Message 283 of 353 (838923)
08-30-2018 3:10 PM
Reply to: Message 280 by Faith
08-30-2018 2:00 PM
Income =/= wealth!!!
Poor, poor Faith. So easily confused by even the simplest of concepts. Income is not the same as wealth! My wealth is > 40 times my annual income (primarily because i own a fully paid off home in Silicon Valley that I bought 35 years ago - last year its increase in value (wealth) was 3 times my income that year. I could probably sell this house and buy seven houses in one of the s**thole (i. e., red) states.) Jeff Bezo’s income might well be below that $386K you mention. Or maybe you know this and that’s why you didn’t bother to link to your source. It’s actually possible for a person to have a multi $million income and negative wealth, if for example, their indebtedness (liabilities) exceeds their assets.
Also, and very importantly, many of the super wealth have very low income because they direct their income to personal corporations that purchase all their goodies for them. They do this, of course, as a tax avoidance maneuver. That’s why the Republican’s recent tax law changed the tax bracket on “pass through” income, again to aid their wealth supporters avoid more taxes.
Did you know that the treasury department is having to sell over 1 $trillion in bonds each year for the next several years to pay for the country’s deficits? One forth of that is just to pay the interest on outstanding debt. With the increasing fed interest rate and the rapidly growing debt (growing much faster than the Republican’s fantasy projections) interest payments alone will grow to 1 $trillion by 2030, just about the time you start wishing you were a Democrat. I’m also following your lead in not citing sources, but you can check it out on any fake news site.
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| ||Message 280 by Faith, posted 08-30-2018 2:00 PM|| ||Faith has responded|
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| ||Message 285 by Faith, posted 08-30-2018 4:19 PM|| ||AnswersInGenitals has not yet responded|