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Any inheritance above $5 millions should be taxed 95%.
Heraclitusstudent saysAny inheritance above $5 millions should be taxed 95%.
How many people in the country will that affect?
bob2356 says
Very clever. We all know how biased the media can be. The graph does not address the long term affect capital gains tax has on investment. Throw it away.
Now you are really grasping for straws. Forbes exists to be the mouthpiece of the ultra rich libertarian set.
Why don't you provide something showing the long term effect capital gains has on investment. Back to it's true because I say it's true. But that's all you post anyway.
You want too much evidence for little things that no one will bother reading. What's the point?
Sniper saysYou mean like Bill Gates
Are you implying that Bill Gates was born poor? The Bill Gates who went to a private Preparatory School?
Sniper saysSteve Jobs
And Steve Jobs? He grew up in Mountain View and Los Altos, CA. Not exactly poor...
Consider that the guy with $10,000 is in fact objectively poorer if everyone else on earth except him gets, say, $1 million. Prices will rise, and he will be fucked.
Or think of it this way: the economy is entirely about control over labor. There is a fixed amount of labor available in the short term. That means that the total amount of money is really just a representation of that labor. If you create money and give it to the very rich, they get a larger share of that labor to work for themselves and not for anyone else.
You do know that many of the rich once started out working for minimum wage. The difference between the rich and you now is, that the rich worked hard to climb the ladder to success, while you just sit and complain that you're not getting your share.
Big Difference. You should take that hint and change your ways.
I’d ask you to prove this, but you cannot, so I won’t
Here are the problems that would surface:
1. Stock market would crash.
2. Real Estate would crash.
3. No one would save in their 401K's, becoming dependent on the state for retirement.
4. The poor who don't want to work, still won't work, because they would not be paying taxes anyway.
5. New investment in companies would dry up, and go overseas.
In real or nominal terms?
Why do you think this would happen?
I agree with Strategist: Any inheritance above $5 millions should be taxed 95%.
How many people in the country will that affect?
You want too much evidence for little things that no one will bother reading. What's the point?
If it's a little thing that no one will bother reading then why is it such a big part of your argument? You can't have it both ways. Too much evidence? You have provided zero evidence. But you always provide zero evidence. Only it's true because I say it's true.
Too many would be needlessly affected. $5 million is not a fortune like it used to be.
Here are the problems that would surface:
1. Stock market would crash.
2. Real Estate would crash.
3. No one would save in their 401K's, becoming dependent on the state for retirement.
4. The poor who don't want to work, still won't work, because they would not be paying taxes anyway.
5. New investment in companies would dry up, and go overseas.
I provide lots of evidence,
Strategist says
Here are the problems that would surface:
1. Stock market would crash.
2. Real Estate would crash.
3. No one would save in their 401K's, becoming dependent on the state for retirement.
4. The poor who don't want to work, still won't work, because they would not be paying taxes anyway.
5. New investment in companies would dry up, and go overseas.
Strategist says
I provide lots of evidence,
Where? You evidence seems to be like bigfoot, no one ever actually sees it. Show a posting you made on this entire thread showing "evidence" that anything in your list has any credence. Other than it's true because I say it's true.
errc saysYou do know that many of the rich once started out working for minimum wage. The difference between the rich and you now is, that the rich worked hard to climb the ladder to success, while you just sit and complain that you're not getting your share.
Big Difference. You should take that hint and change your ways.
I’d ask you to prove this, but you cannot, so I won’t
Sure he can prove it. Here goes.
https://www.theclever.com/15-extremely-successful-people-who-started-from-nothing/ 15 Extremely Successful People Who Started From Nothing
Strategist saysToo many would be needlessly affected. $5 million is not a fortune like it used to be.
$5 million might not be a fortune, but when almost 70% of the population lives paycheck to paycheck, and the average retiree is entering retirement with $120K saved up for retirement, there really won't be that many in that +$5 million category.
Sure he can prove it. Here goes.
https://www.theclever.com/15-extremely-successful-people-who-started-from-nothing/ 15 Extremely Successful People Who Started From Nothing
A whole 15 people represents many of the rich? Seriously? What exactly is your definition of the word prove or for that matter how do you define many? Only 30% of the rich ( or at least the forbes 400 richest) start at less than upper class or wealthy.
Sniper saysStrategist saysToo many would be needlessly affected. $5 million is not a fortune like it used to be.
$5 million might not be a fortune, but when almost 70% of the population lives paycheck to paycheck, and the average retiree is entering retirement with $120K saved up for retirement, there really won't be that many in that +$5 million category.
Yes, I agree there won't be many.
Yes, I agree there won't be many.
That's my point:
In 2016, there were 9.4 million individuals with net worth between $1 million and $5 million, 1.3 million individuals with net worth between $5 million and $25 million,
https://www.cnbc.com/2017/03/24/a-record-number-of-americans-are-now-millionaires-new-study-shows.html
bob2356 saysSure he can prove it. Here goes.
https://www.theclever.com/15-extremely-successful-people-who-started-from-nothing/ 15 Extremely Successful People Who Started From Nothing
A whole 15 people represents many of the rich? Seriously? What exactly is your definition of the word prove or for that matter how do you define many? Only 30% of the rich ( or at least the forbes 400 richest) start at less than upper class or wealthy.
These are just some of the well known ones. Very successful people are a minority to begin with.
Most people consider being rich as having a net worth of $5 million. Some think it's $10 million.
http://www.newsweek.com/millionai...
Strategist saysbob2356 saysSure he can prove it. Here goes.
https://www.theclever.com/15-extremely-successful-people-who-started-from-nothing/ 15 Extremely Successful People Who Started From Nothing
A whole 15 people represents many of the rich? Seriously? What exactly is your definition of the word prove or for that matter how do you define many? Only 30% of the rich ( or at least the forbes 400 richest) start at less than upper class or wealthy.
These are just some of the well known ones. Very successful people are a minority to begin with.
Most people consider being rich as having a net worth of $5 million. Some think it's $10 million.
In 2016, there were 9.4 million individuals with net worth between $1 million and $5 million, 1.3 million individuals with net worth between $5 million and $25 million,
https://www.cnbc.com/2017/03/24/a-record-number-of-americans-are-now-millionaires-new-study-shows.html
These are individuals, not households. Nevertheless, I would divide the numbers by 2.25 or whatever the average household is.
Strategist saysIn 2016, there were 9.4 million individuals with net worth between $1 million and $5 million, 1.3 million individuals with net worth between $5 million and $25 million,
https://www.cnbc.com/2017/03/24/a-record-number-of-americans-are-now-millionaires-new-study-shows.html
These are individuals, not households. Nevertheless, I would divide the numbers by 2.25 or whatever the average household is.
Huh?? It didn't say households?
The article said "individuals" and there are approx. 320 million "individuals" in the country. So, if 1.3 million are in the $5m to $25m bracket, isn't that 0.3% of the population?
However, household wealth could be a more accurate indicator. When Bill Gates had his first child, it would be the poorest child on the planet, born to the richest man on the child. The poor kid just has a used diaper to it's name. Something does not make sense there.
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Richest 1% now owns half the world's wealth - CNBC.com
https://www.cnbc.com/.../11/14/richest-1-percent-now-own-half-the-worlds-wealth.ht...
Nov 14, 2017 - The wealthiest 1 percent of the world's population now owns more than half of the world's wealth, according a Credit Suisse report. The total ...
http://www.businessinsider.com/richest-1-own-over-half-the-worlds-wealth-2017-11