If you can read this, either the style sheet didn't load or you have an older browser that doesn't support style sheets. Try clearing your browser cache and refreshing the page.

(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  
•       •       •

18254 clicks; posted to Main » on 12 Sep 2013 at 3:29 PM (45 weeks ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



475 Comments   (+0 »)
   
View Voting Results: Smartest and Funniest

First | « | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | » | Last | Show all
 
2013-09-12 05:13:50 PM

steamingpile: 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.


I'll just leave this here. No doubt this disgrace to the bootstrappy Walton name was unceremoniously disowned and left penniless on the streets of Bentonville, right?

/although I do love the "it doesn't count as inheriting hundreds of millions of dollars if you had to go to college first to get it" logic
 
2013-09-12 05:14:32 PM

machoprogrammer: Headso: steamingpile: it amazes me to this day how the kennedy's are so revered yet people ignore how their father was such a scumbag and was the only reason why they were rich.

You revere the Kennedys about as much as I revere the Waltons. Heh, are you asking people to be nice to the Waltons but not the Kennedys?

Why can't we hate both? Fark the Kennedys too


I hate the Kennedys a little bit less simply because lots of them have used their status in life and platforms to attempt to do some good in the world. But lots of them are assholes as well.

I'm a liberal. I despise the Waltons and everyone else in the "we're rich enough to live like kings for 1000 years, but we're still willing to make lots of other people's lives worse in order to push that to 1100" camp (the Kochs being the worst, followed by loads of others including, yes, the dreaded Soros). But actually  legislatingagainst that would be pretty much impossible. What are you going to do, make it illegal to have anything over a certain amount of money?

The very most "awesome without being wholly unrealistic" law in my opinion would be something like "Every corporation must share 30% of its profits with its employees." That'd be great, and it'd allow for the Waltons to remain filthy rich without being  completelyevil.

Or how about this: billionaires get together and make a pact stating that no matter how much money they've got, they'll leave no more than $10 million to each of their children. That'd be more than enough for them to live comfortably for their entire lives without working, if that's what they wanted - or more than enough to take a crack at making their own fortune.
 
2013-09-12 05:15:49 PM

7th Son of a 7th Son: stirfrybry: Good night, John boy.

Dammit! Can't a guy masturbate in this house??!!


Good night, Jack.
 
2013-09-12 05:16:32 PM

dropdfun: Who cares, really its their money

slaves to do with as they please as long as they are not breaking any laws...

Placed this into a different context so that hopefully you will understand why sometimes the law needs to change.
 
2013-09-12 05:16:35 PM

Dr Dreidel: 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?

You and I taking advantage of tax laws, with the few thousand we collectively pay in taxes every year is nothing compared to a single loophole exploited by the 8+-figure crowd.

There's also the problem that they, with their financial largesse, can affect what the actual tax laws are (while we can't to the same degree), making the idea that we're anything close to a level playing field ludicrous on its face.

There's "gaming the system", and there's "creating a system favorable to your games". We may do the former for the cost of maybe a few million total, nationwide, but the Waltons (and the millionaires in Congress) do the latter to the tune of tens (if not hundreds) of billions.


Flat tax. No tax exemptions. Everybody pays
 
2013-09-12 05:16:42 PM
It is their business, they have the right to use any means to keep as much money as possible especially if it's legal or there's no law against it. It doesn't matter what you or I think, a person's property is his property. They own that much money, you and I own what we have. Nobody can tell us how we should use our money. Who wants to pay so much taxes? I bet everyone here tries to pay only the minimum. Same with the Walmart family. They're just like us, they think "Why should we give away a huge amount of our money?"

Don't hate them just because they are rich and they're trying their hardest to pay as little taxes as possible, because even if we're not as rich as they are, we still do the same. I bet if taxes were optional none of us would be paying.
 
2013-09-12 05:17:17 PM

TheShavingofOccam123: anfrind: Phineas:

You're wasting your time.  Alice Walton is not going to sleep with you.

She will if he comes in a gallon jar.


OK, but it may take a while for him to fill it.
 
2013-09-12 05:17:36 PM

cptrios: Every corporation must share 30% of its profits with its employees.


No corporation ever makes a profit.  Seriously, go look at the tax records.
 
2013-09-12 05:17:44 PM
Who the fark cares. It's their money!!
 
2013-09-12 05:18:47 PM

WhyteRaven74: Scoop84: I just wonder if we (the taxpayers) are better off having these folks earn Wal-Mart wages than nothing.

You're presenting a rather odd dichotomy, that WalMart not only is, but if it wasn't, the people who currently work there would be working nowhere.

Phineas: The amount of OWS-type idiots who believe rich people are preventing others from having things.

No one is arguing that at all, just that when you keep accumulating money, you diminish how much money is circulating between people, which hurts the economy.


The money supply in the United States doesn't work that way. See, it grows every year.  Its not a zero sum gain that doesn't get spread around.

Also, people please realize that this is net WORTH, and not the god damn cash they are storing in a large bank like Scrooge McDuck.
 
2013-09-12 05:20:30 PM

Fusilier: Flat tax. No tax exemptions. Everybody pays


Expect the standard retorts, "but the rich should pay more!:"  And what is your biggest complaint about the current system?  "The rich have so many loopholes that they don't pay any taxes."   Exactly, flat tax, no exemptions.  That means no loopholes.  That means the rich will actually pay more, not less.  That's assuming capital gains tax is handled propertly, because the rich usually don't have income that falls under the regular income tax system.
 
2013-09-12 05:20:39 PM
Those that say they take advantage of tax laws, they do to the extent of hiding billions more in assets than they admit to having.  They also use slave labor in US held territories and say it is made in the US, continue their practice of not paying fair wages and denying health coverage and breaks, make sure that those employees who want health coverage use the state's medicare programs of which walmart does get a kick back thanks to those tax laws, and anyone who still shops at walmart because it's such a great deal simply doesn't pay attention to what is actually going on; honey made in china made out of petroleum products and meat that isn't farm raised and might not even be meat.  If you shop there you are the reason this country is failing.
 
2013-09-12 05:20:59 PM

jayphat: Also, people please realize that this is net WORTH, and not the god damn cash they are storing in a large bank like Scrooge McDuck.


Scrooge McDuck... now THERE was one evil bastard... he got his fortune by committing genocide on an African village so he could turn it into a rubber plantation...
 
2013-09-12 05:22:05 PM

WhyteRaven74: So you think buying $50 million in stock which puts money in the hands of a few people, and not even the company whose stock you bought, is better than making a ton of small loans that puts money in lots of hands?


I imagine what he's getting at is that demand in the secondary market is what keeps your stock price high like you want it, so when you issue more shares you benefit from the high price.
 
2013-09-12 05:22:13 PM
Back in the late 80's I used Wal-Mart as an example of what we would be one day.  The game in America is eventually one company will own everything and everyone will work there for 5.00 and have to buy everything from them.

I did not realize that Wal-Mart was really trying to win at real Monopoly.  After seeing Judge Dread where they had Taco Bell being the only food in the future I never dreamed that either, but it's coming down the Pike (before Wal-Mart buys that too).
 
2013-09-12 05:22:41 PM
As long as they aren't breaking the law, it's their money to do what they please with. However I hate when these types of people start declaring themselves Christians and trying to impose their type of morality in the name of Christianity onto others when everything they do is in direct opposition to the Christian teachings of charity and love.
 
2013-09-12 05:23:29 PM

paygun: I imagine what he's getting at is that demand in the secondary market is what keeps your stock price high like you want it, so when you issue more shares you benefit from the high price.


No no no - let him keep talking!
 
2013-09-12 05:24:32 PM

OgreMagi: cptrios: Every corporation must share 30% of its profits with its employees.

No corporation ever makes a profit.  Seriously, go look at the tax records.


If I could fix two things about the United States tax code, it would be these two things:
1. Where your headquarters is is the state in which you pay corporate taxes. Easiest example, Apple. Huge famous headquarters in Cali, incorporated out of a one door office in Nevada that no-one farking works in.
2. The portion of income you make off of this country, documented down to the god damn dime, is the portion of your companies profits, regardless of subsidiaries, that you pay in this country. None of this crap where you make $50 million as a company, but the American branch shows a lose by paying $100 million to an Ireland based subsidiary. Sorry, not gonnna work that way.
 
2013-09-12 05:25:16 PM
I'm A-Okay with them having their inherited wealth. Know what I'm  not okay with? Trying to scam the IRS when you have money coming out your ass.
 
2013-09-12 05:25:19 PM

OgreMagi: The Waltons would hire child labor to cut costs if it were legal.  They are scum.

I have nothing against getting rich.  I have nothing against wanting to keep your profits.  The Waltons are getting rich via a taxpayer subsidy (the highest rate of employees on government assistance in the entire country).

The Waltons will be amongst the first against the wall when ther revolution comes (just after politicians).


I know you and I don't agree a lot of the time, but I just have to say... THIS THIS THIS THIS THIS
 
2013-09-12 05:26:35 PM

jayphat: WhyteRaven74: Scoop84: I just wonder if we (the taxpayers) are better off having these folks earn Wal-Mart wages than nothing.

You're presenting a rather odd dichotomy, that WalMart not only is, but if it wasn't, the people who currently work there would be working nowhere.

Phineas: The amount of OWS-type idiots who believe rich people are preventing others from having things.

No one is arguing that at all, just that when you keep accumulating money, you diminish how much money is circulating between people, which hurts the economy.

The money supply in the United States doesn't work that way. See, it grows every year.  Its not a zero sum gain that doesn't get spread around.

Also, people please realize that this is net WORTH, and not the god damn cash they are storing in a large bank like Scrooge McDuck.


See, what we need to do is take the Walton's lucky dime and give it to the government.  Then the government will have the power to make all the money it wants without having to take it from people.
 
2013-09-12 05:26:36 PM

paygun: WhyteRaven74: So you think buying $50 million in stock which puts money in the hands of a few people, and not even the company whose stock you bought, is better than making a ton of small loans that puts money in lots of hands?

I imagine what he's getting at is that demand in the secondary market is what keeps your stock price high like you want it, so when you issue more shares you benefit from the high price.



And what do the people who sold him the stock do with the $50,000,000?
 
2013-09-12 05:26:44 PM

cptrios: What are you going to do, make it illegal to have anything over a certain amount of money?


Everybody hold your breath while anyone in power on either side of the aisle gets right on that.
 
2013-09-12 05:27:06 PM
A day of reckoning will come. Not in our lifetimes or even our children's lifetime, but at some point the masses will not be appeased with reality TV and enough income to keep them hopeful and helpless. Or more probably, some outer space people are going to reveal themselves and show us how to run a civilized society where the exploitation of people and the manipulation of economic systems isn't the true objective of wealth. Outer space people know that it isn't a viable paradigm and moved in a different direction in order to prolong their existence in a terminal universe.
 
2013-09-12 05:27:11 PM

dj245: The estate tax only affects a very small few with piles of cash laying around


9400 returns in 2012 were subject to the Estate Tax, according to the IRS.

Of those, stock and real estate made up about half of all estate tax decedent asset holdings.

Of those 9400 returns, cash made up about 9.4% of all estate tax decedent asset holdings, averaged among the varying levels. Total cash assets from all estate tax returns in 2012 was $11,726,706,000. Total of all assets was $124,454,310,000

But here's the best number from the IRS. Total Net Estate Tax remitted in 2012 was about $8.4B.
 
2013-09-12 05:28:30 PM

jayphat: 1. Where your headquarters is is the state in which you pay corporate taxes. Easiest example, Apple. Huge famous headquarters in Cali, incorporated out of a one door office in Nevada that no-one farking works in.


Brilliant plan...for making thousands of large companies move their headquarters out of the country or state.

If you were a ship captain and the rats started fleeing your ship, you'd send your sailors down to get those gosh darned rats back on the ship, wouldn't you?
 
2013-09-12 05:29:04 PM

Scoop84: And what do the people who sold him the stock do with the $50,000,000?


Well, see, that's their money now.  Just like if you sold your beanie babies at a garage sale.  When people own things and then sell them, they get money.  Typically that's the purpose of selling them.
 
2013-09-12 05:30:25 PM

stonicus: dropdfun: Who cares, really its their money slaves to do with as they please as long as they are not breaking any laws...

Placed this into a different context so that hopefully you will understand why sometimes the law needs to change.


Except that slaves don't get paid, and are forced to work against their will.  I take it the employees filled out an application at gunpoint and get nothing in return every 2 weeks?

Then you're an idiot.
 
2013-09-12 05:30:28 PM

HisBoyLeroy: A day of reckoning will come. Not in our lifetimes or even our children's lifetime, but at some point the masses will not be appeased with reality TV and enough income to keep them hopeful and helpless. Or more probably, some outer space people are going to reveal themselves and show us how to run a civilized society where the exploitation of people and the manipulation of economic systems isn't the true objective of wealth. Outer space people know that it isn't a viable paradigm and moved in a different direction in order to prolong their existence in a terminal universe.


Right.  Our masses are going to stuff themselves into a cheese- and sauce-fueled coma and an early 'beetus grave.  They're not going to do anything that involves heavy breathing.
 
2013-09-12 05:30:31 PM

Scoop84: paygun: WhyteRaven74: So you think buying $50 million in stock which puts money in the hands of a few people, and not even the company whose stock you bought, is better than making a ton of small loans that puts money in lots of hands?

I imagine what he's getting at is that demand in the secondary market is what keeps your stock price high like you want it, so when you issue more shares you benefit from the high price.


And what do the people who sold him the stock do with the $50,000,000?


WE BURN IT!!!
 
2013-09-12 05:30:55 PM

nosferatublue: jayphat: 1. Where your headquarters is is the state in which you pay corporate taxes. Easiest example, Apple. Huge famous headquarters in Cali, incorporated out of a one door office in Nevada that no-one farking works in.

Brilliant plan...for making thousands of large companies move their headquarters out of the country or state.

If you were a ship captain and the rats started fleeing your ship, you'd send your sailors down to get those gosh darned rats back on the ship, wouldn't you?


Yes, I'm sure these huge American companies are just going to uproot right out of the farking country they were made in and continue to do business in. I'm sure Apple is going to jump right out of their multi-multi-multi million dollar corporate headquarters and go to another country.
 
2013-09-12 05:31:49 PM

OgreMagi: cptrios: Every corporation must share 30% of its profits with its employees.

No corporation ever makes a profit.  Seriously, go look at the tax records.


Not sure you want to go there.

In 2010, the latest year available for Corporations tax data, 467,953 corporate returns were filed with income tax totaling $222,673,325,000. $222B in income tax paid by just Form 1120 Corporations, just in 2010.

503,988 returns had income subject to tax. This means that half a million corporations subject to US income tax had a profit that was taxed.

You can read the stats yourself here:  http://www.irs.gov/uac/SOI-Tax-Stats-Table-18-Returns-of-Active-Corpo r ations
 
2013-09-12 05:32:04 PM

paygun: Scoop84: And what do the people who sold him the stock do with the $50,000,000?

Well, see, that's their money now.  Just like if you sold your beanie babies at a garage sale.  When people own things and then sell them, they get money.  Typically that's the purpose of selling them.


Easy there, sport.  My point is that money circulates.  They invest/spend, the recipients invest/spend.........

The rich don't have their money sitting in the basement
 
2013-09-12 05:32:33 PM

nosferatublue: 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?


It's circulating in an almost entirely separate economy from the one average people exist in.  The DOW is at all time nominal highs and corporations have billions in cash reserves yet unemployment is still around 7% and wages as a share of the economy are at all time lows.  The billions and billions of dollars trading hands at the "top" of the economy has almost nothing to do with average people.
 
2013-09-12 05:33:17 PM

trickymoo: Uncle Pooky: Richest family in the world? That seems incorrect. Wouldn't the Saudi Royal family or the English Monarchy hold that title?

The English monarchy is fahkin NOTHING. They are, on a worldwide scale, relatively poor. I think I remember hearing they had a total of 85 mil. to the crown. If that. Very 'Meh" for a Regency.

The Saudi Family oil $ might be pretty astronomical though...


The English monarchy don't personally own much, it is vested in "The Crown" (sort of a trust fund/estate tax workaround), including the Crown Estates which are worth about £8b ($12b), and other similar entities - there are a couple of duchies the Prince of Wales controls worth about £1b between them as well as others.
 
2013-09-12 05:34:31 PM

paygun: WhyteRaven74: So you think buying $50 million in stock which puts money in the hands of a few people, and not even the company whose stock you bought, is better than making a ton of small loans that puts money in lots of hands?

I imagine what he's getting at is that demand in the secondary market is what keeps your stock price high like you want it, so when you issue more shares you benefit from the high price.


I think he was trying to make the comparison that if I sell you my old Grand Theft Auto game, neither Rockstar nor its employees made any more money.
 
2013-09-12 05:35:16 PM

jayphat: nosferatublue: jayphat: 1. Where your headquarters is is the state in which you pay corporate taxes. Easiest example, Apple. Huge famous headquarters in Cali, incorporated out of a one door office in Nevada that no-one farking works in.

Brilliant plan...for making thousands of large companies move their headquarters out of the country or state.

If you were a ship captain and the rats started fleeing your ship, you'd send your sailors down to get those gosh darned rats back on the ship, wouldn't you?

Yes, I'm sure these huge American companies are just going to uproot right out of the farking country they were made in and continue to do business in. I'm sure Apple is going to jump right out of their multi-multi-multi million dollar corporate headquarters and go to another country.


Haven't you figured out by now that if it saves them a dime they will? It won't make sense for all of them, but you seem to get that companies will bend over backwards to make/save money. If you make it far more expensive for them to remain in their current location, why do you have trouble realizing that some will move?

Do you not realize that thousands have done this already in similar contexts? Why do you think your customer support technicians have names like John and Mary but accents that don't quite match?
 
2013-09-12 05:36:01 PM
It's easy for me to not shop at Wal-Mart, when the city I live in won't let them build one, and the big-box suburban shopping centers are full of other options.

It's not so easy for my cousins in Bumfark Plains, Indiana, where all the Main Street retaers got priced out of business 20 years ago when the Mega Wal-Mart opened, even though it's 40 miles away.
 
2013-09-12 05:36:32 PM
serbagunamarine.com
 
2013-09-12 05:36:32 PM

nosferatublue: WE BURN IT!!!


Don't listen to this.  The money is put into huge machines that convert it back to its original form.  At the other end of the machine, the tears of the proletariat come out of a small nozzle.
 
2013-09-12 05:36:39 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.


Your anger is misdirected. You shouldnt have to rely on a job meant for a high school student to support a family. It isnt the Waltons fault that people have to resort to working there.
 
2013-09-12 05:37:07 PM

Scoop84: And what do the people who sold him the stock do with the $50,000,000?


Odds are, buy another stock. Meanwhile financing to start a small business is rather hard to come by these days.
 
2013-09-12 05:37:26 PM

OgreMagi: Fusilier: Flat tax. No tax exemptions. Everybody pays

Expect the standard retorts, "but the rich should pay more!:"  And what is your biggest complaint about the current system?  "The rich have so many loopholes that they don't pay any taxes."   Exactly, flat tax, no exemptions.  That means no loopholes.  That means the rich will actually pay more, not less.  That's assuming capital gains tax is handled propertly, because the rich usually don't have income that falls under the regular income tax system.


Then why not a progressive tax including cap gains, no loopholes?
 
2013-09-12 05:37:46 PM

nosferatublue: Why do you think your customer support technicians have names like John and Mary but accents that don't quite match?


The Texas school system?
 
2013-09-12 05:38:01 PM

Baryogenesis: nosferatublue: 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?

It's circulating in an almost entirely separate economy from the one average people exist in.  The DOW is at all time nominal highs and corporations have billions in cash reserves yet unemployment is still around 7% and wages as a share of the economy are at all time lows.  The billions and billions of dollars trading hands at the "top" of the economy has almost nothing to do with average people.


Really. What kind of instruments are used when this money changes hands at the "top of the economy?" Space cash?

1.bp.blogspot.com
 
2013-09-12 05:38:27 PM
You sound poor.
 
2013-09-12 05:38:51 PM

stonicus: I think he was trying to make the comparison that if I sell you my old Grand Theft Auto game, neither Rockstar nor its employees made any more money.


I think that's exactly the point, and it was funny because it's wrong.
 
2013-09-12 05:39:55 PM

Fade2black: stonicus: dropdfun: Who cares, really its their money slaves to do with as they please as long as they are not breaking any laws...

Placed this into a different context so that hopefully you will understand why sometimes the law needs to change.

Except that slaves don't get paid, and are forced to work against their will.  I take it the employees filled out an application at gunpoint and get nothing in return every 2 weeks?

Then you're an idiot.


Back in the day, slavery was legal.  Today tax "loopholes" are legal.  Drunk driving used to be legal.

Our legal system is dynamic for a reason.  Sometimes the laws are bad, or aren't working as intended, or could be improved upon.  Do you disagree with that statement?
 
2013-09-12 05:40:56 PM

nosferatublue: Do you not realize that thousands have done this already in similar contexts?


Why are you trying to stand up for people who screw over others?

I alone am best: It isnt the Waltons fault that people have to resort to working there.


It is their fault Walmart employees are so badly paid that taxpayers are left to in effect subsidize Walmart.
 
2013-09-12 05:42:13 PM

paygun: I think that's exactly the point, and it was funny because it's wrong.


if I were to buy ten thousand shares of Apple today, how much of the money I spent on those shares would go to Apple?
 
Displayed 50 of 475 comments

First | « | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | » | Last | Show all

View Voting Results: Smartest and Funniest


This thread is closed to new comments.

Continue Farking
Submit a Link »






Report