Re: The NFL will suffer greatly...and, for what?
posted at 10/1/2010 3:03 PM EDT
First, congrats on motivating me to make one more post on this subject.
The problem with your chart is that many wealthy people are incorporated or own corporations. Their cars, cell phones, etc., etc., etc., etc. are paid for through their corporations. They have so many deductions in their corporate returns that by the end of it it looks like they lost thousands or even millions that tax year...while they are living quite nicely in $5m homes and driving Maybachs. Your table does not consider this because it covers AIG (ADJUSTED gross income
, i.e. taxable income ADJUSTED AFTER DEDUCTIONS
). The wealthiest purposely influence our pols to write all kinds of tax shelters, deductions, etc. into our tax codes. I've seen many returns for people whereby they paid themselves $20K a year but ran multi-million dollar corporations that "lost" money, "wink, wink", while they lived near Sheridan Rd. in Chicago. (Think Bellvue Ave in Newport.)
But you don't have to be incorporated to hide your wealth. Most of the self-employed clients with which I worked (by most, I mean about 95% of them) that filed schedule C or partnerships paid no income taxes. In fact, it was surprising to see them show any income and pay any income taxes. A good part of this is that many are paid in cash and hide that cash from the IRS, besides the deductions they take.
I know about your table. It was created by a conservative tax policy group, the Tax Policy Center, then promoted by the Drudge Report, then spread all over the "liberal" news media. There was no in-depth check on the facts or the context. It was a big, sensational story, "sensational" being the key word.
Now here is another set of charts that show who pays what on taxes, and yet it still fails to consider the tax deductions in AGI and cash pocketing (pull up the link): http://www.ctj.org/pdf/taxday2010.pdf
It looks a lot different, right?
Look, I don't blame you for being misled. Shame on Drudge. Shame on the mainstream news media. Shame on Rush. But look man, I have actually seen this stuff about which I am talking. I didn't pull it down from the web or see it on TV or hear it on talk radio or hear it from a megaphone at a rally. I saw it, lived it, heard it first-hand from the rich themselves. All of your info is third-hand, fourth-hand. Mine is first-hand. That's the end of it.
You wanna' believe that nonsense propaganda? You want to help the rich make you poorer? Be my guest, because in the near future I will be one of those one-percenters and I can throw you a thank-you wave for keeping my income taxes ridiculously low (as compared to 90% under Eisenhower and 70% under Nixon). But you will never convince me I didn't see first-hand what I have been seeing for the past 14 years.