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Originally Posted by Goodnight
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Your contention is that the US was the place to "invest" so we raised capital gains taxes holds no credibility, where did you read that. There is no correlation between capital gains from the 1940's to the 1970's, Japan, Germany were also great places to invest. Many economoists would disagree that tax cuts were responsible for economic growth, ask David Stockman. If tax cuts increased growth then what happened the last 10 years.
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japan and germany were great places to invest AFTER 1970. from the end of world war two until that time, japan and europe was rebuilding their infrastructure and economies, russia also. remember that these countries were bombed to virtual rubble during the war, including their manufacturing capability. once europe and japan got back to building things, the US had plenty of competition on the world stage, and we still do. from the late 60s through the early 80s, we had plenty of stagflation, and when reagan lowered taxes, including the cap gains tax, once we got past the recession of 1980-1982, our economy took off.
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The separation between the wealthy and the middle class is at historic highs dating back to the 1930's and it's not about hard working rich nor lazy middle class workers. When you have billionaires and millionaire quoting that same fact you have a problem. From the CEO's of the top companies to the hedge fund mananagers, to the Goldman Sachs traders it has become perfectly clear the disparity is growing in a down economy, and it's not because they work harder than any middle class person.
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first off i never said that the middle class workers were lazy, what i said was that they would put in their 40-50 hours per week and go home. the rich on the other hand would put in 100-120 hours per week. for instance, years ago i worked at a four star resort in the grand tetons, and the clientele that stayed there were the rich. they included company presidents, CEOs, company vice presidents, movie stars, movie directors, etc. we are talking the rolls-royce/high end mercedes crowd here. many was the time when, even though they were on vacation, they would come to the office early in the morning(around 4am) and ask to use the phone line so they could get their work done before they went on with their day. one IBM company vice president did this everyday he stayed at the lodge. now if you were on vacation, would YOU do the same thing? the average middle class person wouldnt i can tell you.
we had another client that owned a steel company. he and his wife would stay a total of 8 weeks, and he would come down early to get work done.
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Originally Posted by Goodnight
Assuming they could actually buy stock in the first place.
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anyone can buy stock anytime they want. all they need do is head down to their local stock broker and pony up the cash needed to buy the stock in question. my mother invested in the stock market back in the late 70s, and she was far from being considered rich. it all depends on what you want from life.
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