The Richest Thousandth Of Americans

[barryqwalsh]

Americans have no idea how much the Masters of the Universe are paid, a finding very much in line with evidence that Americans vastly underestimate the concentration of wealth at the top.


And even the 1 per cent is too broad a category; the really big gains have gone to an even tinier elite. For example, recent estimates indicate not only that the wealth of the top per cent has surged relative to everyone else – rising from 25 percent of total wealth in 1973 to 40 per cent now – but that the great bulk of that rise has taken place among the top 0.1 per cent, the richest thousandth of Americans.


So how can people be unaware of this development, or at least unaware of its scale?

The main answer, I’d suggest, is that the truly rich are so removed from ordinary people’s lives that we never see what they have. We may notice, and feel aggrieved about, college kids driving luxury cars; but we don’t see private equity managers commuting by helicopter to their immense mansions in the Hamptons. The commanding heights of our economy are invisible because they’re lost in the clouds.


irishtimes.com/business/economy/invisible-wealthy-keep-inequality-shrouded-1.1945709?page=1

 

[Rikurzhen]

When you buy an iPhone you make a decision that you're better off with the iPhone than you are by holding onto your money. You've made a fair trade. Once you've made that fair trade you're better off, so what does it matter to you if 10,000,000 other people make the same trade and thus make the owners of Apple very rich? How does their extreme wealth change your appreciation for the phone you bought?

 

[SteadyMercury]

We may notice, and feel aggrieved about, college kids driving luxury cars; but we don’t see private equity managers commuting by helicopter to their immense mansions in the Hamptons.

I don't feel aggrieved about either, I've got a Toyota Corolla and it works just fine driving me where I need to go. I'll never get the obsession with other people's shit some people have.

 

[rightwinger]

Americans have no idea how much the Masters of the Universe are paid, a finding very much in line with evidence that Americans vastly underestimate the concentration of wealth at the top.


And even the 1 per cent is too broad a category; the really big gains have gone to an even tinier elite. For example, recent estimates indicate not only that the wealth of the top per cent has surged relative to everyone else – rising from 25 percent of total wealth in 1973 to 40 per cent now – but that the great bulk of that rise has taken place among the top 0.1 per cent, the richest thousandth of Americans.


So how can people be unaware of this development, or at least unaware of its scale?

The main answer, I’d suggest, is that the truly rich are so removed from ordinary people’s lives that we never see what they have. We may notice, and feel aggrieved about, college kids driving luxury cars; but we don’t see private equity managers commuting by helicopter to their immense mansions in the Hamptons. The commanding heights of our economy are invisible because they’re lost in the clouds.


irishtimes.com/business/economy/invisible-wealthy-keep-inequality-shrouded-1.1945709?page=1

The uber rich are beyond the reaches of most of us. They function in their own world and make their own rules

 

[Mr. H.]

Over my 37 year career, my talents have generated millions for others. Yet I'm paid pennies on those dollars.

Do I care? No.

Because I have done my job well, and that is a priceless satisfaction.

And that is a reflection of my Conservative values.

Fuck you coveting non-productive Liberals.

 

[Mr. H.]

This is fine.

 

[EdwardBaiamonte]

The uber rich are beyond the reaches of most of us. They function in their own world and make their own rules

yes Steve Jobs was in his own world and did not care about making intuitive products for humanity and he made his own rules requiring you to buy his products!!

See why we are positive liberalism is based in pure ignorance?

 

[EdwardBaiamonte]

Americans have no idea how much the Masters of the Universe are paid, a finding very much in line with evidence that Americans vastly underestimate the concentration of wealth at the top.


And even the 1 per cent is too broad a category; the really big gains have gone to an even tinier elite. For example, recent estimates indicate not only that the wealth of the top per cent has surged relative to everyone else – rising from 25 percent of total wealth in 1973 to 40 per cent now – but that the great bulk of that rise has taken place among the top 0.1 per cent, the richest thousandth of Americans.


So how can people be unaware of this development, or at least unaware of its scale?

The main answer, I’d suggest, is that the truly rich are so removed from ordinary people’s lives that we never see what they have. We may notice, and feel aggrieved about, college kids driving luxury cars; but we don’t see private equity managers commuting by helicopter to their immense mansions in the Hamptons. The commanding heights of our economy are invisible because they’re lost in the clouds.


irishtimes.com/business/economy/invisible-wealthy-keep-inequality-shrouded-1.1945709?page=1

dear, there are two options.

1) You can violently steal their money from them through govt and use it for more very helpful welfare programs like the kind that amounted to a near genocide against American Blacks, or

2) you can tell people to stop buying their products and thus causing huge wealth disparity! Who really needs an Iphone.

 

[barryqwalsh]

It is not about who is rich or poor. It is about equality under the law, and that includes tax law.

If people are wealthy, good luck to them and they are entitled to enjoy their wealth as they see fit.

However, they should pay their fair share in taxes, and not use tax havens, or family trusts to reduce their tax obligations.


IT IS ABOUT EQUALITY AND JUSTICE FOR ALL!

 

[Rikurzhen]

It is not about who is rich or poor. It is about equality under the law, and that includes tax law.

If people are wealthy, good luck to them and they are entitled to enjoy their wealth as they see fit.

However, they should pay their fair share in taxes, and not use tax havens, or family trusts to reduce their tax obligations.


IT IS ABOUT EQUALITY AND JUSTICE FOR ALL!

They use family trusts and tax havens because it's legal to do so. This means that they are paying their fair share in taxes.

BTW, how do you define fair share? They certainly paying far more in taxes than they consume in services. Isn't that fair?

 

[DGS49]

Consider: A few years ago Warren Buffet was - for reasons known only to him - pointing out that he was paying a "smaller share" of his income in federal income taxes than was his secretary.

The economically illiterate in the audience wept for the unfairness of it all.

Had they given it a moment's thought, they would have realized that Buffet paid MILLIONS in Federal income taxes while his secretary paid maybe $10-15 thousand. And yet they both reaped the same benefits from the Federal Government: federal highway system, post office, patent and trademark office, Social Security, national defense, and so forth.

So who is getting screwed here? The one paying $15 thousand or the one paying $15 million?

The answer is too obvious to be articulated.

And yet the person who started this thread would undoubtedly say that the secretary was paying too much, Buffet too little.

What a maroon!

 

[rightwinger]

Consider: A few years ago Warren Buffet was - for reasons known only to him - pointing out that he was paying a "smaller share" of his income in federal income taxes than was his secretary.

The economically illiterate in the audience wept for the unfairness of it all.

Had they given it a moment's thought, they would have realized that Buffet paid MILLIONS in Federal income taxes while his secretary paid maybe $10-15 thousand. And yet they both reaped the same benefits from the Federal Government: federal highway system, post office, patent and trademark office, Social Security, national defense, and so forth.

So who is getting screwed here? The one paying $15 thousand or the one paying $15 million?

The answer is too obvious to be articulated.

And yet the person who started this thread would undoubtedly say that the secretary was paying too much, Buffet too little.

What a maroon!

Buffet makes millions off of the highway system, patent protections, military protectionof his overseas investments, trademak protections .....his secretary didn't make a dime

 

[SteadyMercury]

Consider: A few years ago Warren Buffet was - for reasons known only to him - pointing out that he was paying a "smaller share" of his income in federal income taxes than was his secretary.

Bonus = when you hear someone retell above except it has morphed into the secretary actually paying more taxes.

 

[SteadyMercury]

Buffet makes millions off of the highway system, patent protections, military protectionof his overseas investments, trademak protections .....his secretary didn't make a dime

Not a dime? His secretary doesn't use the highway system or earn a living being a secretary at a company that uses things like trademark protection?

 

[EdwardBaiamonte]

Buffet makes millions off of the highway system,

the lives of the poor would virtually end without air and roads. Poor people could not breath without air nor get to the stores to buy food without roads, for example. They owe their lives to air and roads. So, we must charge them for every breath they take and every mile they drive-right, liberal?

 

[EdwardBaiamonte]

His secretary doesn't use the highway system or earn a living?

does she drive through the woods to get to work? Isn't thinking fun?

 

[EdwardBaiamonte]

So who is getting screwed here?

Yes the secretary gets virtually a free ride while she needs national defense as much as Buffet.

 

[rightwinger]

Buffet makes millions off of the highway system, patent protections, military protectionof his overseas investments, trademak protections .....his secretary didn't make a dime

Not a dime? His secretary doesn't use the highway system or earn a living being a secretary at a company that uses things like trademark protection?

Nothing says a secretary can't live close to work. Buffet can't run a worldwide empire without government help

 

[EdwardBaiamonte]

Buffet makes millions off of the highway system, patent protections, military protectionof his overseas investments, trademak protections .....his secretary didn't make a dime

Not a dime? His secretary doesn't use the highway system or earn a living being a secretary at a company that uses things like trademark protection?

Nothing says a secretary can't live close to work. Buffet can't run a worldwide empire without government help

secretary would have no job and be dead without govt defense

 

[EdwardBaiamonte]

However, they should pay their fair share in taxes, and not use tax havens, or family trusts to reduce their tax obligations.

dear, they use those things because govt sets those things up for them to use so they won't pay more than their fair share! The wealthy are getting ripped us in our country and it is one of the things that is killing to economy.