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According to Spectrem, there are now 8.6 million households in the U.S. with a total net worth (minus principal residence) of $1 million or more. The number of households worth $5 million or more and $25 million or more also remained fairly flat, with growth of less than 2%. There are now 1,078,000 households worth $5 million or more and about 107,000 people worth $25 million or more.
Corporations (most of the time) make tons more millions or billions of dollars than do household millionaires - yet two thirds don't pay taxes
Originally posted by ugie1028
its not high or low taxes, its not over spending or not spending enough. its the damn fiat money system we have.
the fiat system we have is the problem. fractional reserve banking creates money from debt making it impossible to ever pay that debt off even if you taxed and cut everything.
If i had 2 unique rocks and you wanted to borrow these 2 rocks... but only on the condition that you pay me back those 2 rocks + another unique rock that doesn't exist. how do you pay something back that doesn't exist yet? that's the fiat money system we have - Built on debt. taxing or cutting spending would not solve the problem.
Originally posted by jonnywhite
reply to post by Annee
Yep tax em. Them filthy rats. They worked hard to earn their money and pulled the right levers and used their brains and none of that matters because they're the scum of the earth.
Lets reward them by taking their money away. This'll send a message to others who want to be rich: We'll take your money and make you our slave. That's a good way to boost the economy, eh?
May as well stay poor. And get entitlements. And play the victim card. Then we'll be a nation of victims and no jobs because nobody went to school and worked hard to be rich(er).
The way I look at it is we should reward wealthy people. They're the best of the best, generally. They work hard and they got brains. Those're things we want to encourage, not demean.
I think there's some jealousy and also some bigotry going on. Not everybody is rich precisely because it's not easy. And a great number of people are prejudiced against the rich for this reason. They don't like seeing that somebody else did better. So they have to distort reality in their favor.edit on 26-10-2012 by jonnywhite because: (no reason given)
Originally posted by ChaoticOrder
reply to post by KoolerKing
I'm not really sure what your saying??????If I build my own company and the company makes millions I do not deserve that money????? Sorry but that is the way the world works.
Yes I know that's how the world works, and I also know that's exactly why we have so many economic problems in the world. We truly have cast out the idea of fairness and equality. I'm not saying you don't deserve that money, I'm saying you don't deserve SO MUCH of that money compared to what your employees are earning. They are working their fingers to the bone countless hours a day, typically 5 days a week... I don't care what you think you deserve just because you own the business, those employees also deserve some level of fairness which makes all THEIR hard work worth it.
Screw the shareholders and CEO's... what makes their jobs so much harder that they deserve so much more compared to other people? The answer is NOTHING... absolutely nothing makes their works so much harder that they deserve thousands of dollars a week when their employees may make a few hundred a week. I'm sorry but these are the simple facts of the matter, and some day you're going to have to wake up and see past your programming and realize this. The scientists and mathematicians are the ones who deserve millions and billions of dollars. They contribute the most to society out of anyone, and they are the people with the truly hard and difficult jobs... full stop.edit on 26/10/2012 by ChaoticOrder because: (no reason given)
Originally posted by jonnywhite
reply to post by newcovenant
He can say what he wants, but he brings up hte period 1943-1971 and there were also far fewer entitlements back then AND less regulations on US companies. I think some of that tax money probably went to paying off any debts that were accumulated during world war II and the cold war and to pay for housing and medical for veterans returning from war. But after 1971 it all went to hell. We kept increasing the size of government and adding entitlements and now we just can't pay for it. We were more responsible between 1943-1971, so comparing the two sets of data is meaningless.
I think our country hasn't met the demands, especially in education. Our kids are fat and dumb; grow up on xbox and fruit loops. This is as much a result of teenage apathy extending into adulthood as it's a failure of parents to discipline their children. Too many jobs are going overseas because government has enacted too many regulations and has made doing business in america a hostile venture. I don't see this trend reversing. We're doomed. This is the way of rome. Greed and indulgence is killing us.
Too much hatred for the things that made this country great. Too much denial. I heard you can't even use the word "fat" in the UK to describe someone overweight. Same disease. We can't use the word "loser" to describe somebody that's clearly losing. We can't call a duck a duck. Instead we gotta give them handouts and tell em they're a winner and pat em on the back reassuringly.edit on 26-10-2012 by jonnywhite because: (no reason given)
Originally posted by detachedindividual
Neither leader will fix the insane debt you have. But one will make the ride less bumpy for the majority, and the other will be determined to suck the last of the money out of the country for him and his buddies to pocket, speeding up the collapse of your country.
Originally posted by MeesterB
My take on "cutting taxes on the rich/job creators"
1) people aren't going to give up on being rich just because they have to give an extra 10%
Ask anyone if they would rather have their earnings reduced from 4 million to 2 million, or take nothing at all and everyone will gladly give up 2 million in order to still have 2 million.
2) Job creators don't hire based on how much money they have, they hire based on how many people they need to hire. After all, they are about profits, so they won't hire more people than they need.
I don't really like how ben stein said it was partly taxes and partly spending because he almost made them seem equal when anyone knows spending is the far bigger problem.