Skip to comments.How the Richest 400 People in America Got So Rich
Posted on 07/12/2012 9:12:25 PM PDT by Beave Meister
In 1992, the 400th richest person in America made $24 million.
In 2007, the 400th richest person in America made $138 million (or $87 million, inflation-adjusted).
Now, that almost certainly wasn't the same guy. There's a lot of churn at the top of the money pyramid. In all of the 1990s, only 25% of the Fortunate 400 made more than one appearance. But the overall message is the same. The rich keeping getting richer.
According to the IRS, which recently released 2009 data from the 400 richest individual income tax returns, the real runaway growth in wealth has come from capital gains. In the last years of the bubble, the "Fortunate 400" made nearly half their income from capital gains (a.k.a.: profit from the rising value of an investment, such as stocks or property) and less than 10% of their income from old-fashioned wages.
The average income of a top-400 earner grew by 650% between 1992 and 2007 to a whopping $344 million. Over that time, the average salary barely doubled. But the average capital gains haul increased by 1,200%. How do the richest get richer? Not from their wages. From their investments.
(Excerpt) Read more at theatlantic.com ...
Sounds like someone wanted to stir things up like rich v. poor, and; it backfired.I think it’s awesome that certain folks have the discipline to invest, cash in, reinvest and keep on holding on to quality investments whether real estate or options,etc.
Get all your friends, neighbors, relatives to give you $1,000,000 that you "donate" to Obama. Then start a green energy company with $500 million in government guaranteed loans. Spend the money. Don't sell any products, which were obsolete anyway. File bankruptcy. Go out of business, then live on the $1 million you stashed away.
I remember a wealthy woman once saying to me that most people were so busy working they never really figured out how to make money.
the Pelosi's and the Feinsteins of the world vote themselves and their friends billions of dollars of contracts thus wealth...
look at Buffett....did he or did he not benefit from the financial "collapse" because right on cue he bought into assets that he knew were going to be rescued....and we all know he benefits from the pipeline not being built...
rich does not always mean "good" just as poor doesn't always mean "bad"....
So, these 400 people are spending about 8 trillion dollars a year? Right.
And how did they pay for those initial investments that earned capital gains? From money that was originally earned with wages. I hear this same arguement about Roth (401k/IRA) accounts.
Why not just blast these LIBs for the politics-not their money. Yes, we know that Corzine is a crook. Yes, we know that Soros always has been an hate America LIBOR controller, and; he is our #1 enemy to get rid of. Buffet has played Obama like an old trumpet.He hits a sour note and Obama sends money. Then Buffet gives Zero a 30 second sound bite. Buffet was a majority owner of AIG. That is 21st Century now. The old man still lives less then a short drive to Univ of Nebraska Omaha. Heck, he is only a short walk away.
Does she also think people that sell thier business to retire should be taxed at that exorbitant rate. Or people that sell thier home that they built equity over a lifetime in. She sure is willing to screw a lot of modest people out of a decent retirement just for her hatred of anybody that was succeeded.
That is not investing in self or by oneself. That is using taxpayers money(Our Money). BIG Diff.