quote:
Either way someone in a previous thread posted from a site what I have been quoting, "that 1% has as much wealth as 90% of the people. " This one percent does not pay 90% of the taxes. And as I have stated tax rates were higher, much higher, on the wealthy and corporations for decades before the "Reagan Revolution" lowered them. No millionaire lost their money and we all enhjoyed a better quality and standard of life. Most of this scare talk is from the greedy that's fed to you by the media pundits who are paid by the greedy. taxing the very wealthy is not a crime and is a basic principle of Capitalism. They should pay more.
First, it is not a site that I quoted, it is a book - and the quote is:
"The richest 1% of the population now owns almost 35% of all the private wealth in America, more than the bottom 90% of the population combined." -
The Wealth Inequality Reader (edited by Dollars & Sense and United for a Fair Economy),p. vii
You can go buy the book at Amazon.com or maybe even at your local Barnes & Noble. Lets look at that quote for what it is. The top 1% owns almost 35% of the wealth. The lower 90% owns less than that, so let's say 34% of the wealth. That is 31% of the wealth left over to the middle 8% of the population. In that light, the middle class isn't doing too shady. And again, Pogo,
what is wealth?. Wealth is things that you have beyond your debt. In other words, wealth is Assets - Liabilities = Wealth. Americans have a
negative savings rate. They spend more than they make, that is why they have no wealth. We are a society of people living on credit, buying today, and paying tomorrow. The wealthy are those that live within their means.
Taxes. We pay taxes on income, as we earn it. If I earn $100,000 per year and only spend $25,000 per year then I will have a million dollars in 15 years or so. Excuse the math, it's off the cuff. Now - in year 15 do you want me to pay taxes on my $1 million dollars? That is not fair, I've been paying taxes on my $100,000 every year as I earned it. The rich do pay taxes. The rich do not spend every cent they earn, plus some - like the average American. That is why they are rich.