Thread: Why Is Taxing the Rich So Hard?

Originally Posted by smurf

Sigh.

Did Sam Walton and Fred Koch make themselves wealthy, and better society in the process?

Yes, but they're not here anymore. Most wealthy people inherited their money.

And what is it with some people's utter disregard of property rights? It's not the government's property. It was Sam Walton's property, and if he wanted to give it to his kids, that was his right. The same goes for Fred Koch.

I'm not saying their existing property should be taken, just a percentage on all the new money they bring in as a result of simply having that property.

Originally Posted by Porras

They did not contribute equally. If they all contributed equally, the amount that the poor contributed across the board wouldn't have been sufficient to build roads.



Why the fuck do people keep pretending I want to give more money to people on the government dole? The only thing I support giving to able bodied adults is medical care. That's it. No food stamps, no housing assistance, nothing else. And I'm not currently arguing for a socialist medical system. I'm arguing to cut 800 billion from our Federal budget while also raising taxes to pay off the debt. Any bullshit you want to bring up about wealth redistribution doesn't relate to my points. I'm not in favor of it.

So you dont want govt roads then? You just said everyone would starve without it.

Originally Posted by Porras

Yes, but they're not here anymore. Most wealthy people inherited their money.



I'm not saying their existing property should be taken, just a percentage on all the new money they bring in as a result of simply having that property.

Id like to see your facts on that.

Porras is quite wrong. Most wealthy people did not inherit their money. Liberals have a very outdated view of the rich. Now if you're talking about the mega rich, you come a little closer, but still no cigar:

Rich Americans

55% of the Forbes 400 inherited significant wealth. But that's not the surprising thing, the surprising thing is that nearly half of the richest Americans, billionaires, started with nothing more than their human capital. This article, written by lefties, calls having human capital "starting out on 1st base", as if growing up with a decent family is somehow an unusual advantage that means you didn't earn your wealth.

However, 92% of mere millionaires did not inherit significant money.

Survey: Most earned riches, not inherited - UPI.com

Of course, that's self-reporting, so people could be not completely honest. Here's something more reliable:

CARPE DIEM: Inheritance is NOT The Main Driver: Rich Aren't Getting Richer, They're Getting More Numerous

69% of people with income of $500,000 or more earned it. 25% inherited some money, but made a lot more. Only 6% are living off an inheritance mostly.

What gets me is that despite all of this dislike of inherited wealth by liberals, they really seem to like electing these types to higher office. While the Republican party also contains the Bush family and a few others, you are a lot more likely to see entrepeneurs in the Republican party running for office than the Democratic Party, whose wealthy are more likely to have inherited it.

Originally Posted by Porras

Most wealthy people inherited their money.

I hate you very much.

Originally Posted by adaher

Porras is quite wrong. Most wealthy people did not inherit their money. Liberals have a very outdated view of the rich. Now if you're talking about the mega rich, you come a little closer, but still no cigar:

Rich Americans

55% of the Forbes 400 inherited significant wealth. But that's not the surprising thing, the surprising thing is that nearly half of the richest Americans, billionaires, started with nothing more than their human capital. This article, written by lefties, calls having human capital "starting out on 1st base", as if growing up with a decent family is somehow an unusual advantage that means you didn't earn your wealth.

However, 92% of mere millionaires did not inherit significant money.

Survey: Most earned riches, not inherited - UPI.com

Of course, that's self-reporting, so people could be not completely honest. Here's something more reliable:

CARPE DIEM: Inheritance is NOT The Main Driver: Rich Aren't Getting Richer, They're Getting More Numerous

69% of people with income of $500,000 or more earned it. 25% inherited some money, but made a lot more. Only 6% are living off an inheritance mostly.

What gets me is that despite all of this dislike of inherited wealth by liberals, they really seem to like electing these types to higher office. While the Republican party also contains the Bush family and a few others, you are a lot more likely to see entrepeneurs in the Republican party running for office than the Democratic Party, whose wealthy are more likely to have inherited it.

Bush didnt inherit wealth though. His parents did indeed pay for his schooling and no doubt gifted him money. But, he earned money serving in the national guard, then the oil industry, baseball and politics.

why is taxing the rich so hard? Better question.......why is imposing tariffs on China imports so hard? And no, they won't kill our economy if we did, we don't need to borrow more from them.

Originally Posted by chassisman

why is taxing the rich so hard? Better question.......why is imposing tariffs on China imports so hard? And no, they won't kill our economy if we did, we don't need to borrow more from them.

Imposing a tarrif would raise consumer prices. THat means inflation.

Originally Posted by jviehe

Imposing a tarrif would raise consumer prices. THat means inflation.

not inflation, you need to print more money to have inflation, but it would mean higher prices and so Americans would be poorer. Plus, in 1930 a tariff( Hawley Smoot) started an international trade war that helped start the Great liberal Depression

So why should a guy who made over 4 billion dollars in income, pay a 15% rate?
Is it because he wouldn't be productive if he had to pay 35%?

Originally Posted by goober

So why should a guy who made over 4 billion dollars in income, pay a 15% rate?
Is it because he wouldn't be productive if he had to pay 35%?

You're talking about a hedge fund manager?

If so it's because, generally speaking, all of the income generated by the fund is Capital Gains income and his pay is merely a cut of that.

Originally Posted by goober

So why should a guy who made over 4 billion dollars in income, pay a 15% rate?
Is it because he wouldn't be productive if he had to pay 35%?

you nailed it. Hedge funds are huge investors in solar wind biofuels etc. They less they have the less the economy grows. Its hard to believe but the liberal will lack the IQ to understand these simple things

Originally Posted by chassisman

why is taxing the rich so hard? Better question.......why is imposing tariffs on China imports so hard?

actually a tariff on Chinese goods means higher prices and so more poverty for Americans.