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

[unofan]

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.

 

[Kepler]

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

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.

 

[dxmnkd316]

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.

 

[Kepler]

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

It's not the median, it's the minimum threshold.

You are correct, however the Fed data does in fact work.

 

[French Rage]

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.

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.

 

[Kepler]

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.

Purely anecdotally I grew up / went to school with a lot of these people, so it makes perfect intuitive sense to me. My self-correction for anecdotal bias is always to remind myself how inconceivable poor the average American is.

One reason I am so hard core socialist is I know from experience just how little the super rich deserve their wealth. There is literally no reason for the kids of rich people to inherit tens of millions of dollars. I would impose an absolute hard cap of $10M for lifetime wealth transfer between generations in a family. Your brat wants to inherit your $100M mansion overlooking Central Park? Fine -- she can go out and earn the money to buy it at the estate sale. You already gifted her a Harvard degree and your Rolodex -- that should be enough.

Meritocracy. It's what's for dinner.

 

[SJHovey]

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

Purely anecdotally I grew up / went to school with a lot of these people, so it makes perfect intuitive sense to me. My self-correction for anecdotal bias is always to remind myself how inconceivable poor the average American is.

One reason I am so hard core socialist is I know from experience just how little the super rich deserve their wealth. There is literally no reason for the kids of rich people to inherit tens of millions of dollars. I would impose an absolute hard cap of $10M for lifetime wealth transfer between generations in a family. Your brat wants to inherit your $100M mansion overlooking Central Park? Fine -- she can go out and earn the money to buy it at the estate sale. You already gifted her a Harvard degree and your Rolodex -- that should be enough.

Meritocracy. It's what's for dinner.

It has nothing to do with what the heirs deserve or don't deserve. They deserve and are entitled to nothing.

What it does have to do with is a person's right to dispose of his or her wealth as they see fit. It's their money. If you work hard, if you save hard, if you invest wisely, why does the government just get to take it away when you die.

Most arguments like yours are colored by jealousy of the heir, since no one ever seems to object if the obscenely wealthy decide to do something with their money for a so-called "good cause."

 

[mookie1995]

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

hovey is half right.

what it has to do with is society cost money. and like willie horton, one should go where the money is.

taking funds away from poor or working class is silly, because you are snatching up pennies.
go to the wealthy and take some (1-2-3% of wealth. 50% of that high marginal rate).

let the poor and workers keep their money to spend and run the economy. let the richies keep half of theirs to do the same.

fund society. not retire student debt or other crazy wishes.
but supply healthcare. supply infrastructure. supply retirement for old cranky folks.

 

[Kepler]

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

What it does have to do with is a person's right to dispose of his or her wealth as they see fit. It's their money.

Says who?

This is a social convention. It can be changed. If it's causing millions of people to slowly perish from the lack of essentials, then it should be changed.

Never believe the ideas in your head are anything other than a model you made up (or that was made up for you) to make sense of the world. There's nothing causing you to accept a standard of morality except your personal choice. You are comfortable with a choice that puts an arbitrary fiction above the actual physical welfare of the majority of living, breathing, actual human beings. I get that -- you have been trained since birth to believe that; it's how the 1% maintain their control.

I don't accept that for myself and, little by little, there are getting to be more of me than you. Finally. And thank god for that.

I completely understand the logic of your position. I get that it seems inescapable to you. But the only thing that makes it make sense to you, as opposed to, say, "if I have a full loaf of bread and you are starving I will give you half of my loaf," is your choices about who you are. And we have made different choices.

You vote your way; I'll vote mine. You've been winning for 200 years. It looks like, finally, I'll win once and then we'll see what happens.

 

[ScoobyDoo]

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

It has nothing to do with what the heirs deserve or don't deserve. They deserve and are entitled to nothing.

What it does have to do with is a person's right to dispose of his or her wealth as they see fit. It's their money. If you work hard, if you save hard, if you invest wisely, why does the government just get to take it away when you die.

Most arguments like yours are colored by jealousy of the heir, since no one ever seems to object if the obscenely wealthy decide to do something with their money for a so-called "good cause."

You don't want to pay taxes move to a country where you don't have to pay taxes. You don't get to grift here. I know Republicans have given plutes everything they've ever desired (23 trillion since Reagan swept in stupidity) but it has to end or we're all just going to die.

 

[Drew S.]

It has nothing to do with what the heirs deserve or don't deserve. They deserve and are entitled to nothing.

What it does have to do with is a person's right to dispose of his or her wealth as they see fit. It's their money. If you work hard, if you save hard, if you invest wisely, why does the government just get to take it away when you die.

Most arguments like yours are colored by jealousy of the heir, since no one ever seems to object if the obscenely wealthy decide to do something with their money for a so-called "good cause."

Don’t dead people need the money less than living people? Government costs what it costs and it has to be funded from someplace.

 

[dxmnkd316]

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

Not government, society.

 

[Deutsche Gopher Fan]

Not government, society.

The vagina lottery! Some of the dumbest people on earth have things purely from whose vag they fell out of

 

[jerphisch]

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

What it does have to do with is a person's right to dispose of his or her wealth as they see fit. It's their money. If you work hard, if you save hard, if you invest wisely, why does the government just get to take it away when you die.

Who the fluck is advocating for waiting until they die?

 

[FadeToBlack&Gold]

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

The vagina lottery! Some of the dumbest people on earth have things purely from whose vag they fell out of

I remember years ago, Old Pio clutching his pearls when ticapnews made this same argument, using almost the exact same wording.

 

[ticapnews]

I remember years ago, Old Pio clutching his pearls when ticapnews made this same argument, using almost the exact same wording.

I gave them more credit. I said they crawled out of the vagina, not fell.

Bob Iger is stepping down as CEO of Disney and will be replaced by Bob Chapek, the executive in charge of theme parks.

The Disney stock dropped more than 5% today.

 

[BassAle]

It has nothing to do with what the heirs deserve or don't deserve. They deserve and are entitled to nothing.

What it does have to do with is a person's right to dispose of his or her wealth as they see fit. It's their money. If you work hard, if you save hard, if you invest wisely, why does the government just get to take it away when you die.

Most arguments like yours are colored by jealousy of the heir, since no one ever seems to object if the obscenely wealthy decide to do something with their money for a so-called "good cause."

A power to dispose of estates for ever is manifestly absurd. The earth and the fulness of it belongs to every generation, and the preceding one can have no right to bind it up from posterity. Such extension of property is quite unnatural

There is no point more difficult to account for than the right we conceive men to have to dispose of their goods after death

Unlimited wealth transfer to future generations will result in what amounts to royalty. The rest of us will be serifs

 

[MissThundercat]

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

So, once again, we don't eat the rich. We *compost* the rich.

 

[dxmnkd316]

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

I gave them more credit. I said they crawled out of the vagina, not fell.

Bob Iger is stepping down as CEO of Disney and will be replaced by Bob Chapek, the executive in charge of theme parks.

The Disney stock dropped more than 5% today.

The whole stock market dropped today by nearly 4%.

 

[Kepler]

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

Bob Iger is stepping down as CEO of Disney and will be replaced by Bob Chapek, the executive in charge of theme parks.

That was Tom's plan in Succession.