A visual aid for your next wealth inequality debate

[True Dough]

When some Trump-humper whines about taxing billionaires more, show them this:

[ck4829]

1. K&R

[sop]

2. "Socialism never took root in America because the poor see themselves not as an exploited

proletariat, but as temporarily embarrassed millionaires" - John Steinbeck. This might explain why lower income Americans don't favor taxing the rich.

[Wounded Bear]

3. Yeah, that's a great quote...nt

[KS Toronado]

7. That or they're brainwashed into believing "trickle down" works.

[NCjack]

10. When I was child in Texas during the 1950s and went to RW church, the preacher

taught his flock that GAWD required us to earn our living through the sweat of our brow. Putting money to work for interest and capital gains would get us whipped by Jesus, just like he did it to the money changers in the Temple. It was OK to borrow money and pay interest, but not to loan money for interest.

[brooklynite]

13. Of course, it hasn't taken root anywhere else either..:

Providing a social safety net is in no way inconsistent with capitalism.

[Strelnikov_]

15. ..

The myth of Horatio Alger success is so powerful that few concede they live at the lower levels of financial attainment. If they do, it's just a temporary condition -- or so they believe. A Time-CNN poll conducted during the 2000 presidential election asked voters whether they were in the top 1 percent of income earners. Nineteen percent responded that they were, and the next 20 percent said that they expect to be there one day.

To summarize, in 2000 39% thought they are, or will soon be, in the top 1% of income.

[niyad]

4. KNR. very handy.

[CrispyQ]

5. Do you have a link? -nt

[Geechie]

8. It's right there

Survey of Consumer Finances 2019

If you don’t want to type that in, here:
[link:https://www.federalreserve.gov/econres/scfindex.htm|]

[NCjack]

6. A big start to winning the next election would be to eliminate taxes on

thoses with wages + income + dividends + capital gains LESS THAN $400,000.

If we try and loss the vote, we will have the names of those who must be replaced.

[erronis]

12. While I like the concept, it would mean that virtually no one would pay any taxes.

And that's sorta what the libertarians and enemies of the US and democracies want.

We already know the ones that have income and assets of $400,000 probably do everything they can to avoid sending their "entitled" money to the treasury.

[vanlassie]

9. This is the best ever, although outdated, it's nothing but more shocking to think what it looks like

Now.
https://www.lcurve.org/

[paleotn]

11. And don't buy that the 1% earned it.....

For the majority of them, Gordon Gekko said it best..."..two thirds comes from inheritance, interest on interest accumulating to widows and idiot sons.." Or idiot great, great, great grandchildren and I'd say that accounts for a whole lot more than two thirds of the 1%'s wealth. Gekko was just being conservative. The great birth lottery.

[erronis]

14. And if your definition of "earned" means really working, then far fewer deserve their just deserts.

Having someone put you in a prestigious school where you become chummy with children of wealthy families does not mean "working".

Playing with other people's money in the stock market and making a killing is not "working".

[Hoyt]

16. Of all the taxes that need to be levied, a robust inheritance tax seems ripe for increase.

Tax code used to provide all kinds of breaks to keep the family farm or business going after death. Don't think that is necessary nowadays.

Then, they have deductions from taxable estate to take care of the surviving spounse.

[usaf-vet]

17. My visual aid to explain wealth inequality between one Senator and his constituents.

[ymetca]

18. Whenever any of my conservative family

members start whining about "wealth redistribution" I always counter with the fact that this is essentially what government is - a wealth redistribution system. We all pool our wealth to accomplish things individually none of us can do.

The fact that over time it tends to funnel the bulk of that money to a tiny minority is what makes it eventually grind to a halt. It has to spread the wealth more equitably, or else the whole enterprise collapses.

The monopoly game ends when nobody can play anymore. In the real world that means... guillotines.

One place to start is to outlaw interest rates over 10% as usury. That would put a lot of unscrupulous players right out of business.

We can then get to work installing solar panels on every roof, and building a smart grid to manage all that excess power we'll be generating. Goodbye coal. Goodbye fracking. Amen! Oil is too valuable to burn.

A 21st Century WPA is needed, IMHO. That Green New Deal should be taken very seriously, as all our lives might depend on it.