Rich getting richer

[WOSdrummer99]

This is the hidden content, please

• Sign In
• or
• Sign Up

[stevenash]

The author cites two instances in Zoom and Amazon where values increased during the market decline.  I would submit that most everyone else who owns large amounts of stocks ( regardless of whether they are millionaires, billionaires, or regular guys who retired with large amounts of company stock) all have taken about a 30% to 40% beating during this decline.  The fact that two guys stocks have increased has nothing to do with the fairness of the tax system.  It is written in such a manner ( some call it class envy) to make one think that he or she has somehow been cheated and the  reason Jeff Bezos has a lot of money is because of the tax system.  BS- Mr. Bezos brought an idea to the market place that is very successful.  As Sears, Penneys, Lord and Taylor, Neiman Marcus, and possible Macys approach bankruptcy filings, Mr. Bezos company will benefit from that.  Additionally, Amazon has provided people with a way to get much of what they need while brick and mortar stores have been closed.  If the tax system is made "fairer" it will simply dissuade many other entrepreneurs from bringing their ideas to a market place that will decide whether or not their ideas are valid.  It would also be interesting to see how many companies have laid off large portions of their employees and compare that to what has happened at Amazon.    I am always hearing how the latest tax cut benefitted only the rich.  Think about it.  If 50% of the public is not paying any taxes, well of course those who get a cut and ARE paying taxes will be identified as " the evil  rich" that benefit from the next tax cut thus leaving the poor other 50% ( who pay ZERO income tax) to fend for themselves.  I am amazed at how many think that a zero percent tax rate entitles one to get a tax break.

[WOSdrummer99]

This is the hidden content, please

• Sign In
• or
• Sign Up

 

[stevenash]

This is the hidden content, please

• Sign In
• or
• Sign Up

[stevenash]

This is the hidden content, please

• Sign In
• or
• Sign Up

[tvc184]

Class envy.  The birth of the Soviet Union and other socialist fiascos. 

Let’s see, if the richest person in my town is worth $30 million but I can reduce his/her wealth to only $10 million... yeah I will be so much better off if he/she only had $10M more than me than $30M. Darn rich people! 

[WOSdrummer99]

This is the hidden content, please

• Sign In
• or
• Sign Up

[WOSdrummer99]

 

This is the hidden content, please

• Sign In
• or
• Sign Up

[UT alum]

On 4/23/2020 at 8:00 PM, stevenash said:

The author cites two instances in Zoom and Amazon where values increased during the market decline.  I would submit that most everyone else who owns large amounts of stocks ( regardless of whether they are millionaires, billionaires, or regular guys who retired with large amounts of company stock) all have taken about a 30% to 40% beating during this decline.  The fact that two guys stocks have increased has nothing to do with the fairness of the tax system.  It is written in such a manner ( some call it class envy) to make one think that he or she has somehow been cheated and the  reason Jeff Bezos has a lot of money is because of the tax system.  BS- Mr. Bezos brought an idea to the market place that is very successful.  As Sears, Penneys, Lord and Taylor, Neiman Marcus, and possible Macys approach bankruptcy filings, Mr. Bezos company will benefit from that.  Additionally, Amazon has provided people with a way to get much of what they need while brick and mortar stores have been closed.  If the tax system is made "fairer" it will simply dissuade many other entrepreneurs from bringing their ideas to a market place that will decide whether or not their ideas are valid.  It would also be interesting to see how many companies have laid off large portions of their employees and compare that to what has happened at Amazon.    I am always hearing how the latest tax cut benefitted only the rich.  Think about it.  If 50% of the public is not paying any taxes, well of course those who get a cut and ARE paying taxes will be identified as " the evil  rich" that benefit from the next tax cut thus leaving the poor other 50% ( who pay ZERO income tax) to fend for themselves.  I am amazed at how many think that a zero percent tax rate entitles one to get a tax break.

You’re considering only who earns, not who owns. What percent of the national wealth do the 50% have to share?  What percent does the 10% at the top own? Who has access to capital to fund entrepreneurial enterprises? We can debate the fairness, but not the skew.

[stevenash]

So the farmer in the midwest whose family has passed down thousands  upons thousands of valuable acreage faces a  dilemma.  Many of these farmers are asset rich and cash poor.  Is it the responsibility of the benevolent governement to take these lands from these families in the name of equity and fairness?

[stevenash]

And exactly who is going to decide how to tax wealth instead of income?    What will the definition of wealth become?   When the owner of very very large public company goes bankrupt, surely those that have taken from him all those years will be ready to give to him?