Do the rich earn their income?

[Sundial]

According to the IRS, the answer is mostly not.

Of the richest of the rich only 6.5% of income was from working, as of 2007. The rest came from things like interest, dividends, and capital gains.

In other words, the kind of income you get without having to wake up in the morning.

Which raises the question: if the rich are consuming without working, who is doing their work for them?

Link

 

[rdean]

Don't forget "inheritance". Republicans call that "the good old fashioned way".

 

[WillowTree]

According to the IRS, the answer is mostly not.

Of the richest of the rich only 6.5% of income was from working, as of 2007. The rest came from things like interest, dividends, and capital gains.

In other words, the kind of income you get without having to wake up in the morning.

Which raises the question: if the rich are consuming without working, who is doing their work for them?

Link

It's for damn sure you didn't earn their income. Get over it.

 

[oreo]

According to the IRS, the answer is mostly not.

Of the richest of the rich only 6.5% of income was from working, as of 2007. The rest came from things like interest, dividends, and capital gains.

In other words, the kind of income you get without having to wake up in the morning.

Which raises the question: if the rich are consuming without working, who is doing their work for them?

Link

Ah Geez--You can walk down your own main street. You will see doctors/dentist's office's--the guy who rebuilds car engines--your auto mechanic--your construction company--from A to Z--who bust their butts every single day of the week to bring a necessary service to this country and you. They are called small business people in this country and are also known as the largest employer of it.

The PRESIDENT you voted for--decided to attack these same small business people with his continual and on-growing threat that if they make 250K per year--he is going to throw them into the exact same tax bracket (39%) which is exactly what multi-billion dollar corporations pay. If you add in state and local taxes--you are taxing the hardest working, most innovative people in this country 50% or .50 cents on every dollar they earn.

This is the economic terrorist you have elected. And then your Harvard graduate--community organizer--most intellectual President ever--wonders where the "jobs" are?--

Small business in this country has tucked in like a turtle and is waiting for the threat to leave. And that threat is Barack Obama. Not everyone that earns 250K per year pushes a button and works on 2 blocks of lower Manhatton in New York City--Da--Duh.

 

[Soggy in NOLA]

Did they steal it from you?

 

[rdean]

According to the IRS, the answer is mostly not.

Of the richest of the rich only 6.5% of income was from working, as of 2007. The rest came from things like interest, dividends, and capital gains.

In other words, the kind of income you get without having to wake up in the morning.

Which raises the question: if the rich are consuming without working, who is doing their work for them?

Link

Ah Geez--You can walk down your own main street. You will see doctors/dentist's office's--the guy who rebuilds car engines--your auto mechanic--your construction company--from A to Z--who bust their butts every single day of the week to bring a necessary service to this country and you. They are called small business people in this country and are also known as the largest employer of it.

The PRESIDENT you voted for--decided to attack these same small business people with his continual and on-growing threat that if they make 250K per year--he is going to throw them into the exact same tax bracket (39%) which is exactly what multi-billion dollar corporations pay. If you add in state and local taxes--you are taxing the hardest working, most innovative people in this country 50% or .50 cents on every dollar they earn.

This is the economic terrorist you have elected. And then your Harvard graduate--community organizer--most intellectual President ever--wonders where the "jobs" are?--

Small business in this country has tucked in like a turtle and is waiting for the threat to leave. And that threat is Barack Obama and his comrades in economic terrorism.

I can see which God you pray to.

 

[Soggy in NOLA]

According to the IRS, the answer is mostly not.

Of the richest of the rich only 6.5% of income was from working, as of 2007. The rest came from things like interest, dividends, and capital gains.

In other words, the kind of income you get without having to wake up in the morning.

Which raises the question: if the rich are consuming without working, who is doing their work for them?

Link

My gawd you're ignorant.

 

[Soggy in NOLA]

According to the IRS, the answer is mostly not.

Of the richest of the rich only 6.5% of income was from working, as of 2007. The rest came from things like interest, dividends, and capital gains.

In other words, the kind of income you get without having to wake up in the morning.

Which raises the question: if the rich are consuming without working, who is doing their work for them?

Link

Ah Geez--You can walk down your own main street. You will see doctors/dentist's office's--the guy who rebuilds car engines--your auto mechanic--your construction company--from A to Z--who bust their butts every single day of the week to bring a necessary service to this country and you. They are called small business people in this country and are also known as the largest employer of it.

The PRESIDENT you voted for--decided to attack these same small business people with his continual and on-growing threat that if they make 250K per year--he is going to throw them into the exact same tax bracket (39%) which is exactly what multi-billion dollar corporations pay. If you add in state and local taxes--you are taxing the hardest working, most innovative people in this country 50% or .50 cents on every dollar they earn.

This is the economic terrorist you have elected. And then your Harvard graduate--community organizer--most intellectual President ever--wonders where the "jobs" are?--

Small business in this country has tucked in like a turtle and is waiting for the threat to leave. And that threat is Barack Obama and his comrades in economic terrorism.

I can see which God you pray to.

Here's an idea... get off your lazy ass and go be successful.

 

[rdean]

Did they steal it from you?

Some did. It's why we have financial collapse. They buy politicians to deregulate or change laws. It's how an economic meltdown can occur and no one arrested. These things don't happen by themselves. I thought everyone knew that.

 

[WillowTree]

Did they steal it from you?

Some did. It's why we have financial collapse. They buy politicians to deregulate or change laws. It's how an economic meltdown can occur and no one arrested. These things don't happen by themselves. I thought everyone knew that.

do you know who did it and how much they stole? give us a price range. how much did they steal from you ridiotdean? how much.

 

[Soggy in NOLA]

Did they steal it from you?

Some did.

Please elaborate.

 

[Harry Dresden]

Don't forget "inheritance". Republicans call that "the good old fashioned way".

so i suppose being the good old guy you are Dean.....if your folks left you something worth lets say 10 million bucks you would be ok with the govt taking 60-70% of it....right?.....

 

[Soggy in NOLA]

Don't forget "inheritance". Republicans call that "the good old fashioned way".

so i suppose being the good old guy you are Dean.....if your folks left you something worth lets say 10 million bucks you would be ok with the govt taking 60-70% of it....right?.....

Yeah... RIGHT.

 

[dblack]

The rest came from things like interest, dividends, and capital gains.

I have no doubt that much of the income generated by privileged wealth in this country is 'unproductive'. We have endlessly polluted market dynamics with distorting regulation and state manipulation that usually work to benefit the established interests (those with the wealth and influence to steer policy in their favor).

But outside the corrupting influence of the state, the notion that interest and capital gains aren't 'earned' income is naive. The profit derived from wise investment represents one of the most important jobs that get done in a free economy. That's something anti-market people never seem to get. Even in a state-run, command economy, someone has to make the decisions guiding how we apply our labor and resources. If they do it well, we all benefit. If they do it poorly, we all suffer.

In a free market, the people making these decisions are capitalists. They are the people in charge of deciding which projects are funded, and which aren't. When they make good decisions - we reward them with profits (interest and dividends). When they make bad decisions, they lose their investments, and someone else takes over.

 

[TruthSeeker56]

According to the IRS, the answer is mostly not.

Of the richest of the rich only 6.5% of income was from working, as of 2007. The rest came from things like interest, dividends, and capital gains.

In other words, the kind of income you get without having to wake up in the morning.

Which raises the question: if the rich are consuming without working, who is doing their work for them?

Link

If you have to ask this question, you are obviously not "rich".

All of the things you mention (interest, dividends, capital gains) are the results acquired by intelligence, knowledge, foresight, research, the willingness to take chances, and other forms of "hard work".

But, since you are obviously a low to middle class dolt with minmal skills and education, or less, you would not have ANY idea what "interest, dividends, and capital gains" are.

 

[oreo]

According to the IRS, the answer is mostly not.

Of the richest of the rich only 6.5% of income was from working, as of 2007. The rest came from things like interest, dividends, and capital gains.

In other words, the kind of income you get without having to wake up in the morning.

Which raises the question: if the rich are consuming without working, who is doing their work for them?

Link

Ah Geez--You can walk down your own main street. You will see doctors/dentist's office's--the guy who rebuilds car engines--your auto mechanic--your construction company--from A to Z--who bust their butts every single day of the week to bring a necessary service to this country and you. They are called small business people in this country and are also known as the largest employer of it.

The PRESIDENT you voted for--decided to attack these same small business people with his continual and on-growing threat that if they make 250K per year--he is going to throw them into the exact same tax bracket (39%) which is exactly what multi-billion dollar corporations pay. If you add in state and local taxes--you are taxing the hardest working, most innovative people in this country 50% or .50 cents on every dollar they earn.

This is the economic terrorist you have elected. And then your Harvard graduate--community organizer--most intellectual President ever--wonders where the "jobs" are?--

Small business in this country has tucked in like a turtle and is waiting for the threat to leave. And that threat is Barack Obama and his comrades in economic terrorism.

I can see which God you pray to.

Well you dont' just have to take it from me--here is a business man that is a democrat who voted for BARACK Obama--who is now lining the highways in Las Vegas Nevade--that states FIRE Obama and I will hire 10,000 employees the next day

Steve Wynn a DEMOCRAT--who voted for Barack Obama--and his opinion NOW.

“I’m saying it bluntly, that this administration is the greatest wet blanket to business, progress and job creation in my lifetime. A lot of people don’t want to say that. They’ll say, ‘Oh God, don’t be attacking Obama.’ Well, this is Obama’s deal, and it’s Obama that’s responsible for this fear in America.”

“The guy [Obama] keeps making speeches about redistribution, and maybe ‘we ought to do something to businesses that don’t invest or hold too much money.’ We haven’t heard that kind of talk except from pure socialists.”

“Business is being hammered. The business community in this country is frightened to death of the weird political philosophy of the president of the United States. Until he’s gone, everybody’s going to be sitting on their thumbs.”

Steve Wynn's Anti-Obama Rant - Is He Right? | BNET

You voted for it--You got it--

 

[Sundial]

The rest came from things like interest, dividends, and capital gains.

I have no doubt that much of the income generated by privileged wealth in this country is 'unproductive'. We have endlessly polluted market dynamics with distorting regulation and state manipulation that usually work to benefit the established interests (those with the wealth and influence to steer policy in their favor).

This argument presupposes a marketplace that's capable of existing without the state.

In fact, everything about capitalism is a creature of our government. There's no such thing as a corporation without laws. Patents, copyrights, titles and deeds are all created by the state.

The laws and regulations favor the interests of some over the interests of others.

But to say that we have "polluted" the market assumes the market exists in a natural state. It doesn't.

But outside the corrupting influence of the state, the notion that interest and capital gains aren't 'earned' income is naive.

It's not naive. Income that is collected without working is the definition of unearned income.

un·earned in·come
Noun: Income from investments rather than from work.

The profit derived from wise investment represents one of the most important jobs that get done in a free economy.

I agree with you 100%. People who work as money managers or investors have jobs, and are doing work.

I'm arguing that the rich - the richest of the rich, not just people who have good jobs - are mostly not doing that. If there are decisions that need to be made, they're paying people to do it for them.

That's something anti-market people never seem to get. Even in a state-run, command economy, someone has to make the decisions guiding how we apply our labor and resources. If they do it well, we all benefit. If they do it poorly, we all suffer.

In a free market, the people making these decisions are capitalists. They are the people in charge of deciding which projects are funded, and which aren't. When they make good decisions - we reward them with profits (interest and dividends). When they make bad decisions, they lose their investments, and someone else takes over.

Would that it worked that way!

 

[dblack]

I have no doubt that much of the income generated by privileged wealth in this country is 'unproductive'. We have endlessly polluted market dynamics with distorting regulation and state manipulation that usually work to benefit the established interests (those with the wealth and influence to steer policy in their favor).

This argument presupposes a marketplace that's capable of existing without the state.

Not really.

It's not naive. Income that is collected without working is the definition of unearned income.

Semantic quibbling aside, the assumption presented in the OP is that income from investment decisions is 'money for nothing'. I'm pointing out that that's bullshit. Investment decisions drive our economy. If they're made poorly, they drive it off a cliff, if they're made well, we all benefit.

That's something anti-market people never seem to get. Even in a state-run, command economy, someone has to make the decisions guiding how we apply our labor and resources. If they do it well, we all benefit. If they do it poorly, we all suffer.

In a free market, the people making these decisions are capitalists. They are the people in charge of deciding which projects are funded, and which aren't. When they make good decisions - we reward them with profits (interest and dividends). When they make bad decisions, they lose their investments, and someone else takes over.

Would that it worked that way!

To the extent that we let it, it does.

 

[Remodeling Maidiac]

Do the rich earn their income?

Do dumb liberals make dumb topics?

Their is your answer.

 

[editec]

Hey lay off the Trustfarians.

Cashing trust fund checks can be very hard work.

So hard in fact, that many of them have to hire people to manage the pocket money they got from their other money managers who sent it to them.

Think I'm kidding?

I'm not.