Tea Party Protesters Give a Big Wet Kiss to Hedge Fund Managers

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Even though there are Tea Party protests about high taxes, a USA Today analysis of federal data shows that Americans paid the lowest level of taxes last year since the Harry Truman’s presidency. Federal, state, local, property, sales, and other taxes are 9.2% of all personal income in 2009, the lowest rate since 1950. This is also true of multimillionaires and billionaires, who pay a maximum 35 percent income tax on salaries and not a penny in Social Security taxes on the vast majority of their income. And when, like hedge fund managers, banksters, and health insurance company CEOs often do, they can call their income dividends and capital gains and pay a maximum 15 percent income tax. So billionaires pay 15 percent income tax and virtually no Social Security tax, and they are doing everything they can to keep it that way, funding entire think tanks and PR machines and Tea Parties to keep the anti-tax waters boiling. They're scared to death that anybody may remember that from the 1930s to the 1980s the top income tax rate was between 74 and 91 percent - a level only paid by millionaires - which kept CEO salaries reasonable and built the strongest middle class the world had ever seen. Now, with those top tax rates down to 15 percent for rich people, the middle class in America is vanishing, while countries like Denmark and Germany that still have 70 percent or higher income tax rates on millionaires have strong, robust, and growing middle classes. Time to roll back the Reagan tax cuts!

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Thom
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Jul. 31, 2007 4:01 pm

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The GOP has become the Party of the Secessionists. This is the continuation of the War Between The States made public. The Tea Party Protesters represent the original Costumed Tea Party Action against the sale of English Tea. They didn't throw the tea into the harbor. They stole and sold it as their brand. The Supreme Court's decision with corporations to bank role the racist secessionists, Arizona's secessionist activities is the shortest route to erasing the 14th Amendment and the 13th Amendment, Law Enforcement over killing non-white innocents, States and Cities using Guantanamo tactics to remove non-white employees, the Bush Era's Tactics destroyed tens of millions of his race; and returned numerous non-whites to their original places in society. White Citizens have always stored weapons and ammunitions for the "Race War". However, during this 2nd Great Depression no one at Wall Street dived from the roof, but its citizens have become Kamikazes. I don't want to believed the newly oppressed whites will lie down and die due to the GOP withdrawal from the Union and etc. I would suggest to the Secessionist that their war within leads to total destruction. They have no sanctuary / Underground Railroad due to past and current treachery here and abroad. The Government seems to be allowing unnecessary harm with the .05% interest rate for Main Street.

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GreenMule
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May. 9, 2010 5:30 pm
Quote Thom:

Even though there are Tea Party protests about high taxes, a USA Today analysis of federal data shows that Americans paid the lowest level of taxes last year since the Harry Truman’s presidency.


It is amazing how numbers get skewed when 47% of americans do not pay federal income taxes.

That of course isn't even the main complain of tea party supporters. Government spends to much. We can all defiect spend.

You should stop reading the Huffington Report.

This is also true of multimillionaires and billionaires, who pay a maximum 35 percent income tax on salaries and not a penny in Social Security taxes on the vast majority of their income.

Why should they? Their Benefits are equally capped.

I'm sure you can find something else to smear the Tea party supporter about.

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Roboute
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May. 7, 2010 4:23 pm

Yep, the South Will Rise version of the American Century crashes and burns with the PNAC delusionary script. But ideology dies hard, and denial and delay has been the precription of "after us, the deluge" for a long time.

For the Masters of the Universe, losing control and seeing the system come apart at the seams is the apocalypse, not the Second Coming. They cannot adapt to reality and live. Results: As expected on the basis of historical precedent.

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DRC
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Jul. 31, 2007 4:01 pm

Roboute wrote:

It is amazing how numbers get skewed when 47% of americans do not pay federal income taxes.

That of course isn't even the main complain of tea party supporters. Government spends to much. We can all defiect spend.

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"America’s Tea Partiers and anti-tax rebels have given up the fight to reform governments. Squeezed by debt from which they see no escape, they demand lower taxes – and are willing to see the highest brackets become the major beneficiaries in an even more regressive tax shift." - Michael Hudson, economist

http://www.counterpunch.org/

They tend to suport the very thing that is collapsing governments all over the world. Lower taxes on the wealthiest, make up for deficits with borrowing, owe their national souls to the banksters.

Stop government spending by cutting their own throats. Stop pensions, stop education, stop medical care.. Maybe, as in Colo. Springs, shut down the parks, close the libraries, turn off street lighting and stop collecting trash. Pay the banksters their due....and by all means, don't tax banksters more than 15% on their billion dollar bonuses.

Tea Partiers have learned nothing from the housing collapse, nothing from the collapse of Argentina, nothing from the collapse of Iceland, nothing from the collapse of the Baltic States. They'll learn nothing from the Greek mess...to be followed by Spain, Portugal, Ireland, and ultimately the U.S.

As in Greece, the IMF will accomplish one tea party goal. They'll stop government spending on anythiing benefiting the citizens of a country. Then the IMF and U.S./international banksters will insist on raising their taxes to pay the banksters and drive the economy into the pits with austerity measures. Banksters need their due. The low-taxed financiers need their blood money. The global financial system is still in meltown....and Tea Partiers are twits.

A trillion to bail the Euro (to be repaid) and the next countries in line to be brought down, Spain, Portugal, Ireland, haven't even been attacked yet with bond shorting and derivative plays..

Just how much more do the people of the globe have to borrow to finance the biggest wealth transfer in the history of the world?

Retired Monk - "Ideology is a disease"

polycarp2
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Jul. 31, 2007 4:01 pm