How Americans Really Think About Wealth

Discussion in 'Arts & Crafts' started by Flaylo, May 2, 2011.

  1. Flaylo
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    Flaylo Handsome Devil

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    Wray Herbert: How Americans Really Think About Wealth



    :clap2::clap2::clap2::clap2::clap2::clap2::clap2::clap2::clap2:
     
  2. editec
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    editec Mr. Forgot-it-All

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    I seriously doubt that anybody really knows the net worth of the truly staggeringly wealthy. The IRS admits that it really can't even establish actual incomes of the superwelthy, so establishing worth of assets has GOT to be even more problematic

    AFter all, value and market price is really only testable when things are sold or at least when similar things have been sold to estimate value..

    Some of the assets that the uber-wealthy have are seldom sold. They pass from generation to generation without ever going on the market.

    Many of those assets are so unique that there is no comparable price to determine their true value until that price is once again reestablished by a recent sale.
     
  3. Stephanie
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    Stephanie Diamond Member Supporting Member

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    Yeah right. I wonder who is going to TAKE the wealth from the people who have it to "give" to the less fortunate. When they do they can start with OUR CONGRESSCRITTERS.

    November 17, 2010 4:45 PM
    Number of Millionaires in Congress: 261
    Posted by Stephanie Condon 15 comments



    California Rep. Darrell Issa is the wealthiest member of Congress, according to an analysis from the Center for Responsive Politics
    (Credit: AP Photo/Manuel Balce Ceneta)

    For Congress, debating the extension of the Bush tax cuts for the wealthiest Americans is personal.

    While the base pay for members of Congress is $174,000, nearly half -- 261, to be exact -- are millionaires, according to an analysis of 2009 data from the Center for Responsive Politics (there are 535 total members of the House and Senate). Just 1 percent of Americans overall can say the same.

    While the economy has generally faltered over the past two years, congressional members actually saw their collective personal wealth increase by more than 16 percent between 2008 and 2009, according to the study, which analyzed financial disclosure data released earlier this year.

    As many as 55 members had an average calculated wealth of $10 million or more in 2009, according to the Center.

    According to the Center's estimates, the wealthiest member of Congress is Rep. Darrell Issa (R-Calif.), whose holdings exceed $303.5 million. Rep Jane Harman (D-Calif.) is close behind with $293.4 million, and Sen. John Kerry (D-Mass.) rounds out the top three at $238.8 million.

    Members of Congress are only required to report their wealth and liabilities in broad ranges, so the Center calculated each member's average estimated wealth by determining the minimum and maximum value of their assets. Additionally, federal financial disclosures don't require members of Congress to report certain assets such as personal residences.

    The list of Congress' wealthiest members is bipartisan. In the House, five Democrats and five Republicans make up the 10 wealthiest members, while in the Senate, six Democrats and four Republicans make up the top 10.

    The median wealth of a House member in 2009 stood at $765,010, while the median wealth for a senator in 2009 was nearly $2.38 million.

    Members of the House and Senate made investments last year in a number of companies that have a strong presence on Capitol Hill, spending large sums on lobbying efforts and political donations. The most popular company among members of Congress, CRP found, was General Electric, in which 82 current members invested. The second most popular company was Bank of America, which 63 members invested in.

    The CRP's report comes as Congress considers what to do about the Bush tax cuts, which are set to expire at the end of the year. President Obama has long advocated for extending the tax cuts for everyone except individuals making over $200,000 or families making over $250,000 -- the top 2 percent of income earners. Republicans and some moderate Democrats, however, want to extend all of the tax cuts, and the White House has signaled it is willing to compromise to a degree on the matter.

    Number of Millionaires in Congress: 261 - Political Hotsheet - CBS News
     
  4. editec
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    editec Mr. Forgot-it-All

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    Just read recently ( in Niall Ferguson's book " The Ascent of Money") that in order to be in the top 1/10th of 1% of all taxpayers the minimum annual income is in the $394 million dollar a year range.


    That's ANNUAL INCOME not net worth!

    I think what that really means is however most Americans think the truly wealthy live, we seriously do not have a clue.

    The Uberweathy are basically invisible to most of us.

    If you or I had that much money and power, I expect most of us would remain in the shadows, too.

    I mean, let's face it...if you have that much money?

    You will be a target of very bad people, so maintaining a low profile does seem like a rational way for the stupendously wealth to live.

    Seems to me like those folks are practically prisoners of their wealth.

    Well taken care of prisoners to be sure, but prisoners by comparison to the mindless (I hestiate to say careless freedom, but in some ways that is the operative phrase) freedom most of us have.
     
    Last edited: May 2, 2011
  5. andernorm
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    andernorm Rookie

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    Health is wealth as we all are aware of the fact, another thing is that American are very careful about the wealth. Taking proper care about the wealth is best for everyone and it is necessary also.
     
  6. editec
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    editec Mr. Forgot-it-All

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    If you don'ty have your health?

    What do you really have?

    Meaningless baubbles at best
     
  7. waltky
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    waltky Wise ol' monkey Supporting Member

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    Politicians gettin' richer whilst voters get poorer...
    :eek:
    Growing wealth widens distance between lawmakers and constituents
    5 Dec.`11 - Wealth gap grows between Capitol Hill, constituents
    See also:

    Pelosi Spends Christmas at Posh Hawaiian Hotel
    December 27, 2011 | House Minority Leader Nancy Pelosi was not dreaming of a white Christmas.
     
    Last edited: Dec 28, 2011
  8. California Girl
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    California Girl BANNED

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    An OpEd piece from April 2011.... seriously? We were - and continue to be - in a rather shaky economic situation as a country. Why is anyone surprised by the 'results'.

    But.... it would be helpful if the writer - and the OP - learned to understand what a 'study' actually is. They only ever 'suggest', they rarely 'proof' anything. Much depends on how the study was undertaken, how the questions were worded, whether this is part of a longitudinal study that measures how people's opinion changes over time.

    In short, it's old and it tells us nothing. Nothing. Not. One. Thing.
     

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