DIYbanter - View Single Post - OT Responsible millionaires for higher taxes

Hawke[_3_]

On 4/11/2010 4:01 PM, wrote:
On Apr 11, 6:34 pm, wrote:

No. That's a fallacy. If the wealth were actually redistributed evenly
it probably would wind up in the hands of a small group of people again
and most people would be back to having little or nothing. The
difference is that the money would not go back to those who were the
original owners. They are just as likely to wind up with nothing as
anyone else. But the rich would like you to believe they have something
you don't that would allow them to become rich again. They don't.

Hawke

If you would just throw in a few " I believe's " I would not have any
problem with your statement. But you express your views as if they
are facts.

If you actually have some logical arguments as to why your statement
is true, you really ought to show your logic.

My belief is that those that have little now would soon be back to
having little. Those that are rich now by their own efforts, would
soon be rich again. Those that inherited money and did not fritter it
away, would likely accumulate some money again. Probably not is
much. But that is just my belief. I do not see anyway to verify what
would happen.

Dan

The reason I put what I said the way I did is because the theory about
all the money winding up in the same people's hands has been around a
long, long time. I heard it over 30 years ago. I also heard all the
arguments for and against it. The whole theory is based on a defense of
rich people and an attack on the poor. It's based on the idea of the
superiority of the rich and that they have attributes that the poor lack
and that is why they are rich. But in actual studies of who is rich it
turns out there is a lot of luck or chance involved in it. It's also a
hypothetical so it can't be tested. No one can take all the wealth and
spread it around evenly so that blows the whole theory. All you have to
remember is that roughly half of all the wealth in the country is
inherited wealth. Of the other half it's not simply a matter of hard
work or brains or any other trait. The world is full of smart, hard
working people who aren't rich and there are plenty of rich idiots out
there. So the whole thing is pretty silly. There is a lot to be said for
the idea that if everyone started from scratch the money would probably
wind up unequally distributed. Who would wind up rich is anyone's guess.
As long as you have a trait society deems "valuable" you would wind up
with more money than the average guy. As long as you are talking about a
free market. In another system who knows what would happen.

Hawke