HAPPY TAX DAY, AND WHY THE TOP 1% PAY A MUCH LOWER TAX RATE THAN YOU
It’s tax time again, April 15, when our minds turn toward paying the taxes we owe or possibly getting a tax refund. But what we don’t think about enough is whether our tax system is fair. The richest 1 percent of Americans are now getting the largest percent of total national income in almost a century. So you might think they’d pay a much higher tax rate than everyone else.
But you’d be wrong. Many millionaires pay a lower federal tax rate than many middle-class Americans.
Some don’t pay any federal taxes at all. That’s because they‘re allowed to deduct from their taxable income such things as large interest payments on mortgages for huge homes, also the costs of business entertainment and conferences (aka vacations at golf resorts), and gold plated health care plans.
Some also take advantage of tax loopholes that let them park some of their earnings in offshore tax havens like the Bahamas or the Netherlands Antilles.
And other loopholes that allow them to treat some income as capital gains – subject to a much lower tax rate than ordinary income. If you happen to be a hedge-fund or private-equity manager, there’s a capital gains loophole designed especially for you.
Consider the Social Security payroll tax and the situation is even more lopsided. That tax applies to every dollar of income up to a cap — which this year is $117,000. Anything earned above the cap is not subject to Social Security taxes at all – meaning anyone with a high income pays a much smaller percentage of it in Social Security taxes than most people do.
Put these all together and you see why Warren Buffet, the second richest person in America, pays a lower tax rate than his secretary, as he readily admits.
State and local taxes are even more regressive. The poorest fifth of Americans pay an average state and local tax rate of over 11 percent, while the richest fifth pay only 5.6 percent. This isn’t small change. State and local taxes account for about 40 percent of all government revenues.
Believe it or not, Republicans want to make all this worse by cutting taxes on the wealthy even more. Paul Ryan’s new budget doesn’t just slice Medicare, education, and food stamps. It also lowers the top federal tax rate to 25 percent.
When the rich are let off the hook in all these ways, the rest of America has to pay more in taxes to make up the difference – or have services cut because government doesn’t have the funds.
Jon Stewart and Matt Taibbi discuss the different treatment afforded to ‘street’ and white-collar criminals.
the system’s working just great
i keep going back to look at this
CALL FOR ARTISTS ARE OPEN
Calling all Leeloos, Korban Dallas’ and those who aren’t sure!
You love the movie ‘The Fifth Element’ like we do?!
Then this is YOUR chance to be part of this Extraterrestrial Artbook!
What we want/what we are looking for from you IF you are accepted!
You ask if you will get some pay for it?
Of course but that depends on how much we will make through the Kickstarter!
Yes we will make a Kickstarter at the very beginning/end of may to fund this book!
Let’s cross fingers that this will turn out good!
YOU ARE NOT ENGAGED TO START DRAWING UNTIL WE GAVE YOU A YES/KICKSTARTER LAUNCHED SUCCESFULLY.
However if you already have drawn a fifth element illustration/comic you are free to submit this piece!
We are looking for all kind of stlyes! You think your style will not fit in this book?! DON‘T BE SHY! We love variety!
Submit ‘yourself’ to email@example.com
subject: artbook submission
Your website or blog:
Who are you?:
a sample of an illustration/comic (so we know in which style you will draw a link will do):
DEADLINE: 27th april ‘14
More information about how big etc your piece should be etc will be sent to you when you are one of the lucky persons who will be part of this!
We are looking for 20-30 artists or more!
If you still soemthing is not emerald green for you feel free to ask!!
Extraterrestrial greetings and good luck,
Karina and Joule
GO SUBMIT YOURSELF! hahahaha
Signal boosting a Fifth Element zine, open for submissions!