The rich are taxed heavily in America because they're a small minority even though protecting minorities is supposed to be the whole point

Class Definitions: Lower = < $30K, lower middle = < $55K, middle = < $85K, upper middle = < $125K, upper = > $125K 

I almost didn't post this because of its spelling incompetence, but then I changed my mnid

America's three middle classes accounted for 56.5% of total 2016 net compensation of $7.627 trillion

The lower classes accounted for only 13.6% of the total net compensation in 2016 and the upper classes for 29.9%.

The three middle classes are composed of almost 74 million individual wage earners in 2016, representing 45.1% of the total 163.5 million receiving W-2s in 2016. There are about 40 million individual wage earners in the lower middle class, about 22 million in the middle middle class, and about 11 million in the upper middle class.

Just over 80 million individual wage earners, about 49.3% of the total, made less than middle class incomes in 2016, that is, less than $30,000 annually.

Just over 9 million individuals made upper class incomes, that is, above $125,000 annually.

The upper class is just 5.6% of the total work force but makes almost $2.3 trillion of the net compensation.

The tax farmers eye the middle income classes because that's where the bulk of the money is to be harvested, about $4.3 trillion in 2016.

The lower classes, again almost half of the wage earners, account for only just over $1 trillion of the net compensation in 2016.

W-2 data isn't the whole story of income in the United States but is probably the most accurate snapshot indicating what's what and who's who for the "Why me, Lord?" question those who struggle for the legal tender ask themselves every April 15 or thereabouts.

Good news for pension plans: Reduced life expectancy means obligations could fall by up to 1 percent!

Every cloud has its silver lining.

From the story here:

The U.S. age-adjusted mortality rate—a measure of the number of deaths per year—rose 1.2 percent from 2014 to 2015, according to the Society of Actuaries. That’s the first year-over-year increase since 2005, and only the second rise greater than 1 percent since 1980. ... Declining health and life expectancy are good news for one constituency: Pension plans, which must send a monthly check to retirees for as long as they live.

According to the latest figures from the Society of Actuaries, life expectancy for pension participants has dropped since its last calculation by 0.2 years. A 65-year-old man can expect to live to 85.6 years, and a woman can expect to make it to 87.6. As a result, the group calculates a typical pension plan’s obligations could fall by 0.7 percent to 1 percent.

Hoorah for CNBC's Jake Novak, who says the real issue in need of reform is spending

Here:

Whether the Republicans pass a tax-reform bill this year, next year, or ever, the real issue in need of reform is spending. Washington has been spending more than it's taking from the taxpayers for so long that it can only think of new ways to take it away. The result is a spending regime that many economists believe is actually a drag on economic growth because it crowds out so much private sector investment and job creation. At some point, government spending ceases to be stimulative and just gets in the way.

Poverty Guidelines for 2017

Percentage of GDP spent by government at all levels in the US 1898-2016

Since 1979 through 2016, outlays at all levels have doubled on average every 12.3 years, similar to the period 1898 through 1932 when they doubled on average every 11.3 years.

Outlays in the US in between those periods, from 1932 to 1979, at all levels doubled every 7.8 years on average.

The slowdown in outlay doubling times from the end of the Carter administration is no doubt connected to increased Republican governance, but outlays now divert from productive purposes 4.6 times what they did in 1898, the highest ever except for WWII but still higher than during WWI.

Why? Are we at war today?

Greedy for revenue lost to their business tax cuts, Republicans want to cap 401(k) contributions at $2,400 (they're $18,000 now)

That's right. Republicans want to penalize savers in order to reward business, but they call it stimulating the economy. The owners of business will surely prosper under their plan, but workers will not.

From the story here:

The proposals under discussion would potentially cap the annual amount workers can set aside to as low as $2,400 for 401(k) accounts, several lobbyists and consultants said on Friday. Workers may currently put up to $18,000 a year in 401(k) accounts without paying taxes upfront on that money; that figure rises to $24,000 for workers over 50. When workers retire and begin to draw income from those accounts, they pay taxes on the benefits.

Rumors have circulated for months that negotiators were debating including a cap as a way to help offset the revenue loss from a reduction in business tax rates that Republicans have put at the center of their plan. Reducing contribution limits would be, in effect, an accounting maneuver that would create space for tax cuts by collecting tax revenue now instead of in the future.

This is what you get when you choose to live by the rules of budget reconciliation, rules designed to get around the Senate's 60-vote rule. Under them any tax cut must by definition be temporary and cannot increase deficits over the next ten years. In other words, there is no tax cut. 

Once again it's the Senate's filibuster rule which stands in the way of true reform of anything in this country, along with the ubiquitous discriminatory attitude of government toward money in the case of taxes, some of which (business') is more equal than other (yours).

It's long past the time in this country when the people revolted against this system and demanded a smaller government which spends less. That's where true tax cuts can come from. Anything else is simply rearranging the deck chairs on the Titanic. 

Virginia's Dave Brat caves to Conservatism Inc, will vote for tax cuts without spending cuts

Federal spending already is north of 21% of GDP, and government spending at all levels north of 36%. This is taxpayer money diverted from productive purposes, then skimmed to pay the useless intermediaries of The Swamp, and finally distributed for purposes formerly deemed to be the province of individuals but now the responsibility of  The State.

And they wonder why GDP is so low.

Oh please, Allah, send the asteroid Ceres to destroy DC. Our countrymen never will.

Andrew Mellon, we hardly knew thee.

From the story here:

“I will vote for the Senate budget and while I applaud the work that Chairman Black did in our budget committee to begin the process of mandatory spending reforms, at this point, achieving economic growth is the first priority and so I want to keep that train moving,” said Rep. Dave Brat (R-Va.), a member of the conservative House Freedom Caucus. ... Earlier this year, House Freedom Caucus members had been willing to delay committee passage of the House budget on demands that it include instructions to cut more mandatory spending. Now they are signaling acquiescence to the smaller Senate figures. ... Twenty-two conservative economic organizations under the banner of the National Taxpayers Union sent a letter to House members urging that they adopt the Senate budget.

Everyone's an American these days, including Taki

Here, from the guy born in Greece who spends most of his time in London, Gstaad and the Med:

As a European who is an American citizen and spends half the year over here, I am surprised at how different we Europeans and we Americans really are. We Europeans mostly loathe each other, snub each other, and feel united only in our envy for the Big Bully, poor old Uncle Sam. Whereas we Americans hear and read all day how disunited we are, how oppressed our womenfolk are, what racists and sexists we are, yet our stadiums are filled to the brim every weekend with mostly white men and women cheering their lungs out for mostly black athletes. Go figure, as they don’t say in Brussels.

Citizen of the world is more like it. It would be nice if those charged with nativism actually lived it, like most Americans who love their country, live and work in it year in and year out, and have no need of passports.

The stock market's been great, right, and that ain't no bull

Job creation in 2016 is the closest we've come to "robust" since the year 2000

The W-2 data clearly show that the vast majority of the job losses during the crisis occurred under Obama, not Bush

Street girls vs. Harvey's girls

President Lincoln would have to have written over 200 letters a day for four years straight to comfort the families of the Union dead

Mark Dice tells the Horrible Minister Louis Farrakhan where to go

Illegal alien (?) Jesus Fabian Gonzales arrested in Sonoma county on suspicion of arson in wild fires

From the story here:

The arson suspect is Jesus Fabian Gonzales, 29, Sgt. Spencer Crum, a spokesman for the Sonoma County Sheriff's Office told CNBC. Crum described him as "a transient out of Sonoma" and said the suspect was "arrested for setting a small fire in a park in Sonoma on Sunday."

Speaking at the Tuesday afternoon press conference, Giordano said the arson suspect was seen "walking away from a small fire" and stopped by deputies. Also, the suspect allegedly had "a fire extinguisher and a lighter with him," said the sheriff.

Giordano said the suspect was asked whether he started the fire and responded that "he started the fire to warm himself up — something to that effect."

Dr. Doom, Marc Faber, dumped from CNBC for saying "Thank God white people populated America, and not the blacks"

From the race realist here:

"And thank God white people populated America, and not the blacks. Otherwise, the US would look like Zimbabwe, which it might look like one day anyway, but at least America enjoyed 200 years in the economic and political sun under a white majority. ... I am not a racist, but the reality — no matter how politically incorrect — needs to be spelled out. ... If stating some historical facts makes me a racist, then I suppose that I am a racist. For years, Japanese were condemned because they denied the Nanking massacre".

Half-baked spurious conservative

FBI and DOJ had evidence of wrongdoing going back to 2009 before Uranium One deal approved in 2010

From the story here:

The Obama administration and the Clintons defended their actions at the time, insisting there was no evidence that any Russians or donors engaged in wrongdoing and there was no national security reason for any member of the committee to oppose the Uranium One deal.

But FBI, Energy Department and court documents reviewed by The Hill show the FBI in fact had gathered substantial evidence well before the committee’s decision that Vadim Mikerin — the main Russian overseeing Putin’s nuclear expansion inside the United States — was engaged in wrongdoing starting in 2009.

Then-Attorney General Eric Holder was among the Obama administration officials joining Hillary Clinton on the Committee on Foreign Investment in the United States at the time the Uranium One deal was approved. Multiple current and former government officials told The Hill they did not know whether the FBI or DOJ ever alerted committee members to the criminal activity they uncovered.

Spokesmen for Holder and Clinton did not return calls seeking comment. The Justice Department also didn’t comment.

Hillary falls down, again

Breaks toe this time.

In September 2016 she would have fallen down at the 911 remembrance but for handlers to prop her up.

And of course she fell and hit her head after being summoned to testify before Congress in 2012.

And they mocked Gerald Ford for being a klutz.

Story here.