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(Bloomberg)   You know that government study that showed how the top U.S. wage earners had seen their pay quintuple in 2009? Turns out that someone forgot to carry the one or something   (bloomberg.com) divider line 182
    More: Interesting, modified adjusted gross income, Social Security Administration, economic slump, gross incomes  
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19792 clicks; posted to Main » on 03 Nov 2010 at 2:30 PM (3 years ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2010-11-03 11:23:52 AM
So, only 72 people in the US make more than $50m a year?
 
2010-11-03 11:30:26 AM
xanadian: So, only 72 people in the US make more than $50m a year?

I was trying to figure out if I should be surprised by that, too. I think it sounds reasonable: They are talking about 2009 earnings, rather than net-worth. I can't imagine too many people earning that much money in a single year.
 
2010-11-03 11:31:21 AM
xanadian: So, only 72 people in the US make more than $50m a year?

I know this is going to shock you, but making that amount of money is really hard.
 
2010-11-03 11:34:28 AM
FishyFred: xanadian: So, only 72 people in the US make more than $50m a year?

I know this is going to shock you, but making that amount of money is really hard.


I think Lady Gaga is one of them.
 
2010-11-03 11:40:21 AM
FishyFred: xanadian: So, only 72 people in the US make more than $50m a year?

I know this is going to shock you, but making that amount of money is really hard.


Only because the government punishes my incentive to do it!
 
2010-11-03 12:12:44 PM
impaler: FishyFred: xanadian: So, only 72 people in the US make more than $50m a year?

I know this is going to shock you, but making that amount of money is really hard.

Only because the government punishes my incentive to do it!


It's an exclusive club. Gotta keep the riff-raff out, so make government do it.
 
2010-11-03 12:57:49 PM
FishyFred: I know this is going to shock you, but making that amount of money is really hard

It's harder the first year than the second.

/Still working on that first year.
 
2010-11-03 02:34:03 PM
More like some billionaire filed two W2's.
 
2010-11-03 02:34:07 PM
xanadian: So, only 72 people in the US make more than $50m a year?

No.

FTFA
The figures count only income subject to Medicare taxes, such as wages and tips. Income from investments isn't counted.
 
2010-11-03 02:34:51 PM
ignatiusst: xanadian: So, only 72 people in the US make more than $50m a year?

I was trying to figure out if I should be surprised by that, too. I think it sounds reasonable: They are talking about 2009 earnings, rather than net-worth. I can't imagine too many people earning that much money in a single year. AND DECLARING IT TO THE IRS


FTFY
 
2010-11-03 02:35:50 PM
Once you make around 10 mil the only reason to keep going is because you love 'the game' or crave power over others.
 
2010-11-03 02:36:42 PM
www.dodeca-t.com
 
2010-11-03 02:38:12 PM
Good thing liberals weren't using these erroneous figures as talking points to support their social policy initiatives.
 
2010-11-03 02:38:36 PM
Who the fark gets that much on a W-2?

1099 or investment income, sure, but a W-2?
 
2010-11-03 02:38:58 PM
Boobiesontheside: Once you make around 10 mil the only reason to keep going is because you love 'the game' or crave power over others.

1. Get in good with good ol' boys club.
2. Become a CEO.
3. Destroy company through short-term business strategy.
4. Cash out and run before it sinks.

Congratulations! You've done nothing with your life and have added no value to America, but you're rich and never have to work another day in your life.

Cheers!
 
2010-11-03 02:39:12 PM
I hope this puts to rest the idea that just because rich people have more that they aren't paying there "fair share". I had this one jerk boss who kept on bringing that kind of thing up with me at work.
 
2010-11-03 02:40:24 PM
FTA: "the average annual wage fell by $598 to $39,055 and the median wage fell by $253 to $26,261"

onlinestatbook.com

This is what is called a positive skew, and from a macroeconomic perspective there is absolutely nothing 'positive' about it. The middle class is arguably the primary driver of economic growth, and this clearly illustrates that the U.S. needs to smooth out income distribution if we want to maintain any notion of a middle class at all.
 
2010-11-03 02:40:57 PM
FishyFred: xanadian: So, only 72 people in the US make more than $50m a year?

I know this is going to shock you, but making that amount of money is really hard.


Well, that and the fact that these statistic are based off of W-2s the folks who make the truly epic money finds ways of structuring their compensation so most of it isn't classified as "income" and taxed as such. For instance there is a hedge fund manager who made $3 billion in 2008, but most of his comepnsation came in the form of stock, not cash, so the bulk of his earnings get taxed at the 15% capital gains rate rather than the 35% top mariginal income tax rate, saving him, and costing the US government roughly $600 Million/year
 
2010-11-03 02:41:42 PM
This wouldn't have happened if the person doing the math was getting paid more, as they'd then do a better job.

Support your local schools, give them more money.
 
2010-11-03 02:43:18 PM
This huge error was due to two duplicate W2s?!? Wow.
 
2010-11-03 02:43:32 PM
Magorn: FishyFred: xanadian: So, only 72 people in the US make more than $50m a year?

I know this is going to shock you, but making that amount of money is really hard.

Well, that and the fact that these statistic are based off of W-2s the folks who make the truly epic money finds ways of structuring their compensation so most of it isn't classified as "income" and taxed as such. For instance there is a hedge fund manager who made $3 billion in 2008, but most of his comepnsation came in the form of stock, not cash, so the bulk of his earnings get taxed at the 15% capital gains rate rather than the 35% top mariginal income tax rate, saving him, and costing the US government roughly $600 Million/year


COSTING THE GOVERNMENT??? OMG I cant believe I'm reading this.
 
2010-11-03 02:44:18 PM
FooDog: FTA: "the average annual wage fell by $598 to $39,055 and the median wage fell by $253 to $26,261"



This is what is called a positive skew, and from a macroeconomic perspective there is absolutely nothing 'positive' about it. The middle class is arguably the primary driver of economic growth, and this clearly illustrates that the U.S. needs to smooth out income distribution if we want to maintain any notion of a middle class at all.


Good thing we just put a bunch of Republicans in office!
 
2010-11-03 02:44:34 PM
FooDog: this clearly illustrates that the U.S. needs to smooth out income distribution if we want to maintain any notion of a middle class at all.

Yep, that chart says it all.

/keep farking that chicken, Jim.
 
2010-11-03 02:45:41 PM
I'd like to see that list of 72. I'm curious to see if they used a color portrait of me this year, or just the black and white one like they have been doing.
 
2010-11-03 02:46:07 PM
xanadian: So, only 72 people in the US make more than $50m a year?

What, you don't?

/plebians
 
2010-11-03 02:46:17 PM
lo quilty: Magorn: FishyFred: xanadian: So, only 72 people in the US make more than $50m a year?

I know this is going to shock you, but making that amount of money is really hard.

Well, that and the fact that these statistic are based off of W-2s the folks who make the truly epic money finds ways of structuring their compensation so most of it isn't classified as "income" and taxed as such. For instance there is a hedge fund manager who made $3 billion in 2008, but most of his comepnsation came in the form of stock, not cash, so the bulk of his earnings get taxed at the 15% capital gains rate rather than the 35% top mariginal income tax rate, saving him, and costing the US government roughly $600 Million/year

COSTING THE GOVERNMENT??? OMG I cant believe I'm reading this.


How about this, it is cost the rest of Americans (since the Government is the people) that have to make up in taxes what he didn't pay to keep the services and stability that allowed him to make $6 Billion.
 
2010-11-03 02:48:30 PM
tricycleracer: Congratulations! You've done nothing with your life and have added no value to America, but you're rich and never have to work another day in your life.

What are you talking about? You *MUST* repeat the process. Because another guy did it and has more than you now. You wouldn't want to settle for second place, would you?
 
2010-11-03 02:49:15 PM
Quiefenburger: FooDog: this clearly illustrates that the U.S. needs to smooth out income distribution if we want to maintain any notion of a middle class at all.

Yep, that chart says it all.

/keep farking that chicken, Jim.


I guess you don't know much about macro economics.

Here is a primer, Rich have a high propensity to save and not spend versus those of less means.

If more income concentrates at the top money is removed from the economy. When Money is removed from the economy the economy shrinks and when it does this it causes more concentration of money and less growth.
 
2010-11-03 02:49:26 PM
Bad news everyone. We were able to steal away billions of dollars from the American economy, of course. But the rate at which our share of the global GDP is increasing has slowed slightly. See? We're victims too. Hug?
 
2010-11-03 02:49:32 PM
FTFA (because I just wanted to restate it):

According to the Tax Foundation, the top 1 percent of households, those with adjusted gross incomes above $380,354, paid 38 percent of all federal income taxes in 2008. The bottom 95 percent, those with adjusted gross incomes below $159,619, paid 41.3 percent.

The figures count only income subject to Medicare taxes, such as wages and tips. Income from investments isn't counted.


That last part means that those rich folk, yeah they paid even more on their investment income and such...so the actual balance is skewed even more.

Feldspar Q. Walrustitty: Who the fark gets that much on a W-2?

1099 or investment income, sure, but a W-2?


Um...if I start a business and it makes a gazoodle of munny and that much is left over after re-investing in the biz, paying folks and such...hopefully me.
 
2010-11-03 02:49:51 PM
But if we raise their tax rates they will lose the motivation to continue to work...

//got nuthin
 
2010-11-03 02:49:52 PM
xanadian: So, only 72 people in the US make more than $50m a year?

At least three of them pitch for the Yankees.
 
2010-11-03 02:50:05 PM
don't worry - all that wealth will "trickle down"
 
2010-11-03 02:50:43 PM
Magorn: FishyFred: xanadian: So, only 72 people in the US make more than $50m a year?

I know this is going to shock you, but making that amount of money is really hard.

Well, that and the fact that these statistic are based off of W-2s the folks who make the truly epic money finds ways of structuring their compensation so most of it isn't classified as "income" and taxed as such. For instance there is a hedge fund manager who made $3 billion in 2008, but most of his comepnsation came in the form of stock, not cash, so the bulk of his earnings get taxed at the 15% capital gains rate rather than the 35% top mariginal income tax rate, saving him, and costing the US government roughly $600 Million/year


Can you imagine how much he would "cost" the government if he had your job? like 70ity billion...toss him in jail, dam crook.
 
2010-11-03 02:51:30 PM
Obviously this is proof they all need a tax cut.
 
2010-11-03 02:51:43 PM
lo quilty: I hope this puts to rest the idea that just because rich people have more that they aren't paying there "fair share". I had this one jerk boss who kept on bringing that kind of thing up with me at work.

Well since the top 5% of Americans control 62% of the nationa's WEALTH (new window) even in a NON progressive tax system their fair share shuld be about 62% of all the taxes right?


yet strangely they pay only about 53%, (new window) but this is classified as a "highly progressive " tax system because the report only 35 % of the nation's INCOME

which means, basically, that those at the top are accumulating WEALTH in a way that is not reflected on their IMCOME reporting, partially by using the capital gains dodge I mentioned above

(this is also hy claiming that the Estate tax "Double taxes" money is such a lie, because many assets are not taxed until they are sold and a captial gain is realized on them, so for example George Stienbreener bought the Yankees for $10 million. By the Time of his death they were worth $3 BILLION. yet NONE of that increase in value was EVER taxed in his lifetime, and without an estate tax, would not be as the team passes to his heirs either.
 
2010-11-03 02:51:46 PM
I wonder how many of those were lotto winners....y/know if they were smart enough to have an accountant.
 
2010-11-03 02:52:52 PM
Magorn: For instance there is a hedge fund manager who made $3 billion in 2008, but most of his comepnsation came in the form of stock, not cash, so the bulk of his earnings get taxed at the 15% capital gains rate rather than the 35% top mariginal income tax rate, saving him, and costing the US government roughly $600 Million/year

There is a reason the capital gains rate is less than the normal rate. It fosters investment in companies which in turn gives more money to everyone else (eventually). Or that's how it's suppose to work.
 
2010-11-03 02:52:53 PM
craig328: FTFA (because I just wanted to restate it):

According to the Tax Foundation, the top 1 percent of households, those with adjusted gross incomes above $380,354, paid 38 percent of all federal income taxes in 2008. The bottom 95 percent, those with adjusted gross incomes below $159,619, paid 41.3 percent.

The figures count only income subject to Medicare taxes, such as wages and tips. Income from investments isn't counted.

That last part means that those rich folk, yeah they paid even more on their investment income and such...so the actual balance is skewed even more.

Feldspar Q. Walrustitty: Who the fark gets that much on a W-2?

1099 or investment income, sure, but a W-2?

Um...if I start a business and it makes a gazoodle of munny and that much is left over after re-investing in the biz, paying folks and such...hopefully me.


What exactly is your point. We tax individual incomes not by lots.
 
2010-11-03 02:53:46 PM
Ever been eating something with chicken in it, and you get one of those chewy bites and it just ruins the whole meal for you?
 
2010-11-03 02:54:00 PM
Magorn: lo quilty: I hope this puts to rest the idea that just because rich people have more that they aren't paying there "fair share". I had this one jerk boss who kept on bringing that kind of thing up with me at work.

Well since the top 5% of Americans control 62% of the nationa's WEALTH (new window) even in a NON progressive tax system their fair share shuld be about 62% of all the taxes right?


yet strangely they pay only about 53%, (new window) but this is classified as a "highly progressive " tax system because the report only 35 % of the nation's INCOME

which means, basically, that those at the top are accumulating WEALTH in a way that is not reflected on their IMCOME reporting, partially by using the capital gains dodge I mentioned above

(this is also hy claiming that the Estate tax "Double taxes" money is such a lie, because many assets are not taxed until they are sold and a captial gain is realized on them, so for example George Stienbreener bought the Yankees for $10 million. By the Time of his death they were worth $3 BILLION. yet NONE of that increase in value was EVER taxed in his lifetime, and without an estate tax, would not be as the team passes to his heirs either.


Taxes on wealth kill small businesses and family farms.
 
2010-11-03 02:54:16 PM
Well its a good thing wages is how the super-rich make their money.

Wait, it isn't?
 
2010-11-03 02:55:50 PM
monoski: But if we raise their tax rates they will lose the motivation to continue to work...

//got nuthin


They ammusingly call this the "Oprah Efect." In other words insanely rich people will not stop being rich to avoid taxes.

If someone had the choice of making 50K a year and get taxed 10% marginal rate and a $1 Million with a 50% marginal rate. They would still would go for the bucks.
 
2010-11-03 02:56:05 PM
deege: This huge error was due to two duplicate W2s?!? Wow.

In other words, TWO people in this country control the vast majority of our wealth. Can we has r revolution now?
 
2010-11-03 02:57:39 PM
MindStalker: deege: This huge error was due to two duplicate W2s?!? Wow.

In other words, TWO people in this country control the vast majority of our wealth. Can we has r revolution now?


How much did you make for your company last year?
 
2010-11-03 03:00:54 PM
i dont care.
 
2010-11-03 03:01:24 PM
tznnmp: Magorn: FishyFred: xanadian: So, only 72 people in the US make more than $50m a year?

I know this is going to shock you, but making that amount of money is really hard.

Well, that and the fact that these statistic are based off of W-2s the folks who make the truly epic money finds ways of structuring their compensation so most of it isn't classified as "income" and taxed as such. For instance there is a hedge fund manager who made $3 billion in 2008, but most of his comepnsation came in the form of stock, not cash, so the bulk of his earnings get taxed at the 15% capital gains rate rather than the 35% top mariginal income tax rate, saving him, and costing the US government roughly $600 Million/year

Can you imagine how much he would "cost" the government if he had your job? like 70ity billion...toss him in jail, dam crook.


Call me old fashioned but I believe in paying my way, which includes ponying up for the care an maintenance of the country I live in. I have only contempt for someone who, as able as this man is to afford it, still trys to weasel out on his share.

Do you have any idea how vast a sum $3 billion really is? IF you quit your job, and earnestly set your mind to doing nothing else, I am willing to bet you could not even spend the INTEREST on $3 billion in your lifetime. Hell, I'd say you would be very hard put to spend even ONE YEAR's Interest on $3 billion dollars in your lifetime if we limited you to stritly spending on consumer goods and not defense hardware or medium-sized coprorations.

This Guy makes $ 3 billion a YEAR (which, incidentally, is more than half of the world's population has to spend to live on every day) and still he can't man up and pay his part of the collective bill even though he's never miss even a cent of what he spent.

It'd be like going out to dinner with Bill Gates, and not only does he not pick up the chek himself, but when it comes time to figuring the spluit he starts whining about how he only had a few bites of the appetizer and a half glass of the wine HE ordered for the table
 
2010-11-03 03:01:37 PM
lo quilty: Taxes on wealth kill small businesses and family farms.

blog.nj.com
 
2010-11-03 03:02:02 PM
lo quilty: How much did you make for your company last year?

Well, I flew my company's private jet from Galt's Gulch to Washington to beg for about $4 billion in bailout money.

What I don't understand is why people don't just pull themselves up by their bootstraps and use their Ivy-League connections with Washington insiders to get lucrative subsidies and bailouts. I think it's just that they are too damn lazy.
 
2010-11-03 03:03:14 PM
MindStalker: deege: This huge error was due to two duplicate W2s?!? Wow.

In other words, TWO people in this country control the vast majority of our wealth. Can we has r revolution now?


I hear Oprah will whoop dat ass.
 
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