Wealth

[vnsplshr]

Many people I have spoken to about the economy see a tax on wealth as a

Comments

[hollowman]

>>Friends of mine would argue that all that money in bank vaults is "doing nothing useful". Is money supposed to have a lofty purpose? Or once it's made it safely (and legally) into someone's pocket, is it up to that someone to decide its best use?<<

It doesn't have a lofty purpose, it has an extremely practical purpose. It makes people work and keeps the economy stable. Amassing a great deal of wealth is simply a byproduct of how money works, the same way amassing fat is a byproduct of the way food works.

The wealth amassed is not doing anything usefull, so it makes sense to send a signifigant amount back into the economy. The only reason NOT to do so on a large scale is that money would lsoe some of it's effectiveness at luring people into work if we did, so we must limit the amount we take back into circulation.

>>I would argue that the wealthy (meaning the bulk of their number who gained their riches legally) drive our economy, and have not earned such envy, just because they understand compound interest.< That varies

[vnsplshr]

I agree with many things you say until you think the gov't gets to decide what money needs moving.

[atrayitic]

Um, I'm not so sure what you are talking about here. The wealthy are our supposed roles models. We're told all the time that we can achieve anything if we just try hard enough.
I think that's a fallacy.
Altough rich people pay a lot of money for taxes it's actually the middle and working class that pays the larges percentage of tax based on the money they make. So you have to think in percentages and not dollar amounts. Yeah, 5% of a 100 million dollars is a lot of money, but it's still only 5% while middle and working class people are paying 20% of their earning in taxes. So therefore the numbers are inherently scewed.
Also, being rich is a gateway. You can't really say if something is desirved if dad is an alumni at some fancy college chances are his kid is going to get into that same college. Some people are predetermined to succeed in life.

[atrayitic]

additionally, in going in line with percentages, in the US the upper-class (2% of our total population) holds 90% of the countries wealth. So that other 98% of people are actually paying the most in taxes.

[vnsplshr]

"The Top 50% pay 96.54% of All Income Taxes
The Top 1% Pay More Than a Third: 34.27%"

I prefer to think of it that way.

[vnsplshr]

The wealthy are our supposed roles models.

But advocating a tax on acquired wealth is an attack on their successes.

We're told all the time that we can achieve anything if we just try hard enough.
I think that's a fallacy.

As soon as you internalize what you see as a fallacy, aren't you killing off some hope? Some ambition? Skepticism is healthy, but disbelief in potential is just sad.

Altough rich people pay a lot of money for taxes it's actually the middle and working class that pays the larges percentage of tax based on the money they make.

So we should have a 71% flat tax on income and drop every under $35,000 from the tax rolls. Ability to afford taxes does not mean you should pay more.

Also, being rich is a gateway. You can't really say if something is desirved if dad is an alumni at some fancy college chances are his kid is going to get into that same college. Some people are predetermined to succeed in life.I can't accept defeatist thinking like that. It advocates the idea that it's ok feel victimized on a class

addressing all aspects of the topic in no order

[sexyvanilla]

In an ideal world I think a flat tax would be best, and I also think that there shouldn't be a predetermination to being wealth... either through getting into a good college, or by any other means. If a person could succeed by their own will power, wouldn't that be nice?
But that just isnt how things are. People who dont have money think that the rich should owe more than them, and people who are rich think that money buys them everything, even respect. I think that it is right for the middle class to be paying the most in taxes, it is ideal for that to happen.
Life is a bell curve.

[lo_ex_nihilo]

About wealthy parents buying their kids into colleges... I think this is something that is not as prevalent as many people think. If you REALLY want to go to a good college, study hard and apply for as much financial aid and scholarships as you can...

I have a brother in law who is going to study pre-med at a private college in CA. He comes from a family of 7 children (my husband is the oldest). His family does not have much money. He is getting over $20,000 in scholarships (not to mention financial aid monsy). And these scholarships were not just arbitrarily given to him... he had to seek them out, fill out applications, write essays, etc.

Here is the point... if you want something bad enough, work for it! Make the most out of what life gives you. You do not have to go to some rich private high school to get into a good college... you do not have to come from money to get into a good college... you DO have to work hard and refuse to give up.

*stepping off the soap box now*

[vnsplshr]

Here is the point... if you want something bad enough, work for it! Make the most out of what life gives you.

Don't tell my girlfriend... but I think I love you :)

[lo_ex_nihilo]

hahaha... just don't say that in front of my husband...

[vnsplshr]

I've had quite a time of it, trying to share sentiments like yours in discussion communities on LJ.