It's economic opportunities that will help the poor. Reading David Grusky’s essay is a strange experience: with the wrong diagnosis, he gets half of the right cure. Grusky maintains that the central problem confronting America is income inequality. He argues that the root cause of this malady lies in how rich people acquire their pre-tax income—by rigging the ... MORE
Showing posts with label rich. Show all posts
Showing posts with label rich. Show all posts
Shikha Dalmia: Forget About Income Inequality
It's economic opportunities that will help the poor. Reading David Grusky’s essay is a strange experience: with the wrong diagnosis, he gets half of the right cure. Grusky maintains that the central problem confronting America is income inequality. He argues that the root cause of this malady lies in how rich people acquire their pre-tax income—by rigging the ... MOREDeroy Murdock: The $100 Per Hour Minimum Wage
Don't be small-minded, America. From coast to coast, politicians want to hike the minimum wage. New York State legislators aim to lift it from $7.25 to $8.50 per hour. California lawmakers are weighing a boost from $8.00 to $8.50. Ralph Nader recently urged the Occupy movement to demand that the federal floor increase from $7.25 to $10.00. On March 6, former ... MORER. Emmett Tyrrell Jr: The Overextended America
Rejecting the entitlement state for freedom and choice. We in America today live in a country circumscribed by entitlement policies devised by an America that has steadily been disappearing. Those policies established over a generation ago cannot possibly in mathematical or demographic terms support the America of the present much less the America of the ... MOREMichael Barone: Why Liberals Like Taxing The Wealthy
They favor the government over the voluntary sector. I have long been puzzled by the enthusiasm with which many young liberal bloggers cheer on proposals to raise tax rates on high earners. I can understand why they might favor them, but not why they seem to invest so much psychic energy in the issue. Some of this may just be team ball: You cheer when your ... MORECharles Murray: Why We Dislike The Rich
It's not just the money. The Pew Foundation discovered in a recent poll that tensions over inequality in wealth now outrank tensions over race and immigration. But income inequality isn’t really the problem. A new upper class is the problem. And their wealth isn’t what sets them apart or creates so much animosity toward them. He is not just in the 1%; ... MOREMichael Tanner: A Redistributive State Of The Union
Focus should be on creating wealth, not spreading it around. Shortly after President Obama was elected, NBC News interviewed a young woman from Detroit named Peggy Joseph. She explained that she was excited about Obama’s election because “I won’t have to worry about putting the gas in my car. I won’t have to worry about paying my mortgage.” ... MOREWilliam McGurn: Taxing Kim Kardashian
Progressives want to spend more of her money. Poor Kim Kardashian. Well, poor may not be the right word. By all accounts—especially those she televises for her reality shows—Ms. Kardashian manages quite comfortably on her income. According to the New York Post, that includes as much as $17.9 million that she raked in for her well-publicized August ... MOREStar Parker: Payroll Tax 'Cut' Is Another Welfare Scam
An effective means of stimulating debt. Last year, a one-year cut in the payroll taxes that working Americans pay to finance Social Security was enacted in the name of so-called economic "stimulus." But, like the rest of the economic stimuli that have come from Washington over the last three years, the only thing that has been stimulated is the growing hole of ... MOREWalter E Williams: Should The Rich Be Condemned?
The ignorant see capitalism as only benefiting the rich. Thomas Edison invented the incandescent bulb, the phonograph, the DC motor and other items in everyday use and became wealthy by doing so. Thomas Watson founded IBM and became rich through his company's contribution to the computation revolution. Lloyd Conover, while in the employ of Pfizer ... MOREThomas Sowell: Numbers Games
The relationship of age and income. One of the things that has struck me, when I have gone on luxury cruise ships, is that most of the passengers look like they are older than the captain -- and luxury cruise ships don't have juveniles as captains. The reason for the elderly clientele is fairly simple: Most people don't reach the point when they can afford to travel on... MORERandazzo & Stansel: The Upper-Class Entitlement
It's time to end the mortgage interest deduction. The federal income tax code is full of complicated deductions, credits, and loopholes, which together exempted $1.2 trillion from taxation in 2009. The single largest benefit, amounting to around 35 percent of the total, is the mortgage interest deduction. This longstanding incentive, which allows individual ... MOREThomas Sowell: Random Thoughts On The Passing Scene
The ponderings of a genius. Like so many people, in so many countries, who started out to "spread the wealth," Barack Obama has ended up spreading poverty. Have you ever heard anyone as incoherent as the people staging protests across the country? Taxpayers ought to be protesting against having their money spent to educate people who end up unable to say ... MOREJohn Ashby: Marching For Shackles And Chains
Willing slaves protest against liberty. History is littered with popular uprisings which overthrow one dictatorship only to turn around and embrace another. From the French Revolution near the turn of the 18th century to what many fear to be happening in the Arab world today, revolutionaries generally know whom they are against, but they fail to define what they are ... MOREChris Banescu: Coddling Misinformation About Taxation
Top 10% pay 70% of all taxes. Warren Buffett and President Obama claim that the rich do not pay enough taxes. They both accuse the American tax code of being unfair and coddling the rich. Both have been pushing the same class warfare narrative for years, using current U.S. capital gains and dividends taxation rates as evidence for their big-government ... MOREWhere Have All The Millionaires Gone?
by Barbara Hollingsworth. Newsalert has posted a chart from a Wall Street Journal blog titled “Recession and the Rich.” The chart, based on 2009 IRS figures, shows that the number of taxpayers reporting annual income over $1 million fell 39 percent between 2007 and 2009; the number of super-wealthy individuals making over $10 million annually plunged 55 percent. ... MORE
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