"One Percenters" Enjoy Unprecedented Protection

Salon:

Here's a truism: The wealthiest 1 percent have never had it so good.

According to government figures, 1-percenters' share of America's total income is the highest it's been since 1929, and their tax rates are the lowest they've faced in two decades. Through bonuses, many 1-percenters will profit from the $23 trillion in bailout largesse the Treasury Department now says could be headed to financial firms. And most of them benefit from IRS decisions to reduce millionaire audits and collect zero taxes from the majority of major corporations.

Read the whole story: Salon

Comments

[SteveL]

Most of the wealth in this country is inherited. This so called success is just a matter of luck. The Republican sock-puppets love to talk about Bill Gates but he is a rare exception not the rule and even he had his dad’s fortune to fall back on. Don’t like the income tax? Get rid of it and put a 50% tax on all inheritance and a 20% tax on all imports and if that is not enough money to run the country see Ron Paul about eliminating foreign entanglements.

[condor101]

Wow! I see from the comments to my previous post that most people on this comment board are very resentful and quite dumb.

The 1% represents 3 million people in the U.S. Most of them worked hard and made the right decisions in life. For example, Bill Gates, Steve Jobs, Richard Branson, Jeff Bozos (Amazon), Google co-founders, Ebay co-founders, Donald Trump, etc, etc. These people work hard and made the right decisions in their lives. They didn't become super rich by leaving their money in the bank. They developed their businesses, took on debt and expanded their operations, etc. They took risks and they made the right decisions.
We should all strive to be the best that we can. People who complain just don't 'get it' and will never attain their financial independence.
I believe the negativity on this comment board is due to middle aged people that are caught in debt and have very little cash flow and they feel that the world and this 1% is against them.
Anyway, I'm not here to convince anyone. I'm just amazed that so many people like to place the blame on others and not on themselves.
I admire the wealthy. I am trying to build my own business and become financially independent. I want a lot of wealth and to live abroad half the year outside the U.S.
Good Luck everyone!

[quiviran]

Hopefully you'll be able to spend your half a year in a country with Universal Health Care. Oh, wait you'll be rich, screw that.

[pfrogger]

nailed it!!!
just a beautiful execution of talking points. applause!!!

what I love is this narrative is never challenged.
because we all "know" that if you're rich you MUST have worked hard, and you MUST have taken smart risks, and you there's NO CHANCE WHATSOEVER that you made that money from other people's pain and suffering.

well let's see. Insurance companies destroy people and their families. My favorite is a process called rescission, where they are legally allowed to dump you from the insurance IMMEDIATELY. Typically used for a serious medical issue where the cost will be greater than all the premiums you have paid and those you will pay (they use a formula, and if they are unable to make a certain percent profit, say bye bye). So if you paid premiums regularly for years and you get a serious medical condition that will be costly, their STANDARD PRACTICE is to dump you immediately. It's done for 1000+ medical conditions and it's actively encouraged by their account/customer reps, who are rewarded with bonuses for doing it.
http://www.latimes.com/business/la-fi-rescind17-2009jun17,0,3508020,full.story
http://articles.latimes.com/2009/jun/17/business/fi-rescind17

[pfrogger]

so your child or loved ones has a serious medical issue. you paid your premiums for years regularly. And they are legally allowed to dump you immediately via rescission.
but I'm sure that hospitals, which are NOT run by doctors but instead business-minded people who treat patients as consumers and only see the bottom line (ie. money), will not treat you differently in any way, right?
per EMTALA, ERs/hospitals are required to eval and stabilize medical emergencies. but as soon as you're "stable", ie. you won't immediately die, they will transfer you to a community hospital. and yes that's the standard procedure. but don't worry, I'm sure without insurance and money, you will get the exact same care. right?
I mean when did the ability to pay ever have an impact on your treatment?

what about the bank bailouts, where hard-working bankers and Wall Streeters almost drove this country's financial system off the road and into oblivion. and they were rewarded. post bailout, lending decreased, credit cards jacked up their rates at whim, and mortgage renegotiation was lobbied against with the money that bailed them out. but it's OK Wall Street handed out bonuses that are inline with their peaks a year ago. the regular person? unemployment still increasing, and lower tier people still getting fired. I guess the average person just wasn't as "hard-working" or taken as many risks as the Wall Street guys.

[mattwin]

My uncle is 90 years old. He worked hard all his life and made smart money decisions. He has homes all over the country and world. You would admire him. His three kids have not made the wise decisions and have slowly gotten control of his assets. They placed him and his wife in a home and do not visit or call.

He asked me to teach him to use a computer and I said I would. I asked him if he had access to one and he said no and had no money to buy one. I do not feel that he is against me, I will just have to buy him a computer.

I worked for a company and now am on disability. I am not the kind of person that you would admire, but I know my kids will help me through the rest of my life because of the way that I raised them. They all work for someone else, but as doctors and lawyers, they make a decent income.

Wealth is in the eye of the beholder. My uncle is alone and worth tens of millions of dollars and I still have a mortgage. I pity my uncle because with all his money, he is still alone and I relish my time here because of the wealth of my experiences and children.

[nationalhealth]

Sometimes progressives' comments seem to border on envy of the super-wealthy, or the 1% ers must have done things illegal to get what they have. I don't envy the wealthy, only 1% of people can be in the 1% club. I don't begrudge their wealth when obtained legally. What I advocate for is social justice, a system that is equally fair to the rich and the poor. When the wealthy are taxed at a higher rate (say like under Reagan), they still live in an opulent world, one that most of us can not imagine. The wealthy are the people who have the ear of our leaders...they write the laws!

[nationalhealth]

To help define the 1%ers here is a link to CNBC video

http://www.msnbc.msn.com/id/25244140/ns/business-cnbc_tv/

[BigHeadTodd]

What a shock. The moneychanging REACTIONARY conservative do everything in their power to horde wealth.

It's not a lazy American middle class that can shutter workplaces and ship jobs overseas to "those" people so "they" don't have to come here.

This is one of the key tenets of REACTIONARY politics through the centuries. Establish "order" among the elite majority and make those under you obey and NEVER allow "those" people to come in from foreign lands and seek egalitarianism.

It's time to move back to Eisenhower-era tax structures and see how the "one percenters" like paying 50 percent in taxes as opposed to the "awful" beating they're taking today.

[IWantTofu]

This is clearly a class warfare issue. I see two key points.

First, poor conservatives who are battling against this initiative are working against their own present best interest. While, if they happen to one day make it to the $1 mm/year tax bracket and will save their $9,000/year in additional taxes from what they would be paying right now, they are facing a much greater percent of the tax burden right now, which makes it much harder for them ever to reap this future benefit.

Second, in this class warfare, the middle class is clearly losing, and the rich is winning.

[k6007]

Noooo, reeeally?

[Geauterre]

Brother, can you spare a dime?

[quiviran]

Once in khaki suits, gee we looked swell,
Full of that Yankee Doodley dumb,

[MrGiggles]

The whole idea of the top 1% has been wildly misrepresented for nearly 30 years. Individuals making $280,000 a year (and families making $350,000) are not the uber wealthy. if you live in California, New York, Massachusetts, Chicago, the D.C. are, Seattle, Miami, etc...this is an upper-middle class income.

The problem is that 30 years ago interests representing the true uber wealthy, individuals making 2, 5 10 million dollars a year and coporations netting in the hundreds of millions and billions successfully changed the conversation to limp themsleves into the top "1 percent" with upper middle class citizens and small businesses.

Now every time theres a call for renewing hgiher tax rates on teh wealthy, they can spin it tot make it look like a crunch on middle class americans and small business, instead of a fair increase on multi-millioniares and large corporatins

[Jond0]

Wow, $280,000 a year is upper middle class? Then if the national median is $45,000 -$50,000, then the majority of us are poor. I still think there is something wrong when the average 'good' job still keeps a person 'poor.'

[KindMisica]

Let's face it, none of us here on this site is a 1 percenter. One guy here said his friends are 1 percenters, he must be feeling lonely and frustrated.
I'm not taking aim at them, just saying that middle class is dissapearing and getting poorer- as I am.
Why? Corporate greed. Wrong message: greed is good.
Dog eats dog.

[ProudNeoCon]

You are wrong...:) It does not take much to get to 1%...

[KindMisica]

What does it take, then, in your own experience? Stripping for the boys? LOL!

[StevenKeirstead]

About $300,000/year.

[nationalhealth]

What does it take? Do I need to buy a CD or DVD or a book?

[IWantTofu]

You're right. With 300 mm people in this country, that's 3 mm people. A lot of people.

[doggfather]

How much is enough for the so called rich? Unregulated capitalism is marching a toward anarchy!! Once we get to that point the rich will beg to pay more taxes!!

[billtmore]

I was thinking the same thing when things get desparate people will pick up their guns it will not be pretty. Hope we can avoid anarchy

[Jond0]

Enough is never enough once it becomes more about 'winning' than living. How can a CEO settle for 400 times his average worker's salary when his neighbor makes the equivalent of 500 times?

[rudieboy]

They must have posted a link to this story over at freeper.
All the ultra rich apologists are trolling.
Socialism for the rich whatever is left for the rest.

[justanotherday]

Crazy how these work 100 hours a week super rich have so much time for tr0lling.....

[KindMisica]

So-called "girlfriends" of rich folk are also doing it...

[ProudNeoCon]

Choice 1: Sit in front of the computer and complain that top 1% make too much money.
Choice 2: Spend same time working so you can be in top 1%

[justanotherday]

Fact 1: American think they can make it to the top 1%
Fact 2: It will never happen, no matter what you do.

Shaq is rich. The man who signs his check … is wealthy.
- Chris Rock

[ProudNeoCon]

So how come most of my friends made it to top 1% after coming to this country (legaly) without ANY money?

[happykiddo]

Stop looking for handouts and go get a job. That is the Americans dream. Please you bottom 10% ers. You are ruining this country.

[KindMisica]

I doubt you have a JOB. And you know it.

[AbstractImp]

Why don't you just exterminiate us.

Then we won't have to work to support you.

[Jond0]

I'm ruining the country as I work my butt off for my company that does billions of dollars in sales each year? Maybe I would be better off if my raises for the past 8 years had gone to me rather than my health insurer.

[ProudNeoCon]

Top 1% pays 39.89% of all federal income taxes... So things like bailout of banks and auto companies were primary funded by them.

[jack7576]

liberals hate FACTS

[KindMisica]

what FACTS? like we're trailing almost all industrialized countries in healthcare?

[ProudNeoCon]

The proposal is to aff 5.4% surcharge to people earning more than 1mm. That means a person will pay extra $54,000 per million not $9,000....

[jack7576]

liberals want to tax success

socialism !

[AbstractImp]

Pigs want to succeed at the expense of others and without responsibilities.

[Aron Cohen]

Sorry kiddo, but success isn't profiteering.
Success isn't corporate welfare.
Success isn't nepotism.

[proudem]

And conservatives want all of the amenities afforded by taxes, i.e. roads, police, schools, fire depts... without paying. Their sense of entitlement is unbelievable.

Furthermore, the wealthy always whine about having to pay taxes when so many of them are able to hide their wealth off shore and overseas. The rest of us have to pay taxes and cannot afford the high end lawyers to fight the IRS.