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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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18263 clicks; posted to Main » on 12 Sep 2013 at 3:29 PM (1 year ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2013-09-13 12:13:03 AM  

vrax: Why do you hate science?!


Science kicked my dog, once.
 
2013-09-13 12:18:20 AM  

Daniels: It remains stunning to me that this graphic, which says more than half the people in the bottom quintile will move out of it, with 4 out of every 100 moving from the bottom to the top in one generation, is passed around with the belief that it makes a negative point.


Then you see it differently then most.

Link, PDF
 
2013-09-13 12:21:33 AM  
So, is it morning in America, yet?  Can I get my Mercedes detailed?  Can a brother get a lap dance?  My whites don't seem whiter.
 
2013-09-13 12:25:12 AM  
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 steal your very last dime

FTFY
 
2013-09-13 12:59:46 AM  
Microsoft is a company FULL of people who make great salaries. Berkshire Hathaway investors can become wealthy, usually though if they start wealthy.

Wal Mart employees are the largest collective drain on the federal economy in the private sector.

So, what's this about "their" money? It seems that they're taking "our" money.... oh, right, that's okay if you're wealthy and vote/pay for Republicans.
 
2013-09-13 01:04:21 AM  
Oh, and like other industries, WalMart has become large enough to basically create a sub-economy that directs competitors on what to do and how to pay their employees. Even Costco has cut benefits/entry level wages, and they're not even a direct competitor.

What's that? You don't understand how, sometimes, corporations can become "too big"? Just like banks? You know, this one President made arguments about this sort of thing. I think they named stuffed bears after him.
 
2013-09-13 01:06:18 AM  

06Wahoo: //He taught his kids to live on their own means.


Actually, he didn't. He threw money at them so they could take advantage of his lifestyle.

Do you know who Bill Gates's kids are or what they do? No? Now, THAT is a parent who taught his kids to live within their own means, not piggyback like two-bit whores.
 
2013-09-13 01:19:39 AM  

bunner: vrax: Why do you hate science?!

Science kicked my dog, once.


Wow, science is an asshole!
 
2013-09-13 03:13:40 AM  

nosferatublue: 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 image 480x360]


We might describe the billions trading hands between corporations and the very wealthy as only being 'weakly coupled' (to borrow a physics term) to the rest of the economy. As I said, the DOW is at a nominal all time high and corporations have billions in cash reserves, yet unemployment is still high, wages are still low, the economy not consisting of the stock market and top corporations is sluggish at best.  All those billions being shuffled around in those financial instruments aren't doing anything for average folks.
 
2013-09-13 04:07:07 AM  

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


So is that when you'll move on to the 'if you don't shop at Walmart you're an elitist asshole' argument?
 
2013-09-13 05:02:49 AM  

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


Here's the obvious question for you, Bubbaloo. What the blue hells are you gonna do when Wal-mart is the only store left?

This isn't just about abusing tax loopholes. This is about the fact that Wal-mart uses unfair business practices and abuses the system so horrendously you're actually funding the entirety of their associates' healthcare and welfare. Regardless of whether or not you go to their shiatty stores, *you* are going to their shiatty stores. You pay taxes which just end up going to medicare/medicaid/welfare for the employees of the world's most *profitable* company in history and there's no damned reason they cannot pay their own workers a livable wage. All so their potato chips are a nickle lower than the next guy's.

So what are you gonna do when there are no other stores out there, Bubbaloo? Wal-mart is crushing all their competition because *those* guys are keeping the American standard of living for their employees, but they are losing badly to those nickle-cheaper potato chips and eventually they'll be out of business... Just like so many already have fallen ahead of them.

Think things through further than the next five minutes.
 
2013-09-13 05:05:50 AM  
The system only works when everybody plays by the same rules, in other words.
 
2013-09-13 07:02:55 AM  

Terrible Old Man: The system only works when everybody plays by the same rules, in other words.


coachotis.files.wordpress.com
 
2013-09-13 08:14:13 AM  

letrole: Anyone who makes snide remarks about Wal-Mart also tends to:

1. Own a TV but haven't turned it on in years


Have a TV and leave it on even if I'm not watching it...

2. Drink microbrewery beer

Stella Artois is my personal choice

3. Watch Japanese children's cartoons on a Mac

Hate Japanese cartoons as much as I hate Mac

4. Appreciate the warmth of vinyl phonograph records

Galaxy note holds the music i need.

5. Read books at Starbucks

Too much trouble to go to starbucks when I have a coffee maker and a large library at home

6. Claim to prefer girls with small breasts

Never!!

7. Ride a bike wearing spandex stretch trousers

They don't make either of those items in my size

8. Walk past a smoker and force pretentious coughing noises

Used to smoke.. Don't care if you do.

9. Take comfort in believing size doesn't matter

Built like a can of tuna!

10. Feign disgust at the idea of eating a Big Mac

More of a quarter pounder man myself...

Yet, I still refuse to shop at walmart...
 
2013-09-13 08:21:40 AM  

SirAdrianDangerous: letrole: Anyone who makes snide remarks about Wal-Mart also tends to:

1. Own a TV but haven't turned it on in years

Have a TV and leave it on even if I'm not watching it...

2. Drink microbrewery beer

Stella Artois is my personal choice

3. Watch Japanese children's cartoons on a Mac

Hate Japanese cartoons as much as I hate Mac

4. Appreciate the warmth of vinyl phonograph records

Galaxy note holds the music i need.

5. Read books at Starbucks

Too much trouble to go to starbucks when I have a coffee maker and a large library at home

6. Claim to prefer girls with small breasts

Never!!

7. Ride a bike wearing spandex stretch trousers

They don't make either of those items in my size

8. Walk past a smoker and force pretentious coughing noises

Used to smoke.. Don't care if you do.

9. Take comfort in believing size doesn't matter

Built like a can of tuna!

10. Feign disgust at the idea of eating a Big Mac

More of a quarter pounder man myself...

Yet, I still refuse to shop at walmart...


Shush, you. How dare you go against an ancient stereotype ! If you can't count on stereotypes to be 100% accurate, what is there left to believe in ?
 
2013-09-13 08:53:16 AM  

DamnYankees: Sgt Otter: That's pretty typical, in my experience.
THIS:

Self-made millionaires and billionaires knew what it was like to be poor, middle-class, or even just slightly less rich.  It wasn't the end of the world.  They were happy.  So you have to get a Ferrari instead of a Bugatti.  BFD.

Rich kids who won the uterus lottery grow up so sheltered, they seem to think the real world is a coont hair away from Thunderdome.


I feel Fortunate. 

I am the direct decent of self-made millionaires.  They tell no one, not even family.  They live modestly, drive modest cars, and spend thrifty even though they do not need to.

They have bailed family members out of financial distress at times, but every dollar has to be paid back over time. They are the most loving grandparents anyone could have, but believe everyone has to make their own way in this world, lest they lose respect for hard work and responsibility.

/I might see something upon inheritance, but it will be minimal
// My kids will be raised the same way the raised us
 
2013-09-13 09:08:43 AM  

steamingpile: This is why estate taxes exist. We have agreed, as a society, that at least some of these huge piles of wealth should be put back into the public coffers when their rich owners die.

This is the dumbest line from the article, this tax does not affect the rich they just move their money where it is not subjected to this tax, this law affects the middle class to low income people the most when they have richer relatives die and have no clue how to handle money that would desperately help them pay off a lot of their bills. Our 2nd cousins had their uncle die after he had a ton of oil tapped on his property, after he died they had to sell off most of the property to pay off taxes due, they are still broke as shiat since after that all that was left was a few thousand per each family. If they could have kept most of it quite a few of their kids could have went to college but now they are stuck working shiat jobs that endanger their health and safety on a daily basis.

The estate tax law needs to be changed to allow poor or middle class to keep more, its a farking cash grab from the government and idiots act like this is a rich tax.


CSB, too bad it's complete and total BS. The federal estate tax exemption allows you to inherit $5.25 million before you pay your first penny of tax. The poor and the middle class are not affected by the estate tax.
 
2013-09-13 09:17:49 AM  

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.


You mean things like decent roads and schools, and fully staffed police forces and fire departments, and college educations that don't leave graduates in debt for decades? Ben Franklin said it best, in a letter to Robert Morris ruminating about how inherited wealth was strangling European countries:

"All Property, indeed, except the Savage's temporary Cabin, his Bow, his Matchcoat, and other little Acquisitions, absolutely necessary for his Subsistence, seems to me to be the Creature of public Convention. Hence the Public has the Right of Regulating Descents, and all other Conveyances of Property, and even of limiting the Quantity and the Uses of it."

He added:
"all Property superfluous to such purposes is the Property of the Publick, who, by their Laws, have created it, and who may therefore by other Laws dispose of it, whenever the Welfare of the Publick shall demand such Disposition."
 
2013-09-13 09:26:00 AM  
As much as people may not like it, it is THEIR money to do with as they so choose.
 
2013-09-13 09:55:54 AM  

JNowe: 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.


So that's your excuse for lobbing that into this thread? Because there have, allegedly, been other threads where some random person might have mentioned their religion in the defense of some left wing principle? That's your version of everyone going, "but, but, Jeebus..."

That's weaksauce, man, and you know it.
 
2013-09-13 10:20:54 AM  
jayphat
*sigh*
1.)The god damn tax code needs completely wiped and started from scratch on a basic level. Period. The ominous "loopholes" mean nothing to some and everything to people who can't point the god damn things out.
2.) rates aren't the issue. Deductions are the issue. And there are so many its beyond stupid. Don't listen to the talking head politicians on this.
3.)Capital gains don't need taxed at the normal income rate. Capital gains need to be taxed at the income rate as the percentage they are ...

4.)This is a farking stupid point that serves no purpose other than to be a money grab for the government. You don't need more of someone elses money just because they are dead.
5.) Point to me a law that was passed that weakens unions.
6.)We aren't cutting social programs for the poor. There are more today than at any other point in history. What we need is some reform to some social programs so that the net worth to those using them can be increased. As an example, remove pop/soda/chips/candy from SNAP benefits. You have no idea how much money this minor reform will the system to be given back to those who need it.


1) You don't think the super wealthy use every loophole their highly paid wealth managers can find? lol...
2) Rates are absolutely part of the issue. Raise top rates and reduce deductions. There's no reason we can't do both.
3) As Warren Buffet has pointed out, the wealthy aren't going to stop investing because their GAINS get taxed at a higher rate. There's no need to make it anymore complicated than taxing cap gains just like regular income. Our current rate of 15% is just plain stupid and serves only to help the super rich get even richer.
4) If you're too thick to understand the purpose of an estate tax in society, and obviously you are because you state that its only purpose is as a government money grab, then you're too ignorant to engage in an intelligent discussion about the topics of wealth inequality and taxation.
5) Right to work laws. There, that was easy.
6) One quick example: A  $4 billion cut to the food stamp program was the democratic proposal earlier in the year. House Republicans wanted a freaking $20 billion cut because their policy toward the poor can be summed up as "fark off and die".

We have the worst gap between rich and poor in the US for over 100 years and compared to other countries the worst among modern nations and you're appokay with that... because freedom.
/On the other hand you want to tell poor people what food is deemed healthy enough to buy at the grocery and what isn't.
//freedom?


Fade2black
Except all that money gets funneled and extrapolated through the government...when it comes out their ass it's already embezzled or a fraction of what it was before.  The only difference is now you can say your nanny is protecting you from the evil rich.

And your Union stance is laughable.  The only vortex of more wasted money other than the government is the crime bosses that run "local 1086"...because we need 4 people holding up a shovel at $30/hr, because LIVING WAGE!


Allow me to be at least the 2nd person in this thread to say to you: Look at how stupid you are!
Seriously. Your posts are too stupid to merit a real response. Go back to freeperville.
 
2013-09-13 11:40:00 AM  
A lot of hate for WalMart but you'll still vote for Hillary.
 
2013-09-13 12:06:24 PM  

Fade2black: stonicus: 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?

Changing tax laws doesn't fit the allegory you tried to make with slavery.  I don't disagree with your statement, but you seem to be trying the tried and true method of the Left, which is being rich is bad, mention slavery...anything involving race mention Hitler.  They have nothing to do with the point you tried, and failed, to make.


No, I am saying "I don't like the current law."  And your response is just to say "But it's the law!"  I'm bringing up examples (extreme of course, they work the best) of situations that mirror this one.  Something that is legal at the time, but some people want to change it.  Our government is designed for this very purpose, to be dynamic.  I'm like a mother saying to her child "clean your room" and your response as the child is to say "but it's dirty!"
 
2013-09-13 12:55:46 PM  

steamingpile: Oh well this was years ago, I dont think it was before 2001 but its been a long time I know that.


In 2001, the exemption was $675,000 -- which means each and every individual who inherited would receive $675,000 before anything was taxed. The exclusion has increased since then. I think you'd better rethink your imaginary story.

i.imgbox.com
 
2013-09-13 05:55:09 PM  
I thought Bill Nye was a Walton for a second there
 
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