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Started By
Message
re: For first time ever, 1% own more wealth than entire middle class
Posted on 10/19/21 at 10:00 am to TigerFan55555
Posted on 10/19/21 at 10:00 am to TigerFan55555
quote:Dear Lord
another answer to this would be to incentivize pay raises through the corporate tax system..
0
Posted on 10/19/21 at 10:04 am to Powerman
quote:
We could do better though
Yes, mainly be ceasing to subsidize poverty. The left doesn't want to admit this, but there's a base standard of living that, if provided to some people, will never, ever motivate them to climb higher. They may bitch and moan but they'll accept all the free stuff and stay right where they're at, because it's good enough. Our social safety hammock provides that for far too many.
Posted on 10/19/21 at 10:15 am to Mike Erhmantraut
quote:
The income distribution in this country is absolutely absurd.
Yet look at what happens when you attempt to “correct it”. See the country today.
This would be an ongoing result from the liberal fantasy of a government provided guaranteed minimum income. It’s here. Live and viewable.
Posted on 10/19/21 at 10:21 am to Wasting Time
The best part about the bottom 10% for libs - When you raise them up from poverty there's another bottom 10%. The perpetual revolution has gone live! 
Posted on 10/19/21 at 10:22 am to Mike Erhmantraut
quote:
The income distribution in this country is absolutely absurd.
Is it?
quote:
Amazon prime orders make a difference but 1% owning more than the entire middle class is a jaw dropping amount. It’s not about spending from the middle class. At all.
Well of course it's not all about spending. The middle class though, yea that is a huge portion of it. The middle class spend what they make, on the whole. There is very little they put aside to invest and build wealth. Most don't even max out their 401k.
This post was edited on 10/19/21 at 10:29 am
Posted on 10/19/21 at 10:26 am to Mike Erhmantraut
quote:
The income distribution in this country is absolutely absurd.
What should be the targeted range for income distribution?
Posted on 10/19/21 at 10:28 am to HailHailtoMichigan!
When taxes are increased and yes Xiden is increasing taxes on all not just those making over 400K it hurts the middle class most. Not the poor, hell they get tax credits, the ultra rich have loopholes. It has been the stifling of upward mobility of the middle class through taxes and regulations that have caused this. The Buffet's Gates et al got theirs, they don't want you to.
Posted on 10/19/21 at 10:30 am to Lynxrufus2012
quote:
loopholes
Posted on 10/19/21 at 10:43 am to Lynxrufus2012
quote:Outed yourself as ignorant.
the ultra rich have loopholes.
Some of you should really try and keep up once ever 40 years or so
Posted on 10/19/21 at 11:13 am to BigJim
As a kid in Montserrat (a majority black nation back then), kids young as six years old were taught banking, even opening up bank accounts.
Posted on 10/19/21 at 12:08 pm to GoCrazyAuburn
quote:
quote:
loopholes
Perhaps it's not being posted clearly, so let's just use an example -
Bill Gates has amassed a fortune that has amounted to over $200 billion (what he holds now + what he's used). He lives off of his assets, not income. So the question is, what has Bill Gates paid in federal taxes over the last 30 years?
The answer is about $10 billion, which he has claimed is the most in history by an individual - representing about 5% of his earned wealth. He discussed this publicly at the time while advocating (along with Buffet) for taxing the uber-wealthy more effectively. His point was that when you have frick you money many times over, income taxes are essentially inconsequential.
Personally, I'm not a fan of the "fairness" or "wealth distribution" argument. In a free market/competitive capitalist economy, if you can win big, all the credit/power to you. I'm a fan. The problem today is twofold - first, our economy no longer resembles a free market based on competitive capitalism, which is a huge problem, but an even bigger problem, the biggest one this country faces today - the politics of the uber-wealthy. It's not an accident that the progressive bullshite discussed on this politics board every single day is funded/advanced by these assholes. Name it: election fraud, BLM, the border, Covid bullshite, mandates, CRT, censorship, clown media, the dementia riddled child molester in the WH, congress, military indusrial complex - - - which one of those issues is not directed and fueled by a Zuckerberg, Gates, Soros, Page, Brin, Bezos, Dorsey, Walton family, Koch family, and the leadership of the biggest of big business, etc., etc? Not a single one of those issues isn't primarily brought to you today by one of these assholes.
What can the middle class/upper-middle class do in response to a very clear, persistent, and so far - highly effective - economic/political war being waged on it by the asset class?
Posted on 10/19/21 at 12:10 pm to David_DJS
quote:Which is why it is very telling that liberals first go the income tax EVERY SINGLE TIME they start talking about "the rich".
The answer is about $10 billion, which he has claimed is the most in history by an individual - representing about 5% of his earned wealth. He discussed this publicly at the time while advocating (along with Buffet) for taxing the uber-wealthy more effectively. His point was that when you have frick you money many times over, income taxes are essentially inconsequential.
Posted on 10/19/21 at 12:42 pm to HailHailtoMichigan!
Democracies, whatever you want to call our system, lead to oligarchy and immense concentrations in wealth.
Posted on 10/19/21 at 12:59 pm to jimmyb1234
quote:
The very rich never pay taxes anyway.
quote:Please. Teach me how to do this. Name a "tax shelter".
They shuffle their money around and use foundations as tax shelters.
quote:Nope.
It's mostly the middle class that pays taxes.
Posted on 10/19/21 at 1:00 pm to Powerman
quote:Who is "we"? Why aren't people responsible for their own success?
We could do better though
Posted on 10/19/21 at 1:03 pm to wutangfinancial
quote:Yep! But you have to understand these people don't understand even basic math.
The best part about the bottom 10% for libs - When you raise them up from poverty there's another bottom 10%. The perpetual revolution has gone live!
Posted on 10/19/21 at 1:04 pm to jimmyb1234
quote:
The very rich never pay taxes anyway. They shuffle their money around and use foundations as tax shelters. It's mostly the middle class that pays taxes.
I'm with TA
Give us an example of a tax shelter as used in your sentence.
Ya really gotta stop thinking all the movies you watch are real
Posted on 10/19/21 at 1:04 pm to Lynxrufus2012
quote:Such as? Please point us to a "loophole" that has a minimum income requirement.
the ultra rich have loopholes.
Posted on 10/19/21 at 1:05 pm to David_DJS
quote:Oh dear.
He lives off of his assets, not income.
Posted on 10/19/21 at 1:07 pm to Wasting Time
quote:
EVERY single graph in the OP defines "shrinking middle class" in terms of their percentage of the pie which is absurd zero sum game thought that anyone with even a little education should simply laugh at.
Fair point. If the uber wealthy elevate everyone, but get a big slice of those gains, everyone is wealthier than before, the rich got richer and the Marxists go insane.
Marxists would prefer everyone be equally miserable at the bottom to winners winning (except the political elite and useful thought leaders, they are the "winners" in Marxism).
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