“'Having gotten rich at the expense of labor, the guilt sets in and I begin to feel sorry for the less well-off.' The message is addressed to fellow rich guys who are IMCO clients, in Gross’s latest monthly Investment Outlook. He calls them “Scrooge McDucks.” He suggests they stop whining about the enormous taxes they pay the government and give more back to the society they degraded with inequality.

“Admit that you and I and others in the ‘magnificent 1 %’ grew up in the gilded age of credit. You did not create that wave. You rode it. And now it’s time to kick out and share some of your good fortune by paying higher taxes or reforming them to favor economic growth and labor, as opposed to corporate profits and individual gazillions.”

Gross propose this reform: “The era of taxing ‘capital’ at lower rates than ‘labor’ should now end.”

~ Bill Gross, co-founder and managing director of PIMCO.

Gross gets the larger picture, that our nation thrives when those who produce goods and services benefit by having a share of the profits, and the nation benefits by the top 1% paying their fair share of taxes. Now, let us see if others of his economic class can understand the reasoning behind his statement.

Views: 141

Replies to This Discussion

It has always seemed fundamentally wrong to me that capital gains should be taxed at a lower rate that wages and salaries. I also am very confused by the claim that the rich are paying double taxation on their capital gains. Isn't it true that they pay taxes ony on what their investments earn. They have already paid taxes on the capital they used for their investments and that money is not taxed again, only the profits. If i have this wrong, then someone please let me know. The only double taxation I can think of is inheritace taxes, and the rich are able to avoid most all of that with proper estate planning, such as trusts.

There's almost no chance other rich people will join in.  Their mantra seems to be 'I have mine now you get yours".  The majority have no social conscience.  I remember Craig Nelson of Coach fame saying that he had been of food stamps and welfare and there had been no safety net for him.  I don't think he ever understood the irony of his words.

k. have you watched "Hans Rosling's Yardstick of Wealth - Don't Panic - The Truth About Population - BBC Two"? He has a new series coming that address the gap between rich and poor. This first short snip illustrated that the rich see, and what the poor see. A difference of perception made clear.

Drew, I have the same understanding as you. Capital gains are gains on profits made on capital. That in itself means the men and women who provide goods and services do not benefit by the profits on their labor. So, the scheme is out of balance. The costs of maintaining armed forces, infrastructure, and government fall on the salary and wage earnings. Capital profits going to owners of capital, with legal representation as well as legislative and judicial support, do not pay their fair share.
I urge you to read Ruth Anthony-Gardner's most recent posts on Partnership Vision.




Update Your Membership :




Nexus on Social Media:


© 2018   Atheist Nexus. All rights reserved. Admin: Richard Haynes.   Powered by

Badges  |  Report an Issue  |  Terms of Service