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Forum Post: Are the Rich Good For Anything?

Posted 13 years ago on Oct. 29, 2011, 9:35 a.m. EST by Dost (315)
This content is user submitted and not an official statement

SEE this story on the Daily Ticker:

http://finance.yahoo.com/blogs/daily-ticker/rich-good-anything-besides-paying-taxes-spending-160215853.html;_ylt=AtPyWYtSd.Xx1hsn8rbwOkpO7sMF;_ylu=X3oDMTFmbjJzNjZmBHBvcwMzBHNlYwNleHBlcnRPcGluaW9uRHluYW1pYwRzbGsDYXJldGhlcmljaGdv

Here we have a reporter who hobnobs with the rich and who can give us some real perspective on their thinking. Besides this interview which is quite interesting, recent polling data reveals that the rich themselves, over 2/3s, believe in higher taxes for their class. Indeed, many billionaires and millionaires readily agree including the superwealthy (Buffet, Gates). But, even more interesting, is that these guys can invest in America and reduce their tax burden and perhaps that is the option they should be given.

The other thing that comes out clearly in this interview is that the real problem resides in the dysfunction and corruption of government. The Republicans in particular are totally out of touch with Americans who want to tax the rich (68%). The increasing wealth and income of these people together with the increasing lack of upward mobility of most Americans (which both conservative and Democratic analysts agree on, by the way), has created a potentially explosive situation. Those who continue to defend this imbalance, this injustice, this insanity do so reflexively, at this point, abandoning all critical thought and, common sense. The more you attack these narcissists, the more entrenched they become in their thinking.

The 99% is a more a metaphor and we should state it as so. Many in this group support redressing these imbalances. Some and many quite a few, support the OWS message. It does no good to attack these people simply because they have money as we can see from the fact that Michael Moore and many LIberals who support progressive reform, are a part of this group.

The attack should be on the plutocratic forces, many corporations and other groups, who buy and influence politicians. So, too, we need to focus on the perverse dysfunction of government which is dominated by these groups or entities. I think our analysis as to hone in more on these entities and people. Ralph Nader and many others have been talking about this for decades. The research is mostly done and is constantly being updated (See William Dumhoff's Who Rules America website). Even Republican journalists like Kevin Phillips details the plutocratic control of our govt. in his book Wealth and Democracy: A Political History of the American Rich.

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[-] 1 points by DouglasG (57) 13 years ago

So far I have not seen on the news one constructive point via the media coming out of the OWS movement which would accomplish what is desired to increase the amount of taxation on the 1%. As a retired IRS Agent I can tell you that if you want to get at the fat cats being the corporations here is an ironclad way to do it. There does exist a federal tax directed exactly at the problem herein in the USA which is never enforced. If a corporation witholds too much earnings it is subject to a tax called the Accumulated Earnings Tax. It is explained at Internal Revenue Code Section: " Sec. 531. Imposition of accumulated earnings tax

  In addition to other taxes imposed by this chapter, there is
hereby imposed for each taxable year on the accumulated taxable
income (as defined in section 535) of each corporation described in
section 532, an accumulated earnings tax equal to 15 percent of the 
accumulated taxable income.."  Anyone can call the IRS toll free number and have it explained then you can call the Office of the White House and ask the question as to why the IRS is not enforcing this law on the Corporations for whom the media states that they are holding onto trillions of dollars not spending into the economy to create jobs.  I can tell you the IRS is not enforcing the law because the law does not have enough meat into it and it has not been enforced because of that thus making the law a joke.  The OWS movement will absolutely grab the attention of the world wide media if it focuses on the AET and makes it a World Wide buzz in protest signs and does interviews regarding it with the business news programs of Fox Business Channel and NBC's Business Channel and CNN.  If you make the AET a household term instead of Herman Cain's stupid 999 = 9% sales tax = regressive taxation of poor and compete with that you can get it to become a part of the Republican Presidential candidate debates especially with Michelle Bachman who should be aware of it being a former tax attorney.  Do you think Herman even knows what the AET is?  You don't so find out about it because it could force corporations to start spending their cash hoards to create jobs and end force the stopping of foreclosures because Corporation HATE and FEAR the AET when an IRS Agent brings it up in an audit examination.  Put some muscle in your arguments.  In addition sound off to the White House on the issue of taxing: "Unreasonable Compensation" being paid to Corporate Officers wherein "Reasonable Compensation" should = what the President of the USA makes and let the IRS go after all amounts in excess of that be considered as "unreasonable" = not deductible by the corporations on their tax returns of income tax purposes.  WALL STREET will definitely not like that one and discuss that in interviews you give with the business networks.  REPOST this if you understand this tax talk.  If you don't ask questions for further explanation.
[-] 1 points by WAT99P (9) 13 years ago

BANNED FROM FACEBOOK!!! Im having a problem logging onto Facebook. Seems odd that Facebook was used as a crucial tool in the middle east to organize people to stand up for their rights and overthrow their

dictators. Funny how now that protestors are gathering at Wall Street and around the world to demand Justice for plummitting the world economy into chaos that many people are having

trouble logging on to facebook...this same senario happened in Iran when people starting organizing against their government. Seems to me that Facebook has been taken over by the.01% to

prevent the 99% from organizing. The 99% must organize before Occupy Wall street becomes a faded memory... organize your groups around the world...elect leaders to stand together

world wide. DO NOT GIVE IN!!!... DO NOT GIVE UP!! It is time to take our countries back from the greedy and corrupt. For those of you who still have access to Facebook it is your

duty to spread the word.

Please post this on your facebook profile and forward this email.

We_Are_The_99_Percent@planet.com

P.S. For those of you bashing liberals, you're playing right into the .01%'s game...Nice Jobs Morons...how are the 99% supposed to unite with idiots like you spittin' in the pot. I these type of people minions of the .01% and traitors to 99%.

[-] 1 points by mbnfromtheog (70) 13 years ago

stfu and bag my groceries bitch.

[-] 1 points by Marc526 (44) from Lodi, NJ 13 years ago

Bernie Sanders has been preaching reform for years look at his latest feed:http://www.youtube.com/watch?v=9HSaZOSWfrU The fact of the matter is we all need to come together rich and poor to help take back control of the government. It has become infested with GREED and we are sick and tired of it.