General Discussion
Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsKid Berwyn
(14,876 posts)https://www.epi.org/blog/wages-for-the-top-1-skyrocketed-160-since-1979-while-the-share-of-wages-for-the-bottom-90-shrunk-time-to-remake-wage-pattern-with-economic-policies-that-generate-robust-wage-growth-for-vast-majority/
Yo_Mama_Been_Loggin
(107,922 posts)BobTheSubgenius
(11,563 posts)...is that they have a "yacht manager." I've never heard of that particular job before, but they have so many yacht - 10, I believe - that they need a person to manage the logistics of their little fleet.
Chellee
(2,095 posts)He's building a yacht so big that it needs a support yacht. Conveniently, he'll be able to put the helipad on the support yacht so he doesn't have to give up valuable real estate on his main yacht to land his helicopter.
Still, I'm sure he feels like it's modest because it's only half the size of a standard cruise ship. That carries thousands of people. So... yeah.
Joinfortmill
(14,416 posts)BobTheSubgenius
(11,563 posts)Until now, I thought the yacht sweepstakes had a tie at the top - some hedge fund guy had one that cost him a billion dollars to build. Everyone who's anyone has a yacht with a helipad. Paul Allen had one that could launch a submarine.
But good ol' Jeff has taken the crown. Remember when a ridiculous yacht or mansion was major status symbols for the obscenely wealthy? Now, you have to have your own space program.
yardwork
(61,588 posts)BlueBassLines
(17 posts)Safe to say that it has gotten out of hand.
bucolic_frolic
(43,128 posts)all of which costs money. So yes, it's always the same, rich people have yacht money and want more yacht money, poor people have little access to the upward-bound elevator.
I think most fortunes are built on strong-arming (i.e., hardball), deception, fraud, and cunning. It's what they won't tell you about in school because they own that too - the schools and the devious nature.
Wounded Bear
(58,647 posts)They inherited it.
Also, in support of your thesis:
oldsoftie
(12,531 posts)Not just billionaires but multi millionaires too.
Its a false meme thats made the rounds for years.
druidity33
(6,446 posts)even if you don't inherit millions, starting off with a few grand (or hundred grand) of inheritance will likely lead to more wealth than anyone that doesn't inherit anything.
oldsoftie
(12,531 posts)And most who do inherit dont get it till they're older anyway. Most parents dont die while the kids 25.
https://www.cnbc.com/2019/09/26/majority-of-the-worlds-richest-people-are-self-made-says-new-report.html
https://money.usnews.com/money/blogs/on-retirement/articles/7-myths-about-millionaires
Now there are mathematical gymnastics & assumptions that can discount some of the "self made" folks out there. but a lot of it is a stretch.
I do think an inheritance tax is needed over a certain reasonable amount. However I also think its totally unfair to tax cash & stock values the same as business value. If I have a farm or a mfg plant thats valued at 50M; I'll either have to sell it or borrow against it to pay the tax. Cash & stock assets are totally different.
druidity33
(6,446 posts)and i agree with your other points as well. The people i know who are very wealthy all started out with parents with money. Whether they inherited any of that dough i can't say, but just to be clear i agree with one of the millionaires in your link when he says:
"I didn't inherit my wealth. I created it," Ford said on PBS News Hour in 2017. "But look a little deeper, and it turns out that version of my success story is a lie. Yes, my family background is rather humble. Both of my parents were teachers. I grew up in hand-me-down clothes from our neighbors."
Ford does not disavow his own hard work, but instead says there is much more to the story of his own success, including, for example, his access to education and his being a white man."
c-rational
(2,590 posts)Hiawatha Pete
(1,797 posts)getagrip_already
(14,708 posts)Struggling small business in Asia, Europe, and the Middle east?
And all the third world crew members?
Whoever would there be to buy American caviar and cake?
rlegro
(338 posts)Sure it would be wonderful to rebuild our crumbling infrastructure and build more affordable housing, but what wouldn't that endanger Sen. Joe Manchin's Maserati?
hay rick
(7,605 posts)sarchasm
(1,012 posts)IronLionZion
(45,427 posts)rich people's yacht money comes with a price
BradBo
(529 posts)The networks wouldnt allow it now.
sop
(10,156 posts)jalan48
(13,859 posts)oldsoftie
(12,531 posts)For the Thousandth time, you cannot balance the budget & pay for all the new desired programs only on the backs of the super rich. ITS NOT POSSIBLE.
Oh, but you can get a Tweet re-tweeted 100k times & get a bunch of followers, so there's that
Perhaps not ALL of it
But they can certainly pay their FAIR share
& I believe that should start ASAP.
I would love to see them pay more to make up for years passed
-but bleeding heart liberal that I am, I know that is not possible.
oldsoftie
(12,531 posts)Do away with carried interest. (also, unrelated, do away with the SS income cap.) 10-15% min corp tax rate for businesses over a certain size; no deductions. Etc. But going over a certain tax rate wont gather much revenue because the wealthy can afford to simply hide income. Even the not-so-wealthy can do it
And we need a sales tax.
burrowowl
(17,638 posts)The poor and middle classes do not need more taxing.
oldsoftie
(12,531 posts)Because they work. And its acceptable to most people because EVERYONE pays. Its one of the pillars of taxation in Europe. A luxury tax has been tried; it failed and would fail again. And it wouldnt raise that much money either. We simply dont have enough people paying into the system.
Iggo
(47,549 posts)oldsoftie
(12,531 posts)Over 50% of workers pay zero income taxes. Thats where 1/2 our revenue comes from. We want European style programs but refuse to consider funding them the way they do. Which seems to work.
Iggo
(47,549 posts)oldsoftie
(12,531 posts)Dogs & cats sleeping together?
Lunabell
(6,078 posts)Well, I guess that's one way of saying, "Let them eat cake." SMH
oldsoftie
(12,531 posts)NO tax plan funds all our new desires by simply taxing (what is considered) the rich. There simply arent enough of them TO tax. And doing an asset tax would not only be a PR disaster, it also wouldnt raise enough.
Continuing to ignore these facts results in a constantly rising national debt, yearly budget deficits; and lost elections.
Should the rich pay more? YES. And I pointed out a few ways to do that above. But we have far too many people who pay NOTHING into our system. And most of them arent considered "poor"
DBoon
(22,356 posts)Unbounded greed and selfishness at the top inevitably dissolves the ties that hold society together.
paleotn
(17,911 posts)marieo1
(1,402 posts)Truer words were never spoken..............they could care less about the rest of us. Oh, they will use us if they get a chance to add more to their coffers but they will never care what happens to the rest of us. How did we get so unbalanced? And...........why don't the wealthy try to fix it? LOL.........
Joinfortmill
(14,416 posts)James48
(4,435 posts)It means sacrificing their FOURTH yacht money.
🛳🛳🛳 ⛵️
Thats a little easier to picture.