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How would a millionaire paying 100% of their income in taxes help you?
Yet again, there has always been and always will be income disparity.
Especially when we have a national entitlement mentality.
I'm supposed to care that I earn 10x what people at the poverty level earn? Or that the owners of the company that I work for earn 10x or 1000x what I earn, for that matter.
Was there an argument anywhere in your post? I must have missed it.
The great American myth is prosperity for the few is prosperity for the many. Dividends dispersed in a pension fund are not the same as dividends in a big investor's pocket. Given the reduction in wealth earned by the working and middle class has prevented almost all individuals from saving enough income producing capital to be able to actually stop working after retirement.
IF you consider an income of $3,000 per month to be an adequate retirement how much money needs to be saved by that individual over a 40 year lifetime at the 50th percentile income. Would someone please provide some numbers.
In order to safely generate $3,000 a month from a single life annuity at age 60 you would need about $500,000. In order to generate $3,000 a month from assets you would want about $1,000,000.
Quote:
Originally Posted by pghquest
You would need to acquire $300K worth of rental properties to receive $3K a month income on average. Not out of range of most americans, but many choose not to..
A $300,000 house where I live would get you about $1,700 gross a month, factor in property tax, maintenance repairs, vacant months etc., your return is not that great.
The demographics of the future do not favor rentals.
The situation that will lead to an economic disaster is the financial industry turned the mortage market into a giant casino and then broke the house. When somebody figures the CDO's are worthless the entire casino will collapse and take the functional economy down with it.
A $300,000 house where I live would get you about $1,700 gross a month, factor in property tax, maintenance repairs, vacant months etc., your return is not that great.
Then dont buy properties where you live. If you cant get a cap 10, then you arent buying properly.
The situation that will lead to an economic disaster is the financial industry turned the mortage market into a giant casino and then broke the house. When somebody figures the CDO's are worthless the entire casino will collapse and take the functional economy down with it.
We have been kicking that can since 2008. Many of the worst CDO's are held by or guaranteed by the Fed, they they will cause major problems but more for the rest of us and not just the financial companies.
The bigger problem is the $600 TRILLION+ in Credit Default Swaps (CDS's) tied to bonds and currencies. These bets have no backing and no one is liable when they blow up.
So when are we going to get the celebrities to accept less in pay? When are we going to get athletes to accept lower pay? If you haven't notice, the union labor for them have been asking for MORE money... let me know when the Democrats will turn on the entertainment industry and labor unions... fat chance...
Celebrities, sports stars, entertainers make EXACTLY what YOU are willing to pay to see them, no more, no less. If the public doesn't pay to see them, their income plummets.
Back in the 50's and 60's when the economy was good FOR EVERYONE CEOs and executives made 30-40% what the average American made...
NOW..CEOs and other executives make 600 t0 800% more than the average American....
So when are YOU going to get them to accept less. If you haven't noticed they don't need to ask anyone for more money....let me know when Republicans will turn on executives...fatcat chance.
Celebrities, sports stars, entertainers make EXACTLY what YOU are willing to pay to see them, no more, no less. If the public doesn't pay to see them, their income plummets.
Back in the 50's and 60's when the economy was good FOR EVERYONE CEOs and executives made 30-40% what the average American made...
NOW..CEOs and other executives make 600 t0 800% more than the average American....
So when are YOU going to get them to accept less. If you haven't noticed they don't need to ask anyone for more money....let me know when Republicans will turn on executives...fatcat chance.
They will turn on them when the Democrats do, which is never.
They will turn on them when the Democrats do, which is never.
Do you mean to imply that democrats are opposed to increasing taxes on the rich?
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