article by Cay Johnston, a tax law professor at Syracuse University. The Obama administration resumed publication of the figures, with the 2006 figures published about a year ago.
Johnston also noted, At least three hedge fund managers made $3 billion in 2007. He added, Only 33 of the top 400 paid an effective tax rate of 30 percent to 35 percent, which is the maximum federal tax rate.
The data further substantiates the highly publicized conclusions of economists Thomas Piketty and Emmanuel Saez, who found that two thirds ( 66%) of income increases between 2002 and 2007 went to the wealthiest 1 percent of society and that income for the top 1 percent grew 10 times faster than that of the bottom 90 percent. Piketty and Saez found that the top 1 percent of earners got a higher share of income in 2007 than at any time since 1928.
The latest figures come amid constant calls by the White House and Congress to cut social programs in order to balance the budget. The federal government, we are told, has been bankrupted by the profligacy of social programs and the proportion of social resources allocated to the general population.
But the latest figures show that the opposite is true. It is the rich who have bankrupted the state, with the full assistance of the two big-business parties.
All gentile children are animals so the JEW says
Israel the so-called oasis of democracy and human rights been cited by the United Nations and the US State Department was one of the worst offenders in this slave trade, a $ 1,000,000,000 dollar booming industry which continues to this day.
Israels sex trade booming News from Israel, YnetnewsYnet News
Human trafficking in Israel rakes in more than one billion dollars a year, findings in annual parliamentary survey show.
http://www.ynetnews.com/articles/0,7340,L-3062297,00.html
TEL AVIV Thousands of women are being smuggled into Israel, creating a booming sex trade industry that rakes more than USD one billion a year, a parliamentary committee said on Wednesday.
The Parliamentary Inquiry Committee, headed by Knesset member Zehava Galon of the left-wing Yahad party, commissioned the report in an effort to combat the sex trade in Israel. Findings showed that some 3,000 and 5,000 women are smuggled to Israel annually and sold into the prostitution industry, where they are constantly subjected to violence and abuse.
The report, issued annually, said some 10,000 such women currently reside in about 300 to 400 brothels throughout the country. They are traded for about USD 8,000 USD 10,000, the committee said.
The U.S. State Department ranks Israel in the second tier of human trafficking around the world, saying the Jewish State does not maintain minimal conditions regarding the issue but is working to improve them.
Israel passed a law in 2003 that would allow the state to confiscate the profits of traffickers, but watchdog groups say it is rarely enforced.
Most foreign prostitutes in Israel come from Ukraine, Moldova, Uzbekistan and Russia and many are smuggled in across the Egyptian border.
The committee found that the women work seven days a week for up to 18 hours every day and that out of the NIS 120 paid by customers, they are left with just NIS 20, while the rest of the money is passed on to their traders.
The prostitutes face constant threats of abuse and murder, the report said, and Israeli law does little to help them. Delays in trial dates and prolonged hearings force the women to remain exposed to violence for more than a year until they are called in to provide testimony, and courts rarely collect early testimonies, as permitted by law.
To help combat the problem, the committee recommended that the state prosecutors office refrain from making plea bargains with sex traders. It also advised to raise the threshold of punitive measures and pushed for financial compensation for sex trade victims.
Human Trafficking & Modern-day Slavery Israel
EVIL BEYOND BELIEF ..
JEW GROUPS PRAISE LYING RADIO KIKE
JEW GROUPS PRAISE LYING RADIO KIKE
Jew ish groups praise Limbaugh
February 2, 2010
(JTA) -- Jewish groups praised Rush Limbaugh for his "outspoken support for Israel" after his controversial remarks on Jews and the banking industry.
"There has been controversy recently over statements made by radio talk-show host Rush Limbaugh about Jewish voting patterns, political ties and the recent Massachusetts election. We are deeply dismayed by the unfounded criticism of the talk show commentator's observations," read a statement issued Wednesday by several Jewish organizations, including American Friends of Likud, the news monitoring group CAMERA, Emunah of America, the Jewish Institute for National Security Affairs, National Council of Young Israel, Religious Zionists of America and Z-Street.
"While one may agree or disagree with Mr. Limbaugh's views on many subjects, his outspoken support for Israel has been eloquent, informed and undeniable. Moreover, in commentary on the Jewish people, he has been nothing short of a philo-Semite. We are grateful for his strong and singular voice on these issues," concluded the statement.
During a Jan. 20 broadcast following Republican Scott Brown's upset victory in the U.S. Senate race in Massachusetts, Limbaugh wondered if Jews -- nearly 80 percent of whom backed Barack Obama in 2008 -- were having second thoughts about the president.
"There are a lot of people, when you say banker, people think Jewish. People who have prejudice, people who have, you know -- what's the best way to say -- a little prejudice about them," Limbaugh said, according to the liberal media watchdog group Media Matters. "To some people, 'banker' is code word for Jewish; and guess who Obama is assaulting? He's assaulting bankers. He's assaulting money people. And a lot of those people on Wall Street are Jewish. So I wonder if there's -- if there's starting to be some buyer's remorse there."
Limbaugh's remarks were criticized by the Anti-Defamation League last week, which called them "offensive and inappropriate."
The Zionist Organization of America issued a statement directly slamming the ADL's Abraham Foxman for his criticisms of Limbaugh.
The ZOA is also surprised by Foxmans attack because not only were Rush Limbaughs comments not anti-Semitic, but Rush Limbaugh is in fact one of Israels strongest supporters," the ZOA said in a statement.
ZOA accused Foxman of holding Limbaugh to a tougher standard than several virulent critics of Israel, and it called on the ADL leader to retract his comments and apologize to Limbaugh.
Untitled
In Memoriam
~ Rachel Corrie ~
1979 - 2003
THE BOLSHEVICK HAND THAT DIVIDES US!
OUCH! AIG JEWS BITCH SLAPPING AMERICAN TAX PAYERS AGAIN !! HOW DOES IT FEEL AMERICA??
GOP WALL STREET JEW HAS MORE FROM WHERE THAT CAME FROM.. AIG JEWS!
AIG Bonuses - News Results
100 million dollars in bonuses for failure after failure! MY PERENNIAL QUESTION REMAINS: When will Americans realize that the WEALTHY BEYOND BELIEF JEWS ARETHE DRIVING FORCE BEHIND THAT WEDGE THAT DIVIDES THIS NATION?
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Compensation Czar: Contracts Mandate AIG BonusesNPR - Feb 04 01:19
Pay czar: AIG bonuses are 'outrageous' but legal USA Today - Feb 03 Fury heats up after new AIG bonuses AFP via Yahoo! News - Feb 04 |
HAD ENOUGH OF THE GREEDY KIKES HERE IN AMERICA?
WELL, HAD ENOUGH OF THESE KIKES YET??
