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Thread: Millionaires shrug off the downturn

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    Millionaires shrug off the downturn

    Millionaires across the world are now richer than they were before the financial crisis, the latest sign that the wealthy have weathered the downturn far better than other groups.

    Awww lets give them another tax cut and stick it to the middleclass workers more...its only fair right ???


    FT.com / Global Economy - Millionaires shrug off the downturn

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    Re: Millionaires shrug off the downturn

    Quote Originally Posted by lpast View Post
    Millionaires across the world are now richer than they were before the financial crisis, the latest sign that the wealthy have weathered the downturn far better than other groups.

    Awww lets give them another tax cut and stick it to the middleclass workers more...its only fair right ???


    FT.com / Global Economy - Millionaires shrug off the downturn
    envy is not a sound basis for economic policy. The rich deal from a position of power. tax them too much and it hurts people like you in the long run. the rich pay too much of the income tax burden and that has allowed the deficit to skyrocket as too many people don't realize that government spending costs tax dollars-tax dollars they don't think they should have to pay

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    Re: Millionaires shrug off the downturn

    Quote Originally Posted by TurtleDude View Post
    envy is not a sound basis for economic policy. The rich deal from a position of power. tax them too much and it hurts people like you in the long run. the rich pay too much of the income tax burden and that has allowed the deficit to skyrocket as too many people don't realize that government spending costs tax dollars-tax dollars they don't think they should have to pay

    Envy my arse, has absolutely nothing to do with envy, it has everything to do with the rich are doing far better than the working class and DO NOT NEED more tax cuts and its the public employees and working class that are getting raped in this country
    No matter how you whine for the rich turtle the "facts" speak for themselves, the rich have gotten richer and richer no matter what the taxs are the the middleclass and working class have gotten poorer....the rich do not need more tax cuts...they dont pay their fair share now and never did....GE 14billion profits and got a 300 million tax credit.
    You and a few others on here need some new material, you keep repeating yourselves your starting to sound like Jose Baez.

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    Re: Millionaires shrug off the downturn

    Meh....Take away all their money and in a few years they will be on top again. Rich people are rich for a reason.

    It works both ways.

    Lotto winners who lost it all.
    Thank you

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    Re: Millionaires shrug off the downturn

    Quote Originally Posted by lpast View Post
    Envy my arse, has absolutely nothing to do with envy, it has everything to do with the rich are doing far better than the working class and DO NOT NEED more tax cuts and its the public employees and working class that are getting raped in this country
    No matter how you whine for the rich turtle the "facts" speak for themselves, the rich have gotten richer and richer no matter what the taxs are the the middleclass and working class have gotten poorer....the rich do not need more tax cuts...they dont pay their fair share now and never did....GE 14billion profits and got a 300 million tax credit.
    You and a few others on here need some new material, you keep repeating yourselves your starting to sound like Jose Baez.
    Like many who want others to pay more taxes you tend to engage in the short sighted thinking or more likely FEELING that is probably a symptom of why you want to blame others for your lot. Many people like you see Gates and Buffett as bad yet your tax hike schemes affect people making a few hundred K a year far more and while those people are "rich" compared to people such as you they are hardly robber barons. and of course those who have large incomes get more money if they invest it rather than recklessly spend it.

    YOUR SILLY RANTS about need are pathetic as well. Usuing your classwarfare based nonsense-anyone who actually can save money or not spend all they make doesn't NEED that money.

    You also ignore the fact that resourceful people tend to engage in behaviour that ultimately will hurt people like you if you demand more and more taxes from them

    Its time for people like you to stop whining that others have to pay more when they get no additional benefits for subsidizing your low tax rates.

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    Re: Millionaires shrug off the downturn

    Quote Originally Posted by TurtleDude View Post
    envy is not a sound basis for economic policy. The rich deal from a position of power. tax them too much and it hurts people like you in the long run. the rich pay too much of the income tax burden and that has allowed the deficit to skyrocket as too many people don't realize that government spending costs tax dollars-tax dollars they don't think they should have to pay
    As TurtleDude notes, the real problem is government spending that is out of control, everything else is just a symptom and side-issue. That is what this discussion should be about, and resolve the issue.

    The people do not run their government. The representatives do not represent the people. Money is power, and congress holds the power and the collection agency to do their will, not yours.

    That is what must change. That is why I suggest a peaceful takeover of the throne.

    All Volunteer Government Party (AVGP)
    One Tin Soldier Walked Away..................

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    Re: Millionaires shrug off the downturn

    Quote Originally Posted by akyron View Post
    Meh....Take away all their money and in a few years they will be on top again. Rich people are rich for a reason.

    It works both ways.

    Lotto winners who lost it all.

    Another myth most people are RICH because they were born into it and they very very few that make it from scratch deserve credit and its VERY FEW...the rich start out the privledged class then tell us all how they broke their ass.....more bs. Aside from that I dont want to take "THEIR" money I want the teaparty to stop taking mine while whining how bad they have it...

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    Re: Millionaires shrug off the downturn

    Quote Originally Posted by TurtleDude View Post
    Like many who want others to pay more taxes you tend to engage in the short sighted thinking or more likely FEELING that is probably a symptom of why you want to blame others for your lot. Many people like you see Gates and Buffett as bad yet your tax hike schemes affect people making a few hundred K a year far more and while those people are "rich" compared to people such as you they are hardly robber barons. and of course those who have large incomes get more money if they invest it rather than recklessly spend it.

    YOUR SILLY RANTS about need are pathetic as well. Usuing your classwarfare based nonsense-anyone who actually can save money or not spend all they make doesn't NEED that money.

    You also ignore the fact that resourceful people tend to engage in behaviour that ultimately will hurt people like you if you demand more and more taxes from them

    Its time for people like you to stop whining that others have to pay more when they get no additional benefits for subsidizing your low tax rates.

    Turtle stop the bs please...you and cpwill took the same course on Rich and corporate whining. No where did I say make the rich pay more taxes...I said STOP THE TAX CUT BULL**** and make them pay their fair share...This teaparty crew want to take from the middleclass and give to the rich....
    Your SILLY Cheerleading for the richs are whats pathetic, you spout the same crap over and over hoping someone is going to believe you...NO ONE HERE DOES except for Mr V and Cpwill all 3 of you took the same cheerleading course.
    You can whine scream lie try and create doubt all you want, the facts show you are dead wrong,,,...and mark this statement down....the teaparty in the end is going to fail miserably

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    Re: Millionaires shrug off the downturn

    There's a difference between millionaire "profits" and millionaire "earnings". Those rich individuals whose income comes through "profits" do so based on the success or failure of their business venture(s). Those rich individuals whose income comes through "earnings" do so based on their investments. It's really a tax code issue based moreso on which revenue stream "income" is derived from. But I digress...

    Short-selling has become the norm on Wall Street during this economic downturn. I don't begruge them; I just wish I could have gotten into the game when I had the chance. But other more important matters took priority.

    The way I see it there are very few wealthy individuals who truly care about the plight of those beneath them. We've continued to hear the argument from Conservatives making the claim the if you don't tax the wealthy too much let alone at all, they'll use their wealth to start, grow or expand their businesses and in so doing that wealth dispersment will trickle-down to everything and everyone else. Manufacturing will stay in America, consumer goods and services will remain affordable, and incomes for the working class will stay at or near "cost-of-living" especially if unions are kept out of the way. But what has happened over the last 3-8 years?

    Labor union membership has dwindled. Manufacturing jobs have left this country in record numbers; a few have begun to come back, but not enough of them are doing so fast enough. Incomes have remained flat while the cost of living has drastically increased, i.e., gas, groceries, clothing, various routine services, health care, prescription medicines. Working-class individuals have either lost their jobs or are barely hanging on. And those who still have jobs are having to do more with less. Yet, I keep hearing this mixed message coming from Republican leaders.

    We have a $14 trillion deficit, we need to reduce government spending, we're going to leave a legacy of debt to our children and grandchildren, many jobs that left are never coming back, if we raise taxes we kill jobs. That last part makes me laugh!!

    THERE ARE NO JOBS OUT THERE TO KILL! So, whether you raise taxes or not it's not going to matter! But what WILL matter is we need to rethink, refocus, retool, reinvest in our country and STOP sending these messages of DOOM AND GLOOM at every turn. STOP being so obstructionist and start finding common sense solutions to our nation's economic problems.

    I understand the call to cut spending. It is the responsible thing to do when you're in debt. BUT...

    I also understand that old attage: "It takes money to make money!" To that, our representatives in Congress at all levels need to do a much better job of trying to find ways to lift this country out of its economic down-turn. Otherwise, we just may find ourselves in the exact same position as Greece and several other Middle-Eastern countries. I think investing in new technology is the smart thing to do. No, it won't turn things around immediately, but it should put our country on a better footing to put today's technological breakthroughs in play in the near future. I also believe some tax cuts are in order that will stimulate job growth. However, I also believe some taxes will have to be raised if we are to pay down our national debt. Currently, we're focused strictly on paying the interest on the debt, but just as with a home loan if you don't start paying down the priciple, you'll never clear the debt fast enough. As such, what Republicans are calling for is a smoke screen - don't raise taxes because the government already raises enough revenue (via income tax collection and other investments, i.e., T-Bills/bonds) to make our interest payment on the debt.

    INTEREST payment...not the priciple on the debt, just the interest we owe. Meaning the debt will remain relatively high. When I hear that we should "live within our means," I apply that concept to my own household and I quickly realize that there are but two ways to pay-off my debts (if any; fortunately, I have very little debt to worry about): a) make a budget and stick to it until my debts are paid in full; or b) find another revenue source (i.e., get a 2nd-job delivering pizzas if I have to) and use the additional income and apply it toward my debts. What we're really hearing from Republicans is Option #1 - make a budget, stick to it, pay down the debt over time. This tells me that Republicans really aren't that concerned about paying off our debt; they only care about balancing our budget - bring spending down to levels equal to or below what we as a nation take in in revenue. It is the right thing to do, but staying with such an approach will mean we can't do anything else.

    We won't be able to invest in anything and our best investment is and always shall be "our people". This is the #1 thing that drives me crazy about stauch Republicans and even these so-called Blue-Dog (or Reagan) Democrats. They go out of their way to protect the few fat cats among us when so many Americans are hurting in so many ways. The class of people who can help turn this country around and are very eager to do so, IMHO, are being ignored, tuned out, left to fend for themselves. It's the same fight from the 1930's being played out before us all over again.

    Sorry about the rant, but I just don't think one side of the political divide is being honest w/the American people. If folks would only learn to filter out the white noise and learn about the issues themselves and stop listening to the talking heads and the pundits this country would be so much more better off. The political games truly have to .

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    Re: Millionaires shrug off the downturn

    Quote Originally Posted by shintao View Post
    As TurtleDude notes, the real problem is government spending that is out of control, everything else is just a symptom and side-issue. That is what this discussion should be about, and resolve the issue.

    The people do not run their government. The representatives do not represent the people. Money is power, and congress holds the power and the collection agency to do their will, not yours.

    That is what must change. That is why I suggest a peaceful takeover of the throne.

    All Volunteer Government Party (AVGP)
    So the problem has nothing to do with a runaway military budget that is siphoning off TRILLIONS of dollars that could be used to build and maintain vital infrastructure?

    The problem has NOTHING to do with the fact that every time that "we" deregulate the financial industry, a bunch of rich people get richer and everyone else gets screwed THEN we bail out their "failing" businesses and then the wealthy complain that they are expected to actually contribute to society not act like a bunch of parasites who suck money out of our economy and dump it in offshore accounts?
    God Has Boobs. It's in the Bible.

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