"Hawke" wrote in message
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Buerste wrote:
"Hawke" wrote in message
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Ignoramus8745 wrote:
As Warren Buffett insightfully pointed out, this country did very well
when tax rates were much higher than they are now. A combination of low
tax rates and high deficits is not sustainable.

i

During the Eisenhower administration the country boomed. The tax rate on
the ultra rich was 90% and they still did well. Conservatives make a big
deal about Kennedy putting in tax cuts. Yeah, he did. But he lowered the
rate on the richest from 90% all the way down to 70%. The rich did well
then too. Slapping high income taxes on the rich has never hurt them.
It's only fair for people making a billion a year to pay most of it in
taxes. That's the price you have to pay for living here and getting
rich. If they don't like it they can move to another country. Now where
did I hear that?

Hawke

What do you think "rich" people do with their wealth? And, define
"rich".


Rich people either spend or invest their wealth. Most of what they spend
is simply wasting money on things they don't need or have any use for. For
example, Jennifer Anniston spent 250K on a nursery for her adopted baby.
Why a baby would need that kind of money spent on it makes no sense to me
but when you have millions of dollars more than you need you tend to throw
it away on useless things like that.

Nowadays rich is defined as someone who has assets worth around two and a
half million dollars. It's not income but assets or net worth that count.
That's just the starting point. But the maldistribution of wealth is such
that 1% of the population is worth more than 95% of everybody else, and
one tenth of one percent has most of that one percent. We already have
wealth redistribution. The problem is that it went from the middle class
to the top 5%. But for some reason that is okay with many of you. If
you're middle class that should make you mad.

Hawke

Why did that nursery cost $250k? Where did that money go?