A Quote by Mike Huckabee
One of the reasons that Social Security is in so much trouble is that the only funding stream comes from people who get a wage. The people who get wages is declining dramatically. Most of the income in this country is made by people at the top who get dividends and - and capital gains.
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One basic myth is that rich people get wealthy by earning income. But that's not how most get rich. Most of the gains of the rich people since 1945 have been "capital gains".
Which would you rather have, capital lined up on your borders, trying to get into your country or trying to get out of your country? We are the capital magnet of this planet and we are the savior for not only people, for not only freedom, but also for capital.
Tax laws favor capital over labor, giving capital gains a lower rate than ordinary income. The rich get humongous mortgage interest deductions while renters get no deduction at all.
Lets all be reminded, 60 million Americans are on Social Security, 60 million. A third of those people depend on 90% of their income from Social Security. Nobody in this country is on Social Security because they made the decision when they were starting work at 14 that they wanted to trust some of their money with the government.
There are many people who think we should have zero tax on capital gains, interest and dividends for everybody, as - the very, very wealthy. But recognize that means that Bill Gates and Warren Buffett would pay no income tax at all. And some people say, 'Well, that's a good thing for growth of the economy.'
My rich dad taught me to focus on passive income and spend my time acquiring the assets that provide passive or long term residual income...passive income from capital gains, dividends, residual income from business, rental income from real estate, and royalties.
People are not trying to get into China, they're trying to get out of China. The United States is the only great country where people are trying to get into to this country for obvious reasons.
I don't want to get people nervous falling off their chairs, but Social Security is a socialist program. It's a program by which the United States government has said that when you get old you should have a steady source of income.
Most people who get in trouble in politics usually get in trouble because they're disconnected from the people they serve, and I don't think anybody in Tennessee, even people who won't vote for me, would accuse me of that.
Most people get into bands for three very simple rock and roll reasons: to get laid, to get fame, and to get rich.
In today's world, social media, people get judged so much by the last thing that happened, I almost feel, in a way, young people get to see that not only is it OK to fail - that's the way you get to championship success, whether it's sports or business or life.
For the typical Americans, most of their income comes from wages. So, for people making less than $1 million a year, about 70% of their income comes from wages. But for those making more than $1 million, for the top 0.3%, it's the opposite.
What I do is allow middle-income families to finally be able to save their money tax-free. No tax on interest dividends or capital gains for middle-income Americans.
Most of the productivity gains appear to go to the top 1 percent. Most people don't have enough income and as a result, they borrow additional money by using their credit card and they fall into high debt. The result of the growing income gap is a slower growing GDP (too few people with money to spend) and a rising tide of indebtedness.
There are many commitments I have made for reducing poverty. One is to reform social security. Social security reaches only 44 percent of Mexicans. One of my goals is to give social security to all the people.
I just think that - when a country needs more income and we do, we're only taking in 15 percent of GDP, I mean, that - that - when a country needs more income, they should get it from the people that have it.
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