6 Walton heirs have the same amount of money as the bottom 30% of Americans

[Riot]

Does anybody begruge them their inherited wealth? Heck no.

But the income inequality is pretty damn noticable. Those in the top 1% have seen their incomes skyrocket, while the bottom 99% have had their real incomes stagnant and get smaller over the past 40 years.

The problem isn't capitalism, or being wealthy. The problem is that the system has been changed and set up and gamed, so that the wealthy get incredible breaks and get to keep and grow their money, while the poor earns 0.25% taxable on a savings account, and hopes for a mortgage deduction, while their wages go down while their production went up.

That's right: Americans are working more, producing more, but their relative incomes, their wages paid for their hard work, have gone down.

Put it this way: The US runs on the takeout. The wealthiest 1% live lives with little to no take out, but the bottom 99% has 15-30%. And they want to increase the take out on the bottom, to create more wealth at the top.

http://www.salon.com/2011/12/08/the_...unding_family/

[T]hen compared those numbers to the net worth of the six members of the Walton clan as reported on the Forbes 400 list in 2007. They are all children or children-in-law of the founders of Walmart. Their total net worth that year: $69.7 billion.

That’s equal to the wealth of the poorest 30 percent of all Americans, according to Allegretto’s calculations.

Six people. As much wealth as 30 percent of all Americans. In 2007, the population of the United States was 302.2 million people. Six people had as much wealth as 90.7 million of those people. Or, to put it in another way, we're not talking about the top 1 percent. We're talking about the top .00000002 percent.

[dellinger63]

Originally Posted by Riot

.

Put it this way: The US runs on the takeout. The wealthiest 1% live lives with little to no take out, but the bottom 99% has 15-30%. And they want to increase the take out on the bottom, to create more wealth at the top.

And then when tax time comes the top tenth of the 1 percenters pay 18% of all personal income taxes while the bottom 50% (half) pay for 3%. Using the population numbers provided in your article that means that a little over 300,000 people pay six times what 150,000,000 pay. Or one person pays what 30,000 do. Take the top quarter or 75 million. They pay six times what the remainder of the country 225 million pay. So rest easy the rich are covering their end, payroll tax and all. Must be something else like a leak somewhere in the system.

Sam Walton started from nothing. A loan from his father-in-law and money he had saved from the army and bought one Ben Franklin Store. It's a shame many americans begrudge his and others success. But misery needs company I suppose.

http://www.irs.gov/pub/irs-soi/08inratesharesnap.pdf

[Riot]

Originally Posted by dellinger63

And then when tax time comes the top tenth of the 1 percenters pay 18% of all personal income taxes while the bottom 50% (half) pay for 3%.

Which has nothing at all to do with the tax rate each bracket pays individually, and the deductions contained therein for each type of income in each bracket (such as the wealthiest paying only 15% on the top income bracket funds, because most of their income comes from capital gains, while lower brackets are taxed at regular income rates).

Aside from that, I'm always sorry when you completely miss the message or point of what was posted (hint - nothing at all to do with taxes)

The problem isn't taxes. It's spending.

They want you fighting for higher taxes so they can spend more of your money. Stop being a parrot for the coc.ksuckers.

[Danzig]

Originally Posted by Coach Pants

The problem isn't taxes. It's spending.

They want you fighting for higher taxes so they can spend more of your money. Stop being a parrot for the coc.ksuckers.

that's my concern, that if taxes get raised they'll just go on a spending spree. the govt. hasn't done anything in years' past to make me think otherwise. there's a reason we keep getting deeper in debt, and it's not because of tax rates.

[dellinger63]

Originally Posted by Riot

Which has nothing at all to do with the tax rate each bracket pays individually, and the deductions contained therein for each type of income in each bracket (such as the wealthiest paying only 15% on the top income bracket funds, because most of their income comes from capital gains, while lower brackets are taxed at regular income rates).

Aside from that, I'm always sorry when you completely miss the message or point of what was posted (hint - nothing at all to do with taxes)

What do you want then? In addition to raising taxes of the 1% you want to also outlaw their wealth? Or do you want them to re-distribute their wealth as in the beginning of a monopoly game? Collectivism over Individualism, I get it. Our founding fathers would have boiled you.

(hint-What I posted is the bottom line. What people pay in taxes? What their share currently is. I know it doesn't jive with your view of America but it's the truth. That bottom line may be a problem for you as demonstrated by your inability to understand the bailout loan to GM was not paid off in full but rather in stock/paper that’s worth 50 cents on the dollar)

If you can find some way 'ole Sam made his money illegally then by all means go sue him or actually his heirs but to blame him for success is very ugly and peasant like considering he was once one of the 99%. BTW even in the OTB, a microcosm of society, there is always one or two that sulk with envy when a big hit is made (instead of congratulating and asking how the ticket was constructed these types yell luck and then want to show how close THEY came, usually not close at all) and I believe a portion of the Wall Street crowd and you have a lot in common with this type. .

Don’t get me wrong. Fortunes have been created breaking the law and those situations should be investigated, prosecuted and if warranted, money returned but to vilify all 3 million Americans who make up the 1 percent simply based on success and some concocted, deceitful accusation they are not paying their fair share is wrong, when in truth they shoulder 38% of taxes paid; every year.

With the top half already accounting for almost 100% personal income taxes already, raising taxes further is ludicrous. Instead Government needs to undergo a huge reduction. Like the average American it has become obese and it’s not all her fault as every time she has asked for more she has been given it. No more. We need to give her some tough love and demand she lose 10% quickly.

[Riot]

Originally Posted by Coach Pants

The problem isn't taxes. It's spending.

They want you fighting for higher taxes so they can spend more of your money. Stop being a parrot for the coc.ksuckers.

The problem was, we had a level of spending, but the Bush years removed 1/3 of our income that was paying for it.

Yeah, we have a spending problem, but when you cut your income massively, that has to be replaced, too.

[Riot]

Originally Posted by Danzig

that's my concern, that if taxes get raised they'll just go on a spending spree. the govt. hasn't done anything in years' past to make me think otherwise. there's a reason we keep getting deeper in debt, and it's not because of tax rates.

Whoa ... you can't deny that the 10 years of Bush Tax Cuts, the unfunded Medicare drug bennie put us in the hole. You can't keep spending at a certain rate, while telling the people paying for it, "You can also stop giving us income".

Proof: simply let the Bush tax cuts expire, and our massive debt is halved in 10 years. Yes, simple as that. And doesn't even address the end to massive defense spending on wars. We'd not be here now, as badly, if the Bush tax cuts were never put into place in the first place.

You can't start a war, and give a massive drug benefit, while also giving tax cuts. THAT is what put us in the hole.