How many types of wealthy are there?

[edthecynic]

I've been thinking about wealth. It seems that in order to be wealthy you either have to:

1) Work hard for it
2) Recieve it someway that doesn't involve work.

Have I missed any others? And which type of wealth should we be encouraging?

October 6, 2010
Making Complex Understandable: On the Rich Versus the Wealthy
RUSH: This term rich is used to encompass and include way, way, way too many people, and it is done to the benefit of the Democrat Party because there's well-to-do, there's rich, there's upper middle class, there's filthy rich, there's wealthy, there's the idle wealthy, and then there is the elite blue-bloods who inherited great fortunes. And remember, behind every fortune is a great crime. But that's a subject for another day.

 

[edthecynic]

The class-warfare argument is mind-boggling...so no attempt at an answer from myself. Only disgust that in a free nation we have such discussions about the punitive actions of our own government as a reward for success.

According to a source you worship, our own government does not take punitive action against the wealthy.

The Truth About Taxes
August 6, 2007
RUSH: I've told you before: the income tax is designed to keep people like his [Buffett's] secretary from becoming wealthy! There is no "wealth" tax. So this is a big misnomer. ...
But there's no tax on wealth. There is a tax on income, and the tax on income is designed to keep everybody who is not wealthy from getting there.
I'm talking about genuine wealth, not the way Democrats define "rich."

 

[Meister]

The class-warfare argument is mind-boggling...so no attempt at an answer from myself. Only disgust that in a free nation we have such discussions about the punitive actions of our own government as a reward for success.

According to a source you worship, our own government does not take punitive action against the wealthy.

The Truth About Taxes
August 6, 2007
RUSH: I've told you before: the income tax is designed to keep people like his [Buffett's] secretary from becoming wealthy! There is no "wealth" tax. So this is a big misnomer. ...
But there's no tax on wealth. There is a tax on income, and the tax on income is designed to keep everybody who is not wealthy from getting there.
I'm talking about genuine wealth, not the way Democrats define "rich."

Where does most of the income taxes come from....the upper 5%, or the bottom 50% of wage earners? Be honest.

 

[edthecynic]

These right wingers. Wet dream after wet dream about money.

This is why they want to pass legislation to protect "wealth". Because they all think that one day, they will have "wealth".

Ask them how they will get this "wealth" and their eyes glaze over. Their breath slows. A single tear falls down one cheek to join the drool that's already falling in a steady drip. Then the delusion kicks back in. And they act like they never heard the question.

All they know is they have to protect their imaginary "wealth". Oh, it's real, they just haven't got it yet.

Sounds just about right. A very good image of the people who want wealth redistributed. And given the them.

That's whats so funny. The wealth was already redistributed with 2.4 trillion in tax cuts, the majority of which went to the top 1%. And what did they do with it? Built factories in China, thereby insuring their base will NEVER have the wealth they obsess for. It's hilarious.

Remember how that tax cut was supposed to rebuild the economy? Well, it did. In China. Republicans moved 2.4 million jobs there from 2001 to 2008 and they put policies in place that keep the drain going.

And their "government can't make jobs" base is screaming for government to, get this, "make jobs". It really is hilarious.

I think you need to understand what wealth redistribution is first. Think real hard on the idea of robin hood syndrome.

You need to understand that wealth redistribution can go both ways! Bush's wealth redistribution went from incomes under $100,000 to incomes over $100,000. Think reverse Robin Hood Syndrome.

Bush's redistribution of wealth tax cuts took the Social Security Tax SURPLUS he inherited, collected at SS Payroll Tax Rates, 100% from wage earners making less than $100,000 and businesses that employ Americans, and redistributed the majority of the SS surplus to incomes over $100,000 and Capital Gains Tycoons who are exempt from SS Payroll Taxes by using Income Tax Rates for the redistribution of the payroll tax surplus.

By simply saying his tax cuts were "across the board" Bush was able to deceive the gullible into believing it was fair to use the Income Tax rates to redistribute money collected at Payroll Tax rates.

 

[loosecannon]

Where does most of the income taxes come from....the upper 5%, or the bottom 50% of wage earners? Be honest.

The top 5% has far more income than the bottom 50%.

 

[william the wie]

no one on gvt dole will EVER be considered ''the wealthy'' or described as ''wealthy'' though....

You don't consider bank executives wealthy with their multi-million dollar bonuses? As we speak the Fed is trying to stick close to $1 trillion in their pockets 600 B of QE II and 300 B of recaptured principle are being injected to the banks. That sure sounds like getting rich on the gvt dole to me or at least richer.

 

[Meister]

Where does most of the income taxes come from....the upper 5%, or the bottom 50% of wage earners? Be honest.

The top 5% has far more income than the bottom 50%.

No shit, Sherlock......And they pay the lions share of all the income tax.

 

[edthecynic]

The class-warfare argument is mind-boggling...so no attempt at an answer from myself. Only disgust that in a free nation we have such discussions about the punitive actions of our own government as a reward for success.

According to a source you worship, our own government does not take punitive action against the wealthy.

The Truth About Taxes
August 6, 2007
RUSH: I've told you before: the income tax is designed to keep people like his [Buffett's] secretary from becoming wealthy! There is no "wealth" tax. So this is a big misnomer. ...
But there's no tax on wealth. There is a tax on income, and the tax on income is designed to keep everybody who is not wealthy from getting there.
I'm talking about genuine wealth, not the way Democrats define "rich."

Where does most of the income taxes come from....the upper 5%, or the bottom 50% of wage earners? Be honest.

The people paying income taxes are not the WEALTHY.

Every once in a while the drugs cause Stuttering LimpTard to accidentally let the truth slip out.

June 14, 2007
RUSH: -- a lot of people, a lot of people wealthy people set up foundations and they do this to keep the government from getting the money.

August 7, 2007
CALLER: And, you know, and the way our tax system works, we have an overly complex system, which in and of itself is a problem, but the way our tax system works and the way the tax laws are written, it's based on a few kind of like hinge numbers like adjusted gross income and taxable income, and while the soak the rich -- or however you choose to describe it -- really doesn't come down that way. It really comes down to much lower income levels.

RUSH: It does, exactly, and here's the dirty little secret if you ever to pull it off. It's hard. This is why most people don't understand the tax-the-rich business. You've got to structure your life so you have no "earned" income. I'm out of time. I'll explain that. There's a category called earned income versus other kinds of income. Earned income is what the income tax rate is on. That's how "the rich" do it. They don't have "earned" income.
END TRANSCRIPT

 

[Meister]

According to a source you worship, our own government does not take punitive action against the wealthy.

The Truth About Taxes
August 6, 2007
RUSH: I've told you before: the income tax is designed to keep people like his [Buffett's] secretary from becoming wealthy! There is no "wealth" tax. So this is a big misnomer. ...
But there's no tax on wealth. There is a tax on income, and the tax on income is designed to keep everybody who is not wealthy from getting there.
I'm talking about genuine wealth, not the way Democrats define "rich."

Where does most of the income taxes come from....the upper 5%, or the bottom 50% of wage earners? Be honest.

The people paying income taxes are not the WEALTHY.

Every once in a while the drugs cause Stuttering LimpTard to accidentally let the truth slip out.

June 14, 2007
RUSH: -- a lot of people, a lot of people wealthy people set up foundations and they do this to keep the government from getting the money.

August 7, 2007
CALLER: And, you know, and the way our tax system works, we have an overly complex system, which in and of itself is a problem, but the way our tax system works and the way the tax laws are written, it's based on a few kind of like hinge numbers like adjusted gross income and taxable income, and while the soak the rich -- or however you choose to describe it -- really doesn't come down that way. It really comes down to much lower income levels.

RUSH: It does, exactly, and here's the dirty little secret if you ever to pull it off. It's hard. This is why most people don't understand the tax-the-rich business. You've got to structure your life so you have no "earned" income. I'm out of time. I'll explain that. There's a category called earned income versus other kinds of income. Earned income is what the income tax rate is on. That's how "the rich" do it. They don't have "earned" income.
END TRANSCRIPT

It must really suck to live your life through the eyes of Rush.

 

[Care4all]

no one on gvt dole will EVER be considered ''the wealthy'' or described as ''wealthy'' though....

You don't consider bank executives wealthy with their multi-million dollar bonuses? As we speak the Fed is trying to stick close to $1 trillion in their pockets 600 B of QE II and 300 B of recaptured principle are being injected to the banks. That sure sounds like getting rich on the gvt dole to me or at least richer.

good point! and very true!

but THAT is not what the posters i was responding to, were talking about...they were talking about those on TANF/welfare imo.

 

[edthecynic]

no one on gvt dole will EVER be considered ''the wealthy'' or described as ''wealthy'' though....

You don't consider bank executives wealthy with their multi-million dollar bonuses? As we speak the Fed is trying to stick close to $1 trillion in their pockets 600 B of QE II and 300 B of recaptured principle are being injected to the banks. That sure sounds like getting rich on the gvt dole to me or at least richer.

Absolutely not, they are rich but not wealthy.

The wealthy have their fortunes measured in the trillions but almost none of it is in their name. The have their wealth held in tax free foundations that they CONTROL. To understand the difference between rich and wealthy you must first understand the subtle difference between "ownership" and "control." What you own in your name is taxable, but what you control that is owned by a tax free foundation is not taxable. The truly wealthy control their fortunes without directly owning them. The truly wealthy "Blue Bloods," like the DuPonts, Mellons, Rockefellers, etc., have their family wealth protected by the foundations they control.

Tax the untaxed wealth of these foundations and everyone's income tax, rich, poor and middle class, could be greatly reduced.

 

[Care4all]

The class-warfare argument is mind-boggling...so no attempt at an answer from myself. Only disgust that in a free nation we have such discussions about the punitive actions of our own government as a reward for success.

According to a source you worship, our own government does not take punitive action against the wealthy.

The Truth About Taxes
August 6, 2007
RUSH: I've told you before: the income tax is designed to keep people like his [Buffett's] secretary from becoming wealthy! There is no "wealth" tax. So this is a big misnomer. ...
But there's no tax on wealth. There is a tax on income, and the tax on income is designed to keep everybody who is not wealthy from getting there.
I'm talking about genuine wealth, not the way Democrats define "rich."

Where does most of the income taxes come from....the upper 5%, or the bottom 50% of wage earners? Be honest.

the bottom 70% probably contributed MORE in social security surplus tax money that was used to pay the 'bills' and used in lieu of income taxes....than the very wealthiest....or close to it.

i'd say BOTH the wealthiest AND the poorest paying surplus SS taxes, are ''paying'' the bills of this country....

ya know, it's just simply NOT TRUE that they are not helping to pay the bills, even if they pay little in income taxes the bills are being paid WITH THEIR excess SS taxes

 

[edthecynic]

Where does most of the income taxes come from....the upper 5%, or the bottom 50% of wage earners? Be honest.

The people paying income taxes are not the WEALTHY.

Every once in a while the drugs cause Stuttering LimpTard to accidentally let the truth slip out.

June 14, 2007
RUSH: -- a lot of people, a lot of people wealthy people set up foundations and they do this to keep the government from getting the money.

August 7, 2007
CALLER: And, you know, and the way our tax system works, we have an overly complex system, which in and of itself is a problem, but the way our tax system works and the way the tax laws are written, it's based on a few kind of like hinge numbers like adjusted gross income and taxable income, and while the soak the rich -- or however you choose to describe it -- really doesn't come down that way. It really comes down to much lower income levels.

RUSH: It does, exactly, and here's the dirty little secret if you ever to pull it off. It's hard. This is why most people don't understand the tax-the-rich business. You've got to structure your life so you have no "earned" income. I'm out of time. I'll explain that. There's a category called earned income versus other kinds of income. Earned income is what the income tax rate is on. That's how "the rich" do it. They don't have "earned" income.
END TRANSCRIPT

It must really suck to live your life through the eyes of Rush.

In other words, you can't deny that the truly wealthy have no taxable income after adjustment.

 

[william the wie]

no one on gvt dole will EVER be considered ''the wealthy'' or described as ''wealthy'' though....

You don't consider bank executives wealthy with their multi-million dollar bonuses? As we speak the Fed is trying to stick close to $1 trillion in their pockets 600 B of QE II and 300 B of recaptured principle are being injected to the banks. That sure sounds like getting rich on the gvt dole to me or at least richer.

good point! and very true!

but THAT is not what the posters i was responding to, were talking about...they were talking about those on TANF/welfare imo.

As a former anarcho-capitalist I find the right-left dichotomy on this subject bizarre. If you want to reduce medical costs you don't fund research you offer money to demonstrate that your treatments do in fact reduce medical costs. Lung cancer rates going up as smoking rates go down is one curiousity that cannot be addressed in the current environment of research grants. Another is that in the follow up to treatment for lead poisoning (chelation) is that lifetime reductions in the incidence of both cancer and heart disease have been observed. Chelation with EDTA and DMSA can be done over the counter because they are used as food additives EDTA most easily found in mayonaise and in some detergents and skin care products. However no controlled double blind studies have been done possibly because it would hurt the medical establishment. A prize regimen of say two years cost savings for all reductions in medical costs would reduce medical costs quite quickly.

Likewise reducing mortality through prize money while indexing social security to life expectancy would reduce the level of poverty since wealth is a function of age.

 

[boedicca]

I've been thinking about wealth. It seems that in order to be wealthy you either have to:

1) Work hard for it
2) Recieve it someway that doesn't involve work.

Have I missed any others? And which type of wealth should we be encouraging?

Who cares?

Designing public policy based on pea green envy over the few lucky people who won the gene pool lottery ends up destroying opportunities for those in the first category. I really don't care how someone got their wealth as long as it wasn't by force or fraud.

Being born to rich parents is neither force nor fraud.

I on the other hand see the stock market as a means to rape workers wages and benefits without working.

Of course you do, you poor little booby.

A liquid capital market is what fosters investment in businesses. If investors are unable to sell their stock, they are not going to invest, business growth and job creation will be stunted.

The left's complete and utter disregard of and lack of respect for the role of capital is one of the big drivers of our current economic morass.

 

[boedicca]

I think the question is WHAT is wealthy?..a question I have asked here several times and received one answer,$ 500.000. Does it matter how they got it?

To me, truly wealthy means that one has enough assets to live without working.

$500,000 is well off, but not wealthy, imo.

 

[boedicca]

These right wingers. Wet dream after wet dream about money.

This is why they want to pass legislation to protect "wealth". Because they all think that one day, they will have "wealth".

Ask them how they will get this "wealth" and their eyes glaze over. Their breath slows. A single tear falls down one cheek to join the drool that's already falling in a steady drip. Then the delusion kicks back in. And they act like they never heard the question.

All they know is they have to protect their imaginary "wealth". Oh, it's real, they just haven't got it yet.

You are a slobbering dickhead, idiot yourself, in fact every bit as much as those you villify and talk down to. Maybe moreso.

But you can't be far off the mark in this post.

Why do the poor worship the rich?

Why do the poor worship the Pope?

Why do the weak suck up the strong?

Why do the stupid subscribe to every syllable uttered by the allegedly smart?

Why do sheeple subscribe uncritically to authority?

Why do the fearful bow down before the oppressive?

Why do the skeered suck the balls of those in positions of authority?

Why are all partisans brain dead idiots without a spine?

Why do the dems do whatever the repubs want even when the dems have towering majorities?

Why do the repubs control the agenda even when they are relegated to the political desert?

The correct answer of course is rooted in our biology.

Why do you hate success and productivity?

 

[dilloduck]

These right wingers. Wet dream after wet dream about money.

This is why they want to pass legislation to protect "wealth". Because they all think that one day, they will have "wealth".

Ask them how they will get this "wealth" and their eyes glaze over. Their breath slows. A single tear falls down one cheek to join the drool that's already falling in a steady drip. Then the delusion kicks back in. And they act like they never heard the question.

All they know is they have to protect their imaginary "wealth". Oh, it's real, they just haven't got it yet.

You are a slobbering dickhead, idiot yourself, in fact every bit as much as those you villify and talk down to. Maybe moreso.

But you can't be far off the mark in this post.

Why do the poor worship the rich?

Why do the poor worship the Pope?

Why do the weak suck up the strong?

Why do the stupid subscribe to every syllable uttered by the allegedly smart?

Why do sheeple subscribe uncritically to authority?

Why do the fearful bow down before the oppressive?

Why do the skeered suck the balls of those in positions of authority?

Why are all partisans brain dead idiots without a spine?

Why do the dems do whatever the repubs want even when the dems have towering majorities?

Why do the repubs control the agenda even when they are relegated to the political desert?

The correct answer of course is rooted in our biology.

Why do you hate success and productivity?

envy----pure and simple

 

[syrenn]

Sounds just about right. A very good image of the people who want wealth redistributed. And given the them.

That's whats so funny. The wealth was already redistributed with 2.4 trillion in tax cuts, the majority of which went to the top 1%. And what did they do with it? Built factories in China, thereby insuring their base will NEVER have the wealth they obsess for. It's hilarious.

Remember how that tax cut was supposed to rebuild the economy? Well, it did. In China. Republicans moved 2.4 million jobs there from 2001 to 2008 and they put policies in place that keep the drain going.

And their "government can't make jobs" base is screaming for government to, get this, "make jobs". It really is hilarious.

I think you need to understand what wealth redistribution is first. Think real hard on the idea of robin hood syndrome.

You need to understand that wealth redistribution can go both ways! Bush's wealth redistribution went from incomes under $100,000 to incomes over $100,000. Think reverse Robin Hood Syndrome.

Bush's redistribution of wealth tax cuts took the Social Security Tax SURPLUS he inherited, collected at SS Payroll Tax Rates, 100% from wage earners making less than $100,000 and businesses that employ Americans, and redistributed the majority of the SS surplus to incomes over $100,000 and Capital Gains Tycoons who are exempt from SS Payroll Taxes by using Income Tax Rates for the redistribution of the payroll tax surplus.

By simply saying his tax cuts were "across the board" Bush was able to deceive the gullible into believing it was fair to use the Income Tax rates to redistribute money collected at Payroll Tax rates.

Flat tax and everyone bleeds the same % on income. NO exemptions.

 

[boedicca]

From USMB, I have learned there are two types of wealth:

Liberal wealth, which is righteous and pure and holy and made from the very cream of human kindness.

Conservative wealth, which is evil and smelly and foul and made from the tears of small children.

Right, USMB lefties?

And Liberal Wealth tries to buy indulgences for the Sin of Being Rich by taxing others who are less well off than them and transferring their income to their cronies.