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(Chicago Trib)   Despite the unremitting socialism and class warfare of Obama, the 400 richest American's wealth grew by 13% last year and they now control 1/8 of the entire US economy. Surely we can all agree tax cuts are in order   (chicagotribune.com) divider line 160
    More: Sick, tax cuts, Americans, Larry Ellison, wealth, Jack Dorsey  
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1512 clicks; posted to Politics » on 19 Sep 2012 at 7:25 PM (2 years ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2012-09-19 03:52:45 PM  
Yes I have had the growth in wealth and do not know what you wish to do about this. Listen I have not yet told you all this but the grandfather of me was a Mister Samuel of Walton and I am filthy rich. In fact I am doing the typing of this from the farking limousine which has done the up-picking of me. I am sick and tired of the policies upon which are progressive as they do not do anything to increase the wealth of me and allow me to hire the people. Just this year I had to let go one lawn worker of me in the downsizing because if I did not do this I would not be looked upon kindly by the fellow Republicans of me despite the fact that yes I had the serious growth in the wealth of me. So suck this plebians.
 
2012-09-19 03:54:52 PM  
i.imgur.com
 
2012-09-19 04:02:24 PM  
With the lack of trickle down, I have to assume they all have pretty good bladder control.
 
2012-09-19 04:02:55 PM  
Politics of Jealousy.

/poor people problems
 
2012-09-19 04:03:45 PM  
Don't worry.

Romney will fix this injustice and make sure they have at least a quarter.
 
2012-09-19 04:05:55 PM  
Not that this is good, but where is this 1/8 number coming from?
 
2012-09-19 04:06:11 PM  
I think it's high time that the lower 47% stop holding this country back.
 
2012-09-19 04:07:13 PM  

mrshowrules: With the lack of trickle down, I have to assume they all have pretty good bladder control.


Just you wait, my fellow pauper...it's coming!
 
2012-09-19 04:07:49 PM  
i76.photobucket.com
 
2012-09-19 04:10:27 PM  
j.wigflip.com
 
2012-09-19 04:12:00 PM  
Sure, it sounds like it's time to dust off the guillotines on the face of it, but don't forget all the jobs they are creating.

Oh, right.
 
2012-09-19 04:17:56 PM  
24.media.tumblr.com
 
2012-09-19 04:21:38 PM  
Elect Mitt! Romney will create tons of jobs. Someone has to build the debtor prisons!
 
2012-09-19 04:21:54 PM  
s7.postimage.org
 
2012-09-19 04:22:22 PM  
i279.photobucket.com
 
2012-09-19 04:25:43 PM  
1.bp.blogspot.com
 
2012-09-19 04:27:29 PM  

DamnYankees: Not that this is good, but where is this 1/8 number coming from?


From TFA:
Collectively, this group's net worth is the equivalent of one-eighth of the entire U.S. economy, which stood at $13.56 trillion in real terms according to the latest government data. But the 13 percent growth in the wealth of the richest Americans far outpaced that of the economy overall, helping widen the chasm between rich and poor.
 
2012-09-19 04:34:59 PM  
i.imgur.com
 
2012-09-19 04:35:11 PM  

The Onion is prophetic: DamnYankees: Not that this is good, but where is this 1/8 number coming from?

From TFA:
Collectively, this group's net worth is the equivalent of one-eighth of the entire U.S. economy, which stood at $13.56 trillion in real terms according to the latest government data. But the 13 percent growth in the wealth of the richest Americans far outpaced that of the economy overall, helping widen the chasm between rich and poor.


That's wrong. They are comparing net worth to GDP. Net worth is something like $55T, not $13.5T.
 
2012-09-19 04:39:01 PM  

netizencain: Politics of Jealousy.

/poor people problems


Your comment has nothing to do with the topic.

Care to comment on the point that Obama's alleged policy of socialistic wealth redistribution to the poors has somehow managed to result in greater wealth disparity?

I have my own theory, but I am interested in hearing yours. That is, if you are capable of more than the inarticulate grunting you seem to usually put into your comments.
 
2012-09-19 04:39:06 PM  

meow said the dog: So suck this plebians.


Very succinctly put.
 
2012-09-19 04:41:19 PM  

netizencain: Politics of Jealousy.

/poor people problems


[insert heaping abuse on above stupidity here]
 
2012-09-19 04:42:17 PM  

mrshowrules: With the lack of trickle down


I do wish people would stop referring to this type of economics by such an awful name.

A much better way to put it is "A Mass Transfer of Wealth from Poor's Labor to Rich's Capital."
 
vpb [TotalFark]
2012-09-19 04:42:28 PM  
I think they used to call it horse and sparrow economics. If you feed the horse enough oats some will pass through to the ground for the sparrows.
 
2012-09-19 04:55:00 PM  
Tax every dollar made over $250k at 95%.

Problem sovled. That will bring America together.
 
2012-09-19 05:00:32 PM  

Somacandra: A much better way to put it is "A Mass Transfer Redistribution of Wealth from Poor's Labor to Rich's Capital."

 
2012-09-19 05:01:08 PM  
www.taxpolicycenter.org 

Notice how before Reagan the tax rate was 70%* for the wealthiest Americans, and then after Reagan that tax rate went down to 28%. I think this is why Reaganomics worked reasonably well, because the tax rate on the wealthy was so high (too high arguably).

However, when the rich were paying a shade under 40%, there really should be no reason to mash the tax cut button, then cite Reaganomics for your justification. It's apples and oranges folks.
 
2012-09-19 05:01:50 PM  

netizencain: Politics of Jealousy.

/poor people problems


What's wrong with being jealous? In this country, jealousy drives consumerism. Gotta have what the neighbor has, gotta keep up with the Jones's. And as much as people say 'f*ck that' they do it anyways. It is part of the American fabric and Capitalism.

So ... yeah. Yeah, people are. People are jealous that the wealthy has rigged the system to get and keep more and not allow for anyone else to climb the ladder.
 
2012-09-19 05:19:59 PM  

ourbigdumbmouth: Tax every dollar made over $250k at 95%.

Problem sovled. That will bring America together.


no

that marginal rate should never exceed 50%

and $250k isn't as much as it sounds in some areas

but capital gains should be considered normal income.. and the brackets should be a lot less flat. 50% marginal at $1m/year income and above.
 
2012-09-19 05:20:17 PM  
s14.postimage.org
 
2012-09-19 05:24:25 PM  

Nofun: Notice how before Reagan the tax rate was 70%* for the wealthiest Americans, and then after Reagan that tax rate went down to 28%. I think this is why Reaganomics worked reasonably well, because the tax rate on the wealthy was so high (too high arguably).


Hm. Famous stock market crashes. What years were those? 1929 & 1987. What were the tax rates like in those years. Let's check!
 
2012-09-19 05:32:17 PM  
i279.photobucket.com
 
2012-09-19 05:41:45 PM  

vernonFL: [s14.postimage.org image 750x563]


DarwiOdrade: [i279.photobucket.com image 300x280]


And we'll never convince Mitt that Kolob isn't a real place, that he won't be god of his own planet when he dies, and that his underwear doesn't have magic properties.

All things considered, I'd rather be the guy with no sense of personal responsibility.
 
2012-09-19 06:05:10 PM  

Di Atribe: Nofun: Notice how before Reagan the tax rate was 70%* for the wealthiest Americans, and then after Reagan that tax rate went down to 28%. I think this is why Reaganomics worked reasonably well, because the tax rate on the wealthy was so high (too high arguably).

Hm. Famous stock market crashes. What years were those? 1929 & 1987. What were the tax rates like in those years. Let's check!


Income tax rates are different than government regulations and market watchdog agencies. Both crashes can be more attributed to a failure to regulate the market rather than the tax rate on the wealthy.
 
2012-09-19 06:15:55 PM  

Nofun: Income tax rates are different than government regulations and market watchdog agencies. Both crashes can be more attributed to a failure to regulate the market rather than the tax rate on the wealthy.


I wasn't implying that it was the only factor. But it does seem like quite the coinkydink, don't you think?
 
2012-09-19 06:42:33 PM  
Who is this "400 Richest American" you speak of, subby?
 
2012-09-19 06:44:44 PM  

Di Atribe: Nofun: Notice how before Reagan the tax rate was 70%* for the wealthiest Americans, and then after Reagan that tax rate went down to 28%. I think this is why Reaganomics worked reasonably well, because the tax rate on the wealthy was so high (too high arguably).

Hm. Famous stock market crashes. What years were those? 1929 & 1987. What were the tax rates like in those years. Let's check!


An economic bubble is loosely defined as too much money and not enough legitimate crap to spend it on. Wonder if that correlates to anything.
 
2012-09-19 07:02:02 PM  

AdolfOliverPanties: Elect Mitt! Romney will create tons of jobs. Someone has to build the debtor prisons!


I think the only jobs we'll see from the GOP will be at one of Marc Leder's sex parties.
 
2012-09-19 07:21:51 PM  
Someone please explain to me how giving Mitt Romney a tax cut will improve my life.
 
2012-09-19 07:29:42 PM  
Class warfare started in the early 80's, 30 years ago.

The rich are winning. Wealth redistribution already in full swing in their favor.
 
2012-09-19 07:30:05 PM  
All the more reason for us to drop the capital gains tax to 0%, thereby ensuring that 100% of all money ends up in the stock market
 
2012-09-19 07:31:39 PM  
HAVEN'T THE JOB-CREATORS SUFFERED ENOUGH?
 
2012-09-19 07:36:33 PM  

Mentat: I think it's high time that the lower 47% stop holding this country back.


The Death Panels should take care of that.
 
2012-09-19 07:37:23 PM  
oi49.tinypic.com

With actual fire.
 
2012-09-19 07:41:10 PM  

Mentat: AdolfOliverPanties: Elect Mitt! Romney will create tons of jobs. Someone has to build the debtor prisons!

I think the only jobs we'll see from the GOP will be at one of Marc Leder's sex parties.


The poors can make me gin and tonics and wipe up my sweat and/or jizz while I look for another anonymous hole to penetrate. Everybody wins.
 
2012-09-19 07:41:59 PM  

Kazan: ourbigdumbmouth: Tax every dollar made over $250k at 95%.

Problem sovled. That will bring America together.

no

that marginal rate should never exceed 50%

and $250k isn't as much as it sounds in some areas

but capital gains should be considered normal income.. and the brackets should be a lot less flat. 50% marginal at $1m/year income and above.


I would also like to look at shifting some of the corporate tax burden to cap gains. Rather than give business what it will simply treat as another cost of doing business - tax the profits at the recipient.
 
2012-09-19 07:43:47 PM  
Actually, less free economies lead to greater stratification of wealth. More free ecomomies lead to wider distribution of prosperity.
 
2012-09-19 07:45:34 PM  

LargeCanine: Actually, less free economies lead to greater stratification of wealth. More free ecomomies lead to wider distribution of prosperity.


Yes, yes, I'm sure more tax breaks and deregulation is the key to improving the ecomomy. It will work this time, for srs.
 
2012-09-19 07:46:31 PM  

Cinaed: The rich are winning. Wealth redistribution already in full swing in their favor.


i759.photobucket.com
 
2012-09-19 07:47:00 PM  

Di Atribe: Nofun: Income tax rates are different than government regulations and market watchdog agencies. Both crashes can be more attributed to a failure to regulate the market rather than the tax rate on the wealthy.

I wasn't implying that it was the only factor. But it does seem like quite the coinkydink, don't you think?



these factors are connected in that they are indicative of a government that responds primarily to the desires of the wealthiest.
 
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