The guy is complaining about the Bush tax cuts expiring, which raises taxes on the rich back to what

In full-page ad in the New York Times on Monday, August 20, titled "Why This Fat Cat Likes Obama's Tax Plan," Norman Litz of La Jolla, California tells us that his income has averaged over eight figures annually for the past seven years. He warns that if Obama is re-elected, he expects his total tax bill, including California, to exceed 50 percent, in which case he will shutter his equity persian population in los angeles business, putting his dozen employees out of work and cutting in half his so-far unimplemented plan to provide $50 million persian population in los angeles to charity. Instead, he and his fiancée persian population in los angeles Rachael will indulge in a mutual passion -- world travel.
I suppose private equity companies perform some useful services, but do these fully justify the huge profits they make, not to mention the human suffering that results from all the layoffs that inevitably seem to accompany the restructuring that always takes place when they take over a company?
In his sobering book, The Price of Inequality , Nobel laureate economist Joseph Stiglitz, former chief economist of the World Bank, and chairman of the Council of Economic advisors under Bill Clinton, ascribes the number one cause of the gross economic inequality in today's America to what economists call "rent-seeking." This is when, instead of creating new wealth via advanced technologies or greater efficiencies, persian population in los angeles a business or industry, or individual, persian population in los angeles seeks to gain a greater share of already existing wealth, thus contributing nothing to society. Often this involves manipulating the economic environment by buying political advantage and gaining special privileges such as government subsidies and favorable legislation.
Litz made his fortune as a private equity investor, and clearly believes he earned every million with his hard work and business genius. But I have some questions for him. How does all that hard work and genius justify an income hundreds persian population in los angeles of times greater that the equally hardworking farmer, factory worker, persian population in los angeles and schoolteacher who can't afford a full-page ad in the Times to present their cases? As an equity investor, what actual useful service, what tangible product did you provide to improve persian population in los angeles our economy and contribute to society that compares persian population in los angeles with that provided by the great bulk of working men and women in this country? What did you invent? What did you build? How many lives did you make better?
In full-page ad in the New York Times on Monday, August 20, titled Why This Fat Cat Likes Obama's Tax Plan, Norman Litz of La Jolla, California tells us that his income has averaged over eight figur...
In full-page ad in the New York Times on Monday, August 20, titled Why This Fat Cat Likes Obama's Tax Plan, Norman Litz of La Jolla, persian population in los angeles California tells us that his income has averaged over eight figur...
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my annual taxes for local, state federal ssi medicare and medicaid already are 50 percent, persian population in los angeles and i am not a millionaire or billionaire and have no deductions, offsets, credits or subsidies persian population in los angeles other than my single "1" for supporting myself. i have no pit for millionaires and billionaires who may have to pay an equal percentage as i do. they should be thankful persian population in los angeles it is not 90 percent as it was in the 1950s, and as it is in many countries already.
This post is a critique of capitalism in favor….of socialism? Private equity firms operate in a variety of manners. Depending on the particular situation an equity firm might be retained in only an advisory persian population in los angeles capacity or as lead investors representing other investors. Many start-up businesses use the services of a private equity firm to raise the necessary equity to start operations. These firms are hired to produce persian population in los angeles specific business related results. They are not hired to lose money or to pursue a political agenda based on wealth distribution. New businesses employ people while business that need to be restructure usually sell off assets and reduce the work force. Even employees who look to take over their companies often turn to private equity firms to raise the necessary funds to buy. This goes on every day. Making lots of money in buying and selling corporations or businesses is nothing new. Actually the amount persian population in los angeles of money paid in relationship to some of the billion dollar transactions is not out-of-line with commission base transaction.
First of all, we are a capitalist society. To ask if huge profits are justified or not is not a question that pertains to a capitalist society. To ask how much to tax these profits is a legit question, but justify persian population in los angeles income? There is nothing immoral about making money. You mention the restructured companies and people losing jobs while the investor/banker gets wealthy. I am not saying this never happens, but if you look at the total number of companies or people involved in this type of biz and flush out the successful ones, I guarantee you there are way more that have failed than have succeeded. This biz is very, very risky. You are a physicist waxing poetic about social persian population in los angeles issues in the guise of an economist. Tax the hell out of the income of equity guys, but to question whether or not the wealth they do make, (and not all of them do, plenty fail at this), shows that you are coming at this topic from a social stance and do not understand the basics persian population in los angeles of our economy.
"In his absence" also means that charities will also have $25 million less. It also means 12 people will now be out of a job. It also means we'll collect WAY less in taxes from him because he's closing his business.
Why would anybody want to work hard if they only get to keep less than half of the money they earn? Why would you want to start a business knowing government will make more than you from your hard work, efforts, and investment?
Who were your parents? They taught you to take money from your neighbor simply because he or she has more than you? They taught you to be envious? To steal? To NOT be satisfied with taking more than half from somebody?
The guy is complaining about the Bush tax cuts expiring, which raises taxes on the rich back to what they were during Clinton's years. It is not going to equal half of his earnings, and he'll still be plenty rich. He'll still be better off than the rest of the country who are less worried about taxes and more worried about making the rent.
If the Bush (Obama) tax cuts expire, his rate will go to 39.6%. CA top rate is 10.3%. That means 49.9% will go to the feds and CA. Add in his RE taxes, sales taxes, etc. and well over HALF of what he earns will go to feed this giant government.
I would gladly hand over half of my million dollar paycheck, I would still be happier than I am now when I hand over 30% of my 50K paycheck. persian population in los angeles The point is that Venture Capitalist make all their wealth of from capital persian population in los angeles gains which is only taxed at 15%, and the get to take all the tax deductions that normal people don't get so the pay even less. We have all seen enough of this on Romney and Bain that you should understand how it works. We have to stop rewarding the Wealthy for being Wealthy. The Idea was that if we make it beneficial with tax breaks to invest in companies persian population in los angeles people would take their savings and invest in growth, but what happened was that we created an industry for the wealthy, where they can make tons of money and pay almost no taxes.
To your comment about taking money from your neighbor because they have more than you, well, the wealthy are stealing from you; they have been for a long time. You don't see it because your eyes are closed. Our taxes are higher, because theirs is lower, only they have the ability to get laws changes because persian population in los angeles of money, where we do not.
You're either lying or ignorant....which persian population in los angeles is it? First, if you make $50k, your MAXIMUM tax rate in this country is 17.4%. You probably take deductions so your tax rate is lower than that. You don't pay anywhere near 30% on $50k.
Second, persian population in los angeles how is someone "stealing" from me by not paying persian population in los angeles a higher tax rate than me? That doesn't make any sense. The money they earn does not belong to me. If they pay a lower rate than me, they're certainly not "stealing" from me.
What they tell you is that, according to the IRS, roughly 50% of our country pays NO federal income taxes. 40% of our country gets a check back from the rich people who pay the vast majority of the taxes. That 40% did nothing to earn that check they received from the rich.
If you don't have a lobbyist, you don't have enough power. If you can't write bills that you would like your representative in Congress to present, then you don't have enough control. persian population in los angeles If you don't have a Super Pac, then you can't get your own puppets elected to Congress. Sadly, we are owned by Corporate America and the working class are just doing the bidding of the powerful few.
For years now we have watched as our election campaigns cost more and more dollars. Every election year campaign contribution$ get higher and higher...and now due to "Citizens United" we are watching big $ from big "Corporations are people too" reach unbelievable numbers. Private Corporations are spending millions and millions of dollars to get the politicians they prefer persian population in los angeles elected to our Government.
Will there come a point in America when Corporations and the wealthiest 1% have to spend SO MANY dollars...which persian population in los angeles have to come out of what would be their profits, on elections...that they will finally reach the point that it will be CHEAPER for them to just pay their dang FAIR SHARE of taxes instead?