Redistribution of American Wealth

Discussion in 'Political Opinions & Beliefs' started by cirdellin, Aug 6, 2020.

  1. cirdellin

    cirdellin Banned

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    I keep hearing about the awful wealth disparity in the United States.

    How much money is too much for a single individual to have?

    For example Nancy Pelosi has a net worth of 120 million dollars. Does she have too much money? If so, how much should be taken away?
     
    Last edited: Aug 6, 2020
  2. Golem

    Golem Well-Known Member Donor

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    That would be a question for a tax professional. I believe the tax rates at the start of the Reagan administration are considered "fair". That's when the income inequality started getting out of control
     
  3. doombug

    doombug Well-Known Member

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    So blacks recently have been able to play on a level field only to have democrats want to rob them of any prosperity they may earn? That figures because we all know if dems do not get their way they will take their ball and go home.
     
  4. cirdellin

    cirdellin Banned

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    I’m not talking about the tax laws presently in place. Or even former tax laws. I’m asking how people who are extremely concerned about wealth disparity feel about how much wealth a person should be allowed to have. Nancy Pelosi is the wealthiest Democrat in Congress and number three overall. The two wealthier Republicans are of course enemies of the poor and should be stripped of their wealth. Should she as a populist Democrat be allowed to have 120 million dollars when people even in her district live in desperate poverty? How much money is too much for one person to be allowed to have?
     
    Last edited: Aug 6, 2020
  5. Booman

    Booman Banned

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    Remember when Obama said "at some point you've made enough money" That was before he was worth 40 million and still charging for speeches.
     
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  6. modernpaladin

    modernpaladin Well-Known Member Past Donor

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    In America, that is up to the individual because we are not a collective.

    You might as well ask 'how much productivity is too much?' Granted, many of the wealthy are not productive. But many are. Limiting wealth will limit productivity. Instead of trying to cap wealth, we need to address the factors that allow the nonproductive (and counterproductive) to become wealthy.
     
    Last edited: Aug 6, 2020
  7. cirdellin

    cirdellin Banned

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    I wonder how motivated he will be to protect his assets when Biden and a Democrat Congress start raising taxes on the other wealthy.
     
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  8. cirdellin

    cirdellin Banned

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    It sounds like you are asking for some kind of standard to determining the correctly wealthy from the non correctly wealthy. What did you have in mind? Should Pelosi’s wealth be sheltered because she is trying to redistribute other bad people’s wealth, for example? Or does she need to share too?
     
  9. Booman

    Booman Banned

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    I'm sure he's been spending a lot of time in the Cayman islands.
     
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  10. Cybred

    Cybred Well-Known Member

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    A salary cap of one million a year.
     
  11. Cybred

    Cybred Well-Known Member

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    And he's still right.
     
  12. cirdellin

    cirdellin Banned

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    Ok I respect the honest answer even if I disagree.
    That is a real idea!
     
  13. doombug

    doombug Well-Known Member

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    So how much did you and obama decide is enough? And who made you Pope?
     
    Last edited: Aug 6, 2020
  14. cirdellin

    cirdellin Banned

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    Ok then should he give the other 39 million away? I can’t imagine him actually doing that.
     
  15. Booman

    Booman Banned

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    What I or anyone else has in their bank accounts is none of your or Obama's business.
     
  16. bringiton

    bringiton Well-Known Member

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    More than is commensurate with their contributions.
    That's the red herring favored by both left and right because they both hate justice. The left hates the inequality of justice that gives more to the productive, while the right hates the equality of justice that gives less to the privileged.
     
  17. bringiton

    bringiton Well-Known Member

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    I read many years ago that beyond a certain point, more wealth makes no difference to your life. At that time the point of no difference was around $50M. It is probably in the low nine figures by now.
     
  18. Booman

    Booman Banned

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    Regardless a person be able to make as much as he wants without being demonized or punished for it. Obama has made tens of millions off the system he demonized for eight years.
     
    Last edited: Aug 6, 2020
  19. God & Country

    God & Country Well-Known Member

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    No one should be limited in how much money they can have.
     
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  20. bringiton

    bringiton Well-Known Member

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    There is a difference between getting richer by making others richer, as the productive do, and getting richer by making others poorer, as most rich people do.
    He did his share and more to prop it up.
     
  21. Booman

    Booman Banned

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    Most rich people got so by hurting others. I would love to see the evidence of that.
     
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  22. God & Country

    God & Country Well-Known Member

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    How????
     
  23. wgabrie

    wgabrie Well-Known Member Donor

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    If you're going to redistribute the wealth fairly, we've got to count the wealth and then divvy it up equally 50-50%. So first we've got to get a number and then divide it into the total population.

    I got a number of $98 trillion in 2018 (https://www.brookings.edu/blog/up-front/2019/06/25/six-facts-about-wealth-in-the-united-states/).

    Then we need the number of people in the USA.:
    US Population 2018 –327.876 Million (Estimated)
    http://usapopulation2018.com/#:~:text=Hence, the population of USA in 2018 is,2018 as per estimated data = 327.876 Million.

    And finally, compute the total:
    98 trillion / 327.876 million = 298,893.484

    So: $298,893.48 each.

    That's not enough to go longer than a decade of meager living. Assuming one just lives on it and doesn't do anything with that money.

    I figure that each person needs $3-5 million invested to actually grow their money in this low-interest era. Have fun with that calculation here:
    Savings Withdrawal Calculator
    https://www.bankrate.com/calculators/savings/savings-withdrawal-calculator-tool.aspx
     
    Last edited: Aug 6, 2020
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  24. Cybred

    Cybred Well-Known Member

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    See that's the problem with cons, they have no comprehension or understanding of the concept of MODERATION.
     
  25. Chrizton

    Chrizton Well-Known Member

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    That was also when 401K's and IRA's were starting to take hold. I put 5% in and get a 5% match so really 10% of my pay is offbook for the time being. I suspect that is a part of the gap people are not accounting for.
     

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