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Mon Sep 15, 2014, 11:46 AM

US wealth gap putting the squeeze on state revenue

Wow - from the AP. Could it be that people in this country are finally deciding they don't want to be ruled by an elite group of billionaires who can live wherever they want? Maybe some folks are finally waking up ....



By JOSH BOAK
From Associated Press
September 15, 2014 10:32 AM EST

WASHINGTON (AP) Income inequality is taking a toll on state governments.

The widening gap between the wealthiest Americans and everyone else has been matched by a slowdown in state tax revenue, according to a report being released Monday by Standard & Poor's.

Even as income for the affluent has accelerated, it's barely kept pace with inflation for most other people. That trend can mean a double-whammy for states: The wealthy often manage to shield much of their income from taxes. And they tend to spend a lower percentage of it than others do, thereby limiting sales tax revenue.

As the growth of tax revenue has slowed, states have faced tensions over whether to raise taxes or cut spending to balance their budgets as required by law.

"Rising income inequality is not just a social issue," said Gabriel Petek, the S&P credit analyst who wrote the report. "It presents a very significant set of challenges for the policymakers."

http://www.usnews.com/news/business/articles/2014/09/15/us-wealth-gap-putting-the-squeeze-on-state-revenue

6 replies, 1044 views

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Reply US wealth gap putting the squeeze on state revenue (Original post)
TBF Sep 2014 OP
orpupilofnature57 Sep 2014 #1
TBF Sep 2014 #3
orpupilofnature57 Sep 2014 #4
daleanime Sep 2014 #2
yallerdawg Sep 2014 #5
TBF Sep 2014 #6

Response to TBF (Original post)

Mon Sep 15, 2014, 11:50 AM

1. NWO

 

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Response to orpupilofnature57 (Reply #1)

Mon Sep 15, 2014, 11:52 AM

3. Nope - we don't need conspiracy

we are looking at capitalism in all it's glory. You're posting in the Socialist Progressives group. Please read our TOS.

thank you.

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Response to TBF (Reply #3)

Mon Sep 15, 2014, 12:00 PM

4. Stand corrected.

 

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Response to TBF (Original post)

Mon Sep 15, 2014, 11:50 AM

2. K&R....

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Response to TBF (Original post)

Mon Sep 15, 2014, 01:05 PM

5. It makes sense.

As the rich pocket our wages, they are reducing our taxable income and reducing payroll taxes. Then, they lobby Congress to make their income at lower tax rates, sheltered as non-income at lower rates or just move it off-shore. Then they just gamble (or fix) the stock market, more non-income.

This is our argument for progressive taxation. At some income level, the tax rate should encourage income distribution to the laborers and discourage personal greed. In the 1950's as high as 90%?

Known by Republicans as government-mandated 'redistribution of wealth' and 'socialism.'

Known by Democrats as 'fair and equitable pay,' and, yes, 'socialism!'

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Response to yallerdawg (Reply #5)

Mon Sep 15, 2014, 01:07 PM

6. I'm at the point where I don't care what they call it -

I want a more equitable system. Hell, I'd be in favor of scrapping the whole thing and starting over. There is no reason just a few people on this planet should control all the resources. It doesn't make any sense.

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