A Quote by Kalle Lasn
We got rich by violating one of the central tenets of economics: thou shall not sell off your capital and call it income. And yet over the past 40 years we have clear-cut the forests, fished rivers and oceans to the brink of extinction and siphoned oil from the earth as if it possessed an infinite supply. We've sold off our planet's natural capital and called it income. And now the earth, like the economy, is stripped.
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The biggest revenue target is the preferential rate for long-term capital gains, which raises a perennial question: Why should capital income be taxed at a much lower rate than ordinary income? Capital assets are owned overwhelmingly by the rich.
The natural capital is not income, but we spend our natural capital as if it were revenue, as if it were going to come back next year without any problems, whereas these renewals in nature can take hundreds of years.
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.
How is it that we have created an economic system that tells us it is cheaper to destroy the earth and exhaust its people than to nurture them both? Is it rational to have an pricing system which discounts the future and sells off the past? How did we create an economic system that confused capital liquidation with income?
Most of the people in the upper income brackets are not rich and do not have wealth sheltered offshore. They are typically working people who have finally reached their peak earning years after many years of far more modest incomes-and now see much of what they have worked for siphoned off by politicians, to the accompaniment of lofty rhetoric.
If surface water can be compared with interest income, and non-renewable groundwater with capital, then much of the West was living mainly on interest income. California was milking interest and capital in about equal proportion. The plains states, however, were devouring capital as a gang of spendthrift heirs might squander a great capitalist's fortune.
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.
Why do we fully tax some kinds of income from capital, like interest and dividends; partially tax other kinds like capital gains; defer tax on other kinds, like IRAs; and impose no tax at all on still other types of capital income, like interest on municipal bonds? This simply is not rational. These distinctions don't have any inherent logic.
Capital, however capital may be defined, would practically cease to exist as an income producing fund, for the simple reason that if money, wherewith to buy capital, could be obtained for one-half of one per cent, capital itself could command no higher price.
Deflation means a slowdown of income growth. Markets shrink, new capital investment and employment also taper off, so wages decline. That is what's happening as deliberate policy in Europe and the United States. Falling or stagnant prices are simply the result of having less income to spend.
Capital is taxed much less than labour; subsidies going to capital, the rich, and middle-income earners greatly exceed the benefits going to the precariat and underclass.
Virtually, Finnish woods are stripped so bare, so sold out and first and foremost, so long way off from genuine diverse natural forest, that the resources of language will not permit excessive words. Finnish forest economy has been compared to the ravaging of rain forests. Nevertheless, the noteworthy difference is that there is a half or two thirds left from rain forests, but from Finnish forests there is left - excluding arctic Lapland - 0,6 per cent.
I think that Governor Romney operates on the capital gains tax, his investments, what he lives off of instead of doing it off of his income.
If capital produces most of the economy's wealth and income is distributed on the basis of productive input, the individual can hardly reach his goal - an affluent level of income - solely by means of his labor.
When you tax capital gains income, you don't help the economy, you hurt the economy, which is why President Kennedy, President Reagan, President Clinton and President Bush all believed we should have a lower rate for capital gains.
When the space shuttle's engines cut off, and you're finally in space, in orbit, weightless... I remember unstrapping from my seat, floating over to the window, and that's when I got my first view of Earth. Just a spectacular view, and a chance to see our planet as a planet.
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