At the recent World Economic Forum in Davos, Switzerland, a panel moderator asked Michael Dell, America's 17th-richest man, what he thought about the idea of raising the top marginal tax rate to 70 percent.
This idea has been in the headlines since Rep. Alexandria Ocasio-Cortez floated it in a 60 Minutes interview on January 6 as a way to pay for a Green New Deal.
The Davos panel found the question hilarious. When the laughing died down, Dell, the founder and CEO of Dell Technologies, dismissed the idea out of hand, claiming it would harm U.S. economic growth.
(Score: 3, Insightful) by YeaWhatevs on Friday February 15 2019, @05:52PM (5 children)
That's fine. Haven't you heard? The 1% own 50% of wealth and growing. I believe it was that lower 50% own 0 or less.
(Score: 2, Insightful) by Anonymous Coward on Friday February 15 2019, @05:59PM
And why do you think that is? Because the government didn't spy on everyone enough? It is because the fed gives them free money. Look up where money comes from. The fed creates money from thin air to loan to banks, those banks loan it to rich people and their business, etc.
You think giving the government more money is going to stop this?
(Score: 1) by khallow on Saturday February 16 2019, @12:29AM (2 children)
My sarcasm detector is tripping on that. Perhaps, you think something is not fine about that situation? Even though more than that lower 50% aren't even trying to own wealth?
(Score: 0) by Anonymous Coward on Saturday February 16 2019, @10:56PM (1 child)
Now you've tripped my sarcasm detector. You honestly don't see any problem with 1% of the population owning 50% of the wealth? Let me guess: you imagine yourself a temporarily embarrassed millionaire?
(Score: 1) by khallow on Sunday February 17 2019, @12:24AM
Nope, particularly since it's not 50% of the wealth. It's maybe 50% of assets and ambiguous securities/derivatives.
(Score: 3, Informative) by Anonymous Coward on Saturday February 16 2019, @01:35AM
The 1% own 99.6 % of the nation’s wealth.
“That means the wealthiest 1 percent held an average of 225 times the wealth of the average median household in 2009 — a ratio that was 125 in 1962.”
from a paper owned by one of those 1%
https://www.washingtonpost.com/blogs/ezra-klein/post/who-are-the-1-percenters/2011/10/06/gIQAn4JDQL_blog.html?utm_term=.aadb35abaaf3 [washingtonpost.com]