Do you believe wealth inequality in the United States and Canada is too extreme?

Just wondering how OT feels about this. I'm currently writing a paper on it, and some of the research on it is pretty amazing.

The top 1% of earners own 50% of all stocks, bonds and mutual fund assets.

Top 10% of earners own 90% of all stocks, bonds and mutual fund assets.

Do you think that this sort of wealth is justified, or is there some sort of optimal level of wealth disparity (in your opinion)?

Do you believe people need more than 200 million dollars?

I don't really think it's a bad thing, it's just the way it is.

Yes, but not because OF the wealthy. There's too much focus on trying to bring the wealthy down. The poor need to be brought up.

interesting.. http://www.youtube.com/watch?v=cZ7LzE3u7Bw

Yes, but not because OF the wealthy. There's too much focus on trying to bring the wealthy down. The poor need to be brought up.

Pirate700

Yes, but not because OF the wealthy. There's too much focus on trying to bring the wealthy down. The poor need to be brought up.

Pirate700

Impossible to do with so much wealth consentrated at the top and considering how much of that wealth is built on the backs of the poor.

Why are you placing Canada in the same category as the US?

Why are you placing Canada in the same category as the US?

Aljosa23

[QUOTE="Pirate700"]

Yes, but not because OF the wealthy. There's too much focus on trying to bring the wealthy down. The poor need to be brought up.

LJS9502_basic

[QUOTE="Aljosa23"]

Why are you placing Canada in the same category as the US?

LJS9502_basic

Why are you placing Canada in the same category as the US?

Aljosa23

Because levels of inequality in Canada are just as bad. Overall our poor and middle classes are better off, but the rich are proportionally in the same region (actually, I believe the gap is greater) in Canada. (I'm Canadian by the way). chrisrooR

Do you have a link or something I can check out? Not saying I don't believe you I just want to read more into it.

[QUOTE="LJS9502_basic"][QUOTE="Pirate700"]

Yes, but not because OF the wealthy. There's too much focus on trying to bring the wealthy down. The poor need to be brought up.

Pirate700

[QUOTE="LJS9502_basic"][QUOTE="Pirate700"]

Yes, but not because OF the wealthy. There's too much focus on trying to bring the wealthy down. The poor need to be brought up.

Pirate700

[QUOTE="chrisrooR"]Because levels of inequality in Canada are just as bad. Overall our poor and middle classes are better off, but the rich are proportionally in the same region (actually, I believe the gap is greater) in Canada. (I'm Canadian by the way). Aljosa23

Do you have a link or something I can check out? Not saying I don't believe you I just want to read more into it.

[QUOTE="LJS9502_basic"][QUOTE="Pirate700"]

Yes, but not because OF the wealthy. There's too much focus on trying to bring the wealthy down. The poor need to be brought up.

Pirate700

Increased revenue can be used to invest in education and infrastructure which helps the poor and middle class. a flater income distribution also greatly benefits total quality of life in a country and encourage growth, even when it is brought on by higher tax rates. Lower taxes just cause wealth to be consentrated upwards (it does not trickle down) I do also agree that minimum wage should be considerably higher.

[QUOTE="Pirate700"]

[QUOTE="LJS9502_basic"]Kind of hard to do when the wealthy hold more of their money then the middle class and poor.Laihendi

[QUOTE="Pirate700"]

[QUOTE="LJS9502_basic"]Kind of hard to do when the wealthy hold more of their money then the middle class and poor.LJS9502_basic

[QUOTE="Laihendi"][QUOTE="Pirate700"]I fail to see how taxing the wealthy makes the poor have more money. What needs to be done for starters is increase minimum wage...buy a lot.

Pirate700

[QUOTE="chrisrooR"]Because levels of inequality in Canada are just as bad. Overall our poor and middle classes are better off, but the rich are proportionally in the same region (actually, I believe the gap is greater) in Canada. (I'm Canadian by the way). Aljosa23

Do you have a link or something I can check out? Not saying I don't believe you I just want to read more into it.

[QUOTE="LJS9502_basic"][QUOTE="Pirate700"]I fail to see how taxing the wealthy makes the poor have more money. What needs to be done for starters is increase minimum wage...buy a lot.

thegerg

The wealthiest americans have a lower total tax burden as percentage of their income than much of the middle class. Which should not happen.

[QUOTE="thegerg"][QUOTE="LJS9502_basic"] Raising minimum wages increases cost......make the wealthy pay their share of the cost and not put it all on the middle class. If you look at income per year the middle class (and poor) pay more of said income in taxes then the wealthy do. The percentage may be higher for the wealthy but they keep more of their money. The tax system is set up in such a way that the working/poor have no recourse to holding on to their money.Guybrush_3

The wealthiest americans have a lower total tax burden as percentage of their income than much of the middle class. Which should not happen.

Wealth inequality is absurd in the U.S, I don't know how a profiled first world state would let it happen.GazaAli

Wealth inequality is absurd in the U.S, I don't know how a profiled first world state would let it happen.GazaAli

I wonder what would happen if they went back to no income tax and just imposed a nationwide federal sales tax on all purchases for everyone.

[QUOTE="Guybrush_3"]

[QUOTE="thegerg"] While the wealthy earn much more than others, they also pay much more than others. To feel that they don't pay "their share" is silly. thegerg

The wealthiest americans have a lower total tax burden as percentage of their income than much of the middle class. Which should not happen.

No it shouldn't be, and here is why. Countries with relatively flat levels of wealth have higher individual quality of life (based on life expectancy, education, violence, imprisonment, tust, overall happiness and other factors) and higher levels of growth than countries with high income inequalities like the US. This scientifically backed fact. Inequality is devicive and socially corrosive. Therefor someones "fair share" (taken as the share that helps increase quality of life for individuals as well as society) increases as a percentage of income as overall income increases.

I wonder what would happen if they went back to no income tax and just imposed a nationwide federal sales tax on all purchases for everyone.

Pirate700

I wonder what would happen if they went back to no income tax and just imposed a nationwide federal sales tax on all purchases for everyone.

Pirate700

The economy would crash. The tax burden on the poor and middle class would increase dramatically and the consumerism that drives the american economy would decrease drastically.

[QUOTE="Pirate700"]

I wonder what would happen if they went back to no income tax and just imposed a nationwide federal sales tax on all purchases for everyone.

LJS9502_basic

[QUOTE="Pirate700"]

I wonder what would happen if they went back to no income tax and just imposed a nationwide federal sales tax on all purchases for everyone.

Guybrush_3

The economy would crash. The tax burden on the poor and middle class would increase dramatically and the consumerism that drives the american economy would decrease drastically.

No.

If I open a business that delivers a service or good to the public and I become a billionaire because of it, I shouldn't be comdemned wrongfully based on my wealth alone. A honest self made millionaire shouldn't be penalized and I believe its unfair if hes making a living as equal as a grocery bagger. Its corruption within politics and rich CEOs with pocket senators that allow for a vast amount of outsourcing and higher poverty rates. The consumer or the people are the ones that have the final say and they allowed this situation to get like this in some way.

No.

If I open a business that delivers a service or good to the public and I become a billionaire because of it, I shouldn't be comdemned wrongfully based on my wealth alone. A honest self made millionaire shouldn't be penalized and I believe its unfair if hes making a living as equal as a grocery bagger. Its corruption within politics and rich CEOs with pocket senators that allow for a vast. The consumer or the people are the ones that have the final say and they allowed this situation to get like this in some way.

Kamekazi_69

[QUOTE="Kamekazi_69"]

No.

If I open a business that delivers a service or good to the public and I become a billionaire because of it, I shouldn't be comdemned wrongfully based on my wealth alone. A honest self made millionaire shouldn't be penalized and I believe its unfair if hes making a living as equal as a grocery bagger. Its corruption within politics and rich CEOs with pocket senators that allow for a vast. The consumer or the people are the ones that have the final say and they allowed this situation to get like this in some way.

LJS9502_basic

we just need some honorable politicians.. ones who seek to serve the good of their constituents as a whole, not just the ones who write them checks... but i may as well be asking for the oceans to be boiled using a lighter.comp_atkins

[QUOTE="Guybrush_3"]

[QUOTE="Pirate700"]

I wonder what would happen if they went back to no income tax and just imposed a nationwide federal sales tax on all purchases for everyone.

Pirate700

The economy would crash. The tax burden on the poor and middle class would increase dramatically and the consumerism that drives the american economy would decrease drastically.

To make up for the income tax it would have to be a decent amount. Also it would greatly shift the total tax burden to the middle class and poor, and they would end up paying a much higher percentage of their income in taxes than the rich (there are many other taxes other than the federal income tax) Growth is driven by the middle class because they create demand (often by buying sh*t they don't need) and considering current growth rates are very low even a small decrease in consumer spending could be disastrous. It's even worse for the poor. Most poor people have to spend every cent they earn just to get by, adding to their burden (going from not paying federal income tax to having to pay extra tax on pretty much everything but food) would stop them from being able to afford living expenses and would cause even greater reliance on the government which would increase government spending which in turn would require the government to raise taxes or keep increasing the deficit. It's a viscious cycle.

[QUOTE="LJS9502_basic"][QUOTE="Kamekazi_69"]

No.

If I open a business that delivers a service or good to the public and I become a billionaire because of it, I shouldn't be comdemned wrongfully based on my wealth alone. A honest self made millionaire shouldn't be penalized and I believe its unfair if hes making a living as equal as a grocery bagger. Its corruption within politics and rich CEOs with pocket senators that allow for a vast. The consumer or the people are the ones that have the final say and they allowed this situation to get like this in some way.

Kamekazi_69

[QUOTE="Pirate700"]

[QUOTE="Guybrush_3"]

The economy would crash. The tax burden on the poor and middle class would increase dramatically and the consumerism that drives the american economy would decrease drastically.

Guybrush_3

To make up for the income tax it would have to be a decent amount. Also it would greatly shift the total tax burden to the middle class and poor, and they would end up paying a much higher percentage of their income in taxes than the rich (there are many other taxes other than the federal income tax) Growth is driven by the middle class because they create demand (often by buying sh*t they don't need) and considering current growth rates are very low even a small decrease in consumer spending could be disastrous. It's even worse for the poor. Most poor people have to spend every cent they earn just to get by, adding to their burden (going from not paying federal income tax to having to pay extra tax on pretty much everything but food) would stop them from being able to afford living expenses and would cause even greater reliance on the government which would increase government spending which in turn would require the government to raise taxes or keep increasing the deficit. It's a viscious cycle.

I wonder what would happen if they went back to no income tax and just imposed a nationwide federal sales tax on all purchases for everyone.

Pirate700

[QUOTE="Pirate700"]

I wonder what would happen if they went back to no income tax and just imposed a nationwide federal sales tax on all purchases for everyone.

GazaAli

Eventually this will lead to another great Depression. But the inequality of wealth is extreme, But has it ever not been? 1% of the worlds population controlling 99% of the economy. will eventually lead to it's collapse.

How much money does one person require?