1% of Chinese Own One-Third of National Wealth

[Aepsilons]

about 1% of Americans own 99% of US' wealth. Where's the inquiry into this?

Get this: 1% owns 50% of the world's wealth, lol.

The World's Top 1 Percent Controls Half of Household Wealth - Fortune

about 1% of Americans own 99% of US' wealth. Where's the inquiry into this?

We're just drones, bro. Literally.

 

[Jlaw]

Get this: 1% owns 50% of the world's wealth, lol.

The World's Top 1 Percent Controls Half of Household Wealth - Fortune



We're just drones, bro. Literally.

I've read other sources saying the US elite own 99% of the nation's wealth leaving 99% drones to fight for the 1%.

 

[Aepsilons]

I've read other sources saying the US elite own 99% of the nation's wealth leaving 99% drones to fight for the 1%.

Of course, my friend. To the upper middle class individual in the US, making $200,000 is considered "wealthy". That's crumbpockets, my friend, lol, compared to the elites whose net worth is at least $100,000,000; or to the billionaires out there, lol.

What a physician makes a year is what these elites make in one hour. lol.

 

[Jlaw]

Of course, my friend. To the upper middle class individual in the US, making $200,000 is considered "wealthy". That's crumbpockets, my friend, lol, compared to the elites whose net worth is at least $100,000,000; or to the billionaires out there, lol.

What a physician makes a year is what these elites make in one hour. lol.

Anyone in the US making @250k/year is considered a 1%? In Canada if you make over $200k/year you are in the top 1-3 percentile of earnings.

 

[Aepsilons]

Anyone in the US making @250k/year is considered a 1%? In Canada if you make over $200k/year you are in the top 1-3 percentile of earnings.

Yes , my friend, but its better to make $190,149a year than $190,150. Because the moment you make 190150 , is the moment you get taxed 33% in the single bracket. Whereas if you make less than 190,150, you get taxed only 28% if one is single.

In other words, bro, the difference of 1 dollar equates to paying 5% more in taxes. Or [62,700 - 53,200 = $9500 ] paying up to $9500 more in taxes.

I sure don't want that, lol. Do you? I can think of better things to do with $9500. Like a downpayment for a new Range Rover Sport, or expanding my basement, or, buying 2 Tag HeuEr watches. LOL. Right bro @Jlaw ?? LOL!!

Anyone in the US making @250k/year is considered a 1%? In Canada if you make over $200k/year you are in the top 1-3 percentile of earnings.

PS. i forgot, $9500 can get you your baby girl's engagement ring LOL!!

 

[asia2000]

Yes , my friend, but its better to make $190,149a year than $190,150. Because the moment you make 190150 , is the moment you get taxed 33% in the single bracket. Whereas if you make less than 190,150, you get taxed only 28% if one is single.

In other words, bro, the difference of 1 dollar equates to paying 5% more in taxes. Or [62,700 - 53,200 = $9500 ] paying up to $9500 more in taxes.
@Jlaw ?? LOL!!

I donot think that is correct. If the cutoff of next tax bracket is at $190,149, and you earned $190,150, you pay 33% for the portion that exceeding the cutoff, i.e. $1 at 33% rate. For $190,149, you still pay tax at the rate of the previous bracket.

 

[Aepsilons]

I donot think that is correct. If the cutoff of next tax bracket is at $190,149, and you earned $190,150, you pay 33% for the portion that exceeding the cutoff, i.e. $1 at 33% rate. For $190,149, you still pay tax at the rate of the previous bracket.

That's what i meant, my friend. That's why i said the difference of $1 could mean paying 5% more in taxes.

Its really the case of fearing in "making too much" because of being taxed more. Its a case of being punished for being successful , lol. The irony isn't it? A state where one is being punished for having means, and rewarding the less unfortunate. Leftist liberals would claim its fair, i say its shear highway robbery.

 

[asia2000]

That's what i meant, my friend. That's why i said the difference of $1 could mean paying 5% more in taxes.

Check this out. So if you make $189300, your tax is $18481.25+28%*($189300-$90750)=$46075.25. If you earn $189301, your tax is $46075.25+33%*(189301-189300)=$46075.58, only $0.33 more.

 

[Aepsilons]

Check this out. So if you make $189300, your tax is $18481.25+28%*($189300-$90750)=$46075.25. If you earn $189301, your tax is $46075.25+33%*(189301-189300)=$46075.58, only $0.33 more.

I'm afraid that's not accurate, please check the Tax Foundation website:

2016 Tax Brackets | Tax Foundation

 

[asia2000]

I'm afraid that's not accurate, please check the Tax Foundation website:

I post 2015 tax brackets, which is going to be used in the April tax filing. 2016 tax brackets will be used in year 2017 tax filing.

 

[Post Colonnial]

this is true and I have read it as well. frankly i was surprised to read it since income and welath disparity seems worse in communist China than other non-communist countries. But if you really think about it, itr is easy to see how it happened.

The world goes to China to manufacture things because it is so cheap to do so. And it is cheap because the labor is paid much less, and probably to survival level, not enough to accumulate. However they do have the culture to save a lot more than Americans. But how much they can save is limited by low wages.

The party bosses, their friends and relatives however get all the privileged positions, such as the top jobs, licenses etc. They get most if not all of the export revenue.

That explains the 1% owning all that wealth.

Now the funny thing is, these people bring all that cash and invest in the good old America! Like the Japanese did a few decades ago, the Chinese are now copying them and buying up properties all over the two coasts. That is the only way they can protect their assets!

It is a really risky situation for wealthy Americans as well because if the Chinese govt makes its citizen sell their asset in the US, suddenly the house prices in USA will come down ....But then that will make it more affordable for other Americans or investors from other countries!

about 1% of Americans own 99% of US' wealth. Where's the inquiry into this?

so China has admitted its communistic socialism has failed and ended up yielding capitalistic results?

That's what i meant, my friend. That's why i said the difference of $1 could mean paying 5% more in taxes.

Its really the case of fearing in "making too much" because of being taxed more. Its a case of being punished for being successful , lol. The irony isn't it? A state where one is being punished for having means, and rewarding the less unfortunate. Leftist liberals would claim its fair, i say its shear highway robbery.

I agree it is unfair.

But technically, by making $1 you don't pay 5% more; if you cross the tier/slab tthreshold, the higher rate is applied only on the income that is over that threshold.

That said, I can also show some cases where what you say CAN happen.For example at certain thresholds, the deductions start getting reduced, credits start getting eliminated and rebates get vaporized. In those situations, I think your effective tax can jump quite a bit ...but it gets too complicated to test whether it can impact TOTAL tax by 5%.

indeed it is highway robbery.

 

[Hamartia Antidote]

you can do a rough gauge of taxes here.

Tax Calculator - Estimate Your Tax Liability | Calculators by CalcXML

As people have mentioned you pay the tax rate in steps. If you are a $1 over they don't stick it to you.

 

[Hamartia Antidote]

I cant believe that japanese who claims to be a phD in psychology plus a consultant, and who claims to be earning usd 200 grand a year cannot figure out just roughly the most fundamentals of a simple individual tax return in the usa

unbelievable
pdf is full of people with a complex background
.
if you believe everything, pigs can fly !!!

Well he is sort of correct but not for the reason he thinks.
It's because at around $180K Alternative minimum tax - Wikipedia, the free encyclopedia kicks in.
So many of your deductions go right out the window. So it makes it look like you are falling into a new bracket.

 

[oprih]

LOL I thought china is challenging US but look at their income
US wealth inequality - top 0.1% worth as much as the bottom 90% | Business | The Guardian
View attachment 287072
@Shotgunner51 @Dungeness @Martian2

0.1% of americans owning more than that of the bottom 90% americans is a way worse figure. I feel sad for american pdf members like gambit, a poor guy like him is suffering from such inequality.

 

[Keel]

Well he is sort of correct but not for the reason he thinks.
It's because at around $180K Alternative minimum tax - Wikipedia, the free encyclopedia kicks in.
So many of your deductions go right out the window. So it makes it look like you are falling into a new bracket.

wow AMT does not kick in resulting to the tax payer's getting whacked on the impact of a higher tax rate on adjusted taxable income until the tax derived out of AMT is higher than the tax amount as computed under "regular income tax" calculations doent it? And the example he has used looked wrong on that score at my first glance unless you can base on his numbers and substantiate his $1 increase in income would trigger an imposition of an escalated tax rate on his adjusted tax income under AMT

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