82% of the Wealth Generated in 2017 Went to the Richest 1%

[panamaican]

It’s hard work accumulating the assets to build passive income. I’m trying to do that right now. I’m hoping to have 10 homes paid off at 10 years old each generating rent.

Of course money makes money. You have to get the money in the first place though. I’m not even going to read this warped left wing study fueled by ignorance and jealousy but this looks like it takes into account everyone. Even African countries and other places that have took themselves down into poverty.

Not really that hard. You simply need to find yourself in an industry that pays significantly more than other industries at a time when demand for that industry is on the upswing. Or create a new industry to monetize.

I'm a firm believer that wealth inequality isn't that bad a thing but I'll never understand the people who want to pretend that it's some meritocratic system that it separating the diligent from the lazy and assigning them financial rewards purely on effort.

Just for conversation's sake - you're hoping to have 10 homes paid off at 10 years so you're working hard. Now, imagine if every year for the next 10 years my parents bought me a new home straight cash to use for generating rent. 10 years from now - do you really think we've worked just as hard, even though we'll be in the same position?

Of course not, you would have worked much harder than me. And you'll still be worth less than me because you have to spend your own money acquiring the properties while I can invest my personal income. I can recognize that the system isn't rewarding your hard work to the same degree that it's rewarding how much more money my hypothetical parents made than your hypothetical parents.

 

[HatchetHarry]

Not really that hard. You simply need to find yourself in an industry that pays significantly more than other industries at a time when demand for that industry is on the upswing. Or create a new industry to monetize.

I'm a firm believer that wealth inequality isn't that bad a thing but I'll never understand the people who want to pretend that it's some meritocratic system that it separating the diligent from the lazy and assigning them financial rewards purely on effort.

Just for conversation's sake - you're hoping to have 10 homes paid off at 10 years so you're working hard. Now, imagine if every year for the next 10 years my parents bought me a new home straight cash to use for generating rent. 10 years from now - do you really think we've worked just as hard, even though we'll be in the same position?

Of course not, you would have worked much harder than me. And you'll still be worth less than me because you have to spend your own money acquiring the properties while I can invest my personal income. I can recognize that the system isn't rewarding your hard work to the same degree that it's rewarding how much more money my hypothetical parents made than your hypothetical parents.

Your parents worked hard throughout their lives in order to do that. I am working hard to do the same for my future children and to ensure the financial stability of my family. The system separates diligent and lazy both on individual and familial terms.

 

[panamaican]

Your parents worked hard throughout their lives in order to do that. I am working hard to do the same for my future children and to ensure the financial stability of my family. The system separates diligent and lazy both on individual and familial terms.

So, instead of comparing your hard work to mine, you're comparing your hard work to my parents. Isn't that simply acknowledging that my hard work is irrelevant to my financial success...

...and that your goal is make it so that your children's financial success isn't tied to their hard work either.

 

[ultramanhyata]

Two years ago the number was 80-- now we are down to 42 billionaires who own more wealth than to poorest half of the world's population.

Think about those numbers:

42 > 3,500,000,000+.

What you're missing is how those billions of people would be even poorer if it weren't for the initiative, innovation and productivity of those 42!

The bottom half owes everything it has to those 42. Yet where is the gratitude?? Sad.

 

[ultramanhyata]

It's almost like tax cuts for the rich don't produce an increase in the wages of workers...??

There's some sort of leak in the trickle pan...

I'm guessing the problem is somehow tied to welfare recipients and/or illegal immigrants.

 

[Prefect]

It will all trickle down someday. President Reagan told me so.

 

[trident]

https://www.google.com/amp/s/www.cn...-pay-nearly-half-of-federal-income-taxes.html

They also pay half of the income taxes. Why is depressing? Does it stop you or your family from succeeding? It’s actualy encouraging to me that hard work is being rewarded.

Nearly half is actually 45%. This was also from 2014. So, then, the top 1% in America paid 45% of taxes. On what? 70-80% of the earnings?

Do the math.

 

[HatchetHarry]

Nearly half is actually 45%. This was also from 2014. So, then, the top 1% in America paid 45% of taxes. On what? 70-80% of the earnings?

Do the math.

They use the same roads and have the servies to collect their trash. Just because they earn so much more doesn’t mean their contribution in taxes should be that much higher than others. This is called tax inequality and it’s a real problem

 

[HatchetHarry]

So, instead of comparing your hard work to mine, you're comparing your hard work to my parents. Isn't that simply acknowledging that my hard work is irrelevant to my financial success...

...and that your goal is make it so that your children's financial success isn't tied to their hard work either.

Hard work of a family as a unit. My parents worked hard and I work hard. My success is tied to both lessons/assistance my parents gave me and my own work ethic. Even though they gave me 28k last year as a gift towards my home/investments it didn’t stop be from working 80 hour weeks.

 

[MeatheadMike]

I really don't think this is anyhting new, though. Its just a sign of changing times. Shopping malls close, Amazon benefits etc. People just aren't outraged enough to not use amazon.

It is a changing of the times, but it has nothing to do with shopping malls closing etc.

People are just more willing to accept the constantly increasing disproportionate gap between rich and middle class than they were decades ago.

 

[ultramanhyata]

Even though they gave me 28k last year as a gift towards my home/investments it didn’t stop be from working 80 hour weeks.

Nothing says "quality time with the children" like working 80 hours a week. Bravo, dad.

 

[HatchetHarry]

Nothing says "quality time with the children" like working 80 hours a week. Bravo, dad.

I don’t have children yet. By the time I have kids I will only be working 60 hours a week with 24 of those being from home.

 

[ProBoxingInsidr]

This all just started in the last 2 years?

Brand new trend?

no. just since trump became president. under obama, everyone had the same opportunities

 

[mudflap mike]

Not really that hard. You simply need to find yourself in an industry that pays significantly more than other industries at a time when demand for that industry is on the upswing. Or create a new industry to monetize.

its not hard creating a new industry to monetize?

 

[MeatheadMike]

They use the same roads and have the servies to collect their trash. Just because they earn so much more doesn’t mean their contribution in taxes should be that much higher than others. This is called tax inequality and it’s a real problem

The rich obviously disproportionately benefit from government's laws... particularly the ones pertaining to property rights.

If we descended into a lawless society tomorrow, who would stand to lose more... a billionaire or a minimum wage job worker?

In fact, the menial job guy might actually stand to gain in that type of scenario. Why would you expect him to contribute more into a system that offers more protection for the billionaire, than the actual billionaire himself contributes?

 

[Squarechoke]

And in the news this week, rich people who own mega corporations make a lot of money. Feigned outrage at 11.

If only we had more of that thinking throughout history, then we wouldn't have had to dispose of the ruling nobility. The US does have a wealth distribution roughly equal to that of medieval Europe so we could have just stayed with that and saved us some trouble.

 

[grimballer]

In other words

Let me cry over some ppl being smarter n more savvy when it comes to money

 

[panamaican]

Hard work of a family as a unit. My parents worked hard and I work hard. My success is tied to both lessons/assistance my parents gave me and my own work ethic. Even though they gave me 28k last year as a gift towards my home/investments it didn’t stop be from working 80 hour weeks.

As a family unit going back multiple generations? So it's not my hard work that matters or my kid's hard work but the hard work of my grandparents and my parents. And my kids are entitled to better life outcomes even if your kids out work them because his grandparents outworked your kids' grandparents.

Sins of the father and all that?

Isn't this a clear argument that we're not rewarding individual hard work? Of course it is. By your own admission, the hard work of previous generations should outweigh the hard work of current generations when distributing current wealth generation. A very simple return to aristocracy.

 

[trident]

They use the same roads and have the servies to collect their trash. Just because they earn so much more doesn’t mean their contribution in taxes should be that much higher than others. This is called tax inequality and it’s a real problem

If you're making 80% of the money, you're paying 80% of the taxes. They're paying 45% of the taxes.

Damn right that's tax inequality!

 

[panamaican]

its not hard creating a new industry to monetize?

Depends. Gates made a mint because he started licensing his software instead of outright selling it. Creating the software licensing industry wasn't particularly difficult, the foundation was laid by lawyers and well established. And his dad was business attorney so all the knowledge he needed was at his fingertips. Gates didn't invent software or licensing, although I think it's fair to credit him for creating the software licensing industry.