1-30-2014
http://finance.yahoo.com/news/super-rich-mad-hell-doing-172500488.html
The Super Rich are mad as hell -- and doing great
Tom Perkins says the rich are "threatened."
There's already a long thread about this in which you participated. You can add to it if you like. http://forums.anandtech.com/showthread.php?t=2365924
admin allisolm
The tech venture capitalist initially compared the assault on the wealthy to a wave of Nazi attacks on Jews ahead of the Holocaust, in a letter this past weekend.
The rich are under attack, says Perkins in a Bloomberg interview, by "higher taxes, higher regulation and so forth."
He added: "We are beginning to engage in class warfare."
First came Steve Schwarzman of the Blackstone Group in 2010. There had been a proposal to raise the tax rate on some big investors, and Schwarzman compared the idea to "Hitler invading Poland in 1939."
Former GE CEO Jack Welch has written about efforts to "demonize" business.
But here are some facts about how the rich are doing:
1) Income for the rich is way up.
Income for the top 1% grew an estimated 31.4% from 2009 to 2012. The bottom 99% saw a gain of 0.4%.
2) The stock market is way up
The Dow has roughly doubled since January 2009. The middle class benefit somewhat from the gains, but it's the rich that benefit the most.
3) Tax rates on the rich are not way up
Households with income above $250,000 will pay a 0.9% surtax for Medicare and some of their deductions have been reduced.
Households making above $400,000 ($450,000 if married) now pay a top income tax rate of 39.6%, up from 35% under Bush, but the same as during the Clinton years.
Those same high earners have to pay 20% on dividends and capital gains, up from 15%. And the exemption on the federal estate tax stands at a generous $5 million per person.
http://finance.yahoo.com/news/super-rich-mad-hell-doing-172500488.html
The Super Rich are mad as hell -- and doing great
Tom Perkins says the rich are "threatened."
There's already a long thread about this in which you participated. You can add to it if you like. http://forums.anandtech.com/showthread.php?t=2365924
admin allisolm
The tech venture capitalist initially compared the assault on the wealthy to a wave of Nazi attacks on Jews ahead of the Holocaust, in a letter this past weekend.
The rich are under attack, says Perkins in a Bloomberg interview, by "higher taxes, higher regulation and so forth."
He added: "We are beginning to engage in class warfare."
First came Steve Schwarzman of the Blackstone Group in 2010. There had been a proposal to raise the tax rate on some big investors, and Schwarzman compared the idea to "Hitler invading Poland in 1939."
Former GE CEO Jack Welch has written about efforts to "demonize" business.
But here are some facts about how the rich are doing:
1) Income for the rich is way up.
Income for the top 1% grew an estimated 31.4% from 2009 to 2012. The bottom 99% saw a gain of 0.4%.
2) The stock market is way up
The Dow has roughly doubled since January 2009. The middle class benefit somewhat from the gains, but it's the rich that benefit the most.
3) Tax rates on the rich are not way up
Households with income above $250,000 will pay a 0.9% surtax for Medicare and some of their deductions have been reduced.
Households making above $400,000 ($450,000 if married) now pay a top income tax rate of 39.6%, up from 35% under Bush, but the same as during the Clinton years.
Those same high earners have to pay 20% on dividends and capital gains, up from 15%. And the exemption on the federal estate tax stands at a generous $5 million per person.
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