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HunterCA -> RE: How much income is to much? (5/18/2015 7:29:49 AM)
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quote:
ORIGINAL: MrRodgers quote:
ORIGINAL: HunterCA quote:
ORIGINAL: MrRodgers quote:
ORIGINAL: HunterCA quote:
ORIGINAL: MrRodgers If we are talking about some moral value...yes, there is a point where income is simply too much. Say $1 trillion/hr. might be, I say...might be too much. You never know in America. The problem with income inequality isn't just the final figure, it is how one arrives at that figure, and how much it is taxed by society. For example as I've written before. Why is it that someone gets up at 11 am hits the back 9 and makes say $1 million in one year on capital gains and did pay 15%, now 20% in federal tax, while a Surgeon performs a life-saving skill and also open up a specialty office and makes a $1 million a year yet pays what 39% ? Why ? Ok the investor has about $800,000 left over and the Dr has about $600,000 left over. Now the investor has $200,000 MORE he can re-invest than the Dr. Why ? It results in what is called the wealth factor and one egregious example is Bloomberg had $3 billion (net worth) that was invested and 'earned' income and all of the while serving in a real job as mayor of NY for 12 years (making a good salary and paying about 35-39% federal tax) during which those $3 billion had accumulated or risen to $33 billion in investment 'earnings' and paid capital gains ($6.6 billion less in taxes) on much of it from a resulting much lower federal tax...increasing his wealth factor yet even more and for 12 years, and which continues today. (the Koch bros. went from a combined net worth 2013 of $72 billion to $85 billion 2014 by 'earning' $13 billion in one year, taxed at substantially less then their highest salaried staff, why ?) So the question becomes academic in as much as we know the answer is impractical...of no use. Apparently, no amount is 'too much income' but rather...how much should it be taxed ? I say much higher, paying back society for its basic civil expenses in creating an economic environment where one can make ANY billion$. Oh and just the wall street bonuses for 2014...bonuses ONLY amounted to twice as much, that's twice as much as ALL of the money earned at minimum wage in America. Yes, you read that right that's in addition to the 80 richest people in the world being as wealthy as the combined wealth of 3.6 Trillion of the world's poorest people. So clearly, NO amount if money is...too much. Oh and as for the OP and taxes you pay ? You could say it is because of the taxes...other don't pay. Oh fucking...opps sorry for using a word that might be "bad" for sensitive ears. So, on the other hand there might be a minimum wage too high. Like, a trillion dollars an hour? Go ahead comment. Let's see where this goes. Well I am sure there is a minimum wage too high but an experiment as untried as one in search of an income too high. However, even though admittedly it did take a few paragraphs, I did reply to the OP as written and you could start another OP. I regard a minimum wage as simply a floor under which no worker should be forced to go given what's easily one morally justified and politically rationalized by the fact that there is no ceiling against which upper incomes are to be limited. Here's how to morally raise minimum wages. http://www.wsj.com/articles/seeded-with-tax-cuts-kansas-harvests-the-benefits-1431729743 I don't consider making a government so,powerful that it can grind any person under its heel and then have that government take things from one group, keep a substantial portion of the confiscated stuff to feed itself and then dispose of the rest so that it can buy votes to stay in power moral. I recall a guy when I was young. He went in to the local barber shop and made a deal with the barber. The kid would clean up, sweep up hair and the barber gave him enough to buy chips and soda. As I recall he liked BBQ potato chips. In your immoral world that couldn't happen. The barber would be subject to civil penalties for violating minimum wage laws and the kid would be taught that initiative to earn things he wanted was illigal. Just can't see the morality. I remember the absolute first time I was given a raise to above the minimum wage. It was a nickel an hour raise. I was pretty darned pleased and proud of the hard work I put in to get it. I was living out on my own. I had roommates to survive. Minimum wage isn't supposed to be a living wage and learning hard work will raise you in life is a good thing. Teaching people they will be taken care of by the government and not having initiative was okay, as long as they owed allegence to government, is just an evil thing. Well given that we have segued to a tangent, I will comment this far. In that your example of the barbershop help, does not qualify for minimum wage, I suggest it is a quaint reminder that employers will at least try to take advantage of just about anybody. I also remember my first raise above minimum wage and like it was yesterday. I was making $1.25/hr and the regional manager was walking and talking to the cashiers. When he got to me, he asked "How would I like a raise ?" Of course I replied that I would very much like a raise, he said "I thought so and you are now making $1.35/hr" while almost beaming as if he had rewarded me for my hard work and reliability. When I recalled that while I very much appreciated his so touching concern, the minimum wage had very recently been raised to $1.35/hr., he turned red as a beet at his obvious embarrassment caused I am sure, by the realization that by law...he was forced to award me that raise and he and any merit of my work excellence...had nothing whatever to do with it. As for your link...not even a nice try: HERE Your link isn't working for me. I do recall my article mentioned left wing rags tried to ridicule the tax cut when it didn't work immediately. Perhaps yours is one of those..but I don't know as it won't work for me.
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