Airforceone wrote:
America’s 20 most wealthiest now own more wealth than the bottom 50% of Americans. That would mean 20 people have more wealth than 57 million people.
Now with a combined worth of $2.34 trillion the Forbes 400 own more wealth than the bottom 61% of the country combined. That would mean that 400 people have more wealth than 194 million people n people. Now these statistics are under estimate national levels of concentration of these Forbes 400 people. Due to unreported wealth by these 400 it does not include the use of Tax heavens and Offshore accounts. So these 400 have been actually concealing there actual wealth. This is more widespread than previously documented. What Trump and republicans are doing in his tax plan he mentioned these people have over $3 trillion in offshore accounts that never got taxed. Now he wants them to be able to bring that cash back into this country tax free. That’s $3 Trillion all tax free and no assurances that this will be invested in our economy. That would mean that 400 people would have more wealth than the bottom 84% of the people in this country. (THIS IS DANGEROUS TO PUT THAT MUCH WEALTH IN THE HANDS OF 400 PEOPLE) Not only that Trump refused to block the actual loophole that allows the wealthy to continue utilizing offshore accounts. So bring back $3 Trillion tax free and people just go right back to dumping funds into offshore accounts all tax free. I don’t understand what part of this the Trump supporters don’t understand .
How can you build an economy with that much wealth in the hands of so few people.
Now most Trump supporters do not read legislation well I did. I read the Obama Comprehensive tax reform which was actually tax reform not just tax cuts. The portion that most interest me was this estimate of $3 trillion in offshore tax heavens. Under Obama’s plan a 15% tax would be levied on these funds and if these people invested in our economy and actually started hiring people and paid above poverty wages. Obama was concerned about if they paid poverty wages it would effect our social programs cost. So he built in a variable rate as low as 3% depending on the hiring practices. Opening up or expanding manufacturing was the trigger for lower taxes. So it was all incentive based. I thought this was a great idea but his legislation was blocked. Where republicans had control of both house and senate they never sent it to there respective committees to debate and maybe come to a bi partisan result. They just blocked it.
I was hoping that the Trump And GOP Tax Policy which it does not address. There’s actually two things I was looking for which it did not address. There is no trigger to prevent extreme wealth in e******y and he never addressed the ability for these 400 people of massive tax evasion.
Now with the pending Tax bill the ultra rich are moving quickly to shift ther wealth into offshore accounts avoiding taxation. This wealth now is estimated to be in the trillions because they will be able after the first of the year if this bill passes will bring it all back tax free. Trump will not release his taxes so we have no idea if he is invovled with this practice.
What Trump supporters will never understand because you believe everything he says even if it changes from day to day. But what he will succeed at doing with these tax cuts when they go into effect. He made these tax cuts permanent for the upper .01% and all tax cuts for middle class are temporary. They all expire for the middle class. (THIS ONLY MAKES SENSE TO TRUMP SUPPORTERS)
But it started with Reagan, then Bush 41, then Bush 43 the wealth kept going to the top 1%. Trumps plan will finally accomplished what Republicans have been trying to do since Reagan and create extreme ine******y. And corrodes our democratic system and public trust. Ine******y will undercut social mobility and will have a disastrous effect on our economy just exactly as it did under Bush. But this time it will take years to correct it.
You can b***h about Obama and Bill Clinton but they built a stronge economy with the agenda of tax credits by building from the bottom up not the top down.
Trump supporters ignore the deficit totally when Republicans are in Office. According to statistics now the largest deficit in terms of percentages was GW Bush, Reagan, And HW Bush. The Obama deficit was at 85% but 50% of that was attributed to Bush 43 recession, Bush tax cuts, and two wars unpaid for which Trump supporters are in denial.
Now 2 Years after these Trump tax cuts the same old Republican BS will start up and blame the big three for the exploding deficit (SS, MEDICARE, AND MEDICAID) its the same old Republican BS after there wealthy tax cuts. Explode the deficit and blame the big three..
Just think 400 people right now have more wealth than 198 million people if you gave $1.1 trillion in tax cuts to the low income and middle class who buys more stuff. 198 million people or 400 people.
We will be in real danger when you give that much wealth to so few people. They will control this country.
America’s 20 most wealthiest now own more wealth t... (
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Written above are mostly f**e news.
Whoever wrote this article, I must explain that the purpose of the Tax Reform is for economic growth. With lower corporate taxes, the companies who sent their businesses to foreign countries will finally come home. Or companies locally will have more revenue to hire people to meet the demands of the growing population. That means they will hire those free loaders or those who want to work. The people will become productive instead of being dependents to taxpayers. They will improve their lives.
Government does NOT produce. It consumes the assets produced by the taxpayers or producers. People and corporations are the producers. When economy expands and grow, everybody is benefitted. When more people work, more people pay taxes to the IRS. More people contribute to the Social Security and Medicare programs. When people have money they buy and more taxes are paid.
Medicare and Social Security were depleted during the administrations of the democrats because there were so many handouts provided by the government but not contributing to the system. During the BO administration, there were 51% households who did pay taxes. There were 46 million households on food stamps. Thus our national debts were doubled to almost $19.7 trillion. The 8-year debts of the BO administration was much higher than all prior presidents debts combined.
In 2010, when BO care was introduced about $865 billion was taken out of the Medicare Funds to spend for the initial cost of the BO care. Thus those people retired with higher Social Security income, their SS pensions were reduced, because their Medicare premiums were increased. I was one of the victims of this. My SS was reduced during the reign of Mr. Obama.
Government does not create money. Government spends money paid for by the producers or taxpayers. Who are the producers? Those people working, and those companies great and small doing business and paying taxes to the government. Corporations are artificial being that have the legal rights to make money and thus contribute to the system. That is capitalism.
The opposite of capitalism is socialism or c*******m. Do you know of any c*******t or socialist countries that had succeeded, or people became successful? None, only the leaders. E.g. Venezuela is r**ting because of socialism. NK's people are suffering but they are hidden by the government. People are ens***ed by their government. Only their leaders get most of the money. That is why peoples from all over the world, c*******t and socialist countries are coming to the US via various means, illegally, or by refugees. That is why to date, there are about 27 million i******s sucking the system of the US government via food stamps, medical care, education, welfare, and all kinds of handouts. They also defraud the IRS. They use our public school to educate their millions of kids. Taxpayers spend at least $16,000 per child in public schools. And these kids include illegal kids, and kids of refugees, and Muslim terrorists kids, B*M, and A****A, and CAIR kids.
These i******s and refugees k**l, sell drugs to poison the American people young and old. They also steal, burglarize, and shamelessly march on the streets yelling and destroying our American f**gs. These parasites want to take over the United States. In addition to these other parasites, the B*M, A****A, CAIR, and those covered under the SANCTUARY CITIES are parasites wanted to takeover the US. These are the enemies of our civilized society. These are the enemies of the peace loving American people, and companies or businesses that work hard and pay taxes.
In addition, we now know that democrats in Congress and their appointtees, are so corrupt, and immoral people. For so many years, they enjoy hibernating in Congress, spending taxpayers' money, even paying for their sexual immoralities. They do that over and over again for so many years. E.g. Democrat 88 year-old Congressman Conyers, used 54 years of taxpayers' money. Some of the taxpayers' money was paid to women he harassed sexually. They use their power in Congress paid for by taxpayers to abuse and women to satisfy their immoal greed. E.g. Al Franken, Bill Clinton, and many others. These people need to be drained out.
Drain the swamp. THEY HAVE LOST THEIR SAME!