Posts tagged income

Individual income tax payments have been rising fast since the economy began to recover, even though wages have hardly budged. But the same isn’t true for taxes for most corporations.


For the vast majority of America’s 5.8 million corporations, profits soared in 2010 — up 53 percent compared to 2009 — when the recession official ended at mid-year. Despite skyrocketing profits, however, their corporate income tax bills actually shrank by $1.9 billion, or 2.6 percent.
Visibility as a news subject will cost you $180k @ year from the Wall Street Journal.

Visibility as a news subject will cost you $180k @ year from the Wall Street Journal.

We have existing laws — Title VII, um, Lilly Ledbetter, all those existing protections in place — that, I believe, enforce and provide that people doing equal jobs are, certainly in this country, should receive equal pay. So, uh, that bill, in my view, didn’t add — in fact I think it created a lot of additional burdens that would have been hard, um, to make it more difficult for job creators to create jobs… . The reason that I voted against that specific bill is that, I looked at it, and there were already existing laws that need to be enforced and can be enforced and I didn’t feel like adding that layer was going to help us better get at the equal pay issue.

Ever-Growing Income Inequality Is Bad For Economic Recovery

The United States is a consumer economy, meaning that consumers are the ultimate drivers of the economy. This is part of why growing income inequality is such a problem; it’s also why asking the poor and middle class to shoulder the bulk of the nation’s tax burden is a problem. According to the Wall Street Journal’s blog, the expiration of the payroll tax holiday pulled $9 billion out of the economy by sending that money to the government, and caused consumers to cut back on their spending. Retail growth was only 0.1% in January, compared to the 0.7% seen in November and December.


An East Naples (Florida) man is accused of opening the door of the Democratic Party of Collier County office on Livingston Road and throwing pennies at workers.
Gary Root, 71, of the 1400 block of Tiffany Lane, East Naples, told Collier deputies he tossed in a penny as a contribution because that’s “all he has left after being taxed by (President Barack) Obama,” according to an arrest report.

At 71 years of age, you’d figure the old fool would have been keeping track of what the real problem is.

An East Naples (Florida) man is accused of opening the door of the Democratic Party of Collier County office on Livingston Road and throwing pennies at workers.

Gary Root, 71, of the 1400 block of Tiffany Lane, East Naples, told Collier deputies he tossed in a penny as a contribution because that’s “all he has left after being taxed by (President Barack) Obama,” according to an arrest report.

At 71 years of age, you’d figure the old fool would have been keeping track of what the real problem is.

Call out Supply-Side Economics for the fraud that it is.

Call out Supply-Side Economics for the fraud that it is.

As Union Membership Decreases, Middle Class Income Shrinks


Real Time w Bill Maher 8 june 2012 in hd Unions and the Wisconsin Recall (by vclubscenedotcom)
Thom Hartmann: It Wasn’t Always This Way…
(by TheBigPictureRT)

More People Relying on Credit for Basic Necessities

The number of Americans now depending on the use of credit to buy the basic necessities has increased significantly. This is one of the scariest stories I have seen in a while. From Bloomberg:

“Consumers, particularly in the lower-income end, are being forced to use their credit cards for everyday spending like gas and food,” said Tavares, who’s based in Atlanta. “That’s because there’s been no other positive catalyst, like an increase in wages, to offset higher prices. It’s a cash-flow problem.”

…

The swings in purchases of fuel and food have been “dramatic,” Tavares said. The volume of gasoline purchases placed on credit cards jumped 39 percent last month from a year earlier, compared with a 21 percent increase in June 2010, he said. Food shopping increased 5 percent after falling 7 percent last year.