Under Bush US's 400 richest doubled their wealth

Discussion in 'Economy' started by Truthmatters, Feb 1, 2009.

  1. Truthmatters
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    Truthmatters BANNED

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    Bloomberg.com: U.S.


    Are you begining to get it?



    Capital gains made up 63 percent of the richest 400 Americans’ adjusted gross income in 2006, or a combined $66.1 billion, according to the data. In all, the 400 wealthiest Americans reported a combined $105.3 billion of adjusted gross income in 2006, the most recent year for which the IRS has data.

    “The big explosion in income for this group is clearly on the capital gains side, although there are also sharp increases in dividend and interest income,” said Dean Baker, co-director of the Center for Economic Policy and Research in Washington.
     
    Last edited: Feb 1, 2009
  2. Amanda
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    Amanda Calm as a Hindu cow

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    I have never understood what some people have against the rich. I'll probably never be super rich but I hope to do ok and I sure don't want some helpful wealth redistribution plan to punish me for being successful by giving what I worked for to someone that didn't.
     
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  3. Shogun
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    Shogun Free: Mudholes Stomped

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    who the hell is working here? Do you consider Capital Gains working?
     
  4. Lycurgus
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    Lycurgus Who is Obama, really...??

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    Yes, let's focus on Bush, let's focus on Rush, let's focus on Hanity, let's focus on Fox News, let's focus on everything we can except what Obama plans to do!
     
  5. Annie
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    Annie Senior Member

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    Well perhaps he should start to 'revamp or dismantle' FEMA, when not engaged with talking to the little Hitler or operating all the businesses the government is now the proud owner of. Ravi suggested now would be a great time to set up national disaster insurance, right along with government provided health insurance.
     
  6. editec
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    editec Mr. Forgot-it-All

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    Sadly some of us got it a long time ago. Those of us foolish enough to point it out have been called all sorts of things because we bothered to mention it.



    And bear in mind, that's just the money that they report, too.

    ACcording to the one IRS official, the rich basically declare what they want, and the IRS accepts it because the IRS knows that the superwealthy can tie them up in courts, obfucate their real incomes and simply make it impossible to ever get a REAL ACCOUNTING for their wealth since their incomes are STRUCTURED to remain under the radar.

    And who pays the difference?

    The poor?

    No they have no money.

    The middle class?

    No they bearly pay any taxes either.

    The upper middle and lower upper classes are really funding the stupendous wealthy by paying their taxes for them.

    And from which class will we find the superwealthy's greatest supporters?

    Ironically, the same class who is making up the losses for the richest class.

    The truly most productive members of our society are the people who are MOST screwed by our tax structure.

    Ironic, isn't it?
     
  7. dilloduck
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    dilloduck Gold Member

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    I guess if I thought money would lead to a guaranteed happy and secure life style I would care.
     
  8. Amanda
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    Amanda Calm as a Hindu cow

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    LOL, I knew this one would get dragged out. :tongue:

    Do you have to be digging a ditch or laying bricks to be working? I sit in a little cube talking on the phone and pushing tiny little buttons all day. The little buttons are super easy to push and talking on the phone is nearly effortless because I have a headset and well... I'm a girl and you know how we love to gab, so if you think about it I should be paying THEM to let me sit in their nice climate controlled environment and drink their free coffee. You sure couldn't call what I do working.

    I guess someday if I ever get enough money to start investing I'll have it made cos them I won't have to have any knowledge of what I'm doing, or ever do any research to make money, it will just start magically flowing in. I see what you're saying now. We should all grab our pitchforks and storm the gates of their mansions and demand that they share their wealth, that wealth that they didn't work for, with the rest of us.
     
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  9. auditor0007
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    auditor0007 Gold Member

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    If we want a fair tax that will force the wealthy to pay a fair share, then we should move toward a flat tax on all income, weather it be earned income, investment income, inheritance income, any income. Get rid of all deductions, and only allow a standard exemption plus deductions for dependents. Cap the rate at 30% as a maximum across the board. One last thing; tie capital gains income to the rate of inflation, so that only real earnings are taxed.
     
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    Last edited: Feb 1, 2009
  10. Chris
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    Chris Gold Member

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    10% of the people control 96% of the wealth in America.

    This is the Republican Valhalla.
     
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  11. dilloduck
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    dilloduck Gold Member

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    dramatic, kirk.
     
  12. Skull Pilot
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    Skull Pilot Gold Member

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    This is nothing but pure jealousy.

    Do you really think that because a rich person made money that it means there is less money for you to make?

    Do you really think wealth is a zero sum game?

    So what if one derives his income from interest or dividends. Do you realize the money that person leaves in banks and investment accounts enables other people to make many more times what he was paid in interest and dividends? In fact that money produces many many more times a return than does the labor of an assembly line worker but you revere the guy who puts 2 nuts and a screw into 3 different holes all day long more than the guy whose wealth is used to build a new hospital or fund research for new drugs or to bring a new product to market that could improve the lives of many people.

    Be happy all those rich folk don't just keep their money in safety deposit boxes.

    And if you've ever cashed in stocks or mutual funds, you have no choice on how much of that transaction gets reported, it all does and you get a 1099 for your trouble.
     
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  13. Old Rocks
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    Old Rocks Gold Member

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    Damn, are you that innocent? When an industry makes a profit, that money can be used to increase the efficiency of the industry. It can be used to start new industries. It can be used to increase the standard of living for the people working in that industry. Or it can be funneled all to the top. And it has been almost all funneled to the top for the last 40 years.

    The little that has been used to re-invest has all too often been invested in nations such as China, Indonesia, and India. The gap of income between the very wealthy and the middle class now exceeds even that of 1929. And the results are proving to be the same. When we pay CEO's tens of millions of dollars to turn in multi-billion dollar losses, when the receptionist of the CEO pays a higher per centage of her salary in taxes than the CEO, then the system is broken.

    For 40 years the wages of the middle class have been stagnant in terms of real purchasing power. Now all of the sudden the market crashes because of nobody buying anything. While the wages have been stagnant, the prices of the basics of life have all risen. And now we are seeing half a million men and women a month losing their jobs. But the people that we are bailing out still insist that they should recieve the bonuses for failing to do their jobs. To the tune of 18 billion dollars.

    I have no beef with the Gates and Buffets that actually create wealth, but all too many of the very wealthy are just scam artists that should be in jail.
     
  14. Old Rocks
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    Old Rocks Gold Member

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    Hell yes, let us focus on what President Obama plans to do. Will he actually come through on the promise for a workable health care system? If not, how can we, through our representatives, set one up in spite of him.

    Will he put enough money into building an energy infrastructure that will eliminate the use of fossil fuels? What can the individual states do on this matter to speed the process?

    How about an equitable taxing system, one will eventually pay the debts that we are running up?

    President Obama has been in office two weeks. He has done much in that two weeks, much that needed done, particularly in the issue of government transparency. He needs to do much more, including opening most of the files marked secret by the prior admin.
     
  15. Lycurgus
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    Lycurgus Who is Obama, really...??

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    Amanda makes sense by using simple common sense and not clouding issues up.

    Basically what she said is, she does see it right to take from others, simply to hand out to others.

    Gee, what a good basic value.

    She doesn't want hand outs or what another has worked for, but, she wants the right to keep what she is able to achieve herself.

    Hmmm ........... sounds fair to me.

    Seems she chooses to live without making excuses and blaming others.
     
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  16. Old Rocks
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    Old Rocks Gold Member

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  17. Skull Pilot
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  18. Old Rocks
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  19. Chris
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    Chris Gold Member

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    At one point the top 26 hedge fund managers were averaging $877 million dollars a year in income.

    All the while they were running a Ponzi scheme that robbed hard working Americans of their retirement savings.

    These guys should be in prison.
     
  20. Skull Pilot
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    Last edited: Feb 1, 2009

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