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No matter how high you tax a multimillionaires or billionaires income (even 100%!), they are still going to have more money than you. He’s already accumulated it. If you wanted to knock Mr Buffett down to size, you’d have to implement a wealth tax. An income tax won’t do anything to the already rich. Do you really think Obama, Pelosi, Reid, CEO's, Buffett, celebrities would support a wealth tax? They claim to care so much why don't they?
Just because a politician or celebrity tells you it's good to "tax the rich" don’t assume that an income tax hike is only going to affect ‘Wall Street’ or whoever the villain of the day is today. The next time you see “already rich, already famous” people talking about tax policy understand the difference and consider the message carefully.
Does taxation have nothing to do with it... at all?
Summary for those who can't read graphs (there are a lot that pretend they don't know how!), less taxation is supposed to allow for more investment in society by the 1%. It has led to less and less taxation and more and more wealth. None of it trickles down, and never will.
My inlaws are wealthy, and they worked hard for every penny. No miracle lottery win or trust fund or anything. FIL joined the Navy and was able to retire with a pension. MIL worked fulltime for the gov't until she was able to retire on a pension. My FIL was an engineer for years and well compensated. They paid cash for everything except their house, which they paid off in 10 years. They had 200K+ per year rolling in, and did not spend it.
I honestly think NOT SPENDING IT is the key to wealth. My inlaws are the least materialistic people I know. They are enjoying traveling in retirement. They have a 401K they will never need to touch. They never upsized their lifestyle along with their wealth.
The video, I believe, is based on the stats from the link ErikBEggs posted.
Taxation is a big portion of it. The key to wealth is in capital. Labor is physically limited and capital investments are not. As long as you derive most of your income from labor you will not become wealthy. The wealthy are wealthy because moved into a position in which the majority of their worth is in investments... investments that work for them regardless if they need to offer labor for income or not. As long as you tax labor higher than wealth, those that initially rely on labor, like shaylahc's inlaws, cannot convert labor (work, profession) into capital (retirement funds, investments, savings) as quickly as those that already have significant capital investments.
My inlaws are wealthy, and they worked hard for every penny. No miracle lottery win or trust fund or anything. FIL joined the Navy and was able to retire with a pension. MIL worked fulltime for the gov't until she was able to retire on a pension. My FIL was an engineer for years and well compensated. They paid cash for everything except their house, which they paid off in 10 years. They had 200K+ per year rolling in, and did not spend it.
I honestly think NOT SPENDING IT is the key to wealth. My inlaws are the least materialistic people I know. They are enjoying traveling in retirement. They have a 401K they will never need to touch. They never upsized their lifestyle along with their wealth.
Hard work and smart spending.
One of the keys to wealth is not to spend it foolishly and to invest it. The problem is that people like to spend like they are wealthy when they are not.
One of the keys to wealth is not to spend it foolishly and to invest it. The problem is that people like to spend like they are wealthy when they are not.
I agree, but you have to understand that wealthy as well as the economy flourishes when people strive to live above their means. My probelm is that there are some segment of our society who are deliberately not given the opportunity to learn how to save and invest and grow up living paycheck to paycheck. I used to wonder if this is done on purpose but I beleive now that it is.
Obama demonized the HENRY'S, a marketing term for Higher Earner Not Rich Yet. People from all walks of life by pulling themselves out of the poor and middle, middle class ranks. A level anyone can acheive.
People confuse the 1% with the 0.01%. People are angry at the ultra wealthy and Obama easily fooled people who do not understand money demonizing people making $200k lumping them in with the ultra wealthy. He went as far as calling them millionaires and billionaires. It is questionable that many will reach multimillionaire let alone billionaire wealth. Taxes are by far the HENRY'S biggest expense. AMT also hammers these Henrys by erasing most of their biggest deductions, including state income taxes and property taxes.
Obama used the anger and jealousy against the super wealthy to go after the Henry's as his cash cow. They may make good money but they pay a large chunk of it back in taxes making it harder for them to build wealth. The truly wealthy, the 0.1%ers already built their wealth, they control their income and hire good tax lawyers to keep their taxes down.
People should educate themselves instead of listening to a politicians lies and rhetoric. Before attacking them, think to yourself. Don't you wish you were a Henry? It is more possible for you to be a Henry than a Warren Buffett.
I don't actually agree with your summation. President Obama has not changed his position on the ideology of 'building from the bottom up", and he has continually spoken about the challenges of the general "middle class" as well as the need to rebuild and have a strong middle class.
He attempted to Reform Banking, but again, Conservatives and their Support with near worship of the wealthy attacked that with every force of their being.
He attempted to address the excess compensation of CEO for corporate failure, again, the Conservatives and their Support of near worship of the wealthy attacked that with every force in their being.
He has addressed the excessive outsourcing, and equally so he has promoted clean energy. When he tried to support Solar Energy, the Big Oil Supporting Conservatives, encroached with their banker friends to stifle lending for Solar Installation, even when the Government had a program to help with subsides for those who would upgrade. It was constructively destroyed by Conservative Agenda.
You are correct on one point, and that is: People should get more understanding as to what they are supporting as a stand, and what they mis quote in their disdain for the President and His programs.
When he spoke of re-distribution, people ran crazy, with some wild delusion that someone wanted to take their money. When the President was talking about RE-INVESTING IN AMERICA, and insuring Opportunity was open to all.
Does taxation have nothing to do with it... at all?
Summary for those who can't read graphs (there are a lot that pretend they don't know how!), less taxation is supposed to allow for more investment in society by the 1%. It has led to less and less taxation and more and more wealth. None of it trickles down, and never will.
Finally, someone understand that the delusion of the early 2000's to 2008 Administration, "give a tax break, and give another tax break to the wealthy, led to the ultimate collapse of the economy and a jobless rate that was astronomical. Our of the shadows we saw nothing but the number of Billionaires make even more billions, while the working people or should I say, the once working people, lost their homes and jobs.
Finally, someone understand that the delusion of the early 2000's to 2008 Administration, "give a tax break, and give another tax break to the wealthy, led to the ultimate collapse of the economy and a jobless rate that was astronomical. Our of the shadows we saw nothing but the number of Billionaires make even more billions, while the working people or should I say, the once working people, lost their homes and jobs.
If I could rep you over and over again for this comment, I would.
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