Obama: People who earn more are merely "Society's lottery winners"

[Ravi]

FTR, most of the top earning hedge fund managers came from middle class backgrounds. That's hardly "society's lottery winners."

Right. It's their tax burden that makes them that.

How does your tax burden make you a lottery winner?

Are you stupid?

 

[Toro]

I think carried interest should not be taxed as capital gains. Because, well, it's NOT capital gains and shouldn't be taxed as such.

But Obama reinforces the perception that Democrats think that success comes from luck, not hard work.

Carried Interest is a share of profits made from investment. Why shouldn't those profits be taxed as capital gains?

Because it's not.

Carried interest is paid on the profits of capital owned by others. Capital gains are the profits gained on capital that is risked. The money manager gets paid carried interest on capital that is not his. That's a performance fee, not capital gains, and should be taxed as regular income since fees are taxed as regular income.

It works like this.

If a private equity fund raises $1 billion, the manager will typically put in 1% of the capital, or $10 million. Carried interest is typically 20%. If the gross return of the fund is 20%, total profits are $200 million. Carried interest will be $40 million. But the manager only risked $10 million. His capital gains are $2 million, but he is taxed as if the entire $40 million was his risk capital. He should be taxed $2 million at the capital gains rate and $38 million as income.

But because our system is rotten and these people have purchased our corrupt legislators, they get taxed at the rate of capital gains on carried interest.

 

[The Rabbi]

Reagan tax cuts. Wait for it.
Onepercenter is the biggest poseur on this board. He is like some 17yr old kid pretending to be a big business guy wth millions of dollars. It's so pathetic it's funny.

Reagan cut taxes, but raised taxes eleven times directly on the middle class.

So was it Reagtan's tax cut that destroyed the middle class or his tax increases?

 

[Toro]

people like Soros and the Clintons? Are you so stupid that you don't realize that there are more rich democrats and liberals than republicans and conservatives? Are you that stupid, RW?

Of the hundreds of millionaires I personally know and have met, 90% are Republicans and ultra-conservative.

FYI... millionaires are upper middle class.

Onepercenter has seen a couple of millionaires on TV. That's as close as he's gotten.
In real life millionaires and billionaires like Warren Buffet are all liberals. And Democrats.

I know many millionaires and some billionaires. I'd say they are 60/40 Republican.

 

[bripat9643]

FTR, most of the top earning hedge fund managers came from middle class backgrounds. That's hardly "society's lottery winners."

Right. It's their tax burden that makes them that.

How does your tax burden make you a lottery winner?

Are you stupid?

Apparently you can't explain it.

 

[deltex1]

**** the big eared disaster, my husband and I worked hard to get where we are at...and guess what? We don't owe anyone a damn thing

Not sure this has been posted...good read...

Taxing Society s Lottery Winners To Feed Obama s Nihilistic Power Lust - Capitalism Magazine

 

[OnePercenter]

Really? The employees could all quit, and the employer would replace them all within a couple of weeks and make just as much money.

So who's responsible for the company's success?

The employees.

 

[bripat9643]

Really? The employees could all quit, and the employer would replace them all within a couple of weeks and make just as much money.

So who's responsible for the company's success?

The employees.

Wrong.

 

[OnePercenter]

Obama insists that wealth through work is the result of "luck"....it's the typical lefty anti wealth ( which both he and his fat assed wife are) class warfare mantra.

You make wealth through investments, you make a salary through work.

 

[OnePercenter]

The statement "The economy of this country is middle class spending" is nonsensical. The economy is always the sum total of all economic activity.

How did Republicans and corporate America destroy middle class spending?

The year 1956 makes you a liar.

Republicans and corporate America destroyed middle class spending by disproportionate income schemes.

What the hell are you talking about?

You Canadians need to brush up on American history.

 

[OnePercenter]

Define 'hard work.'

I know many of those guys. Most of them are putting in 80+ hour shifts per week.

I work ~60 hours, but I'm not rich like they are.

There are business owners 'working' 80+ hours per week? Why? I've NEVER 'worked' 80+ hours per week.

 

[OnePercenter]

It wasn't a monopoly, and Gates put Microsoft in the position it was in.

He hired people to put MS in the position it is.

Horseshit.

Nobody works for Microsoft?

 

[OnePercenter]

The fact remains that wealth is made on the backs of others. There are no wealthy people today that have 'busted their ass.'

Haha, I'm sorry, but that's just ridiculous.

Name one.

 

[OnePercenter]

The fact remains that wealth is made on the backs of others. There are no wealthy people today that have 'busted their ass.'

Haha, I'm sorry, but that's just ridiculous.

OnePercenter claims he owns a $100 million dollar company.

Isn't that a riot?

The real riot....You, a Canadian, claim to know what you are writing about!

 

[OnePercenter]

Figure it out. Its very necessary for business owners to make more than their employees, not always the way it works but, if making a lot of
money is not the goal, there will be no economy. A person can work two jobs, go to school, mortgage his home or take a business loan, all
putting stress on himself and/or his families life style. - lets say to start a business which may or MAY NOT succeed.

Or a person can go to his job every day, go home and drink beer and watch tv. Both are just fine, but only one person here is motivated to become wealthy.
Years down the road when the first person is successful and employing 20 people he will be derrided by assholes who dont understand the definition of real work.
and think he is a lottery winner. Never ming the fact that he is employing other people and giving some of them a start.

I don't know about necessary, but business owners receive a paycheck, profits, and own the assets, so I think it's more how it works out.

Why would anyone open a business that would fail?

 

[OnePercenter]

Really? The employees could all quit, and the employer would replace them all within a couple of weeks and make just as much money.

So who's responsible for the company's success?

The employees.

Wrong.

Then why would the employer hire more employee's if you believe the employer is the responsible one?

 

[bripat9643]

Figure it out. Its very necessary for business owners to make more than their employees, not always the way it works but, if making a lot of
money is not the goal, there will be no economy. A person can work two jobs, go to school, mortgage his home or take a business loan, all
putting stress on himself and/or his families life style. - lets say to start a business which may or MAY NOT succeed.

Or a person can go to his job every day, go home and drink beer and watch tv. Both are just fine, but only one person here is motivated to become wealthy.
Years down the road when the first person is successful and employing 20 people he will be derrided by assholes who dont understand the definition of real work.
and think he is a lottery winner. Never ming the fact that he is employing other people and giving some of them a start.

I don't know about necessary, but business owners receive a paycheck, profits, and own the assets, so I think it's more how it works out.

Why would anyone open a business that would fail?

That's a question that only an idiot who never owned a business would ask.

 

[OnePercenter]

Why would anyone open a business that would fail?

That's a question that only an idiot who never owned a business would ask.

WOW!

 

[Yarddog]

Figure it out. Its very necessary for business owners to make more than their employees, not always the way it works but, if making a lot of
money is not the goal, there will be no economy. A person can work two jobs, go to school, mortgage his home or take a business loan, all
putting stress on himself and/or his families life style. - lets say to start a business which may or MAY NOT succeed.

Or a person can go to his job every day, go home and drink beer and watch tv. Both are just fine, but only one person here is motivated to become wealthy.
Years down the road when the first person is successful and employing 20 people he will be derrided by assholes who dont understand the definition of real work.
and think he is a lottery winner. Never ming the fact that he is employing other people and giving some of them a start.

I don't know about necessary, but business owners receive a paycheck, profits, and own the assets, so I think it's more how it works out.

Why would anyone open a business that would fail?

Sometimes businesses dont make it. Its a risk, and if you never owned or started a small business you dont know the pressures involved. If they make a profit
they deserve it

 

[Mac1958]

Amazing how many millions of hard working people have to be ignored when tossing out the "life's lottery" bullshit.

Yeah, some lucked into it. The rest busted their ass, and they're being insulted by this ignorant crap.

The fact remains that wealth is made on the backs of others. There are no wealthy people today that have 'busted their ass.'

My goodness, I don't know even know how to respond to that. What you want is clear, good luck.

.