A Quote by Ben Bernanke
In the tradition of national income accounting, economic policymakers have typically focused on variables such as income, wealth, and consumption.
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In 1848, Karl Marx said, a progressive income tax is needed to transfer wealth and power to the state. Thus, Marx's Communist Manifesto had as its major economic tenet a progressive income tax. ... I say it is time to replace the progressive income tax with a national retail sales tax, and it is time to abolish the IRS.
The key to financial freedom and great wealth is a person's ability or skill to convert earned income into passive income and/or portfolio income.
The collective income of all these people - the bottom half - is less than three percent of global household income, and so there is a grotesque maldistribution of income and wealth.
Mr. Speaker, in 1848, Karl Marx said, a progressive income tax is needed to transfer wealth and power to the state. Thus, Marx's Communist Manifesto had as its major economic tenet a progressive income tax. Think about it, 1848 Karl Marx, Communism.... I say it is time to replace the progressive income tax with a national retail sales tax, and it is time to abolish the IRS, my colleagues. I yield back all the rules, regulations, fear, and intimidation of our current system.
The party should stand for a constantly wider diffusion of property. That is the greatest social and economic security that can come to free men. It makes free men. We want a nation of proprietors, not a state of collectivists. That is attained by creating a national wealth and income, not by destroying it. The income and estate taxes create an orderly movement to diffuse swollen fortunes more effectively than all the quacks.
Most people have it all wrong about wealth in America. Wealth is not the same as income. If you make a good income each year and spend it all, you are not getting wealthier. You are just living high. Wealth is what you accumulate, not what you spend.
I promised to bring change to Washington. The underlying reason for the economic mess we're in has been building for years. It's a fundamental imbalance in which the top 1 percent now gets almost a quarter of all national income. We haven't seen income and wealth this concentrated since the late nineteen twenties, and we all know what happened then - the Great Depression. We'll never really get out of the gravitational pull of the Great Recession until we fix this basic problem.
The illusiveness of this concept of national income is to be seen in its dependence on changes in the purchasing power of the monetary unit. The more inflation progresses, the higher rises the national income.
I work with the macro economy, which involves the major variables that measure the health of the whole economy, such as total consumption, investment, income, employment, and inflation.
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.
Wealth - any income that is at least one hundred dollars more a year than the income of one's wife's sister's husband.
Let's take the nine states that have no income tax and compare them with the nine states with the highest income tax rates in the nation. If you look at the economic metrics over the last decade for both groups, the zero-income-tax-rate states outperform the highest-income-tax-rate states by a fairly sizable amount.
Is it just a coincidence that as the portion of our income spent on food has declined, spending on health care has soared? In 1960 Americans spent 17.5 percent of their income on food and 5.2 percent of national income on health care. Since then, those numbers have flipped: Spending on food has fallen to 9.9 percent, while spending on heath care has climbed to 16 percent of national income. I have to think that by spending a little more on healthier food we could reduce the amount we have to spend on heath care.
This is a very important issue that the corporate media chooses not to talk about a whole lot, that we have an economic system which is rigged, which means that at the same time as the middle class of this country is disappearing, almost all of the new income and wealth in America is going to the top 1 percent. You have the top one-tenth of 1 percent owning almost as much wealth as the bottom 90 percent - 58 percent of all new income is going to the top 1 percent.
If there are not jobs or adequate forms of social protection, there is not enough income to create the consumption base that drives demand and sustainable economic growth.
There's no doubt that corporations have been getting away with dumping their pollution into our environment for decades and that they're especially emboldened to pollute in low-income communities and, typically, low-income communities of color.
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