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I don't understand why anyone cares about the top .0001%. Let me pose a question: Have the ultra rich EVER prevented you from accomplishing things in your life that you set out to accomplish? I believe that for the most part, people are where they are because of decisions they have made in their life. I must admit I find it funny how a certain segment of the population believes their low or middle class station in life is primarily due to the rich holding them down.
If you don't want to live in a democracy there are plenty of countries you can move to with Kings and Queens or even Dictators. Studies show our Government is now an oligarchy-where the overwhelming majority do not have any say in the direction of our nation.
The 0.001% have hi-jacked our Government and Central Bank for their own benefit-which is extremely destructive for Americans and our nation. Nobody is saying what you are saying-you are either being obtuse or willfully ignorant. I-and just about everyone-don't care what others make but we care when you infiltrate our Government/Financial System and bribe those that are lawfully bound to answer to the American people at large.
The US is being destroyed from within by a handful of corrupt financiers and some cheer it on. I could never in my life imagine defending such people day in and day out like so many do on here.
Don't ask us. Ask the super poor -the sort of people that die, from a lack of a couple of dollars worth of medicine.
Over the years I've found that people (in general), like to place the blame for their own shortcomings on others instead of take a long honest look in the mirror. I would contend that the ultra rich do not stop the ultra poor from anything-there is no conspiracy to hold them down. Do they prevent them from going to school and getting an education? Do they prevent them or cause them to take drugs or drink excessive amounts of alcohol. Are they responsible for the poor life decisions that are made?
People just need to let it go and get on with their life.
I don't understand why anyone cares about the top .0001%. Let me pose a question: Have the ultra rich EVER prevented you from accomplishing things in your life that you set out to accomplish? I believe that for the most part, people are where they are because of decisions they have made in their life. I must admit I find it funny how a certain segment of the population believes their low or middle class station in life is primarily due to the rich holding them down.
The only decisions many of those have made is winning the sperm lottery. Sam Walton built a business but his descendants didn't do anything but inherit money.
Most are not capitals of industry or entrepreneurs. If you add together nonfinance executives, “financial professions”, real estate, and lawyers, you’ve got more than 70 percent of the total; plus some of the other categories are probably essentially business executives too. Basically, the top 0.1 percent is the corporate suits, with a few token sports and film stars thrown in.
If you don't want to live in a democracy there are plenty of countries you can move to with Kings and Queens or even Dictators. Studies show our Government is now an oligarchy-where the overwhelming majority do not have any say in the direction of our nation.
The 0.001% have hi-jacked our Government and Central Bank for their own benefit-which is extremely destructive for Americans and our nation. Nobody is saying what you are saying-you are either being obtuse or willfully ignorant. I-and just about everyone-don't care what others make but we care when you infiltrate our Government/Financial System and bribe those that are lawfully bound to answer to the American people at large.
The US is being destroyed from within by a handful of corrupt financiers and some cheer it on. I could never in my life imagine defending such people day in and day out like so many do on here.
First off, for clarity, we don't live in a democracy but a representative republic-there are specific differences. I can assure you that I am far from being obtuse or willfully ignorant (I always liked that word-obtuse). Understand that I don't necessarily disagree with your statement about control and influence being exercised by the .001%, it has ALWAYS been that way and nothing you or i can say or do that is going to change that. However, my point is and has been, I doubt that the evil .001 percenters have done anything to prevent you or others from being successful. If you can think of a specific instance perhaps you can change my mind. You see, I grew up poor but found a way to go to college and get degrees in economics, business and electrical engineering. My friends were also poor and made different choices-and as a result they are still poor and find themselves depending on the Powerball for their retirement program. Over the last 30 years I was able to build 3 successful businesses in different sectors of the economy. Funny thing is, those in the 001% didn't even care one way or the other.
How many realize that having cash in your pocket to buy things and having wealth is not the same thing? Lots of Americans live quite nicely from paycheck to paycheck while owning almost nothing that would be counted as "wealth". Those 62 don't have anywhere near the spending power of the least wealthy 3.5 billion humans.
Crazy. One year before it was still the 80 richest people, so the inequality is accelerating.
One reason for that exploding inequality they say is that 9 out of 10 big corporations make use of tax havens in order to avoid paying taxes. This costs developing countries where those companies are active more than 100 billion dollars per year.
Why doesn't anyone do anything about that? I don't get it, really. There are global trade and other organizations, which could simply rule that income has to be fully taxed where it is earned, no matter where, without exception.
Funny that the same people that take no issue with a slanted tax system developed by the wealthy through their lobbyists are the first people to criticize food stamps or Medicare recipients. I'm not blaming the top 1% for all the ills of income disparity but certainly their gains are part of a rigged system, is the playing field equal.
Crazy. One year before it was still the 80 richest people, so the inequality is accelerating.
Another polarizing rant from someone who doesn't understand the workings of the marketplace -- or maybe just wants to stir up resentment in order to lead a lynch mob. The real case of the disparity is that so many consumers are followers -- unable, or just unwilling to find a better way to fill their wants, but willing to pay more just because "everyone else does".
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One reason for that exploding inequality they say is that 9 out of 10 big corporations make use of tax havens in order to avoid paying taxes. This costs developing countries where those companies are active more than 100 billion dollars per year.
To the best of my knowledge, many of the success stories (Amazon, Apple, Google, Microsoft -- to name a few) are U S corporations subject to US tax rates; they might have some activity in other nations where prices (and the cost of living) are lower, but so does their competition.
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Why doesn't anyone do anything about that? I don't get it, really. There are global trade and other organizations, which could simply rule that income has to be fully taxed where it is earned, no matter where, without exception.
And what -- exactly -- would you propose? The wealth of the enterprises and individuals cited above is represented mostly by the high price of their common stock -- favorites of the mutual funds and other investment vehicles held by foresighted individuals. When the current generation passes from the scene, most of that value will end up in the hands of philanthropic and institutional endowments-- charities, colleges, hospitals and such. The seize that wealth, the politicians would have to force a sale -- which would drive the price of that stock down and destroy most of the gain.
But the mentality that rolled the tumbrils and built the guillotines will always be with a few of us.
So I guess I do have the right to complain since so many of them use tax loopholes and evade their taxes that it causes me (someone who is considered upper middle class) to pay a higher effective tax rate than many of them? Their refusal to pay their share of taxes has to be made up by people like me and we can't afford to pay much more
bull. if they are using the law as written, then they are NOT evading paying taxes, they are LEGALLY lowering their tax rate. you dont like it? then work to get the tax code changed. otherwise tough.
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Originally Posted by Goodnight
That is not true at all, overseas accounts, carried interest and creation of partnerships put them at a considerable advantage. Explain to me why a hedge fund managers income is taxes as capital gains while middle class tax payers are taxed based on income bracket.
because hedge fund managers income is considered investment income, not earned income. you to can take advantage of that by investing some of your money in the markets, and have the dividends taxed as investment income. read the damned tax laws, and use them to your advantage. you can do it as can the rich.
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Originally Posted by ohhwanderlust
Not at all. People are limited by their intelligence (which is mostly immutable), health, and circumstances (if someone has to spend time caring for ailing parents for example, that takes away time or energy they could otherwise use to focus on developing wealth. Another example, more so true in many developing countries, is corruption and a low level of freedom, economically and/or politically).
Unless they're born healthy, unencumbered, and with a very high IQ, it's unlikely anyone can become a millionaire from scratch.
There's always going to be a ceiling. Some people unfortunately hit that ceiling at a level below what is necessary to sustain themselves.
bullcrap!!!!!!!! you dont have to have a high IQ, or lots of time on your hands, or what ever else you seem to think you need to make money. there are a lot of people who lack college educations that have made themselves wealthy, and they are no smarter than the average person.
anyone, given the willingness to put forth the effort, can make themselves wealthy from scratch. but they need to put forth the effort, and never quit. they need to set goals, both near term and long term. and they need to constantly work towards those goals, and never give up even when they have set backs. its been done many times in the past, and it is still being done today.
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