And they will all die one day taking none of it to the grave (although they might turn it over to more trust fund babies).

-PB

People who complain about the super-rich always amuse me. If they spent more time working towards goals instead of bitching about how hard it is to get a job with a bachelor of arts they might actually not be such plebs :lol:

Whilst many wealthy people are born into privelege, the majority of the ultra, ultra wealthy are self made.

Also most of the tax paid in western countries is paid by the top 5% of income earners. These super wealthy though are probably evading paying tax but the majority of the he top 1% pay a LOT of tax. There would simply not be a western world without the 1%.

are you saying that if you are in the bottom 50% of the world you just need to try harder? :shock:

So you're saying that the people who are bitching need some good old fashioned hard work and determination? Ive spent the last 4 years trying to get a job in the industry I studied but all i get is manufacturing. For someone who worked in subway you sure do have your head up your ass

No I'm saying complaining wont make you richer. Nor are you entitled to be rich or entitled to share in money made by others simply because you feel like they have too much.

I know a lot of people who don't have jobs in their study field, mainly psyc and science students.

This is what happens when universities offer too many places for narrow fields. The graduate we just took on at work spent 2 years in manufacturing to get an engineering job. It's tough. Universities are a business. They should be regulated before we end up being a country with the most qualified barista's in the world.

I should probably have explained myself further. I should have said that most people I see who complain about not getting a job in their field (usually the same people who have a problem with the super rich) followed their heart instead of their head and selected a narrow field of study with limited job prospects and now its everyones fault but their own that they have to work jobs they hate. Excuse the lack of compassion but everyone is responsible for their own decisions. I'd prefer to be a historian, I love history, but I chose engineering because of the prospects it offered.

Super rich people got to where the are by taking risks. People who manage huge corporations operate at huge risk. I find it rich for people like us who take no financial risk as worker bees to complain about their fortunes. At the end of the day we still get paid.

[-x please sir, no truth bombs in this thread.

Anyone who can shower, shave, iron a shirt and hold a conversation can get a job.

Edited by eastern glory: 19/1/2016 02:04:47 PM

Ive studied building but only residential building. Its hard to get into the industry as residential is hard to get into . Commercial sector is easier sometimes

It is what it is.
I can bitch and moan that my name isn't Prince Harry or Prince William, and I don't have to spend a day in the life working.
Unfortunately the OP's utopian ideal is akin to a North Korean / Venezuelan lifestyle which is worst than a Capitalist lifestyle at its worst.
What would you rather?

Under Communist Rule....get handed Food Coupons to survive.
Under Capitalist Rule....work for a living even if the money is shit.

Lesser of two evils is what it comes down to.
Under Capitalist rule , if you are shit poor...sure your options are limited...but you have no zero hope under Communist Rule...all while the Communist Masters eat their caviar and drink their champagne.

Fact: In Cuba Doctors are on the same wages as cleaners.

Edited by SocaWho: 19/1/2016 02:33:38 PM

Its important to note the article talks about the poorest 50% of the planet, none of whom would live in the western world. Even if these people work hard they won't get anywhere.

However, if you live in Australia, get free high quality public education and have lots of opportunities offered to you if you work hard, then there are fewer excuses. Not zero excuses, but fewer.

oxfam are a global charity concerned with global inequality
are you saying that they are complaining about the rich and feel entitled?

I feel like their solution would involve syphoning money from the rich to give to the poor. Quite a noble idea in theory.

Once again, rich people make and maintain extremely high levels of risk to be where they are. Anyone who thinks someone with a corporation has an easy life is awfully naïve.

A lot of the most obvious poverty is a result of poor economic management at a country level, war, famine etc. How does Oxfam intend to change this?

So a thread about the shocking global imbalances and the worlds most destitute becomes a thread about western politics?

I don't want to be a thread nazi - it would be hypocritical if I were as I often go of topic. But surely in this case given how many threads there are on politics we can spare one thread to talk about the worlds most destitute
Especially since our pocket change to any charity can literally save lives

I did not intend to make this political but politics and tribal/religious issues are hugely big factors in a lot of poverty stricken countries.

How the hell do we stop Africans from killing each other? Look at Sudan/South Sudan, Congo etc.

These countries are rich in resources but are unstable.

How do we change the fortunes of these people when we've been getting involved for a century and getting nowhere?

nothing stopping the socialist/commie minded folk from starting a business, and making it huge and reaping the rewards. i wonder if they still advocate for wealth sharing and distribution when they get their hands on millions lol

dem Champagne Socialists...

False dichotomy - the choice doesn't have to be between US capitalism and Venezualan authoritarian socialism. That is ridiculous.

I see what you are getting at but I heavily disagree. Maybe SOME of the super rich took big risks.

But I think it is massively understated as to how much luck plays a role too. Super-rich people do have a special responsibility to return some money to society. Mainly because it is the set up of society that allowed them to become super-rich.

I am not advocating a 90% tax rate. It ultimately is a matter of degrees as to how much tax should be paid. But if you think the super rich are paying a fair share you are dreaming!

The other thing I believe you are underestimating is the degree to which inherited wealth exists. Many many many super rich risked NOTHING, they just inherited their wealth.

The one tax to which even the most capitalist economist will favour is inheritance tax - inherited wealth is a disease on our economies because those people with inherited wealth rarely engage their money in anything productive. Most of it just gets locked up.

ask trident and murdoch what they prefer

By their very definition, income tax rates are not fair. Not even close. But they have to be that way.

In Australia, the poor and low income earners pay no income tax. The middle class pay between 10-20% of their income in tax. The upper middle class pay between 20-30% of their income in tax.

High income earners pay between 35-50% of their income in tax. That doesn't include medicare levy which is higher for high income earners.

Obviously this system has to be this way as the only people who are capable of providing Australia with the wealth it needs are the wealthy.

The reality is that the top 10% of income earners pay 50% of the income tax in Australia.

http://theconversation.com/factcheck-is-50-of-all-income-tax-in-australia-paid-by-10-of-the-working-population-45229

However, the super wealthy, those who are multi-millionaires and billionaires obviously have ways to minimise the total tax that they pay and are notoriously skilled at tax evasion. But the majority of high income earners pay way too much tax and are unfairly targeted as selfish by being lumped in with this group.

As for the top 62 richest people in the world, none of them are Australian. Most are American business tycoons. Gina Rinehart comes in at 94th richest in the world.

This just goes to show how little wealth the poorest people in the planet have.

So once you start a corporation its not exposed to further risk?

50% of all tax in Australia is paid by 5% of the population or something to that affect. I'm not saying poor people should pay tax i'm just saying that people have absurd expectations regarding the burden of tax. I strongly despise the notion that wealthy people are made to become the atm for the rest of the world.

good for them

With everything, there has to be a middle ground. Going completely Left or Right is never a good thing and should never be encouraged. But look at the countries with the highest standards of living right now. The Scandinavian countries are heavily influenced by socialist policies and have some of the highest income tax rates in the world yet places like Denmark and Finland are veritable Utopias compared to the Land of the Free (unless you're poor). We need to look at new ways of distributing our wealth otherwise we will end up like the US and god help us if we do.

Edited by scotch&coke: 19/1/2016 06:44:36 PM

Edited by scotch&coke: 19/1/2016 06:44:59 PM

Exactly right. SocaWho is just talking out of his arse again.

Also, BETHFC - the fact that complaining about this on a public forum is a waste of time doesn't change the fact that stats like this prove an obvious problem with the world.

Edited by JP: 19/1/2016 07:25:28 PM

There's no such thing as a real communist.

Callousness in this thread either explicitly or implicitly. No need to guess which end of the ideological spectrum it predominantly comes from.

But my argument is that a large amount of wealthy people HAVE NOT undertaken risky business endeavours to make money. My argument is that much wealth is inherited.

Even when you look at "business men" like Murdoch and Packer, they inherited their initial wealth. You are not risking a heap if you are already a millionaire. And I am not even talking about James Packer or Lachlan Murdoch. I am talking about Rupert & Kerry.

Its much easier to take risks if your family is already wealthy, and if your venture fails you will still be a millionaire.