Drudge Retort: The Other Side of the News
Thursday, November 09, 2017

In a report, the Billionaire Bonanza, the thinktank said Donald Trump's tax change proposals would "exacerbate existing wealth disparities" as 80% of tax benefits would end up going to the wealthiest 1% of households.

"Wealth inequality is on the rise," said Chuck Collins, an economist and co-author of the report. "Now is the time for actions that reduce inequality, not tax cuts for the very wealthy."

Advertisement

Advertisement

More

Alternate links: Google News | Twitter

I found this in the Comments section, couldn't have stated it better.

Also in common, is that their tentacles run through the Democratic Party. Puppet masters, making sure other people's taxes keep the people at bay while giving the masses enough money to spend on their products and services. Oligarchs who avoid taxes, use near slave labor in 3rd world countries (legal loopholes) and decry inequality. It isn't the problem of tax rates or capitalism, it is the abuse of it, and a government created machine to help. I have no problem with the wealth they have amassed, it's the hypocrisy of avoiding taxes and payroll through govt created vehicles.

Comments

Admin's note: Participants in this discussion must follow the site's moderation policy. Profanity will be filtered. Abusive conduct is not allowed.

Yet, the same people complaining about wealth inequality, complain about closing the borders, and enforcing immigration law. I am not sure how that world is supposed to work.

Increasing the number of poor then complaining about the average dropping? Its not a complicated equation, even Corky could figure it out, maybe.

The only question really is whether generations hold onto wealth accumulated by a single individual. Certainly doesn't last more than 3 generations, unlike other countries.

To the comment ...

I have no problem with the wealth they have amassed,

Actually you do....

it's the hypocrisy of avoiding taxes and payroll through govt created vehicles.

They pay 50% of the federal taxes... what are they "avoiding"?
www.cnbc.com

Seems to me this country has a lot of freeloaders..... people that aren't contributing to the benefits of living in this country.

I call them TheTakers.

Oligarchs who avoid taxes, use near slave labor in 3rd world countries (legal loopholes) and decry inequality.

How about allowing slave labor into our country? That isn't a concern is it. Dilute the average citizens wage leverage isn't a problem in your book is it?

It isn't the problem of tax rates or capitalism, it is the abuse of it, and a government created machine to help.

Of course the government assisted it, it allowed and afforded them to create and invest in corporations that people use to a large degree. Its not abuse, its a fact that the corporations these men created and invested in are at the core of our society, culture and economic prosperity.

80% of tax benefits would end up going to the wealthiest 1% of households.

Perhaps, but this complaint is because you don't understand the tax code, nor the proportion of taxes they are already paying (50%). The tax code is progressive, so any tax relief lower tax brackets see, so will the rich and to their benefit.

#1 | Posted by AndreaMackris at 2017-11-09 10:06 AM | Reply | Newsworthy 1

"They pay 50% of the federal taxes"

Nonsense. You're pretending income taxes are the only federal taxes; they're about 1/3rd.

"this complaint is because you don't understand the tax code"

No, it's because he understands this tax code is ridiculously tilted toward the ultra-rich.

"The tax code is progressive, so any tax relief lower tax brackets see, so will the rich and to their benefit. "

Brackets and deductions can be altered in any way. If a code is ludicrously tilted toward the richest, it's by design.

#2 | Posted by Danforth at 2017-11-09 10:10 AM | Reply

"Seems to me this country has a lot of freeloaders..... people that aren't contributing to the benefits of living in this country. I call them TheTakers."

It's easy to make that mistake when one believes income taxes are the only federal taxes. Meanwhile, the vast majority of workers --2/3rd--pay more in payroll taxes over their lifetimes than income taxes.

But idiots will continue to refer to those folks, as well as elderly SS recipients, as Takers.

#3 | Posted by Danforth at 2017-11-09 10:14 AM | Reply | Newsworthy 1

Meanwhile, the vast majority of workers --2/3rd--pay more in payroll taxes over their lifetimes than income taxes.

Come on Dan, you know that is, in part, because they pay no federal income taxes but have to help pay for entitlement programs that will (hopefully) benefit them in the long run.

#4 | Posted by Rightocenter at 2017-11-09 11:34 AM | Reply | Newsworthy 2

#1 | POSTED BY ANDREAMACKRIS

You faux-libertarian types think everyone starts life with tabula rasa opportunities. The billionaires owe this country for their amassed wealth; they owe it because of the infrastructure, our international relationships, and even the culture that has allowed them to generate it.

#5 | Posted by IndianaJones at 2017-11-09 12:49 PM | Reply | Newsworthy 1

"The billionaires owe this country for their amassed wealth; they owe it because of the infrastructure, our international relationships, and even the culture that has allowed them to generate it."

No one is saying that they don't owe, are they?

I think what people are saying is that they don't owe everything. Or that poorer members of society (who benefit from these same taxpayer funded services) shouldn't pay anything.

#6 | Posted by madbomber at 2017-11-09 01:03 PM | Reply | Newsworthy 1

- Seems to me this country has a lot of freeloaders

Says the Trust Fund Toddler and Prep School Queen, rofl!

You freeloaded your way into this world... born on first base and think you hit a home run.

#7 | Posted by Corky at 2017-11-09 01:03 PM | Reply

And if you really wanted to address income inequality, you wouldn't focus on Americans, who are fabulously wealth on a global standard. You'd focus on sending much of the massive wealth accumulated here in the US to those desperately poor areas of the world.

#8 | Posted by madbomber at 2017-11-09 01:04 PM | Reply

- that they don't owe everything.

More myth. No one is asking them for, "everything". Just that they pay at a rate that effectively levels the playing field between them and their secretaries.

As it is, "Wealth inequality is on the rise," , not that fairness was ever a libertarian concern.

003.) If you consider yourself a member of the "capital class" even though you work part-time at Starbucks ... you might be a Libertarian.

024.) If you tend to forget that the Gilded Age was ushered in due to government investments in railways ... you might be a Libertarian.

025.) Similarly, if you tend to leave out the G.I. Bill and the Interstate Highway System when discussing the Golden Era of Capitalism ... you might be a Libertarian.

026.) Furthermore, if you spend all day complaining about government intrusion on an information system financed by the government itself ... you might be a Libertarian.

and

028.) If you're completely unaware that most of your Mega-Capitalist heroes would consider you an insignificant piece of ---- ... you might be a Libertarian.

internetisinamerica.blogspot.com

#9 | Posted by Corky at 2017-11-09 01:12 PM | Reply

#8

Funny stuff... your usual, "our people aren't poor, look at Somalia!" werks for the rich when flipped over. "our people aren't rich, look at the rest of the world!".

It's just as obtuse an obfuscation either way. We are talking about taxes and equality and fairness in this country, not anywhere else.

#10 | Posted by Corky at 2017-11-09 01:17 PM | Reply | Newsworthy 2

Advertisement

Advertisement

"making sure other people's taxes keep the people at bay"

What the hell is that supposed to mean?

I'm pretty sure it's not taxes keeping you off Bill Gates's lawn. Im pretty sure it's a fence.

#11 | Posted by snoofy at 2017-11-09 01:22 PM | Reply

"It's just as obtuse an obfuscation either way. We are talking about taxes and equality and fairness in this country, not anywhere else."

Your selfishness knows no bounds...---- the poor...it's more important that underperforming Americans can be part of the top .1% of global income earners, instead of simply the top 1%.

#12 | Posted by madbomber at 2017-11-09 02:12 PM | Reply

#12 |

lmao! You are SO easy... and so bereft of anything but Strawmen when you have no real argument.

099.) If your political platform is "---- the poor" ... you might be a Libertarian.

#13 | Posted by Corky at 2017-11-09 02:46 PM | Reply

You don't think that global income inequality is a problem?

It only matters when it impacts your ability get the new iPhone X or whatever little widget you want to spend someone else's money on?

#14 | Posted by madbomber at 2017-11-09 03:51 PM | Reply

Of course global income inequality is a problem... it's just not the problem the class is discussing today, little Johnny.

Today, global income inequality is your deflection from discussing American income inequality... you know, something we have much more capability to do something about.

#15 | Posted by Corky at 2017-11-09 03:56 PM | Reply

"Today, global income inequality is your deflection from discussing American income inequality... you know, something we have much more capability to do something about."

That's because US income inequality is insignificant when compared to global income inequality. And yes, something could be done about it. You could demand that taxes be raised in order to provide food, shelter, and clothing for people in the developing world. Instead, you demand that taxes be raised on high income earners, not so that Americans can be lifted out of poverty, so that they can enjoy a more luxurious existence. Or maybe you just feel society has given them too much and they need to be brought down a peg or two. but I do know beyond any shadow of a doubt that you bitching about income inequality in the US is little different than Kim Kardashian pithcing a fit because she couldn't afford the suite she wanted on the top floor of the Waldorf Astoria.

Like I said from the start, if you want to have a discussion on poverty, that's something worth discussing. But it's not something that's inherently related to income inequality.

#16 | Posted by madbomber at 2017-11-09 04:11 PM | Reply

"you know that is, in part, because they pay no federal income taxes but have to help pay for entitlement programs that will (hopefully) benefit them in the long run."

Hopefully being the operative word.

Ultimately, a tax is a tax is a tax, especially since overcollections of payroll taxes were Dubya's reason to cut your income tax rate. As long as it goes into the same federal pool, and comes out of the same federal pool, it's a federal tax.

#17 | Posted by Danforth at 2017-11-09 10:51 PM | Reply

#16

All this obtuse obfuscation from the same clown who told us he didn't give ---- about inequality, period.

Well, unless he can drivel on about inequality in the world rather than talk about inequality here at home.

#18 | Posted by Corky at 2017-11-09 11:04 PM | Reply

Hopefully being the operative word.

Which is why I said it, our entitlement programs are horribly underfunded but that is not a discussion for this thread.

Back on topic, I know that people are amazed by these three ostensibly donating their wealth to charity but I would be even more amazed if they collectively agreed to eliminate the carried interest deduction.

#19 | Posted by Rightocenter at 2017-11-09 11:10 PM | Reply

Bill Gates created my job, back when I was a contractor at Microsoft.

Of course by then Ballmer was at the helm.

Part of my job there was to move part of my job to China. But we also cannibalized from within and collapsed two teams into one, which is supposed to get you the better halves of both but rarely does.

#20 | Posted by snoofy at 2017-11-09 11:18 PM | Reply

Just half?

They need this tax cut.

#21 | Posted by 726 at 2017-11-10 07:34 AM | Reply

Comments are closed for this entry.

Home | Breaking News | Comments | User Blogs | Stats | Back Page | RSS Feed | RSS Spec | DMCA Compliance | Privacy | Copyright 2017 World Readable

Drudge Retort