This country has many wealthy people, but far more are poor. In fact, 85% of the Nation’s wealth is in the hands of 3% of the population. I don’t think that’s fair, and National Socialism doesn’t think that’s fair. The capitalist says, “Rich people EARNED their money! They deserve it!”
Really? Because I seriously question how someone like John Paulson (see here for more info) can “EARN” $5 BILLION in one year. I wonder why he needs so much money? Couldn’t he experience great quality of life if he only made, say 1 million a year? Or even 6 million a year? To most Americans, over a million dollars a year is an extravagant lifestyle. Rich people love their money, they love it so much that they tunnel-vision on getting more and more. John Paulson made about $4 BILLION in 2007, but obviously he did not stop there, and I doubt he ever will. Take a guess at how much $5 billion breaks down to by the day, hour, and minute. If I’ve done my math right, that comes out to about $9,500 a MINUTE. INSANE. Not even Superman does enough good to “earn” that kind of money. So where does that money come from? Me. And YOU, the “little people” at the bottom working our butts off to make ends meet so these fat cats can play their insider trading games and become infinitely wealthy.
No one person should ever be allowed that much personal wealth. It’s ridiculous, especially when so many Americans are hungry and poor, trying to keep their families together. 9.5% unemployment rate and guys like Paulson wouldn’t blink an eye at throwing away 100 million dollars. The judeo-capitalist idea that greed and materialism are above all other things, is a huge contributor to the decay of our society and culture. There are far higher virtues in this world than how much money one can make.
Also, people used to want to become doctors because they wanted to help people. Why do they become doctors now? Because they can make a lot of money. Descrease that massive paycheck incentive and you will begin to have people apply for jobs that they WANT to do.
Let’s visualize one billion for a second:
Take a sheet of paper and make 40,000 dots on that sheet.
That’s give or take average US wage.
25 pages, each with 40,000 dots, is 1 million.
1 billion is 25 telephone book sized volumes, each with 1,000 pages each page with 40,000 dots.
25 x 1,000 x 40,000 = 1 billion.
That’s a f’ing big number, especially if your worth is less than $40k or 1 page.
Do you know what federal income tax bracket YOU fall into? For most of us, it is about 15% and that changes frequently. For anyone making over $379,150 they pay just %20 more at the max of %35. HOWEVER, for many guys like Paulson that get paychecks in the form of stocks, all they have to do is hold onto that stock for at least a year. If you have owned a stock for more than a year, you can sell it and pay taxes up to a maximum of 15%. The rate depends on your taxable income. THEREFORE, the guy making billion$ a year, will likely end up paying the same percentage in taxes as you or I do. What a nice scam they worked out for themselves, eh?? See this chart for further info and reference: http://www.moneychimp.com/features/tax_brackets.htm
The tax brackets have changed a lot over the years, and for a long time, people making over $400,00 a year were taxed at over 90% of their income. This period was from about 1945 to 1964 until it was lowered to 77% or so. See the first page of this pdf for more info: http://www.stanford.edu/class/polisci120a/immigration/Federal%20Tax%20Brackets.pdf
Now I think that is a good idea, if you decrease the incentives to try and make “more money than God,” and put a cap on your paycheck, where do you think the money is going to go? It is going to go to those who make less; it will have to. Perhaps there should be no tax for people making under $40,000 a year, and then incrementally start taxation to a point where it doesn’t make sense for someone to earn even more money than what they are making. The figures I have come up with (like the $40,000) are of course just numbers used to illustrate my point and shouldn’t be taken as “concrete” by any means.