A Quote by Dick Morris
... the top 10 percent of incomes pay 70 percent of the income taxes and cast about 25 percent of the vote.
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We believe you will not have to pay more than the current rate structure proposes - which is, for 50 percent of the public, nothing; for another 25 percent, only a 10 percent increase; and for the remaining 25 percent, a 34 percent increase.
For the three decades after WWII, incomes grew at about 3 percent a year for people up and down the income ladder, but since then most income growth has occurred among the top quintile. And among that group, most of the income growth has occurred among the top 5 percent. The pattern repeats itself all the way up. Most of the growth among the top 5 percent has been among the top 1 percent, and most of the growth among that group has been among the top one-tenth of one percent.
The Hispanic population grew by 4.7 percent last year, while blacks expanded by 1.5 percent and whites by a paltry 0.3 percent. Hispanics cast 6 percent of the vote in 1990 and 12 percent in 2000. If their numbers expand at the current pace, they will be up to 18 percent in 2010 and 24 percent in 2020. With one-third of Hispanics voting Republican, they are the jump ball in American politics. As this vote goes, so goes the future.
Regarding the Economy & Taxation: America's most successful achievers do pay a higher share of the total tax burden. The top one percent income earners paid 18 percent of the total tax burden in 1981, and paid 25 percent in 1991. The bottom 50 percent of income earners paid only 8 percent of the total tax burden, and paid only 5 percent in 1991. History shows that tax cuts have always resulted in improved economic growth producing more tax revenue in the treasury.
By 2015, the top 1 percent of families took home more than 20 percent of income. Wealth distribution was 10 times worse than that: the families in the top 1 percent owned as much as the families in the bottom 90 percent.
I love to tell how I'm suffering because one percent we're paying 25 percent of the total. We're not paying 25 percent of the total taxes on individuals. We're paying maybe 25 percent of the income tax, but the payroll tax is over a third of the receipts of the federal government. And they don't take that from me on capital gains. They don't take that from me on dividends. They take from the woman who comes in and takes the wastebaskets out.
This is a very important issue that the corporate media chooses not to talk about a whole lot, that we have an economic system which is rigged, which means that at the same time as the middle class of this country is disappearing, almost all of the new income and wealth in America is going to the top 1 percent. You have the top one-tenth of 1 percent owning almost as much wealth as the bottom 90 percent - 58 percent of all new income is going to the top 1 percent.
History shows that when the taxes of a nation approach about 20 percent of the people's income, there begins to be a lack of respect for government.... When it reaches 25 percent, there comes an increase in lawlessness.
From an economic perspective, women are treated unfairly: they perform 66 percent of the world's work and produce 50 percent of the food but they only earn 10 percent of the income and own 1 percent of the property.
Skating takes up 70 percent of my time, school about 25 percent. Having fun and talking to my friends, 5 percent. It's hard. I envy other kids a lot of things, but I get a guilt trip when I'm not training.
President Lyndon Johnson's administration was known for his War on Poverty. President Obama's will become notable for his War on Prosperity. We're speaking, of course, of Obama's plans to hike income taxes on the most wealthy 2 or 3 percent of the nation. He's not just raising the top rate to 39.6 percent; he's also disallowing about one-third of top earner's deductions, whether for state and local taxes, charitable contributions or mortgage interest. This is an effective hike in their taxes by an average of about 20 percent.
There are a few things that we can do. One of them is that we can increase the taxes that people are paying who are the extremely wealthy in our communities. So, 70 percent, 80 percent, we've had it as high as 90 percent.
Politicians like to talk about the income tax when they talk about overtaxing the rich, but the income tax is just one part of the total tax system. There are sales taxes, Medicare taxes, social security taxes, unemployment taxes, gasoline taxes, excise taxes - and when you add up all of those taxes [many of which are quite regressive], and then you look at how they affect the rich and the poor, you essentially end up with a system in which the best off 20 percent of Americans pay one percentage point more of their income than the worst off 20 percent of Americans.
What democratic socialism is about is saying that it is immoral and wrong that the top one-tenth of 1 percent in this country own almost 90 percent - almost - own almost as much wealth as the bottom 90 percent. That it is wrong, today, in a rigged economy, that 57 percent of all new income is going to the top 1 percent. That when you look around the world, you see every other major country providing health care to all people as a right, except the United States.
Over the period from 1988 to 2005, the income share of the top five percent has grown by about 3.5 percent of global household income, and the shares of all the other groups have diminished. The greatest relative reduction was in the bottom quarter, which lost about one third of its share of global household income, declining from 1.155 to 0.775 percent, and now is even more marginalized.
About forty percent of the people vote Democrat. About forty percent vote Republican. Of those eighty percent, most wouldn't change their votes if Adolf Hitler was running against Abe Lincoln - or against FDR. . . . That leaves twenty percent of the people who swing back one way or another . . . the true independents. . . . That twenty percent controls the destiny of the country.
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