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Gerry Clinchy
10-27-2011, 10:50 PM
Heard an interesting "what if" on radio today.

If we tax the present top 1% out of existence ... in the extreme, confiscate all their money for govt redistribution ... the next tier will then become the top 1%.

A caller added that a gross adjusted income of $380,000 puts one in that top 1%. Did not give further details on what the median income might be for the top 1%.

In a free market, there is upward mobility from lower income tiers to higher income tiers. Bill Gates or Steve Jobs were not in that 1% 30 years ago ... they created their way upward to that level. Younger people just starting their careers may be in a low income tier, and have the opportunity to work their way upward. While some in the top 1% may be there by inheritance, there are also others moving upward into that top 1% through virtue of their creativity or entrepreneurship.

But each time you confiscate away the money from the top 1%, somebody else will become the top 1%. If you continue to do that, eventually the top 1% of income level could be the people earning $150K or $200K/ year. A far cry from what we would right now call "rich".

Following this hypothetical scenario eventually, you get down to the point where there is no top 1% ... redistribution has been completed ... subtly.

Then there's Michael Moore who has been trying to say that even though he is worth $50 million, he's really not part of the 1% because he puts his efforts into working for the other 99% ... interesting spin I thought. Wonder if the IRS will buy into that? So, maybe only the 1% who don't hold Michael Moore's beliefs should have their wealth confiscated?

JDogger
10-27-2011, 11:00 PM
Heard an interesting "what if" on radio today.

If we tax the present top 1% out of existence ... in the extreme, confiscate all their money for govt redistribution ... the next tier will then become the top 1%.

A caller added that a gross adjusted income of $380,000 puts one in that top 1%. Did not give further details on what the median income might be for the top 1%.

In a free market, there is upward mobility from lower income tiers to higher income tiers. Bill Gates or Steve Jobs were not in that 1% 30 years ago ... they created their way upward to that level. Younger people just starting their careers may be in a low income tier, and have the opportunity to work their way upward. While some in the top 1% may be there by inheritance, there are also others moving upward into that top 1% through virtue of their creativity or entrepreneurship.

But each time you confiscate away the money from the top 1%, somebody else will become the top 1%. If you continue to do that, eventually the top 1% of income level could be the people earning $150K or $200K/ year. A far cry from what we would right now call "rich".

Following this hypothetical scenario eventually, you get down to the point where there is no top 1% ... redistribution has been completed ... subtly.

Then there's Michael Moore who has been trying to say that even though he is worth $50 million, he's really not part of the 1% because he puts his efforts into working for the other 99% ... interesting spin I thought. Wonder if the IRS will buy into that? So, maybe only the 1% who don't hold Michael Moore's beliefs should have their wealth confiscated?

Don't believe everything you hear on the radio, or read on the internet, Gerry, might be a good start. JD

HPL
10-27-2011, 11:06 PM
A caller added that a gross adjusted income of $380,000 puts one in that top 1%. Did not give further details on what the median income might be for the top 1%.

There was an article somewhere a couple of days ago that covered the whole issue and if I remember correctly, the median income of the top 1% was a bit over $900.000.00

Gerry Clinchy
10-27-2011, 11:33 PM
Don't believe everything you hear on the radio, or read on the internet, Gerry, might be a good start. JD

For heaven's sake, JD ... there is nothing here to "believe" ... it's just a hypothetical "what if" ... maybe the $380K figure is open to question, but it is believable that the top 1% starts at a lower rate than we usually think of as "rich".

My guess would be, if the tax rates become confiscatory, that top 1% will undoubtedly move their wealth somewhere else.

Hew
10-28-2011, 12:34 AM
For heaven's sake, JD ... there is nothing here to "believe" ... it's just a hypothetical "what if" ... maybe the $380K figure is open to question, but it is believable that the top 1% starts at a lower rate than we usually think of as "rich".
I was curious if I was the only one left wondering what the heck Dogger's post had to do with your comments (or the price of tea in China). I guess that zany zinger he dropped on you was burning a hole in his pocket and he couldn't be bothered to read past your first line.

HPL
10-28-2011, 12:53 AM
" ... maybe the $380K figure is open to question, but it is believable that the top 1% starts at a lower rate than we usually think of as "rich".

Article I read had the $380,000.00 figure also, so........

On a completely different topic can ya'll tell me why when you include a reference to a previous post it is in a box and when I do it, it is not?

Thanks

charly_t
10-28-2011, 01:00 AM
" ... maybe the $380K figure is open to question, but it is believable that the top 1% starts at a lower rate than we usually think of as "rich".

Article I read had the $380,000.00 figure also, so........

On a completely different topic can ya'll tell me why when you include a reference to a previous post it is in a box and when I do it, it is not?

Thanks

Just hit the quote button on the person's post. It will appear in the window first for your comment. I then go below it and type my thought etc. You can edit it by leaving the words "quote" at the beginning and the end. Hope that is clear.
P.S. I'm sure there are other ways but I don't know much about computers so that's how I do it.

Buzz
10-28-2011, 08:47 AM
I can't understand why when people wonder about these things they don't just look it up.

In 2009 in order to be in each group, your adjusted gross income had to be at least:


Top 10% - $112,124
Top 5% - $154,643
Top 1% - $343,927
Top .1% - $1,432,890

I would fall in there somewhere, but I'm not saying where.

I don't think of $343,927 as being super rich - that's for sure, but it sure isn't bad if you have a gross adjusted income of $343,927/year, which is $27,660/month, which is $6,613/week, which is $1,322/day based on a 5 day work week.

I have no idea what the average or median income for that group would be, and I don't have time to look that up, I should be working... I'll never get into that next group playing on RTF.

Gerry Clinchy
10-28-2011, 08:55 AM
As charlyt said, if you want to include the name of the original poster (as a reference), that is the only way to do it: hit the "quote" button on the post you want to respond to.

If it is a more general statement, not needing to identify the poster, then you can hit "post quick reply", copy and paste the text you want to quote from wherever, then highlight that text, and click on the yellow box with the lines in it ... just left of the picture icon ...


I'm sure there are other ways but I don't know much about computers so that's how I do it.

2tall
10-28-2011, 09:07 AM
Not really on topic, but I was just perusing some income numbers the other day. How many decimal spaces to you need to state the percentage of people that make over $30,000,000 in a year? (The top 5 pharma execs in 2008). Or how 'bout those two BOA execs who were fired, and sent home with a total of $11,000,000?

To me that's just another way of "redistributing". Steal it from the struggling economy and put it in a gambler's pocket.

HPL
10-28-2011, 11:01 AM
As charlyt said, if you want to include the name of the original poster (as a reference), that is the only way to do it: hit the "quote" button on the post you want to respond to.

If it is a more general statement, not needing to identify the poster, then you can hit "post quick reply", copy and paste the text you want to quote from wherever, then highlight that text, and click on the yellow box with the lines in it ... just left of the picture icon ...

OK, I just hit the "Quote" button and typed this reply in the field beneath your text without doing any editing and this is what I get.

HPL

Well, after posting it for some reason, this time it is in the little box, but I swear that I have been doing the same thing in the past and not having the quote attributed or in the box. I dunno?

duckheads
10-28-2011, 11:19 AM
This is interesting. Make sure you watch it until the end.

http://www.youtube.com/watch?v=JY8LKII_MNA

Jason Glavich
10-28-2011, 12:35 PM
This is interesting. Make sure you watch it until the end.

http://www.youtube.com/watch?v=JY8LKII_MNA

Such an outlandish idea, but the point is very well made using a calendar. But just think everyone below 250k only lost 40 bucks so a good deal overall..........