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Income inequality myth:rich people didn't earn their money

KLATTU

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" the evidence suggests that inheritance plays a very small role in how people become wealthy. Surveys vary, but it can be said with a fair degree of accuracy that the overwhelming majority of the rich did not inherit their wealth. For example, a study of billionaires around the world finds that fewer than 3 in 10 American billionaires got to that position by inheriting their wealth, and that “the share of self-made billionaires has been expanding most rapidly in the United States.”36 And while that represents the richest of the rich, the slightly less wealthy may be even less likely to have inherited their wealth. A report from BMO Financial Group found that two-thirds of high-net-worth Americans could be considered self-made, compared to a mere 3 percent who inherited the majority of their wealth. Interestingly, this study also found that nearly a third of these people are either first-generation Americans or were themselves born elsewhere. Among these wealthy “new Americans,” 80 percent reported that they earned, rather than inherited, their wealth.37 Finally, a survey by US Trust found that 70 percent of wealthy Americans grew up in middle-class or lower-income households. Even among those with assets in excess of $5 million, only a third grew up wealthy"


https://www.cato.org/publications/policy-analysis/five-myths-about-economic-inequality-america

Another lw talking point show down
:shoot
 

D_NATURED

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First of all, the right wing is against the inheritance tax so they DO support allowing people who DIDN'T earn their money to keep it all. Secondly, if your numbers are correct, thirty percent of billionaires inheriting it is a large number. Finally, NOBODY needs to be filthy rich but, objectively, EVERYONE has to eat, to have shelter, to have clean water and air, to learn survival skills. As currently existing members of the human race, people have a right to a slice of this planet's resource pie. Yet, greed prevails in spite of their suffering.

We are not rats and roaches who live in a morally neutral world of competition, we are human beings. We know that we are bound by right and wrong as moral decisions, not commandments, and that robbing the poor in order to give tax breaks to billionaires is HIGHLY immoral. We know that. But, what the conservatives have done is attempt to forward the notion that issues related to money are to be considered absent basic human morality intervening. That's absurd.

Buckle up, right wing, your greed religion is about to suffer a forced reformation. This **** has gone on too long already.
 

RetiredUSN

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First of all, the right wing is against the inheritance tax so they DO support allowing people who DIDN'T earn their money to keep it all. Secondly, if your numbers are correct, thirty percent of billionaires inheriting it is a large number. Finally, NOBODY needs to be filthy rich but, objectively, EVERYONE has to eat, to have shelter, to have clean water and air, to learn survival skills. As currently existing members of the human race, people have a right to a slice of this planet's resource pie. Yet, greed prevails in spite of their suffering.

We are not rats and roaches who live in a morally neutral world of competition, we are human beings. We know that we are bound by right and wrong as moral decisions, not commandments, and that robbing the poor in order to give tax breaks to billionaires is HIGHLY immoral. We know that. But, what the conservatives have done is attempt to forward the notion that issues related to money are to be considered absent basic human morality intervening. That's absurd.

Buckle up, right wing, your greed religion is about to suffer a forced reformation. This **** has gone on too long already.

Great post. It exemplifies the dumbing down of the usual progressive talking points.

There are a lot of leftist billionaires in this world, and they don't care what you think either.
 

JoanDavis

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" the evidence suggests that inheritance plays a very small role in how people become wealthy. Surveys vary, but it can be said with a fair degree of accuracy that the overwhelming majority of the rich did not inherit their wealth. For example, a study of billionaires around the world finds that fewer than 3 in 10 American billionaires got to that position by inheriting their wealth, and that “the share of self-made billionaires has been expanding most rapidly in the United States.”36 And while that represents the richest of the rich, the slightly less wealthy may be even less likely to have inherited their wealth. A report from BMO Financial Group found that two-thirds of high-net-worth Americans could be considered self-made, compared to a mere 3 percent who inherited the majority of their wealth. Interestingly, this study also found that nearly a third of these people are either first-generation Americans or were themselves born elsewhere. Among these wealthy “new Americans,” 80 percent reported that they earned, rather than inherited, their wealth.37 Finally, a survey by US Trust found that 70 percent of wealthy Americans grew up in middle-class or lower-income households. Even among those with assets in excess of $5 million, only a third grew up wealthy"


https://www.cato.org/publications/policy-analysis/five-myths-about-economic-inequality-america

Another lw talking point show down
:shoot

Some people inherited their wealth / won the lottery / received a massive divorce settlement.



Some people grew up dirt poor, worked hard and became very wealthy.


I have enormous respect for the latter group.
 

Northern Light

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My issue isn't even with the self-made rich people, or most run of the mill rich people. My problem is with the uber rich, the ones who own huge chunks of our total economy and pay no taxes... like the Panama Papers revealed. Trillions of dollars in stashed money overseas, in secret accounts, to avoid taxes.

We're talking about the obscenely wealthy who are trying to control nations and economies like oligarchs do. They should pay their share, but they don't because they have zero loyalty to any nation. All they care about is themselves, which is why they pay politicians to influence tax laws in their favor. It has to stop.
 

jaeger19

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" the evidence suggests that inheritance plays a very small role in how people become wealthy. Surveys vary, but it can be said with a fair degree of accuracy that the overwhelming majority of the rich did not inherit their wealth. For example, a study of billionaires around the world finds that fewer than 3 in 10 American billionaires got to that position by inheriting their wealth, and that “the share of self-made billionaires has been expanding most rapidly in the United States.”36 And while that represents the richest of the rich, the slightly less wealthy may be even less likely to have inherited their wealth. A report from BMO Financial Group found that two-thirds of high-net-worth Americans could be considered self-made, compared to a mere 3 percent who inherited the majority of their wealth. Interestingly, this study also found that nearly a third of these people are either first-generation Americans or were themselves born elsewhere. Among these wealthy “new Americans,” 80 percent reported that they earned, rather than inherited, their wealth.37 Finally, a survey by US Trust found that 70 percent of wealthy Americans grew up in middle-class or lower-income households. Even among those with assets in excess of $5 million, only a third grew up wealthy"


https://www.cato.org/publications/policy-analysis/five-myths-about-economic-inequality-america

Another lw talking point show down
:shoot

Yeah not really. Because really if you look at the number of billionaires.. that are "self made"...you will find out that a lot of them were the result of inheritance and connections and other advantages given to them by prior wealthy parents.

Comparing whether a current billionaire.. received a billion from the prior generation is not a really valid way if seeing if inheritance has an advantage for the rich.

Also income is not a good way of looking at it as well. Part of the paper you linked to.. made a case that "well people that were in the highest 1percent in income rarely stayed there".

Well yeah.. it did not mean that they went from rich to middle class. It means that when they made millions of dollars.. they could sit back and relax and did not have to worry about income as much. Because they WERE RICH. When I retire, and if I sell my businesses.. I will have a HUGE income that year or over the next years. Millions... which I will put in the bank. And enjoy in the next years.. where I don't make even nearly the income.
 
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