Drudge Retort: The Other Side of the News
Thursday, December 28, 2017

The world's richest people got a whopping $1 trillion richer in 2017, according to a new report from Bloomberg News. That's about four times the gains they made last year. That data comes courtesy of the Bloomberg Billionaires Index, which tracks and ranks the world's 500 richest people. It attributes much of the economic growth to the stock market's record-high year. (The MSCI World and Standard & Poor's 500 indexes grew about 20 percent this year.) The 2017 "World Inequality Report" (compiled by economists such as Thomas Piketty and Emmanuel Saez) found that the 1 percent reaped 27 percent of the world's income between 1980 and 2016. The bottom 50 percent, by contrast, got just 12 percent of the pie.

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That's only fair. The wealthiest people should be able to have laws written for them that give them advantages in taxes, regulations, and competition.

Of course, if poor people could do the same, rwingers and, ahem, "libertarians", would be outraged at the unfairness of it all.

#1 | Posted by Corky at 2017-12-28 01:14 AM | Reply | Newsworthy 1

Quick, GIVE THEM A TAX CUT!

#2 | Posted by truthhurts at 2017-12-28 12:47 PM | Reply

I'm glad for them, and hope they continue their success, if only so Corky and Truthy have some one to envy.

#3 | Posted by cookfish at 2017-12-28 01:18 PM | Reply

#3

Envies Clem Kadiddlehopper ....

www.youtube.com

Also obviously has no argument to #1.

#4 | Posted by Corky at 2017-12-28 01:27 PM | Reply

I'm glad for them, and hope they continue their success

#3 | POSTED BY COOKFISH

Why do you care about them?

They don't care about you.

Stop polishing their poles.

#5 | Posted by PinchALoaf at 2017-12-28 01:38 PM | Reply | Newsworthy 3

If they want to pay no taxes lets see if they can make any money without using roads, water, protection of their cargo at sea, police and fire protection. Oh yeah lets not forget about government enforcing their contracts for them.

Donald Trump has been a party to over 4095 lawsuits in the last 3 decades. It is hard to pin an average amount of time spent actually in court because some may be settled out of court but If his average in-courtroom time is over 14.65 hours then he has used every available minute for one courtroom for the entire 30 year period. So just in his court cases he is likely into the taxpayer for the cost of building and maintaining a courtroom for 30 years, and the combined salaries of the judge, bailiffs, stenographer and any other needed personnel.

But he thinks you and I should pay more to support that courtroom than he and his kind do.

#6 | Posted by hatter5183 at 2017-12-28 03:30 PM | Reply | Newsworthy 2

#6 comment is fake news. He's lowering taxes. He thinks you should pay less. That's why you are going to pay less taxes.

#7 | Posted by Will123 at 2017-12-28 03:40 PM | Reply

"If they want to pay no taxes lets see if they can make any money without using roads, water, protection of their cargo at sea, police and fire protection."

They are paying taxes on those things. In fact they are paying most of the taxes on those things.

#8 | Posted by madbomber at 2017-12-28 03:58 PM | Reply

I'm glad for them, and hope they continue their success, if only so Corky and Truthy have some one to envy.

#3 | Posted by cookfish

Me too! I am so excited for them!

Money will just be falling from the sky soon.

Can't wait to dance nekked in the Tinkle Down.

#9 | Posted by donnerboy at 2017-12-28 04:02 PM | Reply

#6 comment is fake news. He's lowering taxes. He thinks you should pay less. That's why you are going to pay less taxes.

#7 | POSTED BY WILL123 AT 2017-12-28 03:40 PM | REPLY |

So I get a temporary tax cut and a permanent, larger cost of living increase.

Instead of taxing us $5 and fixing the road Trump will tax us $2 and not fix the road. Great I have $3 to put towards the new shocks I need from diving on crappy roads.

Instead of taxing us $200 and educating everyone Trump will tax us $190 and make us pay out of pocket to be educated or just not be educated. Then the H1-B whose government paid for his education in India can come work the good paying jobs and we can flip burgers

Cost-benefit has never been a strength of republicans

#10 | Posted by hatter5183 at 2017-12-28 04:03 PM | Reply

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He's lowering taxes. He thinks you should pay less. That's why you are going to pay less taxes.

#7 | Posted by Will123

Yeah!

Well, except for those poor dumb suckers in them ------- Blue States and all of us a few short years from now as the "cuts" disappear.

But, then again we should have lived "good lives" and we'd all be billionaires (and we wouldn't even need healthcare either!).

Ow bow dah?

#11 | Posted by donnerboy at 2017-12-28 04:08 PM | Reply

this is the "worlds" wealthiest list. maybe 1/4 to 1/3 of the list are from the US.

And the US income tax rates have nothing to do with how much wealth these folks have accumulated....not even the ones from the US.

I get the wealth disparity argument but it appears some of you think we can successfully address this problem with corporate income tax rates.

I'm just as against the recently passed tax bill as the rest of you.

This has zero to do with Donald Trump, in the big picture.

#12 | Posted by eberly at 2017-12-28 04:21 PM | Reply

This has zero to do with Donald Trump, in the big picture.

#12 | Posted by eberly

Yeah!

Well, except for the fact that he signed the bill and will get hundreds of millions in benefits as planned just like his billionaire buddies.

#13 | Posted by donnerboy at 2017-12-28 04:36 PM | Reply

They are paying taxes on those things. In fact they are paying most of the taxes on those things.
#8 | Posted by madbomber

Actually

--------

You must include ALL taxes, withholding, excise, local, state, county, utility, tolls, etc.

when you do THAT you see that they AINT paying most, they are paying LESS

Kind of like saying the rich get screwed cause they pay all of the yacht tax

#14 | Posted by truthhurts at 2017-12-28 04:54 PM | Reply

"Actually...--------"

So when the US government commissions...let's say..an Aircraft carrier. You're going to tell me that the majority of that funding was not drawn from the paychecks of the top quintile of income earners? Because according to the Wall Street Journal the top 20% pay 84% of the total Federal Income Tax burden.

The bottom 20%...they're not paying. They're getting paid.

#15 | Posted by madbomber at 2017-12-28 05:46 PM | Reply

"You're going to tell me that the majority of that funding was not drawn from the paychecks of the top quintile of income earners?"

LOL

I would lay odds that most of that funding would come from China.

#16 | Posted by donnerboy at 2017-12-28 06:21 PM | Reply

So when the US government commissions...let's say..an Aircraft carrier. You're going to tell me that the majority of that funding was not drawn from the paychecks of the top quintile of income earners? Because according to the Wall Street Journal the top 20% pay 84% of the total Federal Income Tax burden.
The bottom 20%...they're not paying. They're getting paid.
#15 | Posted by madbomber

Gee, you're dumb

How are schools funded?
How are roads funded?
How are the police funded?
How are the fire services funded?
How is clean water funded?

How does the federal government operate? In conjunction with the states. How do the states operate? with the taxes from the poor and middle class.

You cherry pick an expenditure-an aircraft carrier, which is funded by federal tax dollars (and loans) while willfully ignoring the majority of the public obligations paid for by the poor and middle class. That makes you a liar.

#17 | Posted by truthhurts at 2017-12-28 07:41 PM | Reply

"You cherry pick an expenditure-an aircraft carrier, which is funded by federal tax dollars (and loans) while willfully ignoring the majority of the public obligations paid for by the poor and middle class. That makes you a liar."

Enjoy La-La land.

#18 | Posted by madbomber at 2017-12-28 07:49 PM | Reply

ummm ok, nice comeback I suppose.

I guess since you don't have facts to support your argument you can just ummm whatever.

#19 | Posted by truthhurts at 2017-12-28 07:51 PM | Reply

www.washingtonpost.com

You REALLY need to read this article, which admittedly is somewhat dated-2012.

#20 | Posted by truthhurts at 2017-12-28 07:52 PM | Reply

"I guess since you don't have facts to support your argument you can just ummm whatever."

It's not that...you're just not speaking the right language. You don't have to take ten econ courses (like I have) in order to understand basic economics.

There are an infinite number of articles and publications out there that break down which groups pay the largest share of running the Federal Government. None of them have evr come to the conclusion that it was low income earners. really no one below the 50th percentile...give or take.

You can try and cause a diversion...claim that one group pays a higher discrete rate in this area or that area, or in your case play the state tax card. But they don't change the underlying reality.

And it's disingenuous to include state taxes, because state taxes go to fund state programs. If Vermont voters decide to implement a lavish welfare program paid for by the state taxpayers, how could you honestly compare them with taxpayers in states with low or no state income taxes?

#21 | Posted by madbomber at 2017-12-28 09:35 PM | Reply

my, you really are struggling

1st lets start with YOUR original post

"If they want to pay no taxes lets see if they can make any money without using roads, water, protection of their cargo at sea, police and fire protection."
They are paying taxes on those things. In fact they are paying most of the taxes on those things.
#8 | Posted by madbomber

roads, water, police, fire-paid for at the local level by local and state taxes

2nd

Federal income taxes are only one form of taxes paid by people

Drive on a federal highway? pay a federal toll
where does that money go? to building highways

Federal income taxes are only one form of taxes paid by people

FICA taxes? Poorer and middle class pay more per income than wealthy

Buy gas? you pay an excise tax

airline tix?
cable?
phone?

ALL have user fees paid to the feds

Federal income taxes are only one form of taxes paid by people

In 2012, the federal government collected $9.7 billion in revenue from excise taxes on distilled spirits, beer, and wine.

the federal excise tax on cigarettes is $1.01 per pack

see when you start adding this stuff up it totals alot

just using say phone taxes

On average U.S. wireless consumers pay an average of 17.05 percent in combined federal, state, and local taxes and fees on their cell phone bills. This rate is comprised of a 5.82 percent federal rate and an average 11.23 percent state-local rate

so say a $100 a month phone bill means $5.82 goes to the feds. Who pays more of their income to the feds for that tax, poor, middle income, wealth?

Federal income taxes are only one form of taxes paid by people

to say NOTHING of the regressive nature of state and local taxes for the wealthy.

so lets hear the whine again for those that have all the money

#22 | Posted by truthhurts at 2017-12-28 10:37 PM | Reply

The simple fact is that when your federal taxes get cut your state and local taxes inevitably go up because state and local government are forced to pick up the slack for the services that get cut when taxes are cut.

Republicans say run government like a business but hate centralized government. Every large corporation has a centralized control structure. The manager of an individual walmart has very little autonomy. They merely implement the policy sent down from Arkansas.

#23 | Posted by hatter5183 at 2017-12-29 10:41 AM | Reply

#23 - Hatters

I ran numbers on Oregon and Washington taxes a couple weeks ago. Oregon has a state income tax and Washington does not. After calculating for Fed dollars spent in the state the taxes spent per citizen in WA vs. OR were within some $20 out of $12,000. It was ridiculously close for such a disparity in taxation.

#24 | Posted by gavaster at 2017-12-29 10:48 AM | Reply

I ran numbers on Oregon and Washington taxes a couple weeks ago. Oregon has a state income tax and Washington does not. After calculating for Fed dollars spent in the state the taxes spent per citizen in WA vs. OR were within some $20 out of $12,000. It was ridiculously close for such a disparity in taxation.

#24 | POSTED BY GAVASTER AT 2017-12-29 10:48 AM | REPLY

So which services do Washington residents go without?

#25 | Posted by hatter5183 at 2017-12-29 10:53 AM | Reply

So which services do Washington residents go without?
#25 | Posted by hatter5183

Or does Washington collect revenue in other ways?

#26 | Posted by truthhurts at 2017-12-29 11:00 AM | Reply

#25 - HATTER

So far as you can tell day to day? None.

#26 - TRUTH

They do, through sales tax. Oregon has none. Totally different revenue streams but with Fed dollars they were practically equal in revenue spent per capita.

#27 | Posted by gavaster at 2017-12-29 11:14 AM | Reply

question being does the form of revenue collection result in a significant different amount of income. Does one state get significantly more federal money than the other.

#28 | Posted by truthhurts at 2017-12-29 05:25 PM | Reply

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