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November 24, 2012, 8:27pm |
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The Millionaires Who Pay the Highest Tax Rate Published: Friday, 23 Nov 2012 | 11:05 AM ET Text Size By: Robert Frank CNBC Reporter & Editor Warren Buffett and Mitt Romney have managed to create one of the enduring myths of our tax debate: that the rich pay a lower rate than the rest of America.
This may be individually true. Buffett pays a lower rate than his secretary and Romney pays a lower rate than most of us who make our living from salaries.
But nationally, the tax code is still broadly progressive. The more your make, the more taxes you pay as a percentage of your income.
According to new data from the IRS, people who make $1 million or more had an average tax rate of 20.4 percent in 2010. Tax filers who earned $30,000 to $50,000 paid an average rate of 4.8 percent, while those who made between $50,000 and $100,000 paid 7.7 percent. Those making under $30,000 had a negative effective rate, meaning they paid no federal income taxes after deductions and credits.
Put another way, millionaires pay a rate that’s more than four times that of the middle class.
One caveat: Rates go up as income goes up — but only to a point. Once you hit a certain magic number among super-high earners, your tax rates start to fall slightly.
According to the IRS, average tax rates increase as income increases — until you get to around $1.5 million in annual income. Once you make $2 million, average tax rates start to decrease. The average tax rate peaks at 25.1 percent for those making between $1.5 million and $2 million.
After that it starts to go down, and falls to 20.7 percent for those making $10 million or more.
So the millionaires who pay the highest average tax rates in America are those who make between $1.5 million and $2 million. That $2 million could be called the “Top Turning Point” on the income ladder, where rates reverse. (Related: Where the 1 Percent Live)
The reasons for this aren’t complicated. Once you get above $2 million, your share of income from investments increases. Investments are generally taxed at the 15 percent capital-gains rate, compared with the top ordinary-income rate of 35 percent.
Those making $10 million or more earned nearly half of their income from capital gains and dividends.
Rates don’t fall all that much once you get above $10 million. Even among the top 400 earners in America, whose average income is more than $200 million, the average rate is 18 percent — still more than three times the rate paid by the middle class.
Both sides of the current political debate on taxes will no doubt see these data differently. The right will say that the rich already pay more than their fair share, while the left will point to the low rates paid by the wealthy relative to the official tax rates.
But the figures show that the more you make, the more you pay — up to the Top Turning Point. |
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Libertarian4life |
November 24, 2012, 8:59pm |
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It doesn't surprise me in the least that you prescribe to this theft of property!
Copyrights and patents are anti fair trade. They give false value to ordinary things. I'm not surprised that you prescribe to unfair trade. I thought you supported freedom. Apparently you support government freedom to favor corporations and people who don't want competition. |
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CICERO |
November 24, 2012, 9:36pm |
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At that exact same time the national debt began it's upward climb.
Sure revenues rose. Inflation was high. So naturally spending rose too.
Unnaturally, the revenue failed to keep up due to the tax cuts for the rich.
You are making my case for me.
All your data proved was that tax cuts were made when the government could not afford it.
Like today, the Republicans still want to fight for the tax cuts for the wealthy at a time when they should be fighting to keep America from bankruptcy.
End the tax cuts for those who don't need it. It isn't rocket science.
We gave them the cuts and the economy got worse every time. Every tax cut for the rich raised the national debt.
Clinton reversed it with tax increases and it was a success.
But feel free to keep fighting for the unsuccessful method.
Clinton's 90's economy was built on the dot com bubble and low interest rates. Bush got out of the 2000 recession with tax cuts and more artificially low interest rates which created the housing bubble. Obama continued the Bush tax cuts and pushed down interest rates even lower and doubled Bush's eight years of spending in just 3 short years. Clinton had a slightly better monetary policy. But don't forget, he dropped the capital gains tax from 28% to 20% in 97. A democrat cutting capital gains, that's forgotten history for dems. |
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joebxr |
November 25, 2012, 3:50am |
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Copyrights and patents are anti fair trade.
They give false value to ordinary things.
I'm not surprised that you prescribe to unfair trade.
I thought you supported freedom.
Apparently you support government freedom to favor corporations and people who don't want competition.
And you are ignorant on these matters but try to use them to your advantage...like you don't pirate stuff today!!! Get real and get smart....you are embarassing yourself. What do you do for a living that you don't know why these IP postions exist and the true value of them? |
| JUST BECAUSE SISSY SAYS SO DOESN'T MAKE IT SO...BUT HE THINKS IT DOES!!!!! JUST BECAUSE MC1 SAYS SO DOESN'T MAKE IT SO!!!!! |
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Shadow |
November 25, 2012, 7:39am |
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The tax code must be reformed so that everyone pays their fair share and no loopholes for anyone to get out of paying. |
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senders |
November 25, 2012, 8:08am |
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And you are ignorant on these matters but try to use them to your advantage...like you don't pirate stuff today!!! Get real and get smart....you are embarassing yourself. What do you do for a living that you don't know why these IP postions exist and the true value of them?
it's virtual value by law.....like NFL licensing....they DON'T lose billions because of counterfeit dealers....and you can't tell me that spending hundreds on TV channels/stadium seats etc have that much value..... I say 'pirate away'.....THEY ARE THE 1%ERS AND WE MADE THEM AND ALLOWED IT....... anyone care for a pet rock? |
| ...you are a product of your environment, your environment is a product of your priorities, your priorities are a product of you......
The replacement of morality and conscience with law produces a deadly paradox.
STOP BEING GOOD DEMOCRATS---STOP BEING GOOD REPUBLICANS--START BEING GOOD AMERICANS
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joebxr |
November 25, 2012, 8:19am |
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it's virtual value by law.....like NFL licensing....they DON'T lose billions because of counterfeit dealers....and you can't tell me that spending hundreds on TV channels/stadium seats etc have that much value.....
I say 'pirate away'.....THEY ARE THE 1%ERS AND WE MADE THEM AND ALLOWED IT.......
anyone care for a pet rock?
and what do you do for a living that you don't know why these IP postions exist and the true value of them? Coutnerfieit NFL does lose millions if not more What does TV channels and seats have to do with it? "pirate" away...yes, let's do that and see how long we all have jobs left. I don't understand how this is so difficult to understand? Of course there are those that prefer that everyone else pay for things so THEY can get it for free...it's called "STEALING' for a reason!!! |
| JUST BECAUSE SISSY SAYS SO DOESN'T MAKE IT SO...BUT HE THINKS IT DOES!!!!! JUST BECAUSE MC1 SAYS SO DOESN'T MAKE IT SO!!!!! |
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senders |
November 25, 2012, 8:47am |
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and what do you do for a living that you don't know why these IP postions exist and the true value of them? Coutnerfieit NFL does lose millions if not more What does TV channels and seats have to do with it? "pirate" away...yes, let's do that and see how long we all have jobs left. I don't understand how this is so difficult to understand? Of course there are those that prefer that everyone else pay for things so THEY can get it for free...it's called "STEALING' for a reason!!!
I'm not promoting 'stealing' I'm promoting the fact that we should understand that the 'virtual values' placed upon our homes/interest rates/ticket prices/food prices ARE BEYOND SUPPLY AND DEMAND..... it's not longer straightforward and is obfuscated by laws that make value of things and uphold that value even when supply/demand is non-existent....it becomes a 'they told me so, so that's why' scenario.....which then leads to 'they need to do something'.... because in the end the patent laws keep the so called 1%ers exactly where they are regardless of the 'fair share' conversation because the elected/lawyers/legislators will always be there doling out 'virtual value'.... what makes one persons idea their own? there's nothing new under the sun? if all men are created equal under the law then no one owns ideas and the ability to make laws to keep their idea with more value than the next.... if we are 'robbing peter to pay paul' or playing robinhood and complaining about the 1%ers where do we think the root of the matter is???? because at ANY GIVEN TIME the system may change that value and we wouldn't even know it......until the ripple hits our shores/homes/jobs etc..... |
| ...you are a product of your environment, your environment is a product of your priorities, your priorities are a product of you......
The replacement of morality and conscience with law produces a deadly paradox.
STOP BEING GOOD DEMOCRATS---STOP BEING GOOD REPUBLICANS--START BEING GOOD AMERICANS
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joebxr |
November 25, 2012, 9:13am |
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I'm not promoting 'stealing' I'm promoting the fact that we should understand that the 'virtual values' placed upon our homes/interest rates/ticket prices/food prices ARE BEYOND SUPPLY AND DEMAND.....
it's not longer straightforward and is obfuscated by laws that make value of things and uphold that value even when supply/demand is non-existent....it becomes a 'they told me so, so that's why' scenario.....which then leads to 'they need to do something'....
because in the end the patent laws keep the so called 1%ers exactly where they are regardless of the 'fair share' conversation because the elected/lawyers/legislators will always be there doling out 'virtual value'....
what makes one persons idea their own? there's nothing new under the sun?
if all men are created equal under the law then no one owns ideas and the ability to make laws to keep their idea with more value than the next....
if we are 'robbing peter to pay paul' or playing robinhood and complaining about the 1%ers where do we think the root of the matter is???? because at ANY GIVEN TIME the system may change that value and we wouldn't even know it......until the ripple hits our shores/homes/jobs etc.....
WOW, quite a rambling...so the only thing I got fro mit is that my 2 patents make me a 1%er and I have no right to them becuase they were my ideas and no one else came up with those ideas, but becuase I did, they should have the right to them too....interesting convoluted BS....can't believe the gibberish I'm reading! |
| JUST BECAUSE SISSY SAYS SO DOESN'T MAKE IT SO...BUT HE THINKS IT DOES!!!!! JUST BECAUSE MC1 SAYS SO DOESN'T MAKE IT SO!!!!! |
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senders |
November 25, 2012, 9:28am |
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WOW, quite a rambling...so the only thing I got fro mit is that my 2 patents make me a 1%er and I have no right to them becuase they were my ideas and no one else came up with those ideas, but becuase I did, they should have the right to them too....interesting convoluted BS....can't believe the gibberish I'm reading!
you still missed the point....regardless of who's intellectual property it is(whatever that means) the system will deem your value...and if your friends are in the legal/legislative business your value is what they say it is in the end... when you file your taxes, when someone purchases your 'intellectual property' etc etc..... my house is a measurable value but it is STILL RATED as is everyone else's home.....it can ONLY ever be worth what the banks/lenders/system say they are..... antiques have a virtual value....you can say something has X amount of value but it actually doesn't until you have a buyer for it.... the value goes up and the value goes down based upon the systems who apply and uphold that value... the NFL and their $$million contracts still exists even when, how much of the population DOESN'T GO TO GAMES AND DOES PURCHASE 'COUNTERFEIT' CLOTHING/GOODS....it's because the lending practices and the virtual value via their crystal ball..... smoke a mirrors is all it is.....meanwhile we all sit around and complain about the 1%ers..... BLACK MARKET.... remember Demolition Man??? I'm glad you have a so called system upheld rated value....but remember all men are equal no matter when their thought comes to fruition....so you verbalize your idea first and the next guy is sunk? I plant the corn first in my field, your hungry, what shall I do? you may sit under my table and I will feed you... |
| ...you are a product of your environment, your environment is a product of your priorities, your priorities are a product of you......
The replacement of morality and conscience with law produces a deadly paradox.
STOP BEING GOOD DEMOCRATS---STOP BEING GOOD REPUBLICANS--START BEING GOOD AMERICANS
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joebxr |
November 25, 2012, 9:40am |
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you still missed the point....regardless of who's intellectual property it is(whatever that means) the system will deem your value...and if your friends are in the legal/legislative business your value is what they say it is in the end... when you file your taxes, when someone purchases your 'intellectual property' etc etc.....
my house is a measurable value but it is STILL RATED as is everyone else's home.....it can ONLY ever be worth what the banks/lenders/system say they are.....
antiques have a virtual value....you can say something has X amount of value but it actually doesn't until you have a buyer for it....
the value goes up and the value goes down based upon the systems who apply and uphold that value... the NFL and their $$million contracts still exists even when, how much of the population DOESN'T GO TO GAMES AND DOES PURCHASE 'COUNTERFEIT' CLOTHING/GOODS....it's because the lending practices and the virtual value via their crystal ball.....
smoke a mirrors is all it is.....meanwhile we all sit around and complain about the 1%ers.....
BLACK MARKET....
remember Demolition Man???
I'm glad you have a so called system upheld rated value....but remember all men are equal no matter when their thought comes to fruition....so you verbalize your idea first and the next guy is sunk?
I plant the corn first in my field, your hungry, what shall I do? you may sit under my table and I will feed you...
SORRY, gotta go take a dozen aspirin for my UN-FRIGGIN-BELIEVABLE NONSENSICAL GIBBERISH HEADACHE! |
| JUST BECAUSE SISSY SAYS SO DOESN'T MAKE IT SO...BUT HE THINKS IT DOES!!!!! JUST BECAUSE MC1 SAYS SO DOESN'T MAKE IT SO!!!!! |
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senders |
November 25, 2012, 9:54am |
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| ...you are a product of your environment, your environment is a product of your priorities, your priorities are a product of you......
The replacement of morality and conscience with law produces a deadly paradox.
STOP BEING GOOD DEMOCRATS---STOP BEING GOOD REPUBLICANS--START BEING GOOD AMERICANS
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senders |
November 25, 2012, 9:57am |
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Quoted Text
Once a focus market or technology area for IP is chosen and an IP strategy defined, it is vital to establish a strong IP portfolio. A strong IP position enables the patent strategy, allowing the organization to achieve its desired outcomes. Establishing such a position requires the appropriate breadth and quality of IP through the selection of the right inventions, patent drafting and prosecution tactics that support the desired end use of the assets, and acquisition of third party patents to complement the internal portfolio.
Establishing an IP position is the central phase of UBM TechInsights IP Lifecycle Model and is the core requirement for success in leveraging and monetizing IP. UBM TechInsights ensures that key areas of your patent portfolio will have the requisite strength, including the ability for tactical counter-assertion. We help you to focus on protecting products/markets of strategic business importance and build IP assets that will reinforce and resupply existing licensing programs.
Examples of services specifically oriented around developing intellectual property are:
http://www.ubmtechinsights.com/services-and-solutions/establish-ip-position/ |
| ...you are a product of your environment, your environment is a product of your priorities, your priorities are a product of you......
The replacement of morality and conscience with law produces a deadly paradox.
STOP BEING GOOD DEMOCRATS---STOP BEING GOOD REPUBLICANS--START BEING GOOD AMERICANS
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senders |
November 25, 2012, 10:00am |
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Quoted Text
Partnering and Licensing Monsanto is driven by a global commitment to sustainable agricultural production. This commitment includes bringing technologies to farmers that improve their lives by helping them be more productive while using fewer resources -- leading to a reduced overall effect on the environment. By using this commitment to drive our actions, we believe we are creating a positive impact on our world.
But we can't do this alone. That's why, in addition to developing our own products, we also partner and collaborate with others to develop technologies for farmers. We also license our biotech traits and germplasm to other seed companies, giving farmers the opportunity to purchase seed technologies in the brands they choose.
Partner with Monsanto External technology collaborations are a key to our promise of delivering innovative new products in the future. At Monsanto, we are focused on developing collaborative alliances that produce lasting benefits for our farmer customers and all involved.
Learn more about partnering with Monsanto
Our Trait Licensing While some of our multinational competitors have historically taken an approach of not broadly licensing their germplasm or trait inventions, Monsanto has chosen a much different path. We broadly license germplasm and our trait innovations so farmers can realize the benefits from these inventions through the brands they prefer to plant on their farm.
Learn more about our Corn States licensing business
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| ...you are a product of your environment, your environment is a product of your priorities, your priorities are a product of you......
The replacement of morality and conscience with law produces a deadly paradox.
STOP BEING GOOD DEMOCRATS---STOP BEING GOOD REPUBLICANS--START BEING GOOD AMERICANS
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senders |
November 25, 2012, 10:01am |
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STARVATION VIA IP......
Quoted Text
Licensing The Facts on Monsanto's Approach To Licensing While some of our multinational competitors have historically taken an approach of not broadly licensing their germplasm or trait inventions, Monsanto has chosen a much different path. We broadly license germplasm and our trait innovations so farmers can realize the benefits from these inventions through the brands they prefer to plant on their farm.
We believe Monsanto’s broad licensing approach has made a huge difference in the choices available to farmers. This approach has been an important step in putting farmers first in our business. The way we have licensed our inventions does not prevent seed companies from using and selling competitive traits. For example, a company licensing Genuity® Roundup Ready 2 Yield® soybeans may continue to sell and market first-generation Roundup Ready® soybeans and they may in-license and sell any other soybean trait. All seed companies, including us, need to produce seed based on farmers’ demand.
While our agreements do not permit us to discuss the specific terms of particular licenses, we can speak generally about them. Much of what is commonly said about our licenses is wrong, and we’d like to set the record straight.
Here are some key things that you should know about our approach to licensing:
Licenses provide opportunity without obligation. While we license our traits broadly, our licensing agreements do not require licensees to use our traits in their seeds. Our licenses simply enable the seed company licensees to use our traits in their seed, if they so desire. Licenses are shaped around needs. Our license agreements include provisions that are common in agreements throughout the industry. When another company expresses interest in licensing a Monsanto technology, we work together to craft a licensing agreement.For companies that have their own traits, both parties discuss a wide range of options and reach agreement on specific terms that reflect the unique circumstances. Some of Monsanto’s license agreements include stacking rights. Our agreements with other companies that have their own traits often include rights to create stacks. These agreements contain a specifically negotiated set of rights and obligations. The vast majority of independent seed companies have generally not sought a license to create stacks. This is primarily because these companies have not invested in developing and maintaining the research and development, regulatory and stewardship resources necessary to seek approvals for new biotech trait combinations and to steward trait combinations globally. Properly managing stacked products is very important to ensure the grain produced by U.S. farmers can be shipped to export markets. We care about our business partners. Our licensing agreements, just like thousands of other agreements, have change of control provisions. These provisions are very common in business agreements that last over an extended number of years. Most companies care whom they do business with, and so does Monsanto. Change of control provisions are standard in commercial contracts and allow parties to exit a contract if the other party changes during the life of the contract.
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| ...you are a product of your environment, your environment is a product of your priorities, your priorities are a product of you......
The replacement of morality and conscience with law produces a deadly paradox.
STOP BEING GOOD DEMOCRATS---STOP BEING GOOD REPUBLICANS--START BEING GOOD AMERICANS
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