Sequestration

[PDad]

Just in case my dear, dear friend ATWT comments I just want to state that I hope it was clear that I was in no way indicating that the 1% should be taxed more than anyone else. My comments are all about them hopefully deciding on their own to share more of their wealth with those that helped them attain that wealth.

For the 1%, that would be Wall Street, lobbyists, tax accountants and lawyers. Is that what you really want?

I suspect what you really want is for corporations to eschew some of their profits in favor of compensating their employees better. That would be well and good for privately held firms, but it's not realistic for public corporations whose stock is held directly and indirectly by a broad spectrum of individuals. Would you be happy if your retirement account took a hit because of it? How long do you think a CEO would last after that?

BTW, the sources of info for the video are a mixture of 2 different things, income and wealth, and the video doesn't do a very good job of distinguishing between them.

[fastpitchdad05]

Just in case my dear, dear friend ATWT comments I just want to state that I hope it was clear that I was in no way indicating that the 1% should be taxed more than anyone else. My comments are all about them hopefully deciding on their own to share more of their wealth with those that helped them attain that wealth.

For the 1%, that would be Wall Street, lobbyists, tax accountants and lawyers. Is that what you really want?

I suspect what you really want is for corporations to eschew some of their profits in favor of compensating their employees better. That would be well and good for privately held firms, but it's not realistic for public corporations whose stock is held directly and indirectly by a broad spectrum of individuals. Would you be happy if your retirement account took a hit because of it? How long do you think a CEO would last after that?

BTW, the sources of info for the video are a mixture of 2 different things, income and wealth, and the video doesn't do a very good job of distinguishing between them.

A lot of what you say makes sense, but I don't agree that the top 1% is made up of the group you cited. I will need to do some research when I have time to see if I can find out who really does make up the 1%.

Right now I need to get back to work because I'm pretty sure I won't last if my CEO finds out I'm on HeyBucket!

[PDad]

Just a view having worked for and friends with the top 1%, though I am part of the 80%. If you tax the wealthy more, then they do not buy as many toys. Tax money goes to GOV to be spent how GOV feels appropriate. This tax money in theory goes to help stimulate and assist those in need—REALLY?
It goes way beyond toys - it reduces the amount of money they have to invest in growth.

On the other hand, one wealthy individual purchases a Yacht. 60 manufacture jobs are created for 2 years. 50 – 60 vendors (and their employees) are working for a period of time. Manufacture employees now have money to eat at KFC (hire more employees). Manufacture employees start purchasing car or boat (they never save) causing revenue to specific seller (which causes another ripple effect of growth) Mom n Pop thrift store start seeing a rise in sales. Merchants are now able to sponsor Travel team. And on and on and on and on…. To bring price down on Yacht, A tax incentive would help employee hundreds of employees..
Goverment shouldn't provide tax incentives or subsidies for specific industries. It also needs to be careful about unintentional disincentives - jonriv once posted about the devastating effect a tax on luxury boats had on that industry in the Northeast.

I do not have the knowledge to follow the ripple effect of how taxes and Gov spending helps in the same proportion as my example. But here are some hard numbers that I am very familiar with. Three major boat building business in Bradenton have fallen off and removed 1000s of direct jobs. Supporting business for such companies 1000s more jobs no longer exist. Do you really think these families could care less about the wealthy and their toys? Or would they just like to go back to work?
I like to think of an economic food chain when considering the ripple effect of spending. The wealthy buying luxury yachts or jets hits the top of the chain and ripples all the way down. The same thing happens when the military buys equipment. Money that goes to welfare assistance is spent at the bottom of the chain, so it has a very small ripple effect.

Yes the real-estate balloon was the initial catalyst, But those wealthy 1% are saying –you can not tax us more and expect us to purchase more… No different than us… If we do not have extra money, then we don’t play certain tourneys… It’s the ratio that confuses people. 1 million for them might be 100 for us. This is a very hard concept to swallow.. That is, there are times in my life where my checking account would not allow me to purchase a $300 bat and there have been other times where my account allowed purchase of 2 bats. There have been times where I have seen wealthy purchase multiple yachts at $7 million a pop and recently I have seen times where 1 boat has been sold in five years. Believe it or not, they are as afraid as we are about the future. And when one is afraid of how or where money is coming and going then stimulation halts..

Bingo! There is a tremendous amount of money being kept on the sidelines because of uncertainty about what the government is going to do and what effect it will have on the economy. The best form of stimulus the government could provide would be stability and certainty.

[as the world turns]

A lot of what you say makes sense, but

emotions are getting in the way.....

I'm pretty sure I won't last if my CEO finds out I'm on HeyBucket!

Is he part of the evil 1%?

[ontheblack]

It does apply to me and anyone else who aspires to excel. Most of the richest 1% were not born with wealth, they created it.

While I dont expect to be in that group, I dont believe their wealth should be subject to redistribution anymore than anyone else's wealth, regardless of what percentile they fall in.

Greed isnt limited to the wealthy...

[fastpitchdad05]

It does apply to me and anyone else who aspires to excel. Most of the richest 1% were not born with wealth, they created it.
-> All this means is that if you were in the top 1% I would hope for your sake that you didn't make the mistakes I see the current 1% making.

While I dont expect to be in that group, I dont believe their wealth should be subject to redistribution anymore than anyone else's wealth, regardless of what percentile they fall in.
-> Who said anything about redistribution? I said (again for the 3rd or 4th time) that I believe they should be distributing, not redistributing, more of their own wealth with those that helped them earn it and (I will reiterate this most important point yet again) they should do not do so because they are forced to by government, or any other agency or person, but because they decide that it is in their best interest.

Greed isnt limited to the wealthy...
-> Did I say it was?

OTB - This is one of the few times that we are unable to understand each other's points. Perhaps we should just agree to disagree or misunderstand or whatever and move on.

[fastpitchdad05]

A lot of what you say makes sense, but

emotions are getting in the way.....

I'm pretty sure I won't last if my CEO finds out I'm on HeyBucket!

Is he part of the evil 1%?

ATWT - Why do you feel that the 1% is evil? Please explain...

[as the world turns]

A lot of what you say makes sense, but

emotions are getting in the way.....

I'm pretty sure I won't last if my CEO finds out I'm on HeyBucket!

Is he part of the evil 1%?

ATWT - Why do you feel that the 1% is evil? Please explain...

S - A - R - C - A - S - M
I used pretty cupcake colors

[fastpitchdad05]

A lot of what you say makes sense, but

emotions are getting in the way.....

I'm pretty sure I won't last if my CEO finds out I'm on HeyBucket!

Is he part of the evil 1%?

ATWT - Why do you feel that the 1% is evil? Please explain...

S - A - R - C - A - S - M
I used pretty cupcake colors

Seems appropriate for you, thanks.

[as the world turns]

A lot of what you say makes sense, but

emotions are getting in the way.....

I'm pretty sure I won't last if my CEO finds out I'm on HeyBucket!

Is he part of the evil 1%?

ATWT - Why do you feel that the 1% is evil? Please explain...

S - A - R - C - A - S - M
I used pretty cupcake colors

Seems appropriate for you, thanks.