Easy way to double the net worth of 60% of all US households

[tomdavis]

Quote from STC Capital:

Yeah, it would stimulate the economy because as I stated...the people with their new found wealth would spend it rather quickly...and end up right back in poverty.

Study of California lottery winners: One third of all lottery winners (over $100k) are broke after five years and 70% are broke after ten years.

 

[Money Trust]

Quote from tomdavis:

One third of all lottery winners are broke after five years and 70% are broke after ten years.

LOL. I really tried to avoid using the lottery winners example. I was gonna use it in my initial statement but decided not to. I hoped that someone besides myself would mention it, therefore I'm glad that SOMEONE brought it up.

 

[Navin Johnson]

Quote from futurecurrents:

Okay so one might think removing all this money from these folks would be bad for the economy because this money is being used to create businesses and jobs.

But this is where the money actually is....

"Global offshore wealth, defined as assets housed in a country where the owner has no legal or tax residence, grew by 6.1 percent to $8.5 trillion last year, according to the Boston Consulting Group. And what was the top destination of that wealth? Switzerland, which houses about one-quarter of all offshore assets.
The approximation may even underestimate the true scale of offshore wealth, as a 2012 study from the Tax Justice Network found that the world’s wealthy are stashing up to $32 trillion offshore, or roughly four times the BCG's estimate.
The issue of offshore wealth has come into sharp focus recently as critics have accused notable figures, including former Republican Presidential Candidate Mitt Romney, of housing their money in countries with lower tax rates so they don't have to pay higher tax rates at home."

<iframe width="560" height="315" src="//www.youtube.com/embed/5hfYJsQAhl0" frameborder="0" allowfullscreen></iframe>

 

[jem]

a better idea.

eliminate all income taxes and seal up the boarders.
the economy would take off. the demand for labor would grow.
eventually. virtually the able bodied poor would want to have jobs.


like the old saying...

you can give a man a fish and feed him for a day
(and tax all but the crony fishing vessels out of business)

or you can eliminate taxes and let the fishing industry grow.

 

[futurecurrents]

Quote from futurecurrents:

It's about 80k per family. It would stimulate the economy, leading to more jobs and better pay for all. It would eliminate a huge amount of poverty. The only downside is to the Swiss banks and a few people who have too much money.

I got my numbers wrong. It's only about 16 k per household.


But here is another number. The top 1% control 40% of the nation's wealth.


plu·toc·ra·cy noun \plü-&#712;tä-kr&#601;-s&#275;\
: government by the richest people

: a country that is ruled by the richest people

 

[jem]

yes in part because of taxes and a too big to fail govt / crony scheme.

Quote from futurecurrents:

I got my numbers wrong. It's only about 16 k per household.


But here is another number. The top 1% control 40% of the nation's wealth.


plu·toc·ra·cy noun \plü-&#712;tä-kr&#601;-s&#275;\
: government by the richest people

: a country that is ruled by the richest people

 

[Tsing Tao]

Quote from jem:

yes in part because of taxes and a too big to fail govt / crony scheme.

Exactly, but you won't see futurecurrents pointing out the government's role in the cronyism - until a Republican is in charge. Then you'll see it daily.

 

[Ricter]

We shouldn't give money to the poor because of their inferior character, and we shouldn't take money from the rich because they're already taxed too much. The suffering of the poor is a character problem but the suffering of the rich is a structural problem. How convenient.

 

[Tsing Tao]

Ricter, let's assume we implement futurecurrent's lunatic program as he proposed in the OP. Walk through the steps, from start (implementation of law) to finish (where the poor supposedly receive money).

 

[Lucrum]

Quote from Tsing Tao:

Ricter, let's assume we implement futurecurrent's lunatic program as he proposed in the OP. Walk through the steps, from start (implementation of law) to finish (where the poor supposedly receive money).

This ought a be good.