Ah to be rich in America!
01-29-2007, 10:32 PM
#1
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Ah to be rich in America!
IN 1985, THE FORBES 400 were worth $221 billion combined. Today, they’re worth $1.13 trillion—more than the GDP of Canada.
THERE’VE BEEN FEW new additions to the Forbes 400. The median household income has also stagnated—at around $44,000.
AMONG THE FORBES 400 who gave to a 2004 presidential campaign, 72% gave to Bush.
IN 2005, there were 9 million American millionaires, a 62% increase since 2002.
IN 2005, 25.7 million Americans received food stamps, a 49% increase since 2000.
ONLY ESTATES worth more than $1.5 million are taxed. That’s less than 1% of all estates. Still, repealing the estate tax will cost the government at least $55 billion a year.
ONLY 3% OF STUDENTS at the top 146 colleges come from families in the bottom income quartile; only 10% come from the bottom half.
BUSH’S TAX CUTS GIVE a 2-child family earning $1 million an extra $86,722—or Harvard tuition, room, board, and an iMac G5 for both kids.
A 2-CHILD family earning $50,000 gets $2,050—or 1/5 the cost of public college for one kid.
THIS YEAR, Donald Trump will earn $1.5 million an hour to speak at Learning Annex seminars.
ADJUSTED FOR INFLATION, the federal minimum wage has fallen 42% since its peak in 1968.
IF THE $5.15 HOURLY minimum wage had risen at the same rate as CEO compensation since 1990, it would now stand at $23.03.
A MINIMUM WAGE employee who works 40 hours a week for 51 weeks a year goes home with $10,506 before taxes.
SUCH A WORKER would take 7,000 years to earn Oracle CEO Larry Ellison’s yearly compensation.
ELLISON RECENTLY posed in Vanity Fair with his $300 million, 454-foot yacht, which he noted is “really only the size of a very large house.”
A World of Difference
ONLY THE WEALTHIEST 20% of Americans spend more on entertainment than on health care.
THE $17,530 EARNED by the average Wal-Mart employee last year was $1,820 below the poverty line for a family of 4.
5 OF AMERICA’S 10 richest people are Wal-Mart heirs.
PUBLIC COMPANIES spend 10% of their earnings compensating their top 5 executives.
1,730 BOARD MEMBERS of the nation’s 1,000 leading companies sit on the boards of 4 or more other corporations—including half of Coca-Cola’s 14-person board.
THE BIDDER who won a round of golf with Tiger Woods for $30,100 at a 2004 Buick charity auction could deduct all but about $200.
TIGER MADE $87 million in 2005, all but $12 million from endorsements and appearance fees.
THE 5TH LEADING philanthropist last year was Boone Pickens, in part due to his $165 million gift to Oklahoma State University’s golf program.
WITHIN AN HOUR, OSU invested it in a hedge fund Pickens controls. Thanks to a Katrina relief provision, his “gift” was also 100% deductible.
LAST YEAR 250 COMPANIES gave top execs between $50,000 and $1 million worth of wholly personal flights on corporate jets.
THIS PERK is 66% more costly to companies whose CEO belongs to out-of-state golf clubs.
A New Gilded Age
THE U.S. GOVERNMENT spends $500,000 on 8 security screeners who speed execs from a Wall Street helipad to American’s JFK terminal.
UNITED HAS CUT the pensions and salaries of most employees but promised 400 top executives 8% of the shares it expects to issue upon emerging from bankruptcy.
UNITED’S TOP 8 execs will also get a bonus of between 55% and 100% of their salaries.
IN 2002, “turnaround artist” Robert Miller dumped Bethlehem Steel’s pension obligation, allowing “vulture investor” Wilbur L. Ross to buy steel stock and sell it at a 1,000% profit.
IN 2005, DELPHI HIRED Miller for $4.5 million. After Ross said he might buy Delphi if its labor costs fell, Miller demanded wage cuts of up to 63% and dumped the pension obligation.
10 FORMER ENRON directors agreed to pay shareholders a $13 million settlement—which is 10% of what they made by dumping stock while lying about the company’s health.
POOR AMERICANS spend 1/4 of their income on residential energy costs.
EXXON’S 2005 PROFIT of $36.13 billion is more than the GDP of 2/3 of the world’s nations.
CEO PAY AMONG military contractors has tripled since 2001. For David Brooks, the CEO of bulletproof vest maker DHB, it’s risen 13,233%.
AT THE $10 MILLION bat mitzvah party Brooks threw his daughter last year, guests got $1,000 gift bags and listened to Aerosmith, Kenny G., Tom Petty, Stevie Nicks, and 50 Cent—who reportedly sang, “Go shorty, it’s your bat mitzvah, we gonna party like it’s your bat mitzvah.”
FOR PERFORMING IN the Live 8 concerts to “make poverty history,” musicians each got gift bags worth up to $12,000.
OSCAR PERFORMERS and presenters collectively owe the IRS $1,250,000 on the gift bags they got at the 2006 Academy Awards ceremony.
A DOG FOOD COMPANY provided “pawdicures” and other spa treatments to pets of celebrities attending the 2006 Sundance Film Festival.
ONE OF MADONNA’S recent freebies: $10,000 mink and diamond-tipped false eyelashes.
PARIS HILTON, who charges clubs $200,000 to appear for 20 minutes, stiffed Elton John’s AIDS benefit the $2,500-per-plate fee she owed.
ACCORDING TO Radar magazine, Owen Wilson was paid $100,000 to attend a Mercedes-Benz-sponsored Hamptons polo match. When other guests tried to speak with him, he reportedly said, “That’s not my job.”
-from Mother Jones
THERE’VE BEEN FEW new additions to the Forbes 400. The median household income has also stagnated—at around $44,000.
AMONG THE FORBES 400 who gave to a 2004 presidential campaign, 72% gave to Bush.
IN 2005, there were 9 million American millionaires, a 62% increase since 2002.
IN 2005, 25.7 million Americans received food stamps, a 49% increase since 2000.
ONLY ESTATES worth more than $1.5 million are taxed. That’s less than 1% of all estates. Still, repealing the estate tax will cost the government at least $55 billion a year.
ONLY 3% OF STUDENTS at the top 146 colleges come from families in the bottom income quartile; only 10% come from the bottom half.
BUSH’S TAX CUTS GIVE a 2-child family earning $1 million an extra $86,722—or Harvard tuition, room, board, and an iMac G5 for both kids.
A 2-CHILD family earning $50,000 gets $2,050—or 1/5 the cost of public college for one kid.
THIS YEAR, Donald Trump will earn $1.5 million an hour to speak at Learning Annex seminars.
ADJUSTED FOR INFLATION, the federal minimum wage has fallen 42% since its peak in 1968.
IF THE $5.15 HOURLY minimum wage had risen at the same rate as CEO compensation since 1990, it would now stand at $23.03.
A MINIMUM WAGE employee who works 40 hours a week for 51 weeks a year goes home with $10,506 before taxes.
SUCH A WORKER would take 7,000 years to earn Oracle CEO Larry Ellison’s yearly compensation.
ELLISON RECENTLY posed in Vanity Fair with his $300 million, 454-foot yacht, which he noted is “really only the size of a very large house.”
A World of Difference
ONLY THE WEALTHIEST 20% of Americans spend more on entertainment than on health care.
THE $17,530 EARNED by the average Wal-Mart employee last year was $1,820 below the poverty line for a family of 4.
5 OF AMERICA’S 10 richest people are Wal-Mart heirs.
PUBLIC COMPANIES spend 10% of their earnings compensating their top 5 executives.
1,730 BOARD MEMBERS of the nation’s 1,000 leading companies sit on the boards of 4 or more other corporations—including half of Coca-Cola’s 14-person board.
THE BIDDER who won a round of golf with Tiger Woods for $30,100 at a 2004 Buick charity auction could deduct all but about $200.
TIGER MADE $87 million in 2005, all but $12 million from endorsements and appearance fees.
THE 5TH LEADING philanthropist last year was Boone Pickens, in part due to his $165 million gift to Oklahoma State University’s golf program.
WITHIN AN HOUR, OSU invested it in a hedge fund Pickens controls. Thanks to a Katrina relief provision, his “gift” was also 100% deductible.
LAST YEAR 250 COMPANIES gave top execs between $50,000 and $1 million worth of wholly personal flights on corporate jets.
THIS PERK is 66% more costly to companies whose CEO belongs to out-of-state golf clubs.
A New Gilded Age
THE U.S. GOVERNMENT spends $500,000 on 8 security screeners who speed execs from a Wall Street helipad to American’s JFK terminal.
UNITED HAS CUT the pensions and salaries of most employees but promised 400 top executives 8% of the shares it expects to issue upon emerging from bankruptcy.
UNITED’S TOP 8 execs will also get a bonus of between 55% and 100% of their salaries.
IN 2002, “turnaround artist” Robert Miller dumped Bethlehem Steel’s pension obligation, allowing “vulture investor” Wilbur L. Ross to buy steel stock and sell it at a 1,000% profit.
IN 2005, DELPHI HIRED Miller for $4.5 million. After Ross said he might buy Delphi if its labor costs fell, Miller demanded wage cuts of up to 63% and dumped the pension obligation.
10 FORMER ENRON directors agreed to pay shareholders a $13 million settlement—which is 10% of what they made by dumping stock while lying about the company’s health.
POOR AMERICANS spend 1/4 of their income on residential energy costs.
EXXON’S 2005 PROFIT of $36.13 billion is more than the GDP of 2/3 of the world’s nations.
CEO PAY AMONG military contractors has tripled since 2001. For David Brooks, the CEO of bulletproof vest maker DHB, it’s risen 13,233%.
AT THE $10 MILLION bat mitzvah party Brooks threw his daughter last year, guests got $1,000 gift bags and listened to Aerosmith, Kenny G., Tom Petty, Stevie Nicks, and 50 Cent—who reportedly sang, “Go shorty, it’s your bat mitzvah, we gonna party like it’s your bat mitzvah.”
FOR PERFORMING IN the Live 8 concerts to “make poverty history,” musicians each got gift bags worth up to $12,000.
OSCAR PERFORMERS and presenters collectively owe the IRS $1,250,000 on the gift bags they got at the 2006 Academy Awards ceremony.
A DOG FOOD COMPANY provided “pawdicures” and other spa treatments to pets of celebrities attending the 2006 Sundance Film Festival.
ONE OF MADONNA’S recent freebies: $10,000 mink and diamond-tipped false eyelashes.
PARIS HILTON, who charges clubs $200,000 to appear for 20 minutes, stiffed Elton John’s AIDS benefit the $2,500-per-plate fee she owed.
ACCORDING TO Radar magazine, Owen Wilson was paid $100,000 to attend a Mercedes-Benz-sponsored Hamptons polo match. When other guests tried to speak with him, he reportedly said, “That’s not my job.”
-from Mother Jones
01-30-2007, 05:53 AM
#4
I never did understand why people thought they could compare min. wage workers to CEOs. They're two totally different positions within a company.
I don't see many things wrong with that list, save a few ridiculous items like the $500k/year for faster security for Executives.
I don't see many things wrong with that list, save a few ridiculous items like the $500k/year for faster security for Executives.
01-30-2007, 07:28 AM
#5
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You guys must all believe the myth that "anyone can make it in america".
"IN 2002, “turnaround artist” Robert Miller dumped Bethlehem Steel’s pension obligation, allowing “vulture investor” Wilbur L. Ross to buy steel stock and sell it at a 1,000% profit.
IN 2005, DELPHI HIRED Miller for $4.5 million. After Ross said he might buy Delphi if its labor costs fell, Miller demanded wage cuts of up to 63% and dumped the pension obligation.
10 FORMER ENRON directors agreed to pay shareholders a $13 million settlement—which is 10% of what they made by dumping stock while lying about the company’s health."
Pension obligations are money that rightfully belongs to the workers- in these cases it was outright stolen, and there's "nothing wrong with that"????
People aren't comparing the productivity of minum wage workers to CEO's (although that is a topic worth discussing in itself) what they are pointing out is the disparity, which is far worse now in the US than it is anywhere else in the world, or in US history for that matter.
This country is way more f-ed up than even I thought it was, and you idiots think its all just fine?
I can say with almost 100% confidence that NOBODY READING THIS THREAD WILL EVER BE ANYWHERE NEAR THE FORBES 400.
Have a nice day
"IN 2002, “turnaround artist” Robert Miller dumped Bethlehem Steel’s pension obligation, allowing “vulture investor” Wilbur L. Ross to buy steel stock and sell it at a 1,000% profit.
IN 2005, DELPHI HIRED Miller for $4.5 million. After Ross said he might buy Delphi if its labor costs fell, Miller demanded wage cuts of up to 63% and dumped the pension obligation.
10 FORMER ENRON directors agreed to pay shareholders a $13 million settlement—which is 10% of what they made by dumping stock while lying about the company’s health."
Pension obligations are money that rightfully belongs to the workers- in these cases it was outright stolen, and there's "nothing wrong with that"????
People aren't comparing the productivity of minum wage workers to CEO's (although that is a topic worth discussing in itself) what they are pointing out is the disparity, which is far worse now in the US than it is anywhere else in the world, or in US history for that matter.
This country is way more f-ed up than even I thought it was, and you idiots think its all just fine?
I can say with almost 100% confidence that NOBODY READING THIS THREAD WILL EVER BE ANYWHERE NEAR THE FORBES 400.
Have a nice day
Last edited by psoper; 01-30-2007 at 08:24 AM.
01-30-2007, 10:13 AM
#6
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determination and self sacrafice
Originally Posted by psoper
You guys must all believe the myth that "anyone can make it in america".
"IN 2002, “turnaround artist” Robert Miller dumped Bethlehem Steel’s pension obligation, allowing “vulture investor” Wilbur L. Ross to buy steel stock and sell it at a 1,000% profit.
IN 2005, DELPHI HIRED Miller for $4.5 million. After Ross said he might buy Delphi if its labor costs fell, Miller demanded wage cuts of up to 63% and dumped the pension obligation.
10 FORMER ENRON directors agreed to pay shareholders a $13 million settlement—which is 10% of what they made by dumping stock while lying about the company’s health."
Pension obligations are money that rightfully belongs to the workers- in these cases it was outright stolen, and there's "nothing wrong with that"????
People aren't comparing the productivity of minum wage workers to CEO's (although that is a topic worth discussing in itself) what they are pointing out is the disparity, which is far worse now in the US than it is anywhere else in the world, or in US history for that matter.
This country is way more f-ed up than even I thought it was, and you idiots think its all just fine?
I can say with almost 100% confidence that NOBODY READING THIS THREAD WILL EVER BE ANYWHERE NEAR THE FORBES 400.
Have a nice day
"IN 2002, “turnaround artist” Robert Miller dumped Bethlehem Steel’s pension obligation, allowing “vulture investor” Wilbur L. Ross to buy steel stock and sell it at a 1,000% profit.
IN 2005, DELPHI HIRED Miller for $4.5 million. After Ross said he might buy Delphi if its labor costs fell, Miller demanded wage cuts of up to 63% and dumped the pension obligation.
10 FORMER ENRON directors agreed to pay shareholders a $13 million settlement—which is 10% of what they made by dumping stock while lying about the company’s health."
Pension obligations are money that rightfully belongs to the workers- in these cases it was outright stolen, and there's "nothing wrong with that"????
People aren't comparing the productivity of minum wage workers to CEO's (although that is a topic worth discussing in itself) what they are pointing out is the disparity, which is far worse now in the US than it is anywhere else in the world, or in US history for that matter.
This country is way more f-ed up than even I thought it was, and you idiots think its all just fine?
I can say with almost 100% confidence that NOBODY READING THIS THREAD WILL EVER BE ANYWHERE NEAR THE FORBES 400.
Have a nice day
Anyone can make it in this country if they have what it takes. One of my best friends is proof of this. Came to the U.S. from Vietnam with his family after his dad served with U.S. forces during the war. He graduated from UCLA, started a co. with 4 of his coworkers from another job. Sold that co. off and is now an exec. for a large financial firm. He now resides in Northern Ca. living in a home that cost just over a cool million. Tell me again how not everyone can make it in this country. He might not be part of the 400 (yet) but he's doing damn well from starting out with NOTHING.
01-30-2007, 10:23 AM
#7
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It's not a belief that "anyone can make it". More like anyone who really tries can make it. You don't have to make the forbes 500, to make it. I know of many people who are now doing very well, and others who are not. For most it was just a matter of applying themselves. It may be harder for some due to position in society, but it is possible.
01-30-2007, 10:41 AM
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Personally I could care less about just how rich the rich get. Minimum wage could stand to be higher but the lower working class in this country isn't that badly off.
01-30-2007, 10:42 AM
#9
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Yeah the premise that you have to make the Forbes list to "make it" is ridiculous. I consider that I "made it" because I own my home, have a beautiful wife and a child on the way. I have a job that I love that is extremely secure with ample room for advancement. I couldn't ask for much more in life, really.
01-30-2007, 11:44 AM
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Originally Posted by Chrisnonstop
Hey that's great and all...so what are you going to do about it?
The answer is simple: You don't want to give up your money just like the CEO doesn't want to give-up his money.
People never consider the tax burden of those in a high tax bracket. I know of a couple people that pull their hair out when $270,000 of their gross million dollar income earned from working14-16hr days goes straight to Uncle Sam. Makes getting a W2 for a median or even lower income seem like a walk in the park. If you can do your taxes with turbo tax odds are you aren't going to die of stress related illnesses when you're constantly on the phone with your CPA. You shouldn't ***** at all.
Another thing that makes me mad is how people like psoper always compare the "less fortunate" with the exception... people of the Fortune 500 and CEOs that get pensions and healthcare, etc. In all my years of doing loans (and watching my mother do them for 20+yrs) I have NEVER encountered someone in the highest tax brackets that worked for someone to get these luxuries. They were ALL self made. For example many times they worked themselves up with hard physical labor and with no safety net. Imagine working without paying into anything like disability and getting seriously hurt. I knew of a couple guys that used to flip properties with a contractors license and elbow grease. They made a fortune and had GEDs! Does the government have a social program for that? No.
Last edited by Salty; 01-30-2007 at 11:50 AM.
01-30-2007, 11:54 AM
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boo ****ing hooo...
The rich suxoR...
Hey, psoper, do you have a job?
What do you aspire to be?
Not picking on you, or making excuses for the filthy rich, but why is being "rich" so wrong ?
The rich suxoR...
Hey, psoper, do you have a job?
What do you aspire to be?
Not picking on you, or making excuses for the filthy rich, but why is being "rich" so wrong ?
01-30-2007, 11:59 AM
#13
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Well, the last time there was this large a spread between the very rich and the avererage American the Great Depression followed shortly...just something to think about...
01-30-2007, 02:03 PM
#14
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at least someone gets it.
I'm not complaining about my lot in life, I have a job I really enjoy and I managed to get a mortgage on my house when the market was somewhat realistic, I do OK, and you don't hear me ***** about taxes, despite them being a pretty big chunk of my income. And I do contribute generously to a few causes when I can afford to so I try to do my little part-
My ***** is that the system has gotten rigged so that insanely wealthy are set up to steal everything they possibly can.
One more tiny example in a poisoned ocean- ifyou've paid any attention to the BS the phone companies have been pulling buying and selling each other out shafting their customers right and left, with stock splits, reverse splits, mergers and aquisitions and different rules for shareholders- all small shareholders have gotten completely screwed out of existance.
Its just one more example of how things are seriously broken, and the consequences of a great depression style correction is going to suck for everybody.
except the forbes 400...
I'm not complaining about my lot in life, I have a job I really enjoy and I managed to get a mortgage on my house when the market was somewhat realistic, I do OK, and you don't hear me ***** about taxes, despite them being a pretty big chunk of my income. And I do contribute generously to a few causes when I can afford to so I try to do my little part-
My ***** is that the system has gotten rigged so that insanely wealthy are set up to steal everything they possibly can.
One more tiny example in a poisoned ocean- ifyou've paid any attention to the BS the phone companies have been pulling buying and selling each other out shafting their customers right and left, with stock splits, reverse splits, mergers and aquisitions and different rules for shareholders- all small shareholders have gotten completely screwed out of existance.
Its just one more example of how things are seriously broken, and the consequences of a great depression style correction is going to suck for everybody.
except the forbes 400...
01-30-2007, 04:19 PM
#15
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Originally Posted by Salty
...In all my years of doing loans (and watching my mother do them for 20+yrs) I have NEVER encountered someone in the highest tax brackets that worked for someone to get these luxuries. They were ALL self made.
Originally Posted by Salty
For example many times they worked themselves up with hard physical labor and with no safety net. Imagine working without paying into anything like disability and getting seriously hurt. I knew of a couple guys that used to flip properties with a contractors license and elbow grease. They made a fortune and had GEDs!
I also notice you used the term "used to"- guess what, the housing boom is sagging and that isn't going to be happening again for a while. But as long as predatory lending practices are allowed, you loan brokers will no doubt manage to keep yourselves busy, and in doing so stay blind to the reality of our widely weakened economy
Originally Posted by Salty
Does the government have a social program for that? No.
One way or another eventually it will, the question is how much damage is going to occur in the process.
Oh and here's another thing y'all can be real proud of!!
http://www.csmonitor.com/2005/0208/p02s01-ussc.html
Last edited by psoper; 01-30-2007 at 04:27 PM.