I think there is a different angle to look at this whole "99% vs 1%" thing. One must be careful not to take the 1%v99% too literally. I think much of the Occupy anger is (or at least should be) directed towards people who have used questionable methods to obtain and maintain their wealth (more on that in a minute.) The disparity isn't against the creators, individuals like Louis C.K. who have produced something of value and has earned profit because many others have been willing to trade money for the entertainment he provides. That's pure capitalism, exactly how it should work, and he shouldn't be excessively taxed. Also one must keep in mind that income tax (which is how Louis will be taxed) and capital gains tax are two very different beasts.
Now on to the "1%" Occupy is mad about. Now the problem we have here with some of the larger corporations and individuals, is that they are in a position to better be able to "game" the system. Using the "double Irish"and the "Dutch sandwich" to bring the corporate tax rate to effectively 0%. Bankers making, well, bank. I recommend reading this rather enlightening article about Goldman: http://www.rollingstone.com/politics/news/the-great-american...
We as people on both sides of the 99% vs. the 1% debate, must develop an understanding of Capitalism vs. Corporatism, as I believe there are many many people with an over simplified view of capitalism, who are duped into supporting whole heatedly "corporatism", under that guise that what you are supporting is, in fact, capitalism. Capitalism=good, corporatism=bad, but don't let somebody sell you corporatism under the guise of sweet sweet capitalism. Capitalism is what Louis C.K. does. Corporatism is what Goldman Sachs does.
About the wall street traders. They say the service the provide to society is making the markets more liquid. To a degree they are right, but if taken too far, it can spiral out of hand, and lead to a tragedy of the commons if no-one keeps them in check. allow me to explain. Many day traders don't make money by "investing" as you or I would in our 401k or what have you. We like to pick companies, hope they grow long term, and make some profit for us. If you're a sell side day trader, you make money on trades, not investments. Your profit is in the margins, the fractions of pennies of made by the banks when trades take place. This means you profit the most when lots of trades happen. When do lots of trades happen? When the market goes up real fast, and down real fast. I think traders have systematically (if unconsciously) learned this, and make money by skimming pennies off our investments. This should allowable (to a degree) as it goes back to the providing liquidity to the markets thing. But it can often go too far. Now, are they providing something of value, or just taking our value, and should they be taxed accordingly? Not to mention the seemingly revolving door between wall street and it's govt regulators. There is clearly something afoot, and we the people are left in the dark.
Now on to the "1%" Occupy is mad about. Now the problem we have here with some of the larger corporations and individuals, is that they are in a position to better be able to "game" the system. Using the "double Irish"and the "Dutch sandwich" to bring the corporate tax rate to effectively 0%. Bankers making, well, bank. I recommend reading this rather enlightening article about Goldman: http://www.rollingstone.com/politics/news/the-great-american...
We as people on both sides of the 99% vs. the 1% debate, must develop an understanding of Capitalism vs. Corporatism, as I believe there are many many people with an over simplified view of capitalism, who are duped into supporting whole heatedly "corporatism", under that guise that what you are supporting is, in fact, capitalism. Capitalism=good, corporatism=bad, but don't let somebody sell you corporatism under the guise of sweet sweet capitalism. Capitalism is what Louis C.K. does. Corporatism is what Goldman Sachs does.
About the wall street traders. They say the service the provide to society is making the markets more liquid. To a degree they are right, but if taken too far, it can spiral out of hand, and lead to a tragedy of the commons if no-one keeps them in check. allow me to explain. Many day traders don't make money by "investing" as you or I would in our 401k or what have you. We like to pick companies, hope they grow long term, and make some profit for us. If you're a sell side day trader, you make money on trades, not investments. Your profit is in the margins, the fractions of pennies of made by the banks when trades take place. This means you profit the most when lots of trades happen. When do lots of trades happen? When the market goes up real fast, and down real fast. I think traders have systematically (if unconsciously) learned this, and make money by skimming pennies off our investments. This should allowable (to a degree) as it goes back to the providing liquidity to the markets thing. But it can often go too far. Now, are they providing something of value, or just taking our value, and should they be taxed accordingly? Not to mention the seemingly revolving door between wall street and it's govt regulators. There is clearly something afoot, and we the people are left in the dark.