Elizabeth Warren proposes "Wealth Tax"

[chico25]

Let’s be real though, even after this increased tax rate goes into effect people will still hate the rich and will still say they aren’t doing enough. It’s butthurt. And 90% of people with inherited wealth are back to being poor within three generations...the lion share of most new millionaires are middle income 401k savers, entrepreneurs and high wage earning professionals. The lie that they’re all trust fund kids is sweeter to digest but outside of getting a life advantage from being male/white, most of them got it themselves.

I'm going to need receipts on the majority of new people with assets over $50 million earning it through the means you stated.

 

[Perfectson]

That was 23 years go. That’s well more than enough time for any kind of litmus test.

Or so we have a time constraint where you idealogy of that party is erased?

She said she felt the party moved away from the values she holds ,so she still believes she's a conservative from 23 years ago ...thats was 1995 and prior so she was fan of GWB.

Regardless we've asked a governor to step down because he was caught in black face when he was a young adult , politics has a long memory

 

[Perfectson]

breh all he does is troll with right wing, seemingly anarcho capitalist talking points, "innovation" "job creators" foh, we had advancements way before the existance of capitalism, and not only inherited wealth but labor exploitation is the only way you get super wealthy under capitalism. but he prob considers workers as peasants, meantime he cant be doing that well himself cause I dont know any billionaires on message boards all day. lol its useless to argue with him. plus at times I think hes a bot or smthg cause he will say shyt like "centralist" or if AOC becomes "presidential" sure it could be a typo who knows but still

Typos happen when your typing on the phone

I'm doing quite well thanks

Lastly, US has been the engine for capitalism and there's a reason why historically the technology and innovation came from us. We've utilized capitalism to gain resources and empower our populace to keep inventing and innovating . You think this doesn't go haND and hand ? You think China as a communist country didn't start their progression from stealing and then adopting capitalistic economics ?

You're a fool and you can't argue points, you can just attack me but I've given you basic economics lessons founded in facts. Do the same for a change...everything you post is thought of a immature naive hippy

 

[wtfyomom]

Let’s be real though, even after this increased tax rate goes into effect people will still hate the rich and will still say they aren’t doing enough. It’s butthurt. And 90% of people with inherited wealth are back to being poor within three generations...the lion share of most new millionaires are middle income 401k savers, entrepreneurs and high wage earning professionals. The lie that they’re all trust fund kids is sweeter to digest but outside of getting a life advantage from being male/white, most of them got it themselves.

is this true? the waltons own like half the country and they inherited the money, the koch brothers inherited money, our president inherited money.

 

[Snoopy Loops]

Or so we have a time constraint where you idealogy of that party is erased?

So you're saying you can't change your politics after a certain age

That new facts cant change your opinion
And yeah 20 years is more than enough time . Not like she was running for office back then. I also doubt it was an abrupt break from the party and was more like growing discontent, so we can probably tack on another 3 years at the mininimum. So thats more than 25 years ago.

She said she felt the party moved away from the values she holds ,so she still believes she's a conservative from 23 years ago ...thats was 1995 and prior so she was fan of GWB.

GWB or HWB?

Also thats after HWB, if anything its probably his adminstration that probably prompted the break. Probably saw the light during Clinton's admin .

Also are you insinuating that if you're a registered democrat/republican that you're gonna side with every party policy position or vote your party for every elected official on the ballot?

If her voting record was exposed - not like it would be - and it was found out that she voted for the worst of them, then she may have some things to answer for.

Regardless we've asked a governor to step down because he was caught in black face when he was a young adult , politics has a long memory

How are you gonna compare someone in black face with someone changing their parties

You acting like the Republican party was synonymous with the KKK.

Its evident you dont like the wealth tax, but dont let your disapproval of that policy bleed into your view of other aspects of her person, lest you come off as a mere hater

 

[Reece]

is this true? the waltons own like half the country and they inherited the money, the koch brothers inherited money, our president inherited money.

Deathly true.

The people you named are at the tippy top of the spectrum but they’re rare exceptions. It’s very hard for families to keep wealth over generations. 70% of rich families go broke by the second generation (kids). 90% of rich families go broke by the third generation (grandkids). Read the Millionaire Next Door. It’s a good book and it breaks a lot it it down. It’s impossible for most millionaires to be from inherited wealth. The lion share are first generation millionaires.

Here are some articles on it if you don’t want to read the book.

Heres why 90 of rich people squander their fortunes - MarketWatch



70% of Rich Families Lose Their Wealth by the Second Generation

 

[Reece]

I'm going to need receipts on the majority of new people with assets over $50 million earning it through the means you stated.

 

[chico25]

Does this book break down the levels of wealth by amount at all. I ask because if this book was researched looking at people who had 20 to 40 million dollars in assets, who are still very rich, and they made up the majority of people in the study then it wouldn't be relevant to the conversation because they wouldn't be affected by the proposed tax.

 

[storyteller]

Does this book break down the levels of wealth by amount at all. I ask because if this book was researched looking at people who had 20 to 40 million dollars in assets, who are still very rich, and they made up the majority of people in the study then it wouldn't be relevant to the conversation because they wouldn't be affected by the proposed tax.

Yeah, I'd be curious to see the data just to see if we get to see the difference between the median 1 percenter (last study I saw set the median earner at $1,153,000 from the EPI and was based on 2013 data) versus those that are looking at inheriting multiple times more than that (ie: AOC pegging the top tax rate at $10,000,000 or Warren at $50,000,000). Hell, even seeing if the pattern sticks at 3-5 million could be informative.

 

[Secure Da Bag]

You acting like the Republican party was synonymous with the KKK.

Prior to 1970? It wasn't. The Democratic party was synonymous with the KKK.

 

[Snoopy Loops]

Prior to 1970? It wasn't. The Democratic party was synonymous with the KKK.

Exactly. So if one starts to see a problematic strain develop in their party, isn't it only right to abandon ship if it becomes intolerable?

 

[Reece]

Does this book break down the levels of wealth by amount at all. I ask because if this book was researched looking at people who had 20 to 40 million dollars in assets, who are still very rich, and they made up the majority of people in the study then it wouldn't be relevant to the conversation because they wouldn't be affected by the proposed tax.

It does trend a little higher the more wealth we start talking about.

CNBC says 30% of the 400 richest Americans either inherited it or married into it while 70% of the 400 richest built it themselves.

It’s very hard either way for most rich families to stay rich through multiple generations because you get further and further away from the mentality it took to build the wealth. Think Paris Hilton vs. her grandfather who actually built Hilton hotels.

Did the Forbes 400 Billionaires Really 'Build That'?

 

[Perfectson]

So you're saying you can't change your politics after a certain age

That new facts cant change your opinion
And yeah 20 years is more than enough time . Not like she was running for office back then. I also doubt it was an abrupt break from the party and was more like growing discontent, so we can probably tack on another 3 years at the mininimum. So thats more than 25 years ago.




GWB or HWB?

Also thats after HWB, if anything its probably his adminstration that probably prompted the break. Probably saw the light during Clinton's admin .

Also are you insinuating that if you're a registered democrat/republican that you're gonna side with every party policy position or vote your party for every elected official on the ballot?

If her voting record was exposed - not like it would be - and it was found out that she voted for the worst of them, then she may have some things to answer for.



How are you gonna compare someone in black face with someone changing their parties

You acting like the Republican party was synonymous with the KKK.

Its evident you dont like the wealth tax, but dont let your disapproval of that policy bleed into your view of other aspects of her person, lest you come off as a mere hater

Wasn't aware anyone referred to him as HWB , must a republican pet name thanks for making me aware.

No 23 years is long enough, but we are talking mistakes right? We say republicans are a party of hate etc etc and that was rhetoric from 23 years ago. So for a woman to have been jn that party and now touting she's for minority every right and progressive sounds very much akin to someone being in black face 40 years ago and saying that was a mistake.

I guess we choose who we forgive and overlook when it benefits the conversation.

My entire point is her answer the party stopped representing what she was about seems lackadaisical and dishonest ...the party didn't change drastically and she didn't say her morals and understanding changed. The answer was lacking

 

[Secure Da Bag]

So for a woman to have been jn that party and now touting she's for minority every right and progressive sounds very much akin to someone being in black face 40 years ago and saying that was a mistake.

Those two mistakes are very different. 1 is far more understandable than the other.

 

[Perfectson]

Those two mistakes are very different. 1 is far more understandable than the other.

I guess I'm caught up in extremes then but if someone doesn't any no better than aren't they both forgivable