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n2doc

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Home country: USA
Current location: Georgia
Member since: Tue Feb 10, 2004, 12:08 PM
Number of posts: 35,209

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Environmental Scientist

Journal Archives

The top 400 households got 16 percent of all capital gains in 2010


This is what oligarchy looks like.

In 2010, the IRS reports that the top 400 households — or the top 0.0003 percent, for those of you keeping score at home — took home 16 percent of all capital gains. That's right: one out of every six dollars that Americans made selling stocks, bonds, and real estate (worth more than $500,000) went to the top-third of the top-thousandth percent of households.

It wasn't always thus. Between 1992 and 2005, the top 400 households "only" received an average of 7.8 percent of all capital gains. And, as you might expect, they got more of their money from wages back then — albeit, a still-paltry 13.8 percent — than the 6.4 percent they do today.

What's changed? Well, the housing bust happened, the middle class got scared off stocks at the worst possible time, and the top 1 percent (and really the top 0.1, no the top 0.01, no the ...) have more money to invest than at any time since 1939. Add it all up, and you can see why capital gains have become the ultimate luxury good.

Here's what all that means. In 2005, the housing bubble was in full, heady swing, and there plenty of Miami condos, let alone actual houses, selling for more than the half-a-million-dollar capital gains exclusion on real estate (the first half-a-million in profit is exempt from taxes).

more

http://www.washingtonpost.com/blogs/wonkblog/wp/2014/11/25/the-top-400-households-got-16-percent-of-all-capital-gains-in-2010/?tid=rssfeed

All income needs to be taxed as income, not as separate categories with preferential treatment for some.

Will the GOP scrap Obama’s State of the Union address?

By Steve Benen

In early 1999, the political environment in Washington, D.C., bordered on surreal. President Clinton had just been impeached. House Speaker Newt Gingrich had just been ousted from his leadership post, forced out by his own members. Gingrich’s apparent successor, Louisiana’s Bob Livingston, was soon after forced to resign in the wake of a sex scandal.

And at the same time, the U.S. Senate was weighing the charges against Clinton, hearing arguments as to whether or not to remove the sitting president from office.

It was against this backdrop that the White House announced in mid-January that it was time for the annual State of the Union address. TV preacher Pat Robertson, an influential figure in Republican politics at the time, gave his GOP allies some stern advice: don’t let Clinton speak. To give the president an august national platform, Robertson said, would allow Clinton to solidify his support and end the impeachment crusade. Congress isn’t required to host the speech, so there was nothing stopping Republicans from denying Clinton’s request.

GOP leaders on Capitol Hill weren’t prepared to go nearly that far. So, Clinton spoke, he pretended like impeachment hadn’t just happened, and Gallup showed the president’s approval rating reaching 69% soon after.

Nearly 16 years later, another Democratic president, also hated by his Republican attackers, is poised to deliver his penultimate State of the Union address. And like Pat Robertson, the idea of denying the president a SOTU invitation is once again on the right’s mind.

more

http://www.msnbc.com/rachel-maddow-show/will-the-gop-scrap-obamas-state-the-union-address

Wednesday Toon Roundup 4- The Rest





GOP







Pundits





Gitmo



The Issue




Cosby




Weather



Economy






Environment

Wednesday Toon Roundup 3- Holidays














Wednesday Toon Roundup 2- Rioting



























Wednesday Toon Roundup 1- Race and Justice



















Mike Luckovich Toon- Verdict

Powerful Piece- I Will Only Bleed Here

by Bijan Stephen

I spent last night at a bar, very drunk, trying to figure out what I’d say. I’d spent the day trying to accept what I already knew—that there’d be no indictment, that justice didn’t and never has lived here. I don’t know that she ever will. I’d blind her if I could.

After work, a friend and I split a bottle of wine at some place downtown. We sat outside, in the unseasonable warmth, and I thought about the heat in Ferguson on that Saturday in August, five days after my birthday; that heat from the summer that hasn’t died down. I didn’t tell my friend what I was thinking, but on the way there I told her how my body felt. My mouth is dry, I said, and there’s a lump in my throat. There is a tight low ache in my stomach. “Those are classic symptoms of anxiety,” she replied. The wine didn’t help.

A few summers ago, while I was back at home in Tyler, Texas, after my first year in college—I was 18 then, Michael Brown’s last age—a few friends and I decided to go to the lake. The heat was seasonable then, hot and wet. We jumped in my friend Jamie’s car—he was always the driver—and raced 10 over the speed limit because we were young and invincible and full of life, piss and vinegar. There were a few country families who probably lived near the lake, white and southern, enjoying the water and their watery beers that come in shiny blue cans.

Of course something had to change. I think it started in the air. But suddenly there was yelling and then there was a gun in someone’s hand and I was flying and I couldn’t feel anything but alive, my body on autopilot, thousands of years in the past, still stuck on the savannah plain. There were shots. I was crouched behind Jamie’s car.

more
http://www.fastcolabs.com/3039094/today-in-tabs/today-in-tabs-i-will-only-bleed-here

The worst suggestion I have heard today- "Invite Wilson to White House"

Washington (CNN) -- Rep. Peter King, R-New York, said Tuesday that President Barack Obama should invite Ferguson police Officer Darren Wilson to meet with him at the White House.
"I think it would be very helpful if President Obama went and met with the police officer, or at least invited him to the White House," King said on Fox Business Network.
"And say, 'you've gone through four months of smear and slander and the least we can do is tell you that it is unfortunate that it happened and thank you for doing your job.'"
Reflecting on Obama's speech last night, King said he thought the President's remarks were "lackluster."

more
http://www.cnn.com/2014/11/25/politics/king-to-obama-invite-wilson-to-white-house/index.html?hpt=po_c1

Nation’s Largest Food Bank Reduces Portions, Turns Away Needy After Massive Food Stamp Cuts

Thanks to billions of dollars in food stamp cuts over the past year, the nation’s largest food bank has seen need jump so dramatically that it can’t keep up, the Food Bank For New York City (FBFNYC) announced Monday.

At least one facility out of every three that the FBFNYC operates has had to turn people away at some point in the past year. Almost two thirds have started giving out smaller amounts of food to try to stretch their resources, Al Jazeera America reports, as four out of five food bank locations reported a rising number of people coming in the door since last November’s food stamp cuts.

The cuts followed the expiration of an increase in Supplemental Nutrition Assistance Program (SNAP) benefits that Congress enacted as part of the 2009 stimulus law. The emergency increases to SNAP during the depths of the Great Recession helped the system respond to a massive leap in food insecurity and hunger nationwide. They were intended to last through 2015. But various other budget priorities eventually lead Democrats to give grudging support to a pair of 2010 bills that pushed the wind-down up first to 2014, then to three weeks before last Thanksgiving.

In New York City alone, the cuts wiped out about 56 million meals’ worth of benefits, the FBFNYC guesses. The group estimates that 1.4 million people in the city rely on emergency food services like food banks and food pantries, meaning that the country’s most densely populated metropolis is also one of its hungriest areas. Feeding America, the hunger charity network that includes the FBFNYC, estimates that it serves 14.5 percent of the national population each year, and the FBFNYC numbers put city participation at 16.5 percent.

more

http://thinkprogress.org/economy/2014/11/25/3596689/food-bank-new-york-city-cuts/

Gotta keep that war going! Sacrifices must be made!
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