The real ‘1 percent’

[Freedom&Liberty]

Beyond the class-war myths


If you listen to President Obama, the protesters at Occupy Wall Street, and much of the media, it’s obvious. They’re either “trust-fund babies” who inherited their money, or greedy bankers and hedge-fund managers. Certainly, they haven’t worked especially hard for their money. While the recession has thrown millions of Americans out of work, they’ve been getting even richer. Worse, they don’t even pay their fair share in taxes: Millionaires and billionaires are paying a lower tax rate than their secretaries.

In reality, each of these stereotypes is wrong.

Roughly 80 percent of millionaires in America are the first generation of their family to be rich. They didn’t inherit their wealth; they earned it. How? According to a recent survey of the top 1 percent of American earners, slightly less than 14 percent were involved in banking or finance.

Roughly a third were entrepreneurs or managers of nonfinancial businesses. Nearly 16 percent were doctors or other medical professionals.
Lawyers made up slightly more than 8 percent, and engineers, scientists and computer professionals another 6.6 percent.

Sports and entertainment figures -- the folks flying in on their private jets to express solidarity with Occupy Wall Street -- composed almost 2 percent.

By and large, the wealthy have worked hard for their money. NYU sociologist Dalton Conley says that “higher-income folks work more hours than lower-wage earners do.”

http://www.nypost.com/p/news/opinion...tFGBv8xlexdfVO

[jwreck]

Never let facts interfere with good propaganda.

[soylentgreen]

I made my millions selling Obama bobbleheads on eBay.

[Archaix]

So where's this study?

[Freedom&Liberty]

At the Congressional Budget Office.

[Freedom&Liberty]

I made my millions selling Obama bobbleheads on eBay.

Sounds like hard, honest work.

[Archaix]

At the Congressional Budget Office.

But where, specifically? It's a big site.

[Cd.]

Beyond the class-war myths


If you listen to President Obama, the protesters at Occupy Wall Street, and much of the media, it’s obvious. They’re either “trust-fund babies” who inherited their money, or greedy bankers and hedge-fund managers. Certainly, they haven’t worked especially hard for their money. While the recession has thrown millions of Americans out of work, they’ve been getting even richer. Worse, they don’t even pay their fair share in taxes: Millionaires and billionaires are paying a lower tax rate than their secretaries.

In reality, each of these stereotypes is wrong.

Roughly 80 percent of millionaires in America are the first generation of their family to be rich. They didn’t inherit their wealth; they earned it. How? According to a recent survey of the top 1 percent of American earners, slightly less than 14 percent were involved in banking or finance.

Roughly a third were entrepreneurs or managers of nonfinancial businesses. Nearly 16 percent were doctors or other medical professionals.
Lawyers made up slightly more than 8 percent, and engineers, scientists and computer professionals another 6.6 percent.

Sports and entertainment figures -- the folks flying in on their private jets to express solidarity with Occupy Wall Street -- composed almost 2 percent.

By and large, the wealthy have worked hard for their money. NYU sociologist Dalton Conley says that “higher-income folks work more hours than lower-wage earners do.”

http://www.nypost.com/p/news/opinion...tFGBv8xlexdfVO

Al Capone was a good example of a first generation millionaire. He started off poor and built his empire. In other words he is the ideal Conservative. I can say the same about Meier Lansky, John Gotti, Dutch Schultz and so on.

[Freedom&Liberty]

So you think that every conservative is a criminal? That's just stupid, CD. People have to make a profit to feed their families. We can't all be dependent on government.

[Freedom&Liberty]

But where, specifically? It's a big site.

There's a link to it right on the homepage of cbo.gov, you lazy toad.

http://cbo.gov/ftpdocs/124xx/doc1248...holdIncome.pdf

[302Riz]

Al Capone was a good example of a first generation millionaire. He started off poor and built his empire. In other words he is the ideal Conservative. I can say the same about Meier Lansky, John Gotti, Dutch Schultz and so on.

Where is this proof that mobsters were conservative? Dont project. Every post you make makes you look like schill for the democrats, even though you say that you cant stand either party. You are talking out of both sides of your ass.