the grossness of wealth inequality
I just thought I’d pass this tidbit along
Just take a look at the latest reports on what the top hedge fund managers haul in. In 2010 John Paulson led the list with a record $4.9 billion in personal earnings. That’s a whopping $2.4 million an HOUR. Here’s a factoid to make you wretch: It would take the median US household over 47 years to earn as much as Paulson pocketed in just 60 minutes. And, every hedge fund manager pays a lower tax rate than the average family.
From Hedge Fund Gamblers. That, my friends, is what we call wealth inequality, which we used to snicker at Mexico back when I was growing up. “We have a strong middle class,” we said, back then. “Look at Mexico! It’s so unstable because wealth is concentrated in the hands of a few and everyone else is in poverty.”
Well, it’s reversing rapidly.
At the very least, Jon Paulson above should be PAYING HIS SHARE OF TAXES! He can damn well afford to pay at the very least the same tax rate as the rest of us! And given the stratospheric difference in income, he wouldn’t even notice a doubled or tripled rate, inasmuch as his earnings rate is millions of that of ours!
Originally published at What's that you said?. You can comment here or there.