...but it fits here just as well. By Joe Nocera, one of the best business journalists there is.
"Thirty years ago, when Forbes published its first Forbes 400, a net worth of $75 million would get you on the list. Today it takes $1.1 billion. In the last year alone, the cumulative net worth of the wealthiest 400 people, by Forbes’s calculation, rose by $200 billion. That compares with a 4 percent drop in median household income last year, according to the Census Bureau. One would be hard pressed to find a clearer example of how powerfully income inequality has taken root."
"Financiers, who make up a large percentage of the Forbes 400, long ago found ways to convert their compensation to capital gains, for instance. Romney, of course, did the same thing when he was running Bain Capital, a private equity firm. But even those who are not on Wall Street rely on capital gains. A large number of the Forbes 400 — “roughly 40 percent,” according to a group called United for a Fair Economy — inherited their wealth. Many others on the list — people who started companies that they’ve since left — are classified by Forbes as investors."
"Even many of the corporate executives on the Forbes 400 are likely paying a lower tax rate. Many of them get minimal cash compensation and rely on stock options for the bulk of their wealth. Or they maneuver to take their companies through a leveraged buyout, which reaps them huge potential capital gains. In 2009, according to recent Congressional testimony by Leonard E. Burman, a professor at Syracuse University, the 400 highest-income taxpayers reaped an astounding 16 percent of all capital gains."
Wealthy people use the tax code to increse their wealth in ways that are not possible for the average citizen. Take that into account when you think about income tax rates and taxes in general. That's how Mitt got to 13.9%. They use us like a rug. And then we fight their wars. Isn't that a definition of stupidity? "Trickle Down" has been a big stick shoved up our collective you-know-what...sideways
These wealthy people are constantly called the "job creators" on FUX and elsewhere. They always say that these "job creators" need more money to create more jobs. Well, looks pretty clear to me that they ARE getting more money and they ARE NOT creating new jobs. This is yet another example of how wealthy media moguls twist the facts to suit their own ends. Rupert Murcoch cares about two things: One, to become even wealthier, and two, to further the conservative agenda in politics. Facts and reality don't matter to the likes of Rupert Murcoch. Fooling his audience does matter. You've been had...again...on this "job creators" bullshit.
One last thing:
Why are we taxing income on anyone making less than $100,000? Income tax on a living wage is a disincentive to work. It tells people not to work so hard - to make less money. We should be taxing consumption, not work.
Why are businesses expected to foot the bill for employee's health care? IMO, that should be a combined responsibility of the individual and the government. In other's opinions that should be the responsibility of the individual alone. It should never be the responsibility of a business. But I'd love to hear a counter argument to that one...if anyone intelligent ever joins the forum.