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Business, Economic, and Tax Policy 9: No, No, No, We Compost The Rich

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  • #31
    Re: Business, Economic, and Tax Policy 9: No, No, No, We Compost The Rich

    Saying "this" to there being a middle class is bs. I'm considered middle class. So were my parents. I have a white collar job. They had blue collar jobs. They were much better off overall than I am. Why? Because of over inflation in certain sectors my bank account has been destroyed. Their bank account was never attacked in the ways mine have been attacked.
    **NOTE: The misleading post above was brought to you by Reynold's Wrap and American Steeples, makers of Crosses.

    Originally Posted by dropthatpuck-Scooby's a lost cause.
    Originally Posted by First Time, Long Time-Always knew you were nothing but a troll.

    Comment


    • #32
      Re: Business, Economic, and Tax Policy 9: No, No, No, We Compost The Rich

      Japan, the world’s third-largest economy after the U.S. and China contracted at an annualized rate of 6.3% in the October-December quarter, worse than economists’ forecast of a 3.9% contraction. The biggest reason was a sharp drop in private consumption after the national sales tax rose to 10% on Oct. 1 from 8%.
      https://www.wsj.com/articles/japans-...on-11581898410
      The preceding post may contain trigger words and is not safe-space approved. <-- Virtue signaling.

      North Dakota Hockey:

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      • #33
        Re: Business, Economic, and Tax Policy 9: No, No, No, We Compost The Rich

        Yes, because sales taxes are very regressive and impact the the people who don't have that kind of money to spend on additional taxes. WHich is why you have a progressive income tax and not insane sales taxes.
        Code:
        As of 9/21/10:         As of 9/13/10:
        College Hockey 6       College Football 0
        BTHC 4                 WCHA FC:  1
        Originally posted by SanTropez
        May your paint thinner run dry and the fleas of a thousand camels infest your dead deer.
        Originally posted by bigblue_dl
        I don't even know how to classify magic vagina smoke babies..
        Originally posted by Kepler
        When the giraffes start building radio telescopes they can join too.
        He's probably going to be a superstar but that man has more baggage than North West

        Comment


        • #34
          Re: Business, Economic, and Tax Policy 9: No, No, No, We Compost The Rich

          Also, pardon me if I don't take the WSJ's word for it when it comes to causation. A 10% sales tax is still lower than much of Europe's VAT.

          Comment


          • #35
            Originally posted by Kepler View Post
            * Moved from the Heineken Virus thread. *

            Take 33 through 66 on this chart for middle class American wealth:





            No, it isn't only that. The rate of growth also increased as you go up the scale. Look at the 50% mark and the 99% mark:

            Code:
              Yr    50%     99%   Ratio
            1963    41   1,457    35.54
            1983    83   3,323    40.03
            2016    97  10,400   107.21
            Let's specifically take the period since 1983, the Reaganomics Era:

            50% wealth increase = (97-83)/83 = 17%
            99% wealth increase = (10,400-3,323)/3,323 = 213%

            That is what Republican and Democratic Neoliberal economic policies do.

            Let's compare to the period 1963 - 1983, the Great Society Era:

            50% wealth increase = (83-41)/41 = 102%
            99% wealth increase = (3,323-1,457)/1,457 = 128%

            That is what an aggressive graduated income tax does.

            The low marginal tax rates increased the 99%'s ROI by 85% -- the exact amount that the 50%'s ROI decreased. It robbed from the middle class and gave to the rich.

            That is the greatest redistribution of wealth between the classes in world history. It destroyed the American middle class and is now destroying democracy.
            Is this saying one in 100 families is worth $10MM? There is no way that can be right.
            Originally posted by BobbyBrady
            Crosby probably wouldn't even be on BC's top two lines next year

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            • #36
              Originally posted by Drew S. View Post
              Is this saying one in 100 families is worth $10MM? There is no way that can be right.
              Well, it is.

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              • #37
                Originally posted by Drew S. View Post
                Is this saying one in 100 families is worth $10MM? There is no way that can be right.
                1/100 = 1%

                (drew's heard that thrown about, no? 1%'ers )
                a legend and an out of work bum look a lot alike, daddy.

                Comment


                • #38
                  Re: Business, Economic, and Tax Policy 9: No, No, No, We Compost The Rich

                  Originally posted by mookie1995 View Post
                  1/100 = 1%

                  (drew's heard that thrown about, no? 1%'ers )
                  I suspect Drew has heard that before.

                  I also suspect Drew never had a clue what it meant. Just some fancy phrase "the liberals" liked to throw around.
                  What kind of cheese are you planning to put on top?

                  Comment


                  • #39
                    Originally posted by rufus View Post
                    I suspect Drew has heard that before.

                    I also suspect Drew never had a clue what it meant. Just some fancy phrase "the liberals" liked to throw around.
                    Does the number make sense to you? I could see somewhere around $5MM being a reasonable number.
                    Originally posted by BobbyBrady
                    Crosby probably wouldn't even be on BC's top two lines next year

                    Comment


                    • #40
                      Re: Business, Economic, and Tax Policy 9: No, No, No, We Compost The Rich

                      Originally posted by Drew S. View Post
                      Is this saying one in 100 families is worth $10MM? There is no way that can be right.
                      If it's the median of the entire top 1% then it seems low to me.

                      If you trust this source (2016 Federal Reserve Survey of Consumer Finances):

                      Code:
                      $M Percentile
                      10 98.5
                      20 99.5
                      43 99.9
                      Last edited by Kepler; 02-24-2020, 11:08 AM.
                      Cornell University
                      National Champion 1967, 1970
                      ECAC Champion 1967, 1968, 1969, 1970, 1973, 1980, 1986, 1996, 1997, 2003, 2005, 2010
                      Ivy League Champion 1966, 1967, 1968, 1969, 1970, 1971, 1972, 1973, 1977, 1978, 1983, 1984, 1985, 1996, 1997, 2002, 2003, 2004, 2005, 2012, 2014, 2018, 2019, 2020

                      Comment


                      • #41
                        Originally posted by Kepler View Post
                        If it's the median of the entire top 1% then it seems low to me.
                        It's not the median, it's the minimum threshold.

                        Comment


                        • #42
                          Re: Business, Economic, and Tax Policy 9: No, No, No, We Compost The Rich

                          Originally posted by Drew S. View Post
                          Does the number make sense to you? I could see somewhere around $5MM being a reasonable number.
                          By the Fed data $5M puts you in the top 2.5%. That seems right to me.

                          This includes home equity.

                          I would not be surprised if you broke these numbers down by state they would have wild variances. The top 1% in NY and CA are a whole different world than the top 1% in OK or MS.

                          In fact that would be one way to sell wealth taxes on the super rich (say, > $10M): it would be a tax on people in liberal states.
                          Last edited by Kepler; 02-24-2020, 11:11 AM.
                          Cornell University
                          National Champion 1967, 1970
                          ECAC Champion 1967, 1968, 1969, 1970, 1973, 1980, 1986, 1996, 1997, 2003, 2005, 2010
                          Ivy League Champion 1966, 1967, 1968, 1969, 1970, 1971, 1972, 1973, 1977, 1978, 1983, 1984, 1985, 1996, 1997, 2002, 2003, 2004, 2005, 2012, 2014, 2018, 2019, 2020

                          Comment


                          • #43
                            Re: Business, Economic, and Tax Policy 9: No, No, No, We Compost The Rich

                            I buy these numbers. Remember these families aren’t equally spread among you and your friends. They’re concentrated to small areas and don’t often mingle with us, the unwashed masses.
                            Code:
                            As of 9/21/10:         As of 9/13/10:
                            College Hockey 6       College Football 0
                            BTHC 4                 WCHA FC:  1
                            Originally posted by SanTropez
                            May your paint thinner run dry and the fleas of a thousand camels infest your dead deer.
                            Originally posted by bigblue_dl
                            I don't even know how to classify magic vagina smoke babies..
                            Originally posted by Kepler
                            When the giraffes start building radio telescopes they can join too.
                            He's probably going to be a superstar but that man has more baggage than North West

                            Comment


                            • #44
                              Re: Business, Economic, and Tax Policy 9: No, No, No, We Compost The Rich

                              Originally posted by unofan View Post
                              It's not the median, it's the minimum threshold.
                              You are correct, however the Fed data does in fact work.
                              Cornell University
                              National Champion 1967, 1970
                              ECAC Champion 1967, 1968, 1969, 1970, 1973, 1980, 1986, 1996, 1997, 2003, 2005, 2010
                              Ivy League Champion 1966, 1967, 1968, 1969, 1970, 1971, 1972, 1973, 1977, 1978, 1983, 1984, 1985, 1996, 1997, 2002, 2003, 2004, 2005, 2012, 2014, 2018, 2019, 2020

                              Comment


                              • #45
                                Re: Business, Economic, and Tax Policy 9: No, No, No, We Compost The Rich

                                Originally posted by dxmnkd316 View Post
                                I buy these numbers. Remember these families aren’t equally spread among you and your friends. They’re concentrated to small areas and don’t often mingle with us, the unwashed masses.
                                Yeah, if you factor in pockets around SF, LA, NY, DC, there can be enclaves with quite a bit of wealth. Moreso, as Kepler pointed out, when you factor in home equity. You can have a home near me around $1.5-2M that wouldn't even be noticeable anywhere else in the country. And again, it's the top 1% of families, not individual people.

                                Cornell '04, Stanford '06


                                KDR

                                Rover Frenchy, Classic! Great post.
                                iwh30 I wish I could be as smart as you. I really do you are the man
                                gregg729 I just saw your sig, you do love having people revel in your "intelligence."
                                Ritt18 you are the perfect representation of your alma mater.
                                Miss Thundercat That's it, you win.
                                TBA#2 I want to kill you and dance in your blood.
                                DisplacedCornellian Hahaha. Thread over. Frenchy wins.

                                Test to see if I can add this.

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