Dear rich people

[mugs]

Originally posted by: chusteczka
A few months ago, Paris Hilton's grandfather made a decision to create a charitable trust and gave a significant majority of the Hilton wealth (90% ?) to that trust. The media was happily stating how wonderful the elder Hilton was for giving so much to charity. The Hilton lifestyle has not changed since then. They have not become any less wealthy. Who controls that Hilton charitable trust? The Hiltons control it. What taxes are paid by that trust? No taxes are paid when an insignificant portion of that trust is actually used for a charitable purpose. So the Hiltons get to keep control of their money without paying any taxes on it. In addition, people may voluntarily contribute their own money to the Hilton's control, voluntarily adding to the Hilton fortune.

One of my close friends has a daughter who just graduated high school in a rich northwestern Chicago suburb. This friend's daughter was invited to a graduation party for her friend, whose father controls a large charity. I believe it was the American Cancer Society but am not certain. This man owned an extremely large home in a very expensive area that resembled a fantastic country club, only better. Where did the money come from to pay for this luxurious home? From all the contributions to that charity.

Trust funds were established in the beginning of this century as a method for the rich to evade paying taxes. It is literally impossible to track money flow from one trust fund to the next. However, the managers of those trusts have full control over the funds. This is how Rockefeller was able to keep control of his money, by creating the Standard Oil Trust and then creating hundreds more trusts.

American Cancer Society is based in Atlanta; top five paid employees live in Atlanta. Top paid employee made $390k in 2006; total revenue was $396 million. Doesn't sound out of line with what a for-profit organization with similar revenue would pay their top executive.

Re: the Hilton trust - you don't seem to understand that a charitable trust doesn't go out and spend all the money at once. The money is invested so that it can be used indefinitely for charitable purposes. You seriously think people are donating money to make the Hiltons richer?

 

[CrazyShiz]

Originally posted by: Aharami

Originally posted by: CrazyShiz
I just hate it when people misuse ideologies as insults

you must hate every thread in ATOT then.
FWIW, it irks me too. communist this, socialist that. damn liberal hippies, etc

Now that you mention it, I kind of do

 

[shiner]

In the immortal words of the Roman Senate

Fuck the poor!

 

[Special K]

Originally posted by: mugs

Originally posted by: CrazyShiz

Originally posted by: oldsmoboat
Fucking socialist

I do not think that word means what you think it means...

Nice Princess Bride reference. :thumbsup:

Yeah, the OP is not a socialist. He's not asking the government to take people's money, he's asking people to consider helping people in need.

FWIW, I remember seeing a graph in Time or Newsweek that showed charitable giving as a percentage of net worth broken down by income. It was like an inverse bell curve. The rich give the most by far, it's the middle class and upper middle class who give the least (percentage-wise).

I would guess the rich give the most because of diminishing marginal utility. Once you have a certain amount of wealth, more money beyond that point doesn't really bring much additional happiness. If Bill Gates makes another million dollars, would his life change in any meaningful way? Probably not. On the other hand, many middle class families probably use the majority of their paychecks for necessary things like food, gas, housing, and maybe something leftover to save for retirement. Of course some families live beyond their means, but not all of them do. The point is that a far greater percentage of their income goes toward necessary expenses.

Also, aren't high-profile charity events seen as networking opportunities by the extremely wealthy? They donate some money, and in exchange receive publicity and the opportunity to network with other powerful people?

 

[mugs]

Originally posted by: Special K

Originally posted by: mugs

Originally posted by: CrazyShiz

Originally posted by: oldsmoboat
Fucking socialist

I do not think that word means what you think it means...

Nice Princess Bride reference. :thumbsup:

Yeah, the OP is not a socialist. He's not asking the government to take people's money, he's asking people to consider helping people in need.

FWIW, I remember seeing a graph in Time or Newsweek that showed charitable giving as a percentage of net worth broken down by income. It was like an inverse bell curve. The rich give the most by far, it's the middle class and upper middle class who give the least (percentage-wise).

I would guess the rich give the most because of diminishing marginal utility. Once you have a certain amount of wealth, more money beyond that point doesn't really bring much additional happiness. If Bill Gates makes another million dollars, would his life change in any meaningful way? Probably not. On the other hand, many middle class families probably use the majority of their paychecks for necessary things like food, gas, housing, and maybe something leftover to save for retirement. Of course some families live beyond their means, but not all of them do. The point is that a far greater percentage of their income goes toward necessary expenses.

Also, aren't high-profile charity events seen as networking opportunities by the extremely wealthy? They donate some money, and in exchange receive publicity and the opportunity to network with other powerful people?

Of course that's why rich people give more. On the other hand, people who make less than $50k donate more (as a percentage) than people who make more than $75k. Unfortunately I can't post proof of that, because it was in a magazine that I threw away a long time ago.

 

[krunchykrome]

is this a joke?

 

[Perknose]

Originally posted by: mugs
Unfortunately I can't post proof of that, because it was in a magazine that I threw away a long time ago.

Ahhhh, so you're one of those ultra-rich elitists who casually throw their old magazines away rather than eat them.

You could have at least donated them to the Dentist's Waiting Room Improvement Society.

Somewhere, RIGHT NOW, some poor schmoe is desperately pawing through a soiled, outdated copy of Roadside Latrine Illustrated while waiting to get drilled because YOU tossed that still shiny copy of Maxim in the trash.

 

[So]

I'm not asking you to support my parents, your friends- I'm not asking you to do anything. Nor am I condemning anyone for having nice things or working hard for the money that they have

Yes, you're doing all those things.

 

[rockyct]

and here I thought I was pretty pessimistic. This thread takes pessimism to whole new levels.

 

[evident]

Originally posted by: Journer

Originally posted by: evident

Originally posted by: Journer
the world will NOT be a better place. your parents got there by being irresponsible. no excuse can convince me otherwise. if they got strongarmed out of a job or retirement benefits, it is their own damn fault for not having a contingency plan and recognizing the way the world is. so, kindly fuck off and spread your socialist, naive, and utterly unsound comments somewhere else. bitch.

i dont think the world is as clear cut as you think buddy...

every sob story is preceded by the person's incompetence, somewhere along the line. ones that try to blame it on outside factors are trying to push their own blindness onto other matters.

so my parents coming to this country with nothing and now we are a middle class family and raised 3 successful kids but my mom had got laid off, had medical troubles and got forced into early retirement means she is irresponsible? you're a fucking douche w/ no concept that shit can happen to anyone at anytime. while i may not agree w/ OP's sob story but your ignorant post needs to be corrected

 

[her209]

Waaaahhh! You mean I have to pay 15% capital gains tax on my long term investments? Waaaahhh!

 

[Anubis]

im that i missed what the OP origionally said

 

[HardcoreRobot]

boo. hoo.

 

[Mr Pickles]

I read the OP from the quote that someone made. It didn't seem like anything to get that upset over. Meh...

 

[IGBT]

..your obama says if you make 50k a year your rich. welcome to higher taxes.

 

[waggy]

Originally posted by: TitanDiddly
After posting this, I decided to leave. I could say some things, but I won't. Goodbye.

good..bye

 

[So]

Originally posted by: her209
Waaaahhh! You mean I have to pay 15% capital gains tax on my long term investments? Waaaahhh!

So, you're saying it's a good thing to punish people for saving instead of spending?

 

[EKKC]

what was the OP ranting about anyway

 

[glenn beck]

Originally posted by: EKKC
what was the OP ranting about anyway

Have you ever seen that nice old lady in the supermarket, or that older gentleman walking down the street? Those are my parents, and they're being evicted. Maybe you've seen my brothers, who are everyday young people just like you. They're sending hundreds of dollars out of their paychecks every month to support my parents.

 

[waggy]

Originally posted by: EKKC
what was the OP ranting about anyway

just bitching that the rich are rich and th e poor are poor. and that the rich should give to the poor.

and something about him not helping his parents and we should give them money or something like that

 

[So]

Originally posted by: EKKC
what was the OP ranting about anyway

Summary: Anyone who has anything more than the minimum necessary to live should feel guilty give all their money to his parents, because they're being evicted -- and his family is supporting them.

After all, why take care of your own when you can make others do it for you?

 

[EKKC]

Originally posted by: So

Originally posted by: EKKC
what was the OP ranting about anyway

Summary: Anyone who has anything more than the minimum necessary to live should feel guilty give all their money to his parents, because they're being evicted -- and his family is supporting them.

After all, why take care of your own when you can make others do it for you?

thanks all.
im not even going to comment then. what i would say would probably get me banned

 

[EagleKeeper]

Originally posted by: Perknose

Originally posted by: TitanDiddly
Have you ever seen that nice old lady in the supermarket, or that older gentleman walking down the street? Those are my parents, and they're being evicted. Maybe you've seen my brothers, who are everyday young people just like you. They're sending hundreds of dollars out of their paychecks every month to support my parents.

OP, why are you posting your this shallow and nearly useless, morally superior rant on ATOT when your father is, apparently at this very moment, disoriented and wandering the streets.

And WHY are you allowing your brothers to support your parents with hundreds of dollars each month without apparently pitching in yourself?

Shouldn't you be ashamed of yourself? :shocked:

Ouch

 

[Capitalizt]

Originally posted by: Common Courtesy

Ouch

You mean Pwned.

 

[her209]

Originally posted by: So

Originally posted by: her209
Waaaahhh! You mean I have to pay 15% capital gains tax on my long term investments? Waaaahhh!

So, you're saying it's a good thing to punish people for saving instead of spending?

Earned interest is taxed at the normal rate.