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#337654 10/24/21 08:35 PM
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This thread is simply a means to get to to the Joe Manchin thread in under the Biden Forum


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I hear Joe Manchin has agreed to a tax on the rich and is about to come to an agreement with President Biden!


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I wish people would forget tax rates and look at the actual tax rate paid. I have heard a lot about the rich having a 91% tax rate during Eisenhower and how prosperous we were. But the rich weren’t paying anything close to 91%. $500,000-$1,000,000 group back in the 1950’s, that equaling 5.5 million to 11 million today. Here’s the actual average tax rate they paid under IKE’s 91% take rate.

1954 = 38.7
1955 = 35.6
1956 = 36.7
1957 = 36.6
1958 = 36.0
1959 = 32.1
1960 = 30.8
1961 = 29.1

Congress provides so many loopholes, so many deductions, the rich being able to afford CPA’s, tax lawyers and tax accounts they usually end up paying about half of their actual tax rate. Today those making over a million average out at 19% although their tax rate is 37%. Percentage wise, these folks pay at times less of a percentage of their income than the middle class who can’t afford all those CPA’s etc. or take advantage of all the loopholes and special deductions given to them by congress.

You have a ton of politicians going around stating I’m going to raise tax rates, but they’re doing that with a wink and a nudge to their rich donors letting them know while the highest tax rate is going up to 40% or 50% or whatever, there will be more loopholes and deductions added so they won’t have to pay the higher rates. But it makes us peons happy, we think, yeah, we really soaked them. In reality, nothing has changed. We just think it has.

No politician is going to bite the hand that feeds them. The rich donate millions, tens of millions at times to the two major political parties. 2020 elections, over 14 billion dollars were spent on that election. 6.7 billion on the presidential election, another 7.3 billion on congressional elections and that’s not counting the 1 billion plus spent on the 2 Georgia senate races in Jan 2021. 42% of those funds came from rich individual donors. Is that being cynical? Perhaps, but that is political reality. We’re so gullible.

https://www.opensecrets.org/news/2020/10/cost-of-2020-election-14billion-update/

Last edited by perotista; 10/25/21 01:44 PM.

It's high past time that we start electing Americans to congress and the presidency who put America first instead of their political party. For way too long we have been electing Republicans and Democrats who happen to be Americans instead of Americans who happen to be Republicans and Democrats.
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[Linked Image from i.imgur.com]


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Those tax rates your referring to. Is there a citation that you could provide?

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Pero's numbers look like capital gains rates...? But maybe it's averages. They had CPAs back then too ya know.


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Sure they had CPA’s. But they could only move within the boundaries established.
One thing that was known that current politics would rather not is the fact of taxes producing outcomes. When unearned income tax rates fall below a certain threshold, boards are more likely to reward shareholders than invest in physical plants, wages or R&D.
Cutting the tax rate on unearned income results in financial using the economy, which is where we are today.

That is, if that’s what Pero’s numbers are referring to because I honestly don’t know what they are.

Joe Manchin is doing what Joe Manchin is supposed to do. Same with Sinema. They are the corporate spoilers their party needs should there ever be a bill that runs counter to the interests of Wall st. Sanders left populist primary crushed it in W. Virginia. If the right wing Dem party wanted it back in their column they know how. Na gunna happen. Their fine with Manchin. Another millionaire right wing Dem favoring the current economic arrangements giving cover to the rest of his party that is also happy to see the BBB shrunk enough to drown in the bathtub.

Try not to think about every tax district in the country having to pay insanely high prices for Epipens curtesy of Manchin’s daughter.

I like to remind people of that fact and how it’s not being used to as leverage against Manchin. How you know Dems aren’t serious about any of this BBB. It was always about the pork of the infrastructure bill.

Last edited by chunkstyle; 11/14/21 01:50 PM.
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Sure they had CPA’s. But they could only move within the boundaries established.

Yes, the wealthy have always been heavily constrained by the legalities of the tax system. Forced to pay huge tax bills on every penny of income that moved through their hordes.

Bullsh*t The wealthy have always determined how much tax they will actually pay. The government just begs and occasionally uses tax laws to f*ck up some poor shmucks life

Quote
Sanders left-populist primary crushed it in W. Virginia.

Of course, it did! But it's pretty useless when 70% of West Virginia voters are Republicans. The other 30% are so poor they are begging for government handouts and voting for any candidate who will provide them. Manchin is only in place because those Republican voters put him there, and they put him there because they remember him fondly from his days as governor, days when coal was king and Southern Democrats still held some sway.

You seem to imagine some conspiracy that put Manchin in place simply to counter certain legislation, should it ever come up. A chain is only as strong as its weakest link. Manchin was that weakest link and overloading it just to watch it break is counterproductive.


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