What difference does it make how rich the rich are?

[InTheLight]

Yes, we keep hearing this claim. However I have as yet not seen any proof of it's validity.

It is theoretically possible but only if the rich person is mega-rich and derives the bulk of their income from capital gains. But you're right in that there have been no tax returns released so we could really see if it actually occurs.

 

[Borneol]

Enjoyed economist Walter William's article this morning about wealth in a free society.

"In Free Society, Wealth’s A Sign You're Doing Something Right"

http://news.investors.com/Article/592742/201111231900/the-rich-make-everyone-richer.htm

From the article:

Thomas Edison invented the incandescent bulb, the phonograph, the DC motor and other items in everyday use and became wealthy by doing so.

Thomas Watson founded IBM and became rich through his company's contribution to the computation revolution. Lloyd Conover, while in the employ of Pfizer, created the antibiotic tetracycline.

Though Edison, Watson, Conover and Pfizer became wealthy, whatever wealth they received pales in comparison with the extraordinary benefits received by ordinary people.

Billions of people benefited from safe and efficient lighting. Billions more were the ultimate beneficiaries of the computer, and untold billions benefited from healthier lives gained from access to tetracycline.

President Barack Obama, in stoking up class warfare, said, "I do think at a certain point you've made enough money." This is lunacy.

Andrew Carnegie's steel empire produced the raw materials that built the physical infrastructure of the United States. Bill Gates co-founded Microsoft and produced software products that aided the computer revolution.

But Carnegie had amassed quite a fortune long before he built Carnegie Steel Co., and Gates had quite a fortune by 1990. Had they the mind of our president, we would have lost much of their contributions, because they had already "made enough money."

Class warfare thrives on ignorance about the sources of income. Listening to some of the talk about income differences, one would think there's a pile of money meant to be shared equally among Americans....

 

[Matt Black]

Yes, we keep hearing this claim. However I have as yet not seen any proof of it's validity.

Well, it's not exactly rocket science. Using UK tax rates as my example, the higher corporate echelons with access to one of the Big Four accountancy firms in this country can easily put down large tranches of their income as capital gains (taxed at 18%) whereas the cleaner pays income tax at 20% plus National Insurance contributions at 12%, producing a total tax on her income of 32%. As I say, that's an example using the UK tax rates, but InTheLight's post suggests something similar would apply on your side of the Pond.

 

[Robert Snow]

So long as one holds to the idea of ownership of private property as guaranteed by the U.S. Constitution it should not make much difference to anyone.

There are certain government laws and resources that can aid people to become wealthy but those resources are equally available to anyone. Patent and trademark enforcement of intellectual property is one example. How rich would Bill Gates be today if the government didn't crack down people making and distributing illegal copies of the Windows operating system?

What do you think of Teddy Roosevelt and his administration?

 

[InTheLight]

What do you think of Teddy Roosevelt and his administration?

I wasn't around to see it back then. :tongue3:

I presume you are referring to his opposition to trusts that controlled the steel and railroad industries (and others) and his desire to break up monopolies and regulate these industries.

How does that relate to the OP?

 

[billwald]

It relates because monopolies are now "persons." <G>

It relates to the price of gas and our rotten phone and cable service (compared to other nations).

 

[billwald]

>But Carnegie had amassed quite a fortune long before he built Carnegie Steel Co., and Gates had quite a fortune by 1990. Had they the mind of our president, we would have lost much of their contributions, because they had already "made enough money."


Compare these people with Bach and VanGough. Did they stop writing music and painting because no one bought their products and they they didn't get richer?

Why, then do billionaire bankers continue to work? Would the public be any worse off if they retired? By the way, Gates didn't write any code once MS got off the ground.

Carnegie may have been rich before he built the steel co. but he didn't hire an army to kill strikers until after the steel company had control of the industry.

 

[Eric B]

Enjoyed economist Walter William's article this morning about wealth in a free society.

"In Free Society, Wealth’s A Sign You're Doing Something Right"

http://news.investors.com/Article/592742/201111231900/the-rich-make-everyone-richer.htm

From the article:
Class warfare thrives on ignorance about the sources of income. Listening to some of the talk about income differences, one would think there's a pile of money meant to be shared equally among Americans.... [later goes on to talk abut "pleasing ones' fellow man"]

I saw this article on another site.

It's denying a "pile of money", but still does not address the illusion of scarcity! ("pile" or no pile).

It also ignores all the strings those already up there can pull, such as overpricing. That they see people are willing to pay anything for their services, and then take advantage and jack up the prices, and people pay more, and then later wake up to find themselves struggling. Of course, this is usually blamed on the government for taxing and giving the money to those selfish lazy, or perhaps just ungifted (talentedly inferior) yet still undeserving people.
The system operates on a devaluing of everyone else’s work and service. It’s like if one is not a top entertainer or executive, they haven’t “earned” a decent living! We blame this on "the market". Then, we tell them “just work harder” or assume that the complaints are a coming from people who just want “govt. handouts”.

 

[Salty]

Should corporations be considered a person

write your answer down,

then read these articles

number one - wikeipedia

Number two - wikepedia

Did your opinion change?