Thursday, January 23, 2014

The Poors Are Inheriting All The Wealth!

What Fox and the like omit is the fact that the average value of wealth transfers received by the top 1 percent of U.S. households was a whopping $1,045,200 in 2007. That's twenty-five times the average value of inheritances for households in the lowest income bracket, whose average inheritance was $42,000 the same year. For lower-income earners, 42 grand is a large chunk of their total wealth. But the average wealth of households in the top 1 percent isaround $16,439,400 -- so a million dollar inheritance is not as impactful.
That's the latest complete bullshit being spewed by right wing media personalities.  They get on the radio and Fox News and repeat this crap until it seeps into the public's subconscious.  Right-wing media is really paid advertising for Orwellian bullshit.
What Fox and the like omit is the fact that the average value of wealth transfers received by the top 1 percent of U.S. households was a whopping $1,045,200 in 2007. That's twenty-five times the average value of inheritances for households in the lowest income bracket, whose average inheritance was $42,000 the same year. For lower-income earners, 42 grand is a large chunk of their total wealth. But the average wealth of households in the top 1 percent is around $16,439,400 -- so a million dollar inheritance is not as impactful.
The problem for them is that their bullshit has gotten so outrageous, even the subconscious is throwing up its hands in protest.  Most people instinctively realize this is nonsense.

3 comments:

Dr. Steve said...

Undeniably, the poor are poor. So?
SOAK THE RICH?
Mr. DiBlasio's rejection of Gov. Cuomo's offer to fund prekindergarten with state funds, because it lacked the requisite 'tax the rich' component of the Mayor's philosophy, is reminiscent of President Obama's assertion that he would favor increasing capitol gains tax even if it produced no new income, because the point was to promote 'fairness,' i.e. 'tax the rich.'
Impoverishing the rich has NEVER managed to enrich the poor even though, uh, you know, it sounds like it really should. And now, well, here we are. Fasten your seatbelts!

www.ThePointingFinger.blogspot.com

Gary Reilly said...

No one is talking about impoverishing the rich. At most, tragically, we are talking about marginal increases to tax rates on high incomes, treating under-taxed investment income like ordinary income, and marginal increases in estate taxes.

In most cases, we're talking about increases that would not even bring those taxes up to the levels they were at in the mid-twentieth century.

Fasten your seatbelts? The car's not even moving.

Dr. Steve said...

Do you really think that these folks are going to be happy with a token one or two percent increase in taxes? You underestimate the government's voracious apetite for our money.
Look at you. Tax hasn't even been enacted yet and it's 'tragically' too small. And what was the income tax when it was first enacted, !%? 4%?
Hope you don't get run over.