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Old 06-16-2020, 07:46 AM
 
786 posts, read 369,679 times
Reputation: 383

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[quote=jonbenson;58387186][url]IG JaclynPsol/url]


https://www.forbes.com/sites/michael.../#2d6919222cf2

Forbes

The top One Percent in America earns at least $480,930 per year, according to recently released IRS data that compiled earnings/taxes paid from 2015. While that One Percent of Americans makes about 20% of all dollars earned in America, they pay 39% of all taxes paid to the American government.

_______________________________

https://www.bloomberg.com/news/artic...s-middle-class

Richest 1% of Americans Close to Surpassing Wealth of Middle Class

Bloomberg

The U.S.’s historic economic expansion has so enriched one-percenters they now hold almost as much wealth as the middle- and upper-middle classes combined.


The top 1% of American households have enjoyed huge returns in the stock market in the past decade, to the point that they now control more than half of the equity in U.S. public and private companies, according to data from the Federal Reserve. Those fat portfolios have America’s elite gobbling up an ever-bigger piece of the pie.
_____________________________________________


The top Forbes article is basically ignoring the wealth assets of the top 1% and they are saying look, stop complaining about the 1% they make only 20% of all dollars earned in America, yet they pay 39% of all taxes.
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Old 06-16-2020, 08:42 AM
 
Location: The Triad (NC)
30,227 posts, read 66,741,855 times
Reputation: 35705
Quote:
Originally Posted by jonbenson View Post
The top Forbes article is basically ignoring the wealth assets of the top 1% and they are saying look,
stop complaining about the 1% they make only 20% of all dollars earned in America, yet they pay 39% of all taxes.
Are we still critiquing the poor writing and editorial standards at Forbes...
or do you have some actual point with this thread of yours?
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Old 06-16-2020, 08:55 AM
 
Location: western East Roman Empire
7,694 posts, read 11,425,323 times
Reputation: 7346
Quote:
Originally Posted by jonbenson View Post
Ok maybe I would have titled it

Clear this up for me about the top 1% of wealth in America



anyway , this is the question


How does the top 1% of American households hold almost as much wealth as the middle- and upper-middle classes combined yet only make about 20% of all dollars earned in America ?

(see each article n the links on the OP) , thanks
No, journalists and other mass media people are idiots, including those from Forbes and Bloomberg.

What are you talking about, annual income or accumulated wealth? Flows or stocks? As mentioned, while the two overlap, they are not the same, so please pose your question very carefully in technically correct terms.

What are you talking about?

What are you asking?

If you are not sure, then post this in the Political Theater and Other Forms of Cheap Entertainment forum.
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Old 06-16-2020, 11:44 AM
 
Location: Log "cabin" west of Bangor
5,994 posts, read 7,200,348 times
Reputation: 11443
[quote=jonbenson;58394526]
Quote:
Originally Posted by jonbenson View Post
[url]IG JaclynPsol/url]


https://www.forbes.com/sites/michael.../#2d6919222cf2

Forbes

The top One Percent in America earns at least $480,930 per year, according to recently released IRS data that compiled earnings/taxes paid from 2015. While that One Percent of Americans makes about 20% of all dollars earned in America, they pay 39% of all taxes paid to the American government.

_______________________________

https://www.bloomberg.com/news/artic...s-middle-class

Richest 1% of Americans Close to Surpassing Wealth of Middle Class

Bloomberg

The U.S.’s historic economic expansion has so enriched one-percenters they now hold almost as much wealth as the middle- and upper-middle classes combined.


The top 1% of American households have enjoyed huge returns in the stock market in the past decade, to the point that they now control more than half of the equity in U.S. public and private companies, according to data from the Federal Reserve. Those fat portfolios have America’s elite gobbling up an ever-bigger piece of the pie.
_____________________________________________


The top Forbes article is basically ignoring the wealth assets of the top 1% and they are saying look, stop complaining about the 1% they make only 20% of all dollars earned in America, yet they pay 39% of all taxes.
Why are you having such a hard time 'getting' this? Several others have pointed out your error.

Let's put it as simply as possible- you are looking at TWO DIFFERENT GROUPS.

The first group is 'the top 1% of [W-2] wage earners'. In this group (W-2 Wage Earners), the top 1% earns 20% of all of the wages paid [in total] to all wage earners, but they pay 39% of the income tax paid by all wage earners. (This is due to a 'progressive' income tax- the more you make the bigger percentage you have to pay.)

The second group is 'The top 1% of American households'. This second group is not the same as the first group.

These are two different animals.

Got it now?

The 'richest' 1% of Americans =/= (does not equal) 'the top 1% of wage earners paying income tax'.
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Old 06-16-2020, 11:50 AM
 
2,041 posts, read 519,230 times
Reputation: 3230
[quote=Zymer;58397011]
Quote:
Originally Posted by jonbenson View Post
Why are you having such a hard time 'getting' this? Several others have pointed out your error.
The OP learned a few Shocking! Facts! about wealth and tax distribution in the US, but can't comprehend wealth except as having an extra $20 for pizza that week.
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Old 06-16-2020, 12:21 PM
 
Location: Raleigh
9,691 posts, read 7,300,912 times
Reputation: 13668
Quote:
Originally Posted by jonbenson View Post
Ok maybe I would have titled it

Clear this up for me about the top 1% of wealth in America



anyway , this is the question


How does the top 1% of American households hold almost as much wealth as the middle- and upper-middle classes combined yet only make about 20% of all dollars earned in America ?

(see each article n the links on the OP) , thanks
If I own 4,000 acres of timber, I may have $8 Million (wealth) worth of land, but it makes zero income til I sell the timber.

If I have a $5 Million net worth and am retired, but $1 Million is in the house and $500,000 in a vacation house and boat and the remaining $3.5 Million is invested in the market, and I have an 8% return, my income is $280K before taxes.
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Old 06-16-2020, 12:23 PM
 
Location: Raleigh
9,691 posts, read 7,300,912 times
Reputation: 13668
Quote:
Originally Posted by jonbenson View Post
yes let's forget about income


How does the top 1% of American households hold almost as much wealth as the middle- and upper-middle classes combined yet only make about 20% of all dollars earned in America ?
If you have $1,000,000 in gold bricks in a safe, how much is your income? Your income is the same.

And What's your net worth? Your net worth just grew by $1,000,000.
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Old 06-16-2020, 12:33 PM
 
64 posts, read 29,961 times
Reputation: 178
You can be very wealthy and make little money at a job. I worked as a truck driver made $40000 the last year of work. I'm worth 3m and it all came by S%P and Facebook. Go work and save. I just hate people that are envy of people that save and invest there hard made money. I never cheated and there are millions out here just like me.
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Old 06-16-2020, 12:43 PM
 
786 posts, read 369,679 times
Reputation: 383
Quote:
Originally Posted by hulburt1 View Post
You can be very wealthy and make little money at a job. I worked as a truck driver made $40000 the last year of work. I'm worth 3m and it all came by S%P and Facebook. Go work and save. I just hate people that are envy of people that save and invest there hard made money. I never cheated and there are millions out here just like me.
stocks and facebook?

What is the facebook part?
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Old 06-16-2020, 02:21 PM
 
787 posts, read 224,163 times
Reputation: 895
Quote:
Originally Posted by MrRational View Post
For nearly all... they chose their grandparents very well.
What % of millionaires inherited their wealth? What percent of people with NW of >$20M inherited their wealth? >$50M?
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