Separate but unequal: Charts show growing rich-poor gap

[user_id]

Originally Posted by GoCUBS1

Agree... Hardwork/focus/determination/risk is more important than IQ in obtaining wealth. Our economy rewards people with these traits as it should.

Hardwork, focus and determination are unlikely to gain you wealthy if not combined with intelligence.

Originally Posted by GoCUBS1

I have high-IQ genius friends who are rather poor professors/scientists and I have average-IQ friends who are self-made millionaires. Most millionaires and billionaires are self-made...

Professors and scientists are in no sense poor, they receive well above average incomes. These people have their financial needs meet and are more interested in research than financial gain.

The fact that most wealth is "self-made", that is first-generation, doesn't conflict with what I'm saying at all. Having "good genes" is not the same as being born into a wealthy family.

[GoCUBS1]

Originally Posted by user_id

Hardwork, focus and determination are unlikely to gain you wealthy if not combined with intelligence.

Sure it helps...as does "emotional intelligence."

But your argument does not seem to acknowledge wealth-creation based on hardwork, determination, innovation. I believe these are the major traits for wealth creation and not just "good genes."

You seem overly focused on penalizing the minority who achieve wealth from their parents while de-incentivizing the majority who achieved success from their own hardwork, sacrifice, and perseverance. I can tell you from having worked in foreign socialist countries, de-incentivizing these traits in workers is very bad for business. But I am pro-business, maybe you are not.

Originally Posted by user_id

we live in a society and is it really fair that someone gets grossly more pay than someone else just because they happen to be born with better genes?

Originally Posted by user_id

People that advocate against them are people that want to receive windfalls not from their hard work, but rather what their parents gave them.

The majority of wealthy people I know became a success from their own efforts. And I happen to live in one of the wealthiest zip codes in the country. You obviously have a different perspective. I disagree with your statements that people are overpaid because they have good genes. I believe that most people are paid more because they work harder AND smarter regardless of their gene pool.

[user_id]

Originally Posted by GoCUBS1

But your argument does not seem to acknowledge wealth-creation based on hardwork, determination, innovation. I believe these are the major traits for wealth creation and not just "good genes."

Because hardwork and determination don't make people wealthy, there are millions of people throughout the country that are very hardworking and determined yet they aren't close to being rich. Innovation is a function of intelligence.

Originally Posted by GoCUBS1

You seem overly focused on penalizing the minority who achieve wealth from their parents while de-incentivizing the majority who achieved success from their own hardwork, sacrifice, and perseverance.

Really? Then you're not reading what I'm saying, since all posts are explaining why it makes sense to tax (via progressive taxation) "self-made" wealth. Again, at some point the wealth has more to do with the individuals, genes, upbringing and plain old luck. All factors that are out of individuals control.

Progressive taxes don't eliminate incentives to be successful while also helping level society. Its a win-win.