Archive for June 13th, 2012

Defining Distributism

A very simple definition, from the pages of  Chesteron’s newspaper K’s Weekly:

There are many readers of this Paper who are not members of the League. All who believe that ownership in the means of livelihood is normal to man, and necessary to liberty, and all who dislike and distrust the concentration of control advocated by Socialists and practiced by Monopolists, should join the League. There is no other tenet for membership, and no other obligation…although active work is welcomed from all who can give it.

Elsewhere on the page, one could find this sidebar:

THE LEAGUE offers the only practical alternative to the twin evils of Capitalism and Socialism. It is equally opposed to both; they both result in the concentration of property and power in a few hands to the enslavement of the majority.

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“Six American families paid no federal income taxes in 2009 while making something on the order of $200 million each. This is one of many stunning revelations in new IRS data that deserves a thorough airing in this year’s election campaign.

The data, posted on the IRS website last week, brings into sharp focus the debate over whether the rich need more tax cuts (Mitt Romney and congressional Republicans) or should pay higher rates (President Obama and most Democrats).

The annual report (link to IRS), which the IRS typically releases with a two-year delay, covers the 400 tax returns reporting the highest incomes in 2009. These families reported an average income of $202.4 million, down for the second year as the Great Recession slashed their capital gains.

In addition to the six who paid no tax, another 110 families paid 15 percent or less in federal income taxes. That’s the same federal tax rate as a single worker who made $61,500 in 2009.

Overall, the top 400 paid an average income tax rate of 19.9 percent, the same rate paid by a single worker who made $110,000 in 2009. The top 400 earned five times that much every day.

Just 82 of the top 400 were taxed in accord with the Buffett rule, which proposes a minimum tax of 30 percent on annual incomes greater than $1 million.”

Read the rest here.

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