The 1%ers got that way by many methods. They inherited, started from the bottom and worked up (hasn't happened in about 10 years or more), cheated the system whether it be taxes or other methods, (on paper only) shifted their main corporations overseas where they pay ZERO US Taxes but collect oodles in sales in the US.
While small business needs help, the Corporations are raiding everyone in their pathway. It's like locust in a grain field.
I do say that the taxes need to be lowered on all businesses that play the game with America's best interest. But I also say that we need to not only lower the tax rate but close ALL the loopholes that corporations seem to find. Even when a bill is trying to be introduced that may do this, it's laughed right out of congress. The first step is to get rid of the congress critters that work for the Corporations instead of to whom they are supposed to working for.
You do realize there is nothing you can ever do that will eliminate a Top 1%... right? I mean, regardless of what measures you put into place, there will forever and always be a Top 1% and a lower 99%.
I don't want to get rid of the 1%. These are the only ones that can privately make things shake and bake.
People who "cheat the system" are called lawbreakers and we send them to prison. Unfortunately, we have to first catch them breaking the law. There is no law that we can ever pass that will be followed by everyone.
Actually, there are quite a few laws that allow this. Much of it is considered immoral and unethical but there are no laws that force a person or a corporation to be moral and ethical. But it's called Regulation. We have some. Before Reagan, any company that would have tried to close up their factory in the US and move it overseas would have been in serious trouble. They would have had the FTC, IRS and Justice Department tear their company apart. And it would be a safe bet that the CEOs would have offered up a scapegoat to do the time or be terminated for it. But all things would have been fine.
Now, I am taking the time to patiently explain these things to you because it sounds like you are an average person who is listening to the Marxist rhetoric and finding it believable. Certainly, a lot of people who are wealthy are beneficiaries of their family's wealth. But there is really not anything wrong with that, most people want to pass something down to their children and they should be able to do that in a free society. And there is always the old adage, "a fool and his money are soon parted" ...so even when someone inherits wealth, they have to be somewhat smart with money or they won't be wealthy for very long.
Now where did you get that idea. The Walton Kids are greedy but not too bright but as a family, they make up the #6 spot on the wealthy in the US. 2 of them are in the top 10. They do hire some pretty bright corporate CEOs to run things but are smart enough to get rid of them when they see the CEOs start to really profit.
In addition to those who gained wealth through the fortune of the family they happened to be born in, we have a great many more who earned their wealth. When we begin to study their backgrounds and history, we find two striking things. Either or both can be true. One: They tend to come from humble beginnings. They may have even grown up in poverty. And-- Two: They had extraordinary work ethic and ambition to succeed. One or both is almost always the case.
So again, there is nothing wrong about this. Some people are jealous of it, but really, there is nothing wrong with people being ambitions and utilizing the tools of freedom to generate wealth... in fact, it's one of the great things about our nation. Oh, it's a helluva problem to have.... Our system creates more millionaires and billionaires than any system ever created by man. And with that, it creates some extremely jealous people who resent those people for what they obtain.
No, there is nothing wrong with the concept. In fact, I know of a few that are in that bracket. They are some of the nicest people you ever want to meet. But their employees (CEOs) are real nightmares.
Finally, since you mentioned it, I want to address these "loopholes". You didn't specify anything in particular and that tells me that you are again, listening to the rhetoric and responding emotionally. You've heard that some people gain wealth by "exploiting loopholes" and that sounds unethical and sinister... but you have to remember, you are listening to jealous people who want to destroy your freedom to obtain wealth.
I used to be the lead purchasing agent for a Corporation. That's the one spot that they like to keep their leads rotated out quickly. You get to see what's behind the curtain. I had to check my soul, morals and ethics at the door. I was rotated out like all the others. But in the meantime, I kept watching that corporation. The CEO was the actual owner. It was listed as a public company but all the stocks were owned by various family members. He would come by and pick up the company CC and go shop for the company. He came back with food, cleaning supplies, full gas tank, cash draw, and even toilet paper in bulk. Then he would remove his "Cut" from all that and take it home. His 2 homes were written off as Employee housing. All Cars in the whole family were company cars, his Kids education was paid for since they are Employees, Then one day, all those cars and houses were transferred to his various family members (not anything to him), On paper, he bought up all the stocks. Things were run pretty honest for a 3 year period. At the end of 3 years, he file Chapter 13 on the Business and kept the 3.5 mil from what was left over which he did pay taxes on But at an extremely low tax rate. The workers showed up and the locks where changed and the trucks were gone.
These so-called "loopholes" are actually laws and legislation passed by our governing bodies and carefully deliberated through the free exchange of ideas. Generally, these measures are passed into law in order to address a problem which needed a solution. Now... some people believe that every politician in Washington is corrupt and bought off by special interests, etc. If you believe that to be the case, the real problem is US... we vote for these people and keep them in power, and again... we live in a free society where we have the ability to throw the bums out or prosecute the bad ones and throw them in jail for corruption. So let us assume, most of them are legitimately trying to represent us as they are intended to do, because if not, we have a bigger problem.
Let's not assume that at all. If a ultra rich donates to a person to get them elected he damned sure demands something in return. I'll use two around here. I am sure your area isn't any better.
1. A Corporation became the #1 campaign contributor for Scott Tipton. One day, he got a little sloppy. It was noted that the bill he was backing directly benefited that corporation. Too bad it wasn't caught this October.
2. Now for the King of the Corrupt. Scott McGuinous was a Representative for Colorado in the US House. There is a law that says that they can't work for a Lobbyist Organization for one year after leaving office. He didn't work for them directly, he became an Advisor to them. He was a contractor. Then after a few other things were brought up, he ran for Governor and was crushed. Then he ran for a county Commissioner and was elected. Sure enough, it was noticed that he was backing county legislation that directly benefited his largest campaign contributor. Wow, whodathunk that we would be recycling corrupt politicians.
Congressmen don't go to work thinking, what kind of loopholes can I write into the law today in order to screw the little guy and help the wealthy. When they vote on these things, no one is saying... let's all pass this new loophole so the wealthy can make more wealth and the poor can be exploited more. Again... IF that is happening, we have bigger problems. I don't believe that's what is happening and I don't think most reasonable people think this about the representatives they've elected. Therefore, we must presume that when they pass this legislation, there is a very real and important reason they did so. These so-called "loopholes" are addressing some problem and when they are suddenly removed, the problem comes back.
When you press a liberal progressive to cite some examples of these nasty awful "loopholes" you typically get to the bottom of things and you find they are not fully informed. They generally make the exact same arguments against the "loophole" that was made when it was deliberated but their side lost the debate. So why, all of a sudden, without any need for further debate, are they now correct?
Let me guess. it's only the Liberal Dems, right? It' both sides bellying up to the pick trough. And the problem is it takes millions to get reelected. If one won't take the money, he won't be in office or even get to office for very long.
