Innumerate Rich People Who Don't Know How Tax Rates Work Puzzle Us All

The Rich People Who Don't Know How Tax Rates Work: 

You see these idiots every time a tax hike becomes possible again. They have no apparent idea how marginal rates work. Right now, if her and her husband make $250,000, they pay at most a 33% tax on some of that income. If they made $251,000, they would have to pay the same rates for everything except that last $1000 -- that, they'd be taxed at 35%. If the rates increase across the board that top rate becomes 39.6%. 

How do people still not understand that, and how does it color the debate over taxes?

I found the above cartoon with a quick google image search; on the same results page, I found another that complained about marginal taxes and gave the ignoramus reason that earning into the next income bracket resulted in all income being taxed at the higher rate.

My last post praised editorial cartoonists for highlighting idiocy in an accessible way ... I guess I should have pointed out that only the cartoonists willing to talk about reality, and with a commitment to the truth, have merit.

Class warfare is being waged. On us, not by us. #rootstrike1

Revolt of the Rich | The American Conservative:

What I mean by secession is a withdrawal into enclaves, an internal immigration, whereby the rich disconnect themselves from the civic life of the nation and from any concern about its well being except as a place to extract loot. 

Our plutocracy now lives like the British in colonial India: in the place and ruling it, but not of it. If one can afford private security, public safety is of no concern; if one owns a Gulfstream jet, crumbling bridges cause less apprehension—and viable public transportation doesn’t even show up on the radar screen. With private doctors on call and a chartered plane to get to the Mayo Clinic, why worry about Medicare?

Properly executed, a progressive tax code and representative government would seem to be the solution  to these problems. (And many others.)  Lightly taxed, super-rich Greed Titans with the unfettered ability to buy elections, not so much.

Is it a problem for his base if, as CEO and President of Bain, Romney was responsible for aborted fetus disposal investment?

US Politics | AMERICAblog News: As CEO and President of Bain, Romney was responsible for aborted-fetus-disposal investment: 

What's an entitled, elitist, capitalist wanker got
to do to catch a break around here?

Interestingly, Romney claims to have "left" Bain in February of 1999, and the aborted-fetus deal happened in November of 1999, so Romney et. al. are claiming that he had nothing to do with the deal, even though Romney remained President, CEO and stole shareholder. Interesting timing on Romney's claim to have left. 

We're to believe that no one told Romney that they were going into the aborted fetus business. Uh huh.

I'd say, again, "he's your guy Republicans, own it," but, honestly, I don't see this being a problem for him outside of the most lunatic fringe of the broader lunatic fringe that is the Republican Party.

Seriously, these guys are so pro-business, I don't think they'd care if Romney raped the fetuses and disposed of them by eating them, as long as he proved his capitalist bona fides by paying out a healthy dividend on Bain stock from his raping-and-eating fetuses business. The corporate wing of the Republican is concerned about two things: reduced regulation so they can do whatever they want, and lower taxes so they can snort cocaine off their rent boys' asses with $100 bills like it's their God-given right as rich people.

Via:

I thought I had a bad week, but then I remembered I wasn’t profiting from fetal disposal while taking money from the pro-life lobby.
— Mike Monteiro (@Mike_FTW) July 15, 2012

Montana copper barons avenged.

Supreme Court Declines to Revisit Citizens United - NYTimes.com: 

Back to the good ol' days!

“Even if I were to accept Citizens United,” Justice Breyer continued, “this court’s legal conclusion should not bar the Montana Supreme Court’s finding, made on the record before it, that independent expenditures by corporations did in fact lead to corruption or the appearance of corruption in Montana. Given the history and political landscape in Montana, that court concluded that the state had a compelling interest in limiting independent expenditures by corporations.”

Brilliant takedown of the NYT Style page. #♥

The New York Times Profiled the Brant Brothers Because the New York Times Hates You: 

Born on third, being told they hit triples. 

"For a teenager, Peter Brant can sound like a been-there-done-that dowager countess, not that his Old World pretensions aren't refreshing in the Internet age."

No. No no fucking no. They aren't refreshing. A rich teenage hipster with Old World pretensions isn't refreshing. In fact, there are entire Tumblr feeds dedicated to eradicating that particular species from the universe.

ᔥ

RT @daveg Brilliant take down of the worst section in the worlds worst newspaper, the New York Times gawker.com/5920269/the-ne… <--- LOL for reals
— Meg Hourihan (@megnut) June 22, 2012

Maeda on leadership: " ... entitlement is the path furthest away from enlightenment"

A passage from, Redesigning Leadership, and a consideration for a breed of revenue-draining, self-satisfied CEOs:

"Are they insane?"

Who buys cars for surprise Christmas gifts?

Mubarak family fortune could reach $70bn, say experts

Mubarak family fortune could reach $70bn, say experts | World news | guardian.co.uk: 

Mubarak

President Hosni Mubarak's family fortune could be as much as $70bn (£43.5bn) according to analysis by Middle East experts, with much of his wealth in British and Swiss banks or tied up in real estate in London, New York, Los Angeles and along expensive tracts of the Red Sea coast.

These richest people in the world lists come out all the time and, without trying to dig up the last few years worth, I don't recall Mubarak's name being anywhere in the top five. I could be wrong about that, but if not, is this an indication that there are other shadow fortunes out there, possibly dwarfing the fortunes the world knows about. Makes the world feel a little more James Bond-ish.

Dear Insane Silverback Gorilla Bling (Best. Bling. Ever.)

Dear Insane Silverback Gorilla Bling | The Awl:

Best. Bling. Ever.

And, finally, before we move on, remembering with a curiosity-killing chill the suspicious jeweler's gaze that drove us away before we could ask you these things in person, would you answer one last query? What the fuck is that thing in your mouth? We think it might be Texas, but we can't be sure. Alas. Perhaps some questions are best left unanswered.

Q: Why Do the Super Wealthy Need Luxury Subs?

A:
The underwater fortress is vulnerable when it surfaces.

Cronyism

More stories of Bush family cronyism.