Roll Call: Latest News on Capitol Hill, Congress, Politics and Elections
October 31, 2014

It Pays to be Super Rich in America — For Now

Floyd Norris: “It is an interesting fact that our current tax system assures that — year after year — the superrich, those who report adjusted gross incomes of more than $10 million, have tax rates that are significantly lower than those of the very rich, those earning more than $500,000 but less than $10 million.”

“Figures just released by the Internal Revenue Service show that in 2011 the difference in rates between the groups rose to 4.1 percentage points, the largest since the I.R.S. began calculating the data in 2000. The superrich paid 20.4 percent of their income in federal income taxes in 2011, while the very rich paid 24.5 percent.”

Screen Shot 2014 04 18 at 12.29.38 PM 438x335 It Pays to be Super Rich in America    For Now

“Why are the superrich treated so well? It is largely because investment income — what we used to call unearned income — has long enjoyed preferential tax treatment.”

“But starting in 2013, the wealthy face significant tax increases. And the increases are greater for investment income. It seems likely that the gap in tax rates between the superrich and the very rich may be narrowed.”

  • Yonatan YONATAN

    The worse cheaters currently in our country, are the politicians who have cheated the more than two million unemployed workers out of their extended unemployment benefits since last December. These politicians such as John Boehner, not only have cheated these poor unemployed families of their benefits, but have ruined their credit and financial lives in the process. These people have worked all of their lives, believing that the taxes being taken out of their weekly paychecks, may one day benefit them should they become unfortunately unemployed due to lay offs and downsizing. However after their 26 weeks were finished, they were left hung out to dry by the republican senators. Although billions of tax payer’s dollars recently was approved for the Ukraine, these families have received nothing but delay after delay, and promises after promises. Many of these families have lost their homes, have been evicted from their apartments, have become bankrupt, and homeless, While the politicians continue to play their “party politics” and using these families as bargaining chips and political leverage. It’s sad that the victims of the recession, which largely was the fault of the greedy banking and airline industries, amongst other large corporations, are made to feel that they’re asking for something that they really don’t deserve, such as financial help to support their families until they can find proper work again. Why does it seem that the government can always find the money to bailout companies, and for foreign aid, and personal raises, but not to help the most needy Americans in our country? We’re now going into 5 months of waiting and hoping for help to arrive in the form of an extension bill passing in the senate, and the Republicans are still not wanting to help these families. They have become so out of touch with the reality of the 99 percent of us in this country, that they have no clue of the amount of pain and damage that’s been caused with each passing day, week, and month that the extension isn’t passed for these families. My only solace is that in the next election in 2016, these millions of broken and hurt Americans will use their voting rights to vote all of these career politicians out from office for good. We need to bring back “public servants, not “public masters”

  • Ygorbla

    What is this “for now?” Do you anticipate that in a few years being super-rich is suddenly going to start sucking?

    “Oh man, I sure enjoyed being super-rich back then! But ever since that burst of radiation from Mars caused my money to grow fangs and hunger for flesh, it has not been so great.”

  • Yonatan YONATAN

    I can’t believe that after ALL of this time, and after break after break, we still have no extension bill passed in the senate. This proves that the republican party never had ANY intention to pass this bill REGARDLESS of what concession was offered to them. These republican senators have shown their true distain for the poor people in this country. There can be no other explanation for their lack of total compassion and empathy with those in our country who are hurting financially in one of the worse recessions in many years. As a “FORMER” republican, I’m shocked and disappointed by the party that once was my own. I will NEVER EVER vote for a republican again in the future, and will encourage family and friends to do the same. The republican party has lost it’s way and are no longer relevant to it’s constituents. Just what kind of game are they playing here? When we have more than two million families out of work, without any benefits, struggling from day to day to keep a roof over their children’s heads, and food on the table, they’re playing party politics? These senators are heartless, soulless, bureaucrats, who do not care about you and me, but ONLY themselves and their party. We need to make a huge change in the next elections, and make sure that the republicans are never in charge again to do this sort of thing to helpless people.

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