My afternoon train reading:

• Gold Bumps Against Resistance at $1,600 (MarketBeat)
• A Short History of Austerity: It Almost Never Works (The Guardian)
• Yes, Virginia, HFT and Liquidity are Not All They Are Cracked Up to Be (naked capitalism)
• US investors warn on bank settlement (FT.com)
• Wealth, Spending and the Economy (Economix) see also Research ties economic inequality to gap in life expectancy (Washington Post)
• Japan’s Cut for Solar Power Price Retains Boom Incentive (Bloomberg)
• Facebook reveals secrets you haven’t shared (FT.com)
• Eying Apple (The New Yorker)
• Paul Ryan’s make-believe budget (The Washington Post) see also Paul Ryan pretends he didn’t lose (TMB)
• Chief of US Pacific forces calls climate biggest worry (The Boston Globe)

What are you reading?

 

The rich pay majority of U.S. income taxes

Source: CNNMoney

Category: Financial Press

Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data and lack of respect for scientific knowledge. Be sure to create straw men and argue against things I have neither said nor implied. If you could repeat previously discredited memes or steer the conversation into irrelevant, off topic discussions, it would be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.

19 Responses to “10 Tuesday PM Reads”

  1. James Cameron says:

    How I Lost $500,000 for Love

    http://goo.gl/BZSVS

  2. AHodge says:

    My B of A foreclosure/ forced loan mod/loan mod ?and force place insurance scam saga mentioned earlier
    i talk to Ed DiMarco FHA head at conf
    ,he now has two staffers researching force place talk to me for half hr
    and agree to forward all two inches of case doc to theur lawyers
    Hes awesome clearly on the good side
    i wont hear a bad word about him unless a bad act shows up we see

  3. rd says:

    I’t's not just the US that is encountering a shortage of skilled workers:

    http://world.time.com/2013/03/11/a-lack-of-swordsmen-may-lead-saudis-to-abolish-beheadings/?hpt=hp_t3

    BTW – I think this could be the headlne of the day, although some of the ones trumpeting Paul Ryan’s delayed approach to Medicare could also qualify.

  4. AHodge says:

    what i emailed the FHA before the excellent meeting.

    It is an interesting case, combining bogus unneeded force place insurance, declaring me in default for nonpayment.

    While the wrongful claim was B of A they transferred/sold my loan to seterus. Who for a time just said I was 90 days late rather than disputing the force place flood insurance claim
    But now they offer me a modification I don’t need I accept as the only way to keep paying rather than have them refuse my prompt monthly payments.

  5. S Brennan says:

    When it’s said;

    “The rich pay majority of U.S. income taxes”,

    let’s try to remember that payroll taxes are almost half of US revenues, income taxes, tariffs, corporate taxes, leases et al make the other ~50%. And US payroll taxes are some of, if not the, most regressive in the world. So the phrase has more than an element of sophistry to it.

    Add to that, if you have 80% of the wealth, the very least you should be paying is 80% and let’s face fact, they don’t come close. And the disparity is 99.999% when it comes to combat service, so I’d let the unfairness dog sleep.

    The only contribution the 99.9% have over the rest…is incessant public whining, in that arena, the wealthiest of the US are truly world leaders…and we should all tip our hat for their effort on our behalf.

  6. PeterR says:

    Mind-Bloewing IMO that Bloeing’s main “fix” here appears to be a CONTAINMENT system for battery fires and smoke.

    http://www.nytimes.com/2013/03/13/business/faa-backs-boeing-plan-for-battery-test.html?hp&_r=0

    ___________________________

    ” The F.A.A. has also approved limited test flights for two aircraft. These aircraft will have the prototype versions of a new containment system designed to seal off any smoke or fire. The purpose of the flight tests will be to check the battery instrumentation and the container.

    The agency will approve the redesign only if the company successfully completes all required tests and analysis.”
    ____________________________

    Is this basically an admission that a new battery design, or the use of different batteries, CANNOT work in the DreamLiner?

    If so, move over DreamLiner, as the new and improved NightmareLiner is taxiing for take-off.

  7. Moe says:

    “the wealthiest of the US are truly world leaders…and we should all tip our hat for their effort on our behalf.”

    Amazing they are able to lead at all with your tongue so firmly implanted up their posteriors.

  8. Robert M says:

    The correct interpretation is that the fall off is due to income not growing for the people in the lower line.

  9. Sean says:

    Other fun facts about the top 10%, they earn 50% of the income in the US (so paying 70% of the taxes is not as outrageous as the chart suggests), and the top 10% have captured 96% of the income growth since 1981 (http://www.businessinsider.com/who-pays-taxes-2012-8)… besides, it is actually better for our economy to have taxes be top-heavy (to a point) since the less you tax the lower income brackets the more money flows directly into consumption, whereas the less you tax the very rich the more they save/invest… and since we currently have more than enough liquidity what we really need right now is to stimulate spending, so the share could actually stand to be 75/25 until we can get our GDP and tax revenues up to a point where we can cut it for everybody on a sustainable basis…

  10. PeterR says:

    Speaking of aviation, how about the TSA proposal to allow small knives etc. on planes again?

    http://www.marketwatch.com/story/knives-get-boarding-passes-whats-next-2013-03-12?dist=afterbell

    Is there a common thread here with the Boeing battery SNAFU?

    “PROFITS” !!!!

  11. S Brennan says:

    “The only contribution the 99.9%” should read .01% instead of 99.99%

  12. willid3 says:

    just how many jobs would it take to get unemployment down from say 2.5 million to 1 million? the answer isn’t 1.5 million. its a lot more than that

    http://stumblingandmumbling.typepad.com/stumbling_and_mumbling/2013/03/the-need-for-supply-side-socialism.html

  13. farmera1 says:

    It is getting harder and harder for the climate change deniers to keep a straight face without a growing nose.
    The military (Chief of US Pacific forces calls climate biggest worry) has long recognized the issues of climate change. Business is getting more and more on board.
    That leaves the zealots, deniers and liers out there blaming Gore. Wierd.

    Corn, Soybeans Follow Rising Temperatures Into Canada: DuPont Pioneer
    http://www.bloomberg.com/news/2013-03-12/corn-soybeans-follow-rising-temperatures-into-canada-dupont-pioneer.html

    “The western Canadian prairie, a traditional stronghold for wheat-growers, has become a more hospitable environment for corn and soybean cultivation — thanks in part to climate change.
    DuPont Pioneer, the seed division of DuPont Co., is following the temperature north. It’s starting to build infrastructure for products that traditionally grow farther south and is teaching farmers how to grow them.”

    I’ve seen the change in North Dakota first hand. Lots more corn and soy beans grown there than there was 10 years ago. Growing season several days longer. Still wondering if I went far enough north when I bought farm land in North Dakota.

  14. catman says:

    The Hft article was very thought provoking for me. I can see it and feel it, day to day, but I enjoyed the anatomy lesson.

  15. a2ricedgti says:

    The graph should be interpreted in the context of the article, which at the end points out the graph is only a part of the picture:

    “Still, the wealthy are paying more taxes on a federal level simply because they are making so much more money. The top 10% of taxpayers take home 45% of the nation’s income, according to Citizens for Tax Justice. Moreover, they seem to be getting richer all the time.”

  16. Bob A says:

    Federal income tax is only part of the story.

    U.S. total effective tax rates (personal and corporate income, payroll, property, sales, excise, estate, etc.) by income level in 2011
    http://en.wikipedia.org/wiki/File:Total_Effective_Tax_Rates_2011.jpg

  17. Joe Friday says:

    Paul Ryan’s make-believe budget / Paul Ryan pretends he didn’t lose

    Ryan assumes the repeal of Obamacare lowers federal deficits by $1.8 Trillion, but the independent non-partisan CBO states repealing Obamcare INCREASES federal deficits.

    So, on just that ONE item, his budget is off by about TWO TRILLION DOLLARS.

    And this is the RightWing’s Boy-Genius budget expert ?

  18. PeterR says:

    Does Google’s “Drive-by Prying” suggest a deviation in the corporate compass similar to the Apple Maps fiasco? Both raise the question, “Who is in charge here?”

    http://www.nytimes.com/2013/03/13/technology/google-pays-fine-over-street-view-privacy-breach.html?hp&_r=0

    Is the price of GOOG now facing a fate similar to AAPL’s fall from grace?

    Google’s admission of fault, similar to Steve Cook’s mea culpa about Apple Maps, is a good first step, but with Q1 ending soon, close attention to Google’s stock price might be in order.

    Or is Google going to continue up, possibly displacing Apple as the new mega-leader?

  19. rd says:

    Bob A:

    Further to your point on income taxes, in 2010 Federal individual income tax was only 41% of the total Federal tax revenue, never mind when compared across the total of all of the federal, state, and local taxes as well: http://en.wikipedia.org/wiki/Taxation_in_the_United_States

    Payroll taxes, overwhelmingly paid by the bottom 90%, made up 40% of the Federal tax revenue, roughly equal to the individual income tax so their goes the argument that taxes are overwhelmingly paid by the rich. We defintiely have a progressive tax structure but focusing only on who pays income taxes as a justification for more income tax cuts in the name of “fairness” is pure propaganda.

    The fact is that the overall US taxation rates across all jurisdictions and types of taxes is about 25% which is pretty low by developed world standards. We need to focus on how to get much better bang for that buck instead of bickering about whether or not the federal income tax should be lower. There should be plenty of room for rational re-allocation of resources within that 25% to position us for the future. However, there are lots of entrenched lobbies that want to maintain their share of the pie, whether or not it is a net societal benefit. I believe it is possible to run a balanced budget within the current overall national tax revenue but it would require cutting sacred cows like bloated military budgets and agricultural subsidies.