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Interesting, non-wealthy people are defending the wealthy. Many do not realize that all of the wealthy do not hold the title of "job creators" many take advantage of the spend thrifty and the gullible. For those of you who actually believe that the top tier actually pay their fair share of taxes....ARE YOU SERIOUS!!! If this was true they would not need an army of tax accountants to find the various loopholes that they use. If they voluntarily paid their fair share of taxes why would they need all of the tax lawyers? The truth is that they paid less than the "suggested rate" due to the various deductions and loopholes. In layman's terms, you can write off certain things as gas if you use your car to go to work or for business expenses. Now lets look at it on a larger scale, corperations can write off yachts and private jets as a business expense. Many people cannot fathom the things that they can can write off simply because we don't own such luxuries. Go ahead you try to write a trip to Europe as a tax deduction, I dare you! but corperations do it everyday
The rest of the USA? That is a bit presumptuous on your part, especially since you are not even up to speed on what Warren's stances are and what they are based upon. From your post, I see that you are in favor of bank bailouts and no consumer protection. That's just weird.
Regardless of client or accused, the fact remains that legal education teaches a standard that lends itself to never taking the position of "right" at all times. Over time that becomes the norm! Unfortunate, but it is the down side of the consequences of the vocation.
As I said before, all I had to do was listen to her latest campaign speech and she laid herself wide open to anyone who actually heard, comprehended and immediately realized how far out of touch with the basis for the freedoms guaranteed by the Constitution of this country and the reality of the restrictions on government imposed by same.
Very few people understand the Theory of Relativity. Do you? I have only a vague understanding. However, my younger brother not only understood same, he could take it further. His I.Q. was higher than Einsteins's so I was exposed to his constant experiments from the time he was 4 years old! I learned to appreciate the fact that there are intellects that are equal but in different categories. I find your statement to be totally not understanding such intellectual differences.
First, I'm so sorry you do not understand the reason Sarah Palin resigned...it was not for her best interests, but for the State of Alaska. Please, do some research on the subject.
Second, it was not me that first brought Sarah Palin's name into the discussion here with a slanderous attack that has no basis. I will not apologize for defending those that are not available to defend themselves. Been that way all my life, it has served me well and I will never change.
lmao. Your younger brother had a higher IQ than Einstein . What in the world happened to you? Enough with your inane posting, you're clearly not worth having a conversation with.
Interesting, non-wealthy people are defending the wealthy. Many do not realize that all of the wealthy do not hold the title of "job creators" many take advantage of the spend thrifty and the gullible. For those of you who actually believe that the top tier actually pay their fair share of taxes....ARE YOU SERIOUS!!! If this was true they would not need an army of tax accountants to find the various loopholes that they use. If they voluntarily paid their fair share of taxes why would they need all of the tax lawyers? The truth is that they paid less than the "suggested rate" due to the various deductions and loopholes. In layman's terms, you can write off certain things as gas if you use your car to go to work or for business expenses. Now lets look at it on a larger scale, corperations can write off yachts and private jets as a business expense. Many people cannot fathom the things that they can can write off simply because we don't own such luxuries. Go ahead you try to write a trip to Europe as a tax deduction, I dare you! but corperations do it everyday
Let's get a few things straight.
1. The top 10% of citizens pay over 70% of the taxes collected.
2. Wealthy, or by Obama's definition, those making over $250,000, did not write the tax code in the US. They have the right to hire an accountant who understands the tax code and if it can save them some money, so be it.
3. When a person making a good living pays more tax in a year than most citizens will pay in their lifetime, I defy you to tell them they are not paying their fair share.
4. This Warren women is clearly pandering to her audience. All of the people in the background cheering her on regarding how they built the roads, etc......yeah right.
Let's get a few things straight.
1. The top 10% of citizens pay over 70% of the taxes collected.
2. Wealthy, or by Obama's definition, those making over $250,000, did not write the tax code in the US. They have the right to hire an accountant who understands the tax code and if it can save them some money, so be it.
3. When a person making a good living pays more tax in a year than most citizens will pay in their lifetime, I defy you to tell them they are not paying their fair share.
4. This Warren women is clearly pandering to her audience. All of the people in the background cheering her on regarding how they built the roads, etc......yeah right.
Lets be clear. this is the most staggering statistic of them all.
While this might seem terrible. What is the solution?
When you say they have so much wealth, what exactly is the wealth? Where is it held? Does Warren Buffett have 60 billion under his mattress or what?
The truth is, yes some people have a lot of wealth. But that wealth is generally in the form of assets. Things like factories, office buildings and other real estate. In the case of McDonald's, it is in things like friers and grills and fountain-drink dispensers.
I got into a long argument with a friend of mine about real estate.
Lets pretend that I had $1 million. I took it and I purchased ten houses for $100k each. I rented out each of these houses for $1,000 a month.
I pay house insurance on each property of $50 a month. I pay $2,000 a year in property taxes per house. On average each house doesn't have a tenant for about one month a year. I pay out about $1000 a year per house in maintenance. And then whatever profit I make after that is taxed at a marginal rate.
So on paper, it looks like I'm making $1k a month per house. But the reality is, I'm might only be clearing about $500 a month per house if I'm lucky. On that profit, I have to pay income taxes.
It might look good on paper that I have $1 million in assets(I'm a millionaire!!!). But I'm only bringing home about $60k a year before taxes, which puts me basically in middle-class. In order to live like a "millionaire", I would have to sell off my assets until I had none left(and therefore no income).
The point is, the economy is driven by industry. Industry is basically factories and retail stores and trucks and trains, etc. Someone has to own all of these things, and so someone has to have "wealth", otherwise we don't have any industry. But having wealth doesn't have anything to do with income.
If I want to open a gas station. I will have to purchase real estate, build a storefront, build a parking lot, purchase gas pumps, and stock the store with thousands of dollars of merchandise. The total value of those assets might be a few hundred thousand dollars. Once all of that "investment" is paid off, I will own them all. But owning them doesn't suddenly mean I'm rich. But someone has to own the gas station, or there would be no gas station.
It is impossible to have a society where all people are equally "wealthy". Nor is a society like that ideal. It would effectively require everyone to be self-employed, which would make productivity drop through the floor, and we would all be worse off.
The other option is that all wealth is owned by the state, and each person is merely a contractor with the state to manage each business. But that is also a bad idea(see the Soviet Union).
So what is the solution to this problem?
Last edited by Redshadowz; 09-26-2011 at 07:48 PM..
Even though they didn't steal it they don't deserve it, right?
The Russian revolution started with a similar premise.
This egalitarian bs always leads to misery.
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From your post, I see that you are in favor of bank bailouts and no consumer protection. That's just weird.
