The President is Missing

The rich pay a much lower percentage than they did during the Eisenhower years. The figures are readily available. Furthermore, that was a time when the gap between the haves and the have nots was a great deal narrower than it is today.

For example, by the time my college class (1969) was ready to graduate, Michael Harrington said grad student poor managed to eke out a living on $2,000/annum. However, a bank teller would earn $5,000; a first-year teacher $8,000; a newly minted lawyer would earn $10,000 going into the office of the public defender but landing a position with a private firm would mean $12,000.

For the record, Edgar, that is not true. The NYTimes reported that, but it is simply not true.
Forbes does a much better job of explaining it. Check it out or I can try to explain it in layman's terms.

You might have to do a GE taxes for dummies explanation, rjb, since I have not seen anywhere that GE denies the story.

First of all, Edgar, a disclaimer. I own no shares in GE although I have invested there in the past. I don't have any money so I don't expect to be a stockholder anytime soon.
What has really gotten a burr in my butt is that some in the mainstream media claim that companies like GE are committing tax evasion. What they are doing to reduce their tax bills is illegal.
No. Their very smart tax people are following the rules, exploiting every loophole that Congress and the President have enacted over the years.
By the way, an investment of $100 in GE 5 years ago is now worth $58.

I did not accuse GE of breaking the law.

No, you didn't. But the main stream media implied that, in my opinion.

GE supports Obama. What does that tell you?

Do you take money from your rich uncle when you can't meet your budget?

Continuing. GE last year had revenues of $150 Bn. They sell jet engines, power plants and light bulbs all over the world. Pre-tax profit is listed at $14.3Bn. Profit from U.S. operations comes in at $5Bn.
There are many GE's: GE-USA, GE-UK, GE-Sweden. Taxes are paid in each of those jurisdictions, with the U.S. getting a share only if over sea profits are shifted to the U.S.

GE had no problem doing business with Iran until forced to stop in 2005, and then continued doing business with other people in Iran until 2008. I guess it depends on which "evil corporation" butters your bread.

And more. GE, which is into "green energy," got a lot of tax credits for investing in that technology. Is that right or wrong?
Finally, a big portion of GE is "GE Capital." It took something like $30BN in losses beginning in 2008. They get to claim those losses on their tax returns just as we small investors do on ours.
What is wrong here?

The hypocrisy is blinding. Those damn light bulbs are worthless. I don't call that "progressive".

That he's a centrist supporter of capitalism, which is what the left has been saying for months.

Kandahar is about as safe as he can get, even though its still in Afghanistan.
He should be safe there, but Stacy and I will still pray for his safety.

No, he's not a supporter of capitalism. He's greasing the skids for his cronies at the expense of the American people. You don't see that, do you!

You better do some research. I just saw an article that stated that a survey of the 400 richest people was done and they only paid an average of 17% of their income rather than the 35% everyone thinks they pay. All the cute little loopholes that the politicians give them reduce their taxes greatly. Sorry I dident see the earlier post stating this information untill after I posted.

Here is some research. I know this is old, but you get the idea.

http://usgovinfo.about.com/od/incometaxandtheirs/a/whopaysmost.htm

Income tax only makes up about 42% of the federal government's revenues.

Why should we only count half of the revenues when talking about who pays the most?

Thank you again. I appreciate it. His little girls need him.

Hear, hear.

Unlike that hearing will happen.