Do the rich enjoy Socialism in America?

Question

Capital gains takes are much lower than personal income tax, shifting the tax burden to the middle and lower classes.

Corporations are subsidized. Bankruptcy protections for when the wealthy make errors are paid for by the public.

Wars are waged by the wealthy for economic reasons and paid for by the public in life and treasure.

Bank failures resulting from speculation by the wealthy are paid for by the general public.

It seems, if you take a step back, that the rich enjoy a sort of Socialism here in America, where blunders are cleaned up through taxation of the general public. The result of this is social support for wealth.

Do you agree and if so isn't it ironic that wealthy Republicans love to paint others as liberals with Socialist or even Communist leanings?

Trickwo, see your challenge there. I did a study recently on a different topic -- wealth concentration at the top -- with data from BLS. Send me your e-mail at [e-mail] and I will send it to you.

Some of my points I consider common knowledge and no data needed. For example, I do not believe any intelligent and rational person would argue that wars are not waged for economic reasons. War is terribly costly. It had BETTER be waged for economic benefit. But, my point is about who pays, not about the justification.

That capital gains tax is lower than income tax is an obvious fact. What data are you looking for there?

That the federal government subsidizes large corporations is also an obvious fact. Maybe you want details about the industry breakout and magnitude?

Please remember: there is a difference between claiming there is no data and dismissing data and facts that are inconvenient to your position.

Answer 1

I hate to present facts about who pays taxes, but here goes.

BREAKDOWN OF INCOME AND TAXES PAID BY CATEGORY

Income Category -- 2004 AGI -- % of all inc -- % of inc taxes paid
Top 1% ----------- Over $328,048 --------19% ---------------- 37%
Top 5% ----------- Over $137,500 -------- 33% ---------------- 57%
Top 10% --------- Over $99,111 ---------- 44% ---------------- 68%
Top 25% --------- Over $60,040 ---------- 66% ---------------- 85%
Top 50% --------- Over $30,121 ---------- 87% ---------------- 97%
Bottom 50% ----- Under $30,121 -------- 13% ---------------- 3%

Yeah, those poor people are really forking over the cash.
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You simply suffer from the same thing that all leftist suffer from:

ENVY - occurs when a person lacks another’s superior quality, achievement, or possession and either desires it or wishes that the other lacked it
.

Answer 2

Wealth helps insulate the rich from taxes. Lots of wealthy people don't have much of an income. They find lots of loop holes and places to hide their money.

I LMAO when I heard 'the Donald' tell CNN that Rosie had to retract the statement re bankruptcies. He had never filed personal bankruptcy. His companies had numerous times but this was simply a financial tool for business. Well who owns and runs the dang companies. What about their employees, suppliers, customers? Do you think 'the Donald' lost on these deals since he was using bankruptcy as a 'tool'. Not friggin likely.
How about everyone else?

Corporate welfare bums run rampant in most western nations. They get to set the rules.

Peace

Answer 3

Fascinating view of the "opportunities" in this country. As a computer scientist turned lawyer, (and conservative turned left of left), I cannot begin to tell you what the concept of Bill Gates making a fortune on DOS/Windows means (DOS was not the best, by far, operating system of the time).. Suffice to say, today we have the likes of Google billionaires (google is not rocket science) who make billions for no logical reason... And Youtube.. just to name a few. I cannot tell you how thankful I am for the "Open Source" projects (OpenOffice.Org, etc) which create far better products for nothing... Problem is America continues to be enamored with style versus substance and will continue to buy "Mercedes" just because yes. These neo-con leftists have everyone fooled - and most everyone wants to become like them - just because yes (again, no logical reasoning). Let's wait one thousand years or so, I am hopeful history will reveal that this country stood for one and only one principle: The raping of the word "capitalism" for the benefit of a chosen few right wing "socialists."

Answer 4

Haha.. oh so typical talking points that have no facts of any sort to back them up. The old 'tell the lie long enough and people will believe it' senerio. Good luck!

Answer 5

I don't know, ask one....