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(Gawker)   Some billionaires, such as Bill Gates and Warren Buffet, have pledged to give away the vast majority of their fortunes to charity. Then there are the Waltons, who inherited their billions and are going to fight to keep every last dime   (gawker.com) divider line 475
    More: Interesting, Bill Gates, Sam Walton, Walton family, John D. Rockefeller, Gilded Age  
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18254 clicks; posted to Main » on 12 Sep 2013 at 3:29 PM (44 weeks ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2013-09-12 04:27:23 PM

paygun: Until you quit screwing around and finally pass a law making it illegal to be rich, this is going to continue to happen.


Even that's been done. It still continued to happen. They called each other "comrade."
 
2013-09-12 04:27:38 PM
Well. Since money has been ruled "political speech", it shows that 4 people have more "speech" than 120 million.
 
2013-09-12 04:28:09 PM

steamingpile: stonicus: Dancin_In_Anson: They take advantage of tax laws...much in the same way as you and I do...and much like Gates and Buffet do.

What was the beef again?

Not even counting for interest, it was that they can spend $1,000,000 a day for 273 years, and it's not enough for them.

Whats your point? They earned it and can do what they want.

Personally I hate wal mart because they are responsible for driving down the quality of goods in stores now and blackmail companies to put their name on lower quality products or have their other products yanked off the shelves.


No point, just answering a question with my own interpretation.

Also, how does inheriting something equal earning it?
 
2013-09-12 04:28:20 PM
Bill Gates and Warren Buffet aren't giving away shiat, it's a tax scam.
 
2013-09-12 04:28:22 PM

Inchoate: steamingpile: Whats your point? They earned it and can do what they want.

They inherited it. Big difference.


Actually they didnt, their father forced them to work for a living, its not like they turned 18 and were millionaires, read the history of each kid and he made all of them either finish school or start at the bottom.

MBooda: Hey, the call girl industry in this country is thriving thanks to the philanthropy of the Kennedys.


Good point, as well as the killing call girls industry.
 
2013-09-12 04:28:45 PM
More butthurt about the wealthy, gotta love the internet.

The article mentions wealthy people giving money to charity and then goes on to compare how the Waltons use tax laws (yes, they are laws, not "loopholes") to avoid paying any more taxes than they have to. Charity / taxes. Two completely different things.

Stupid article is stupid.
 
2013-09-12 04:30:07 PM

Phineas: What's this?  Another thread full of liberals whining about other people having things, and mistakenly believing that the fact that others have things somehow prevents they themselves from having things?  Carry on.


It's not really a liberal thing as much as a global economics thing. There's only so much wealth in the world, and the people hoarding trillions actually are preventing others from having it.
 
2013-09-12 04:30:53 PM

Mija: ManRay: Lefty butthurt abounds.

Vote with your wallet if you don't like Walmart. Live your life and stop worrying about other people that don't give a shiat about you.

As a Christian I care about people. I don't want someone to work and still not be able to afford shelter, food, healthcare. I am a "lefty" because I believe Christians should act and think and love more like Christ did and not like the Devil. You can always tell if someone is a true follower of Christ by their love for their fellow man. Rest assured the people on the right who claim to be Christians but hate the sick, the poor and those they deem unworthy will hear God say that He never knew them. So keep on with that "lefty" crap and your greed at the expense of others. You will impress your money worshiping, fake Christian friends but you will lose your soul.


Exactly. Lefties seem to be reading from a gospel where Christ said "Lo, petition Rome to compel thy rich neighbors to give of theirs to help the poor. That counts for thine share, too"

Lefties pass laws to try to compel people to act Christian economically - Righties socially. Neither counts for much.
 
2013-09-12 04:31:05 PM

stonicus: Also, how does inheriting something equal earning it?


It doesn't.  But it doesn't equal stealing it, either.
 
2013-09-12 04:32:00 PM
Noblesse oblige is a good concept.

You can work hard, and work honestly, and earn a living - or a fortune. There is nothing dishonorable about that. Feel proud of your effort and its fruits.

But the playing field isn't level, the market isn't free, and everyone is interconnected. There is always an element of luck, however small, to success. The grander your successes and the greater your pile of cash, the more people you are likely to have stepped on to get there - consciously or not.

Acknowledging this, and acting to soften those footfalls, are the responsible things to do, whether you make $40k a year or $40 million.
 
2013-09-12 04:32:09 PM

J. Frank Parnell: Phineas: What's this?  Another thread full of liberals whining about other people having things, and mistakenly believing that the fact that others have things somehow prevents they themselves from having things?  Carry on.

It's not really a liberal thing as much as a global economics thing. There's only so much wealth in the world, and the people hoarding trillions actually are preventing others from having it.


Because they bury it under a rock and leave it to rot, right?

What do you think all this money is doing, pray tell?
 
2013-09-12 04:32:12 PM

stonicus: Also, how does inheriting something equal earning it?


That didnt happen, they arent saints but they did have to work for their cash.
 
2013-09-12 04:32:36 PM
I marvel at how entitled some people think they are to other people's stuff.
 
2013-09-12 04:32:48 PM
"...For to whomsoever much is given, of him shall be much required: and to whom men have committed much, of him they will ask the more." Luk 12:48
 
2013-09-12 04:34:07 PM

nosferatublue: What do you think all this money is doing, pray tell?


I'll tell you what it's not doing.... It's certainly not paying their employees a living wage so the rest of the tax payers don't have to pick up their slack.
 
2013-09-12 04:34:12 PM
how can you not admire them, especially the old hag.

if you got pulled over for DUI  you just tell the arresting officer

 'I'm Alice Walton, biatch!'

 that officer was later suspended for alleged misconduct and was put on paid leave and so was not available to testify.


He was lucky.  He was not fired like the city of medina cop who got the axe a few months after writing bill gates a ticket for "failure to provide proof of financial responsibility"
 
2013-09-12 04:34:27 PM

Phineas: What's this?  Another thread full of liberals whining about other people having things, and mistakenly believing that the fact that others have things somehow prevents they themselves from having things?  Carry on.


I love the part when they start going "But, but, but, Jeebus".  It's the one topic where lefties fall back on religion.
 
2013-09-12 04:35:03 PM

J. Frank Parnell: Phineas:

<stupidity deleted>

It's not really a liberal thing as much as a global economics thing. There's only so much wealth in the world, and the people hoarding trillions actually are preventing others from having it.

Do you really think a semi-literate Republitroll cares about facts?
 
2013-09-12 04:35:05 PM

nosferatublue: What do you think all this money is doing, pray tell?


not helping the US economy very much.

BigGrnEggGriller: I marvel at how entitled some people think they are to other people's stuff.


Given we're talking about people who won the birth lottery and inherited what they have, they didn't go earn it like their dad did, that statement achieves near cosmic levels of irony.
 
2013-09-12 04:35:10 PM
blogs-images.forbes.com

also gave very little if anything to charity, but it's okay because he made over-priced shiny crap that was made in Chinese sweat shops rather than cheap crap made in Chinese sweat shops.
 
2013-09-12 04:35:32 PM

steamingpile: BKITU: From the IRS website: the applicable exclusion amount for 2013 is $5,250,000.

Link? If thats a cap then it must be new since the amount they lost was no where near that amount but I saw the accountants letters and bills from the tax.


Wikipedia linked upthread, IRS link here if you're more interested in direct sources.

"Estates of decedents who die during 2013 have a basic exclusion amount of $5,250,000, up from a total of $5,120,000 for estates of decedents who died in 2012. "

Under current law, the exemption is also adjusted to inflation every year. It started at $5 million for 2011.
 
2013-09-12 04:37:17 PM

anfrind: J. Frank Parnell: Phineas: <stupidity deleted>

It's not really a liberal thing as much as a global economics thing. There's only so much wealth in the world, and the people hoarding trillions actually are preventing others from having it.

Do you really think a semi-literate Republitroll cares about facts?


The world economy is not a zero-sum game.
 
2013-09-12 04:37:18 PM

JNowe: I love the part when they start going "But, but, but, Jeebus". It's the one topic where lefties fall back on religion.


Given how many people talk about being Christians and then defend greed, how else should one argue?
 
2013-09-12 04:37:52 PM

Via Infinito: wee: Who farking cares?  It's their dimes...

I'll just leave this here for you.


You lost me with Robert Reich. If he was running an investment firm his speech to potential investors would be that they'll be losing money within the year and broke in less than 10 if they invest with his firm, and it'd be just, fair and part of the natural order.
 
2013-09-12 04:37:52 PM

steamingpile: MBooda: Hey, the call girl industry in this country is thriving thanks to the philanthropy of the Kennedys.

Good point, as well as the killing call girls industry.


Hrm, call it a Supply/Demand adjustment.
 
2013-09-12 04:37:59 PM

ManRay: Lefty butthurt abounds. Live your life and stop worrying about other people that don't give a shiat about you.


which is why i support gay marriage and a woman's right to choose, just like the GOP!
 
2013-09-12 04:38:30 PM

Headso: nosferatublue: What do you think all this money is doing, pray tell?

I'll tell you what it's not doing.... It's certainly not paying their employees a living wage so the rest of the tax payers don't have to pick up their slack.


Where would they be working if Wal-Mart didn't exist?  Instead of picking up the slack, would we be picking up even more?
 
2013-09-12 04:38:32 PM

nosferatublue: Because they bury it under a rock and leave it to rot, right?


If by that you mean offshore accounts and it being held up in extensive and opulent property they own, then yes.

What do you think all this money is doing, pray tell?

Let me guess, you think every cent goes towards creating jobs for an ungrateful public. Carrying the world on the backs. Oh, those noble rich people. We should thank them for being rich, really. It's such a terrible burden.
 
2013-09-12 04:39:22 PM

pedobearapproved: If he was running an investment firm his speech to potential investors would be that they'll be losing money within the year and broke in less than 10 if they invest with his firm, and it'd be just, fair and part of the natural order.


There are people who think just like Reich does who make ass loads of money. Interestingly, they manage to do it without backing anything contrary to their own views.
 
2013-09-12 04:39:45 PM

WhyteRaven74: nosferatublue: What do you think all this money is doing, pray tell?

not helping the US economy very much.



Interesting. You say this based on...? Do you have any idea what kind of portfolio the family is invested in - domestic stocks, venture capital, municipal bonds, foreign stocks, etc? Any idea what they spend it on, and where?

Or are you just blowing smoke out of your behind?
 
2013-09-12 04:40:13 PM

ManRay: Vote with your wallet if you don't like Walmart.


Problem is, in some smaller towns you don't have a choice unless you drive for 20+ miles one way.
 
2013-09-12 04:41:01 PM

Benevolent Misanthrope: FlashHarry: well, that's their right, of course. just as it's my right not to shop at their shiatty stores.

Precisely.  Though I do take issue with them amassing such a fortune by keeping the people that work for them on wages too low to support them.  But yeah - I vote with my wallet.


They probably won't notice since only one member actually sits on the board somewhere buried deep for Wal-mart.  As far as I know anyway.

The 65 year old daughter who gets ticketed with drunk driving and occasionally sleeps it off in jail may still be young enough to not be retired from being asked if she's going to do something about it. who knows.
 
2013-09-12 04:41:04 PM

Scoop84: Headso: nosferatublue: What do you think all this money is doing, pray tell?

I'll tell you what it's not doing.... It's certainly not paying their employees a living wage so the rest of the tax payers don't have to pick up their slack.

Where would they be working if Wal-Mart didn't exist?  Instead of picking up the slack, would we be picking up even more?


Wal-mart can exist and still pay their employees better, if 1 family can have 100 billion dollars off the backs of these workers it's obvious.
 
2013-09-12 04:41:06 PM

BKITU: steamingpile: BKITU: From the IRS website: the applicable exclusion amount for 2013 is $5,250,000.

Link? If thats a cap then it must be new since the amount they lost was no where near that amount but I saw the accountants letters and bills from the tax.

Wikipedia linked upthread, IRS link here if you're more interested in direct sources.

"Estates of decedents who die during 2013 have a basic exclusion amount of $5,250,000, up from a total of $5,120,000 for estates of decedents who died in 2012. "

Under current law, the exemption is also adjusted to inflation every year. It started at $5 million for 2011.


IRS page on Estate Tax
 
2013-09-12 04:41:14 PM

Scoop84: Where would they be working if Wal-Mart didn't exist? Instead of picking up the slack, would we be picking up even more?


so you're saying that if walmart paid its employees well it wouldn't exist?
 
2013-09-12 04:41:18 PM

DeathByGeekSquad: The 'super rich' aren't harmed by the estate tax.  It keeps the lesser families from joining them without windfall.


Then why is it that many of the super rich are at the vanguard of movements to eliminate estate taxes? If it's no big deal to them, you'd expect more indifference.
 
2013-09-12 04:41:33 PM

baka-san: ManRay: Vote with your wallet if you don't like Walmart.

Problem is, in some smaller towns you don't have a choice unless you drive for 20+ miles one way.


Acts of conscience aren't always convenient.
 
2013-09-12 04:42:05 PM

The_Original_Roxtar: [blogs-images.forbes.com image 620x434]

also gave very little if anything to charity, but it's okay because he made over-priced shiny crap that was made in Chinese sweat shops rather than cheap crap made in Chinese sweat shops.


What's your point? You're typing on a computer that was made in a Chinese sweatshop too.
 
2013-09-12 04:42:27 PM
Intergenerational wealth is aristocracy, plain and simple. You die, your spouse dies and your kids are 21+, it should go away. No family trusts. No estate planning. No "heirs." And no passing on wealth to children before one dies. You earn it, you enjoy the fruits of your labor. Live it up. But it ends there.

This country has never lived up to its vision and has rarely tried.
 
2013-09-12 04:42:41 PM

ManRay: Lefty butthurt abounds.

Vote with your wallet if you don't like Walmart. Live your life and stop worrying about other people that don't give a shiat about you.


Good advice. (Seriously.) But while I'm out there voting with my wallet, I'll also be voting for people who'll raise taxes on the Waltons.

And myself. And people who make slightly less than me, and everyone in between. Possibly including you.

That's right. I'm coming for your money and I'm going to spend it on people who need it more than you do, like some kind of soshalest monster. Well, actually, I'm just going to spend it on people in general, but I don't really expect you to see it that way, or to like it one bit.

And if I ever succeed, thanks in advance for keeping your butthurt about how overtaxed you are to yourself. ;)
 
2013-09-12 04:42:50 PM

baka-san: Problem is, in some smaller towns you don't have a choice unless you drive for 20+ miles one way.


Just how important it is to you determines (literally) how far you are willing to go to make a point.
 
GBB
2013-09-12 04:42:52 PM

Dancin_In_Anson: They take advantage of tax laws...much in the same way as you and I do...and much like Gates and Buffet do.

What was the beef again?



"Take advantage of", or "create"?
Because I'm under the assumption that people with that much money and that much at stake have a hand at crafting such laws; not sit idly by hoping that the IRS doesn't suddenly go to 95% tax rates on income over $10M.
 
2013-09-12 04:42:55 PM

JNowe: Phineas: What's this?  Another thread full of liberals whining about other people having things, and mistakenly believing that the fact that others have things somehow prevents they themselves from having things?  Carry on.

I love the part when they start going "But, but, but, Jeebus".  It's the one topic where lefties fall back on religion.


If "Prosperity gospel" idiots like you actually read your Bibles, you'd realize that the ideals you promote are pure heresy.

See you in Hell.
 
2013-09-12 04:43:42 PM
Can we please raise the capital gains tax? Why should money made by having money be taxed less then money earned by hard work and labor? I mean if anything it should be taxed at a higher rate.
 
2013-09-12 04:44:08 PM

WhyteRaven74: JNowe: I love the part when they start going "But, but, but, Jeebus". It's the one topic where lefties fall back on religion.

Given how many people talk about being Christians and then defend greed, how else should one argue?


Argue however you want.  Just understand that those arguments mean fark-all to a non-Christian, just as the conservatives appeals to religion do.
 
2013-09-12 04:44:49 PM

JNowe: Phineas: What's this?  Another thread full of liberals whining about other people having things, and mistakenly believing that the fact that others have things somehow prevents they themselves from having things?  Carry on.

I love the part when they start going "But, but, but, Jeebus".  It's the one topic where lefties fall back on religion.


One single person in the thread brought up their religion. Is this some curious example of the singular "they", or are you just trying to score rhetorical points under the assumption that other people in the thread aren't capable of counting?
 
2013-09-12 04:44:52 PM

Scoop84: stonicus: Also, how does inheriting something equal earning it?

It doesn't.  But it doesn't equal stealing it, either.


Correct!
 
2013-09-12 04:45:29 PM
It was not too long ago that Bill Gates was the Rich Devil Boogeyman. He seems to have turned things around. If the Waltons somehow do the same, who is next in line for the position? I want to get in on the ground floor this time.
 
2013-09-12 04:45:29 PM

Headso: Scoop84: Headso: nosferatublue: What do you think all this money is doing, pray tell?

I'll tell you what it's not doing.... It's certainly not paying their employees a living wage so the rest of the tax payers don't have to pick up their slack.

Where would they be working if Wal-Mart didn't exist?  Instead of picking up the slack, would we be picking up even more?

Wal-mart can exist and still pay their employees better, if 1 family can have 100 billion dollars off the backs of these workers it's obvious.



WhyteRaven74: Scoop84: Where would they be working if Wal-Mart didn't exist? Instead of picking up the slack, would we be picking up even more?

so you're saying that if walmart paid its employees well it wouldn't exist?



Don't know.  But that ain't going to happen in our lifetimes.  I just wonder if we (the taxpayers) are better off having these folks earn Wal-Mart wages than nothing.
 
2013-09-12 04:45:52 PM

Some 'Splainin' To Do: JNowe: Phineas: What's this?  Another thread full of liberals whining about other people having things, and mistakenly believing that the fact that others have things somehow prevents they themselves from having things?  Carry on.

I love the part when they start going "But, but, but, Jeebus".  It's the one topic where lefties fall back on religion.

One single person in the thread brought up their religion. Is this some curious example of the singular "they", or are you just trying to score rhetorical points under the assumption that other people in the thread aren't capable of counting?


Yes, quite right, this is the first thread in which that has ever happened.  Carry on.
 
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