Someone shared a photograph yesterday. Here it is:
Interesting notion. Is it accurate? No.
As of this past March, there were 425 billionaires in the U.S. Unless one of them has their entire net worth invested in tax-free bonds, they are paying some income tax. Now they may be paying a lower rate on their capital gains income, but other than that they are actually paying quite a bit in taxes.
The IRS tells us that in 2009, the top 400 individual tax returns of those 400 billionaires showed some interesting numbers. Those 400 folks earned 1.06% of the total adjusted gross income earned that year. But they paid 1.86% of the total federal income tax paid. 400 families paid nearly 2% of the total amount of just income tax. Oh, and their average income tax rate after all allowable deductions and favorable treatment of dividend and capital gains tax income was 19.91%. A little more than those Mitt Romney numbers.
According to the Social Security Administration itself, as of January of 2012, the average retirement check of someone drawing Social Security (or as I like to refer to it, Social Insecurity) was around $1,230. Again, from the SSA, as of June of this year, there were 57.5 million people receiving those average benefits checks each month.
Social Insecurity will pay out roughly $882.7 billion in retirement, disability and SSI benefits in FY 2013. The total taxable INCOME of those 400 billionaires in 2009 was only $865 billion. So even if we taxed them at 100% of income, it wouldn't cover the full cost of just Social Security.
Again, I'm not saying that what the rich are currently paying is or isn't their "fair share." I'm saying billionaires do pay taxes and Social Security is eventually going to break the federal "bank".
* * *
An open letter to Johnny Depp and Jerry Bruckheimer about their comments directed toward film critics, who they blame for the failure of their recent film "The Lone Ranger."
Gentlemen:
Both of you have been in the movie-making business for a long time. By now you should know that the impact of critics on the choices that your potential audience makes is relatively small. Back in 2008, a writer for Slate did a fairly good analysis that showed a critically acclaimed films do slightly better on a per screen basis than those films the critics rip apart.
Stellar reviews weren't going to have a major impact on the success or failure of "The Lone Ranger". I'm a critic. I gave it a 3 out of 4 score. It was entertaining and fun, but it wasn't brilliant, groundbreaking or the kind of film that is going to draw audiences or create repeat business.
You took an iconic character and story and altered them. To those who grew up watching the television series, it wasn't their Lone Ranger. I happen to be a fan of reimagining stories and characters so it worked for me. Many do not share my enjoyment of such reimagination.
Most film critics are elitist. The majority of films they praise aren't blockbusters (though there are exceptions like "The Avengers", "Iron Man 3" and so on) but instead of smaller films. Particularly indie films because they seem determined to keep the indie film business alive.
Ultimately, it is not the job of a critic to drive audiences into the theaters to see particular movies. Their job (I don't lump myself in with them because I work very hard not to be elitist) is to offer a critique of a film and then let their readers decide for themselves. I heard from a number of average moviegoers about how bad they'd heard your film was going to be long before the reviews began appearing.
You should think about this for a moment. It won't matter what the critics say about your upcoming installment in the Pirate of the Caribbean franchise, it will do big business. If the critics praise that film do they get the credit for all the box office? If they pan it will you say your film performed in spite of their reviews?
* * *
Random Ponderings:
Not sure if I should be sad or glad I didn't get that amber alert late last night on my cellphone.
Why all the fuss about how Prince William filled out the birth paperwork? What else besides Prince would he list as an occupation?
Alex Rodriguez did not deny having used PEDs at his news conference. So is the issue that he got a much bigger suspension than the other players? Is the issue that since he's a first-time offender, without regard to his own admissions about what he did before the current policy existed; he feels that he should have gotten just a 50 game suspension?? That's what the rules call for.
The man in Hawaii who is trying to force the DMV to let him take his driver's test in his native language of Hawaiian is tilting at windmills. Then again, how many languages does the California DMV offer their tests in? Here's a list. Amharic, Arabic, Armenian, Cambodian, Chinese, Croatian, French, German, Greek, Hebrew, Hindi, Hmong, Hungarian, Indonesian, Italian, Japanese, Korean, Laotian, Persian/Farsi, Polish, Portuguese, Punjabi, Romanian, Russian, Samoan, Spanish, Tagalog/Filipino, Thai, Tongan, Turkish, and Vietnamese.
Not sure what's the weirdest part of this one...Salvador Dali asked the concierge at a hotel to bring a herd of sheep to his room. When the sheep arrived, Dali pulled a gun and started shooting at the sheep. With blanks! I'm not certain I'd want to know what was going on.
Is it Nature's plan that when you want her to "call", she doesn't, and when you don't want her to call, she does? Or was that just an unhappy accident?
Will someone tell Al Roker about that recent invention known as the alarm clock so he doesn't oversleep and miss another show?
I don't know if my life is better now that I don't watch "The Bachelorette" but I know it isn't poorer.
Should the University of Miami take the name of Alex Rodriguez off of their baseball stadium (no, because they can't afford to give him back the $3.9 million he donated to put his name on it)?
This Date In History:
On this date in 1777, an American force trying to relieve other American forces under siege at Fort Stanwix, but were stopped in the Battle of Oriskany.
On this date in 1806, Francis II becomes the last of the Holy Roman Emperors when he abdicates.
On this date in 1825, Bolivia gains independence from Spain.
On this date in 1861, the United Kingdom annexes Lagos, Nigeria.
On this date in 1890, William Kemmler became the first person to be executed by electric chair.
On this date in 1912, the Bull Moose Party meets in Chicago.
On this date in 1926, Gertrude Ederle becomes the first woman to swim the English Channel.
Also on that date, the Vitaphone system from Warner Brothers premieres with the film "Don Juan" in New York City.
On this date in 1940, the Soviet Union illegally annexes Estonia.
On this date in 1945, Hiroshima, Japan is devastated when the U.S. drops the first atomic bomb used in warfare on the city.
On this date in 1960, Cuba nationalized American and foreign-owned property in the country.
On this date in 1962, Jamaica gains independence from the United Kingdom.
On this date in 1965, President Lyndon B. Johnson signs the Voting Rights Act into law.
Famous Folk Born On This Date:
Alfred, Lord Tennyson
Leo Carrillo
Louella Parsons
Hoot Gibson
Dutch Schultz
Lucille Ball
Robert Mitchum
Freddie Laker
Barbara Bates
Andy Warhol
Piers Anthony
Charlie Haden
Lyle Berman
Stepfanie Kramer
Catherine Hicks
Vinnie Vincent
Michelle Yeoh
Kevin Mitnick
David Robinson
M. Night Shyamalan
Geri Haliwell
Vera Farmiga
Soleil Moon Frye
JonBenet Ramsey
Normally I leave the passings on any given day to my good friend Joel to document but I'm going to comment on two today. Today is the 22nd anniversary of the passing of Harry Reasoner, an outstanding journalist and news anchor. He was also a brilliant writer, whose skill with the written word is not as well known as it should be.
On this day 68 years ago, Major Richard Bong died. He was an amazing combat pilot who shot down at least 40 Japanese aircraft during World War II. He was a recipient of the Medal of Honor, a Distinguished Service Cross and two Silver Stars. In one action he himself shot down four Japanese aircraft. He died tragically, not in combat but on a test flight.
Movie quotes for the day come from "Crouching Tiger, Hidden Dragon" in honor of Michelle Yeoh's birthday:
Li Mu Bai: I would rather be a ghost drifting by your side as a condemned soul than enter heaven without you... because of your love, I will never be a lonely spirit
#2
Sir Te: When in comes to the affairs of the heart, even the greatest warriors can be a consummate idiots.
#3
Li Mu Bai: You need practice. I can teach you to fight with the Green Destiny, but first you must learn to hold it in stillness.
Jen Yu: Why do you want to teach me?
Li Mu Bai: I've always wanted a disciple worthy of Wudan's secrets.
Jen Yu: And if I use them to kill you?
Li Mu Bai: That's a risk I'm willing to take. Deep down you're good. Even Jade Fox couldn't corrupt you.
#4
Li Mu Bai: Sharpness is a state of mind.
Interesting notion. Is it accurate? No.
As of this past March, there were 425 billionaires in the U.S. Unless one of them has their entire net worth invested in tax-free bonds, they are paying some income tax. Now they may be paying a lower rate on their capital gains income, but other than that they are actually paying quite a bit in taxes.
The IRS tells us that in 2009, the top 400 individual tax returns of those 400 billionaires showed some interesting numbers. Those 400 folks earned 1.06% of the total adjusted gross income earned that year. But they paid 1.86% of the total federal income tax paid. 400 families paid nearly 2% of the total amount of just income tax. Oh, and their average income tax rate after all allowable deductions and favorable treatment of dividend and capital gains tax income was 19.91%. A little more than those Mitt Romney numbers.
According to the Social Security Administration itself, as of January of 2012, the average retirement check of someone drawing Social Security (or as I like to refer to it, Social Insecurity) was around $1,230. Again, from the SSA, as of June of this year, there were 57.5 million people receiving those average benefits checks each month.
Social Insecurity will pay out roughly $882.7 billion in retirement, disability and SSI benefits in FY 2013. The total taxable INCOME of those 400 billionaires in 2009 was only $865 billion. So even if we taxed them at 100% of income, it wouldn't cover the full cost of just Social Security.
Again, I'm not saying that what the rich are currently paying is or isn't their "fair share." I'm saying billionaires do pay taxes and Social Security is eventually going to break the federal "bank".
* * *
An open letter to Johnny Depp and Jerry Bruckheimer about their comments directed toward film critics, who they blame for the failure of their recent film "The Lone Ranger."
Gentlemen:
Both of you have been in the movie-making business for a long time. By now you should know that the impact of critics on the choices that your potential audience makes is relatively small. Back in 2008, a writer for Slate did a fairly good analysis that showed a critically acclaimed films do slightly better on a per screen basis than those films the critics rip apart.
Stellar reviews weren't going to have a major impact on the success or failure of "The Lone Ranger". I'm a critic. I gave it a 3 out of 4 score. It was entertaining and fun, but it wasn't brilliant, groundbreaking or the kind of film that is going to draw audiences or create repeat business.
You took an iconic character and story and altered them. To those who grew up watching the television series, it wasn't their Lone Ranger. I happen to be a fan of reimagining stories and characters so it worked for me. Many do not share my enjoyment of such reimagination.
Most film critics are elitist. The majority of films they praise aren't blockbusters (though there are exceptions like "The Avengers", "Iron Man 3" and so on) but instead of smaller films. Particularly indie films because they seem determined to keep the indie film business alive.
Ultimately, it is not the job of a critic to drive audiences into the theaters to see particular movies. Their job (I don't lump myself in with them because I work very hard not to be elitist) is to offer a critique of a film and then let their readers decide for themselves. I heard from a number of average moviegoers about how bad they'd heard your film was going to be long before the reviews began appearing.
You should think about this for a moment. It won't matter what the critics say about your upcoming installment in the Pirate of the Caribbean franchise, it will do big business. If the critics praise that film do they get the credit for all the box office? If they pan it will you say your film performed in spite of their reviews?
* * *
Random Ponderings:
Not sure if I should be sad or glad I didn't get that amber alert late last night on my cellphone.
Why all the fuss about how Prince William filled out the birth paperwork? What else besides Prince would he list as an occupation?
Alex Rodriguez did not deny having used PEDs at his news conference. So is the issue that he got a much bigger suspension than the other players? Is the issue that since he's a first-time offender, without regard to his own admissions about what he did before the current policy existed; he feels that he should have gotten just a 50 game suspension?? That's what the rules call for.
The man in Hawaii who is trying to force the DMV to let him take his driver's test in his native language of Hawaiian is tilting at windmills. Then again, how many languages does the California DMV offer their tests in? Here's a list. Amharic, Arabic, Armenian, Cambodian, Chinese, Croatian, French, German, Greek, Hebrew, Hindi, Hmong, Hungarian, Indonesian, Italian, Japanese, Korean, Laotian, Persian/Farsi, Polish, Portuguese, Punjabi, Romanian, Russian, Samoan, Spanish, Tagalog/Filipino, Thai, Tongan, Turkish, and Vietnamese.
Not sure what's the weirdest part of this one...Salvador Dali asked the concierge at a hotel to bring a herd of sheep to his room. When the sheep arrived, Dali pulled a gun and started shooting at the sheep. With blanks! I'm not certain I'd want to know what was going on.
Is it Nature's plan that when you want her to "call", she doesn't, and when you don't want her to call, she does? Or was that just an unhappy accident?
Will someone tell Al Roker about that recent invention known as the alarm clock so he doesn't oversleep and miss another show?
I don't know if my life is better now that I don't watch "The Bachelorette" but I know it isn't poorer.
Should the University of Miami take the name of Alex Rodriguez off of their baseball stadium (no, because they can't afford to give him back the $3.9 million he donated to put his name on it)?
This Date In History:
On this date in 1777, an American force trying to relieve other American forces under siege at Fort Stanwix, but were stopped in the Battle of Oriskany.
On this date in 1806, Francis II becomes the last of the Holy Roman Emperors when he abdicates.
On this date in 1825, Bolivia gains independence from Spain.
On this date in 1861, the United Kingdom annexes Lagos, Nigeria.
On this date in 1890, William Kemmler became the first person to be executed by electric chair.
On this date in 1912, the Bull Moose Party meets in Chicago.
On this date in 1926, Gertrude Ederle becomes the first woman to swim the English Channel.
Also on that date, the Vitaphone system from Warner Brothers premieres with the film "Don Juan" in New York City.
On this date in 1940, the Soviet Union illegally annexes Estonia.
On this date in 1945, Hiroshima, Japan is devastated when the U.S. drops the first atomic bomb used in warfare on the city.
On this date in 1960, Cuba nationalized American and foreign-owned property in the country.
On this date in 1962, Jamaica gains independence from the United Kingdom.
On this date in 1965, President Lyndon B. Johnson signs the Voting Rights Act into law.
Famous Folk Born On This Date:
Alfred, Lord Tennyson
Leo Carrillo
Louella Parsons
Hoot Gibson
Dutch Schultz
Lucille Ball
Robert Mitchum
Freddie Laker
Barbara Bates
Andy Warhol
Piers Anthony
Charlie Haden
Lyle Berman
Stepfanie Kramer
Catherine Hicks
Vinnie Vincent
Michelle Yeoh
Kevin Mitnick
David Robinson
M. Night Shyamalan
Geri Haliwell
Vera Farmiga
Soleil Moon Frye
JonBenet Ramsey
Normally I leave the passings on any given day to my good friend Joel to document but I'm going to comment on two today. Today is the 22nd anniversary of the passing of Harry Reasoner, an outstanding journalist and news anchor. He was also a brilliant writer, whose skill with the written word is not as well known as it should be.
On this day 68 years ago, Major Richard Bong died. He was an amazing combat pilot who shot down at least 40 Japanese aircraft during World War II. He was a recipient of the Medal of Honor, a Distinguished Service Cross and two Silver Stars. In one action he himself shot down four Japanese aircraft. He died tragically, not in combat but on a test flight.
Movie quotes for the day come from "Crouching Tiger, Hidden Dragon" in honor of Michelle Yeoh's birthday:
Li Mu Bai: I would rather be a ghost drifting by your side as a condemned soul than enter heaven without you... because of your love, I will never be a lonely spirit
#2
Sir Te: When in comes to the affairs of the heart, even the greatest warriors can be a consummate idiots.
#3
Li Mu Bai: You need practice. I can teach you to fight with the Green Destiny, but first you must learn to hold it in stillness.
Jen Yu: Why do you want to teach me?
Li Mu Bai: I've always wanted a disciple worthy of Wudan's secrets.
Jen Yu: And if I use them to kill you?
Li Mu Bai: That's a risk I'm willing to take. Deep down you're good. Even Jade Fox couldn't corrupt you.
#4
Li Mu Bai: Sharpness is a state of mind.
posted by me at 10:55 AM
<< Home