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Panthro

Wealth Inequality in America

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One problem with the initial youtube video is that concentrates on those without wealth at the bottom. I didn't have two nickles to scrape together until I was like 29. Most people start their working lives with no savings or even big debt

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But part of the American dream is leaving your children, and their children, in a better financial situation than you were/are. Why shouldn't I be able to leave my children a comfortable life?

You should be able to. I'm not saying that you shouldn't.

I'm saying that things like that don't require hard work for the people that benefit from it.

Also, you'd have to analyze how the money was made originally to pass any sort of magnifying glass over it. I have no problem respecting people that did it by saving the fruits of their labor. And, by labor I mean the sweat of their brow.

I'm more talking about people that made their money through greed and the equivalent of slave labor. Stuff like commoditization (is that even a word?) of basic things like food, shelter, water, etc. Commercial goods that people are led to believe they need. "Trading" of stock. ETC.

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That's an extremely broad question so I guess it's ok to respond with an extremely broad answer, but I believe the inherent reality in a capitalist society is that some people are just going to be poor and some people are just going to be rich.

Outside of that, I do more cases than not can be directly attributed to how positive or negative a person's upbringing was/is, how intelligent they are, and how hard they work. I know that's not popular, but I don't really know anyone who's smart and hard working and is out of work or near the poverty line. I think any one of those factors is more important in determining why a person poor or not compared to steep medical bills.

i know people with master's degrees who were just told that they'll be laid off due to federal (and as a result, state) budget concerns; people who were working poor as it was. being smart and working hard doesn't really mean poo WRT wealth and less than you'd think WRT employment

oh btw check out just about any warehouse environment and you'll find plenty of people who literally work harder than some multi-millionaire hedge fund manager yet still live below the poverty line. capitalist society rewards the ownership of capital, NOT "how hard you work"

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The marginal tax rate for anyone making over $400K is 39.6%, and that's before you factor in Social Security & Capital Gains for which an argument could be made is money being taxed twice, assuming you took taxable money earned and then invested it in a brokerage account.

So yeah, 50% is entirely possible.

social security is capped and effectively regressive so idk what you're going for there

capital gains are literally income taxed at 15%, lowering effective tax rate. over 1/3 of income earned by the rich is taxed at 15%, show me a 1% type who pays an effective tax rate of 50%. hell mitt romney paid MORE than he had to so his ridiculously low tax rate wouldn't sink his campaign before he had the opportunity to sink it himself and he STILL didn't approach 50%

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Why limit this scenario to the USA? Let's open it up to wealth distribution for the entire planet. In this scenario, virtually everyone on this board qualifies as being in the top 2-3% wealth holders on the planet. So what do we start divvying out from our pockets, and who gets what we have?

agreed

we can start by returning the wealth and resources stolen from undeveloped countries by american and european capitalists for centuries

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Someone paying capital gains is taxed on the gains of the RISK they took. They not only took on risk but they paid the govt some money as well as money towards the company of they bought stock in AND paid a fee to do the trafe AND paid proly monthly fees AND kept some brokers employed and cust serv reps and admins and operations and janitors and security of that building.

Working hard or harder is a misnomer if not overrated. Working smarter is where all of us should be.

Again I say let's analyze each persons scenario and see are they under employed etc.

And a Masters isn't some invisible shield against tough economic times. That shows you how equal the playing field is. Poor guy pushing a broom is at least making money and could have benes while the person with a MBA could only have unemployment.

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agreed

we can start by returning the wealth and resources stolen from undeveloped countries by american and european capitalists for centuries

Awesome. So how much do you owe, and who gets it?

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Reparations for colonialism?

LOL

I thought a lot of that was already done...turning Rhodesia (breadbasket of Africa) into a food importer (Zimbabwe).

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I think more who want the poor to make more should start their own companies and just take matters into their own hands.

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