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President Obama is clearly hostile to millionaires, but what makes a millionaire?
Is it the private-sector worker who lives prudently and accumulates $1 million in a 401(k) over 45 years of working and saving?
How about a teacher in Connecticut who retires after 35 years of service with an annual pension of $60,000? If she collects for 20 years, the cumulative value of the pension would be an asset of $1.2 million.
Their financial situations are mirror images; the former worker pays for retirement out of hard-won savings, while the latter lives on a pension of comparable value.
Why does the president treat the former as rich and heartless, and the latter as a hard-working American?
No matter. Both will be stuck with the escalating costs of government, notwithstanding Mr. Obama's inclination to tax the merely prudent or successful as though they were Bill Gates, Warren Buffett and Mark Zuckerberg.
He does not hate the rich. Obama is obsessed with the social justice definition of fairness. In other words he believes everyone gets a slice of pizza even if they didn't chip in. He wants the wealthy to stop being so protective of what they have earned. He feels taxing the crap out of the rich will only make them guard their riches more.
I guess another way of looking at this way to actually answer your question would be to say that he hates all millionaires equally because I don't know one person who has acquired vast fortunes that does not try to guard it. Who can blame them though?
You know the Bush tax cuts for the rich were extended, right?
So what exactly are you talking about? Let me guess, you still believe those that told you back before the election that Obama was an evil socialist here to infiltrate our pristine way of life and ruin the USA? He wasn't even BORN here, you know?!?!?
I seriously doubt Obama hates anyone now that UBL is gone.
you do understand there is a difference between wealth/net worth and income. There are about 400,000 families earning over a million a year, in fact together those families, less than 0.3%, earn $1.4 Trillion every year. These high income earners should be paying more in taxes, they used our infrastructure to produce their income they should pay for its upkeep.
The top 25% control 88% of the wealthy in America, a total of $43.6 trillion. the lower 25% control ZERO wealthy, they have no net worth, they have more debt than assets.
assuming there are 143 million families in America, that means 35 million families control $43.6 trillion, or an average of $1.3 million. EVERYONE else controls $6 trillion in wealth. 75% or 108 million families hold an average $55,000 in wealth.
Apparently, the middle class and the working poor, 75% of Americans, are not closet millionaires.
Quote:
Originally Posted by SportyandMisty
President Obama is clearly hostile to millionaires, but what makes a millionaire?
Is it the private-sector worker who lives prudently and accumulates $1 million in a 401(k) over 45 years of working and saving?
How about a teacher in Connecticut who retires after 35 years of service with an annual pension of $60,000? If she collects for 20 years, the cumulative value of the pension would be an asset of $1.2 million.
Their financial situations are mirror images; the former worker pays for retirement out of hard-won savings, while the latter lives on a pension of comparable value.
Why does the president treat the former as rich and heartless, and the latter as a hard-working American?
No matter. Both will be stuck with the escalating costs of government, notwithstanding Mr. Obama's inclination to tax the merely prudent or successful as though they were Bill Gates, Warren Buffett and Mark Zuckerberg.
you do know that the top 400 earners, those making an average of $270 million a year only pay 18.1% of their income toward federal income tax. Everyone else making $200,000 actually pay more percentage wise, up to as much as 25%. Why are the uber wealthy avoiding paying their fair share. do we need a flat tax so their will pay as much as other do?
Last edited by buzzards27; 05-09-2011 at 06:31 PM..
I think he hates all classes of people that like Rhubarb pie. Let's face it, a pie should not be made of Rhubarb. But, he may not actually hate Rhubarb pie lovers, he may just question their judgement.
Obama hates only those millionaires that don't contribute to his re-election compaign.
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