Comments on: What’s the Definition of “Fair” and “Rich?” http://allfinancialmatters.com/2008/08/20/whats-the-definition-of-fair-and-rich/ A personal finance blog dedicated to discussing such topics as budgeting, asset allocation, 401K, IRA, cash flow, insurance, financial planning, portfolio management, and other areas in personal finance. Sat, 11 Feb 2012 20:32:19 +0000 hourly 1 http://wordpress.org/?v= By: dvd http://allfinancialmatters.com/2008/08/20/whats-the-definition-of-fair-and-rich/comment-page-2/#comment-352683 dvd Thu, 28 Aug 2008 13:39:44 +0000 http://allfinancialmatters.com/?p=2768#comment-352683 What always gets left out of this debate is what we get out of our taxes. We tend to think of the rich as self-sufficient, and the poor as dependent. However, the rich actually benefit from the taxes proportionally to the benefits they reap. What do the rich get for their money? Stable markets in which to invest. An educated and productive labor pool. Stable government. Law enforcement. Research and development subsidies. An robust intellectual property system. A military to protect our interests abroad. Favorable trade treaties with other nations. And so on. What always gets left out of this debate is what we get out of our taxes. We tend to think of the rich as self-sufficient, and the poor as dependent. However, the rich actually benefit from the taxes proportionally to the benefits they reap. What do the rich get for their money? Stable markets in which to invest. An educated and productive labor pool. Stable government. Law enforcement. Research and development subsidies. An robust intellectual property system. A military to protect our interests abroad. Favorable trade treaties with other nations. And so on.

]]> By: Jason B. http://allfinancialmatters.com/2008/08/20/whats-the-definition-of-fair-and-rich/comment-page-2/#comment-351442 Jason B. Mon, 25 Aug 2008 16:29:50 +0000 http://allfinancialmatters.com/?p=2768#comment-351442 Money may not be what life is all about, but *having* money sure makes it easier to do whatever it is that life *is* all about:-) Money may not be what life is all about, but *having* money sure makes it easier to do whatever it is that life *is* all about:-)

]]> By: terry http://allfinancialmatters.com/2008/08/20/whats-the-definition-of-fair-and-rich/comment-page-2/#comment-350342 terry Sat, 23 Aug 2008 02:39:38 +0000 http://allfinancialmatters.com/?p=2768#comment-350342 Heather said: First, I’m disappointed to see that so many of you have the money = success mindset. I realize this is a financial blog, but life ain’t all about the money, people! This message permeates our society. I'm certainly infected with it; as a result I am consumed with self-loathing. Heather said:

First, I’m disappointed to see that so many of you have the money = success mindset. I realize this is a financial blog, but life ain’t all about the money, people!

This message permeates our society. I’m certainly infected with it; as a result I am consumed with self-loathing.

]]> By: Chad http://allfinancialmatters.com/2008/08/20/whats-the-definition-of-fair-and-rich/comment-page-2/#comment-350160 Chad Fri, 22 Aug 2008 21:14:18 +0000 http://allfinancialmatters.com/?p=2768#comment-350160 "rich" and "poor" are states of mind.. I see ALOT of people that make 3 or 4 times what i make, that are "BROKE" and living paycheck to paycheck. Where me... I not only can make my necessities but can have a few wants now and then and still hold back a good amount to save for a rainy day. This Class envy crap HAS to go. For those that say Rich people can afford to pay the higher taxes because they are so rich they dont care, completely miss the boat. a good share of this country's wealthiest people started with nothing and climbed up the mountain. They busted thier ass, and watched thier money really carefully. So to say rich people dont care if they pay more because they can afford it.. thats not true.. Rich people really pay attention to where they money goes.. thats how they got to be rich people. “rich” and “poor” are states of mind.. I see ALOT of people that make 3 or 4 times what i make, that are “BROKE” and living paycheck to paycheck. Where me… I not only can make my necessities but can have a few wants now and then and still hold back a good amount to save for a rainy day. This Class envy crap HAS to go. For those that say Rich people can afford to pay the higher taxes because they are so rich they dont care, completely miss the boat. a good share of this country’s wealthiest people started with nothing and climbed up the mountain. They busted thier ass, and watched thier money really carefully. So to say rich people dont care if they pay more because they can afford it.. thats not true.. Rich people really pay attention to where they money goes.. thats how they got to be rich people.

]]> By: Jason B. http://allfinancialmatters.com/2008/08/20/whats-the-definition-of-fair-and-rich/comment-page-2/#comment-350156 Jason B. Fri, 22 Aug 2008 21:02:44 +0000 http://allfinancialmatters.com/?p=2768#comment-350156 Rich: has enough income from personal wealth that one does not have to work in order to maintain a decent, middle-class lifestyle (house, two cars, spouse, 2.5 kids, one or two annual vacations far from home). If you can do all of the above without having a job or living off the dole, then you're rich in my book. Rich: has enough income from personal wealth that one does not have to work in order to maintain a decent, middle-class lifestyle (house, two cars, spouse, 2.5 kids, one or two annual vacations far from home).

If you can do all of the above without having a job or living off the dole, then you’re rich in my book.

]]> By: Joe @ Simple Debt-Free Finance http://allfinancialmatters.com/2008/08/20/whats-the-definition-of-fair-and-rich/comment-page-2/#comment-350137 Joe @ Simple Debt-Free Finance Fri, 22 Aug 2008 20:13:43 +0000 http://allfinancialmatters.com/?p=2768#comment-350137 Actually, the part where McCain is described as "struggling" with the question is where he answered it. He said he doesn't care. How rich a person is shouldn't factor into how much he is taxed because when it does you're leaning toward communism (or at least socialism) : To each according to his needs, from each according to his means. What McCain said is, "I don't care what level you choose, I just want everyone to have the same opportunity to become rich. I don't want to penalize you for being wealthy." Actually, the part where McCain is described as “struggling” with the question is where he answered it. He said he doesn’t care. How rich a person is shouldn’t factor into how much he is taxed because when it does you’re leaning toward communism (or at least socialism) : To each according to his needs, from each according to his means.

What McCain said is, “I don’t care what level you choose, I just want everyone to have the same opportunity to become rich. I don’t want to penalize you for being wealthy.”

]]> By: Heather http://allfinancialmatters.com/2008/08/20/whats-the-definition-of-fair-and-rich/comment-page-1/#comment-350093 Heather Fri, 22 Aug 2008 18:31:33 +0000 http://allfinancialmatters.com/?p=2768#comment-350093 First, I'm disappointed to see that so many of you have the money = success mindset. I realize this is a financial blog, but life ain't all about the money, people! @Rick - I don't think those who can contributing more equals socialism. I don't believe that everything should be equally distributed. @Slinky - I'm definitely not saying that any of us are too stupid to help ourselves. But I would definitely say that many of us, for a multitude of reasons, may not be standing on equal ground. I do think we have some responsibility, not to level the ground, but to help ensure a bare minimum. @JC - I agree that we have to aim for a pragmatic fair. It's hard to compromise our ideals for a realistic option. @Rich - It will be a great world when people like you who don't care about everybody else are willing to share their great wealth so that others don't starve or go without an education. I totally agree that we have stupid politicians spending stupid amounts of money on stupid things. First, I’m disappointed to see that so many of you have the money = success mindset. I realize this is a financial blog, but life ain’t all about the money, people!

@Rick – I don’t think those who can contributing more equals socialism. I don’t believe that everything should be equally distributed.

@Slinky – I’m definitely not saying that any of us are too stupid to help ourselves. But I would definitely say that many of us, for a multitude of reasons, may not be standing on equal ground. I do think we have some responsibility, not to level the ground, but to help ensure a bare minimum.

@JC – I agree that we have to aim for a pragmatic fair. It’s hard to compromise our ideals for a realistic option.

@Rich – It will be a great world when people like you who don’t care about everybody else are willing to share their great wealth so that others don’t starve or go without an education. I totally agree that we have stupid politicians spending stupid amounts of money on stupid things.

]]> By: terry http://allfinancialmatters.com/2008/08/20/whats-the-definition-of-fair-and-rich/comment-page-1/#comment-349875 terry Fri, 22 Aug 2008 07:18:44 +0000 http://allfinancialmatters.com/?p=2768#comment-349875 As someone who has never earned more than $17K in a year, $150K sounds ridiculously rich to me. As someone who has never earned more than $17K in a year, $150K sounds ridiculously rich to me.

]]> By: JLP http://allfinancialmatters.com/2008/08/20/whats-the-definition-of-fair-and-rich/comment-page-1/#comment-349809 JLP Fri, 22 Aug 2008 03:45:31 +0000 http://allfinancialmatters.com/?p=2768#comment-349809 No Debt Plan, I don't think McCain's answer was any worse than Obama's because it's a stupid question to begin with. It's impossible to define "rich." The poorest people in the United States are richer than most of the people in third world countries. No Debt Plan,

I don’t think McCain’s answer was any worse than Obama’s because it’s a stupid question to begin with. It’s impossible to define “rich.” The poorest people in the United States are richer than most of the people in third world countries.

]]> By: Rich http://allfinancialmatters.com/2008/08/20/whats-the-definition-of-fair-and-rich/comment-page-1/#comment-349807 Rich Fri, 22 Aug 2008 03:40:29 +0000 http://allfinancialmatters.com/?p=2768#comment-349807 That's the thing. $150k is or isn't rich depending on where you live. Midwest or the south? OK you might be doing decently for yourself. The north east on the other hand that same $150k doesn't go nearly as far. Two bedroom condos in my entire area star around 300k for something passable but not in the best of areas. Houses around here typically start around the 500k region. That’s the thing. $150k is or isn’t rich depending on where you live. Midwest or the south? OK you might be doing decently for yourself. The north east on the other hand that same $150k doesn’t go nearly as far. Two bedroom condos in my entire area star around 300k for something passable but not in the best of areas. Houses around here typically start around the 500k region.

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