Skip to comments.Wealthy didn't 'build that,' they 'rode it,' says Gross
Posted on 11/04/2013 2:06:16 PM PST by Tailgunner Joe
In his latest Investment Outlook, titled "Scrooge McDucks," the outspoken Pimco co-founder said that with tax reform back on the radar, the focus should be on taxing the wealthy. Yes, he knows the rich work hard. And yes, he knows they pay an outsized share of the taxes.
But Gross said the wealthy really didn't earn all of their wealth. They are lucky beneficiaries of a decades-long credit boom that poured money into the hands of the financially skilled.
"You did not, as President Obama averred, 'build that,' you did not create that wave," he wrote. "You rode it. And now it's time to kick out and share some of your good fortune by paying higher taxes or reforming them to favor economic growth and labor, as opposed to corporate profits and individual gazillions."
(Excerpt) Read more at cnbc.com ...
Don’t own any Pinhead, er, Pimco funds; but, if I did, I’d dump them after this.
Eat this “Gross”. The only thing that I would kick is your ass. You are a special kind of idiot to write that drivel.
The producers can afford to go Galt as a result of their hard work and genius. It’s going to suck for all the wagon riders when they (we) do.
Speak for yourself - if you didn’t earn your wealth, then give back in taxes what you think you took unfairly. But you have absolutely no right to transfer your guilt onto everybody else. JERK!
If they “rode the wave” that does not justify handing it over to Uncle Sam.
He’s just going to squander it.
I wonder, if riding the wave is so easy, why doesn’t the government ride the wave, and not come after me for taxes?
I wish the Republican leadership in Congress would sponsor and actively pursue a bill to allow anyone who wants to to pay a voluntary extra income tax of 10% of their AGI. The names of those who do would mandatorily be a matter of public record for all to see, and by default, those who don’t would also be a matter of public record. This would be an excellent avenue for all the guilty liberals who say they ought to pay more in taxes to do so, or shut up. IIRC, the state of Maryland had something similar in the way of a voluntary extra tax, and it was spectacularly ignored. The key here is that it be a matter of public record who paid, and how much. A good payout from guilty liberals with wealth would yield some nice revenue for the feds. But the IRS couldn’t budget a good annual retreat with the actual expected revenues.
With investment “experts” like these, who needs Marx and Lenin?
Those darn skilled people. With their money. Always bragging on their skills.
Gross is a loser. This is a guy who built his pile of loot riding interest rate reductions for the last 30 years. Now the markets are at an inflection point and as a regent who rules a kingdom populated by bond funds Billy Boy is about to either a) lose his ass, or b) go thru several mighty lean years.
as opposed to say, the poor, who simply took transfer payments funded by treasury bonds? seems like the “financially skilled” aren’t the only ones who may have benefitted from a decades long credit boom...
Bill Gross has put his moral inadequacy on public display since his days in the USN:
Hey, I’m on board with Bill Gross.
The IRS should t.ake every stinkin’ penny he has.
Actually, he's correct.
Tax all the wealth of the rentiers at 90%.
The House passed the ‘Buffet Rule Act of 2011’. It died in the Senate.
Please provide the details on the “Buffet Rule Act”. This is interesting.
That’s how the Fed is enabling the runaway spending. If the “wealthy” (like they’re some monolithic group) rode the wave, so did government.
A Marxist by any other name... would smell just the same.
Under Obama, it’s become wildly popular to grab your neighbor’s stuff.
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