Insights from the world's richest woman

[Channman 2]

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We are entitled to no more than that what we produce, and or build to name two.

You don't believe we're entitled to an inheritance, then.

I do, I just want it taxed like any other transfer.

No...I don't think we are entitled to an inheritance. If however we are graced with an inheritance we are blessed to do with it as we like. Hopefully we manage it well or better than the prior benefactor and in doing so can pass it on responsibly to our future heirs.

[SkydiveJonathan 0]

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We are entitled to no more than that what we produce, and or build to name two.

You don't believe we're entitled to an inheritance, then.

I do, I just want it taxed like any other transfer.

No...I don't think we are entitled to an inheritance. If however we are graced with an inheritance we are blessed to do with it as we like. Hopefully we manage it well or better than the prior benefactor and in doing so can pass it on responsibly to our future heirs.

Or you can stuff yourself full of food and whine about the poor stealing from you like this stupid rich woman has done.

[SkydiveJonathan 0]

Earth’s richest 1,000 individuals now control as much wealth as the poorest 2.5 billion people on the planet. This super elite uses its vast wealth to control the media, influence politicians, and bend laws to their favor. In the US, the wealthy dominate our government: 47 percent of US representatives are millionaires, as are 67 percent of US senators. The Center for Responsive Politics reports Congressional wealth has increased 11 percent between 2009 and 2011.

[Channman 2]

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We are entitled to no more than that what we produce, and or build to name two.

You don't believe we're entitled to an inheritance, then.

I do, I just want it taxed like any other transfer.

No...I don't think we are entitled to an inheritance. If however we are graced with an inheritance we are blessed to do with it as we like. Hopefully we manage it well or better than the prior benefactor and in doing so can pass it on responsibly to our future heirs.

Or you can stuff yourself full of food and whine about the poor stealing from you like this stupid rich woman has done.

Well I can't tell from the article if she was whinning. The author of the article seem to be however. I don't think she is concerned with the poor steeling from her, she has very good security.

The poor will always be amoung us. With self-discipline most anything is possible even for the poor. But I think it odd that so many feel as if they are entitled some how to other peoples money.

[SkydiveJonathan 0]

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so many feel as if they are entitled some how to other peoples money.

She never earned her money and is whining about those who do.

[SkydiveJonathan 0]

In response to the news that France's richest man has applied for Belgian nationality, the country's leading left-wing daily has declared: "get lost, you rich bastard!"*

The forthright headline, emblazoned across today's front page of Libération, is aimed at Bernard Arnault, CEO of the luxury fashion conglomerate LMVH. Arnault applied for Belgian nationality after the socialist president François Hollande proposed a new 75 per cent tax rate on earnings over one million euros. He denies he is trying to avoid tax, but Libération nonetheless condemns his decision as "a symbol of the arrogance of the wealthiest".

[lawrocket 3]

Here's my idea - how about taking the US and turning it into a tax haven? You know, let people know, "You'll keep more if you park your money here."

So rather than having a million millionaires taxed at 50% move to a half million millionaires taxed at 75%, we instead have ten million millionaires taxed at 20%.

I'm sure that Bernard Arnault is all broken up about the French people not liking him. Of course, his kind aren't welcome there, anyway.

My wife is hotter than your wife.

[wmw999 2,447]

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47 percent of US representatives are millionaires, as are 67 percent of US senators. The Center for Responsive Politics reports Congressional wealth has increased 11 percent between 2009 and 2011.

The last statistic is probably more meaningful than the other two, by now. Being a millionaire isn't nearly as cool as it used to be, what with inflation. But an 11% increase in a 2-year period is significant.

Many people with good 401K's could be counted as millionaires when they retire and cash out their pensions. Why do you think that being a financial manager is such a popular job?

Wendy P.

There is nothing more dangerous than breaking a basic safety rule and getting away with it. It removes fear of the consequences and builds false confidence. (tbrown)

[Channman 2]

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so many feel as if they are entitled some how to other peoples money.

She never earned her money and is whining about those who do.

"Probably the greatest harm done by vast wealth is the harm that we of moderate means do ourselves when we let the vices of envy and hatred enter deep into our own natures." Theodore Roosevelt

[kelpdiver 2]

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47 percent of US representatives are millionaires, as are 67 percent of US senators. The Center for Responsive Politics reports Congressional wealth has increased 11 percent between 2009 and 2011.

The last statistic is probably more meaningful than the other two, by now. Being a millionaire isn't nearly as cool as it used to be, what with inflation. But an 11% increase in a 2-year period is significant.

No, it isn't, Wendy. It's gaming of data. Everyone's wealth plunged between Sept 2008 and May 2009, and then rebounded dramatically between May 2009 and the end of 2010. You can pick data points to make striking claims while ignoring the immediate context.

Normally, an 11% gain in 2 years would be considered poor growth, btw.

[wmw999 2,447]

Good point -- thanks for that. I'd forgotten which years in particular those were.

Wendy P.

There is nothing more dangerous than breaking a basic safety rule and getting away with it. It removes fear of the consequences and builds false confidence. (tbrown)

[Squeak 17]

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www.latimes.com/business/money/la-fi-mo-richest-woman-20120830,0,3323996.story

"If you're jealous of those with more money, don't just sit there and complain, do something to make more money yourself -- spend less time drinking or smoking and socialising, and more time working."

Yeah, let them eat cake too.

Rinehart made her money the old-fashioned way: She inherited it.

Sorry about her, she a bit of an embarassment for us.

You are not now, nor will you ever be, good enough to not die in this sport (Sparky)
My Life ROCKS!
How's yours doing?

[Squeak 17]

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I see a lot of Miniver Cheevy's around.

Fine advice, but coming from someone who never had to work a day in her privileged life it just sounds like the hypocrisy that it is.

[kelpdiver 2]

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Ok 1stly I am not in anyway a fan of GH, and her conniving ways, BUT, to say she has "not worked a day in her life", is just plain stupid,.
She runs several multi-million dollar companies, and sits on many boards. It may not be digging ditches and shoveling coal, but then neither is lecturing at a university or sitting behind a desk doing accounting..

For one so educated you dont 'alf make some dickhead comments.

Does she run them, or does she just sit there as the lucky person who inherited them and lets others do all the lifting?

[SkydiveJonathan 0]

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Ok 1stly I am not in anyway a fan of GH, and her conniving ways, BUT, to say she has "not worked a day in her life", is just plain stupid,.
She runs several multi-million dollar companies, and sits on many boards. It may not be digging ditches and shoveling coal, but then neither is lecturing at a university or sitting behind a desk doing accounting..

For one so educated you dont 'alf make some dickhead comments.

Does she run them, or does she just sit there as the lucky person who inherited them and lets others do all the lifting?

She's busy eating. A fulltime job for her.

[SkydiveJonathan 0]

Income inequality in the US has grown. The Gini Index, which measures income inequality, increased by 1.6% to a score of 0.477 in 2011. Though few other countries have yet produced figures for 2011, that number for the US shows a more unequal economy for America than the 2010 figures for countries like Uruguay, Argentina and Bangladesh. Within the figures there was also an increase in the share of aggregate income for the top 20% of Americans of 1.6% and – within that group – the top 5% saw a jump of 4.9%.

[shah269 0]

Arey you using facts to make a point?
My god how dare you!
Facts can be used to prove anythiing!

Life through good thoughts, good words, and good deeds is necessary to ensure happiness and to keep chaos at bay.

The only thing that falls from the sky is birdshit and fools!

[billvon 2,991]

>Does she run them, or does she just sit there as the lucky person who inherited them
>and lets others do all the lifting?

She runs her company, Hancock Prospecting. She has several joint ventures with other companies - Rio Tinto mining, Mineral Resources Limited, Alpha Coal and Roy Hill Mining.

[shah269 0]

she "runs" them.
not the day to day running. odds are she has people who run it for her. she just sits at meetings once a month and looks impressed.

god why couldnt' my parents have been rich? im mean they were rich when we were in Iran before the revolution. shame they were not rich in the US...shit it would have been nice! My father was a trust fund baby...lucky for him the trust fund went away!

Oh well!

Life through good thoughts, good words, and good deeds is necessary to ensure happiness and to keep chaos at bay.

The only thing that falls from the sky is birdshit and fools!

[billvon 2,991]

>she "runs" them. not the day to day running

The top executive's job is often the toughest job at any company; they are responsible for the overall direction of the company, and often must make fast decisions that could destroy the company if they choose wrong.

>odds are she has people who run itwork for her.

And they have people who work for them, and so on and so on. That's how a company works.

>god why couldnt' my parents have been rich?

My grandparents were dirt poor. Two of them came over steerage from Ireland. My parents were pretty middle class. I'm doing pretty well. I don't regret any of that. I'm actually glad in a way that I've always had to work; it means that I have never resented working for a living.

If I had always been rich would I feel that way? Maybe, maybe not.

[kallend 2,027]

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My grandparents were dirt poor. .

Did they live at the bottom of a pond and eat gravel?

www.youtube.com/watch?v=cYtYBI6eZ3E

...

The only sure way to survive a canopy collision is not to have one.

[shah269 0]

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If I had always been rich would I feel that way? Maybe, maybe not.

Bill....come on now! You would make a great trust fund baby skydiver! Living the high life...new gear every 6 months, base jumping all around the world...living party to party!
Tell me you don't want that!
Hookers, blow, skydiving....

Life through good thoughts, good words, and good deeds is necessary to ensure happiness and to keep chaos at bay.

The only thing that falls from the sky is birdshit and fools!

[billvon 2,991]

> Living the high life...new gear every 6 months, base jumping all around the
>world...living party to party! Tell me you don't want that!

Sounds like it would be fun for a while . . . .

[shah269 0]

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> Living the high life...new gear every 6 months, base jumping all around the
>world...living party to party! Tell me you don't want that!

Sounds like it would be fun for a while . . . .

Like what...40 years...and then on to bigger and better things! Hookers who bring you the blow!

Or maybe that sport where the horse dances around...or golf?

Life through good thoughts, good words, and good deeds is necessary to ensure happiness and to keep chaos at bay.

The only thing that falls from the sky is birdshit and fools!

[kelpdiver 2]

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Income inequality in the US has grown. The Gini Index, which measures income inequality, increased by 1.6% to a score of 0.477 in 2011. Though few other countries have yet produced figures for 2011, that number for the US shows a more unequal economy for America than the 2010 figures for countries like Uruguay, Argentina and Bangladesh. Within the figures there was also an increase in the share of aggregate income for the top 20% of Americans of 1.6% and – within that group – the top 5% saw a jump of 4.9%.

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Gini coefficient is a controversial measure of income inequality. Not only does its value depend on income inequality within a country, its value depends on other factors such as the demographic structure. Countries with an aging population, or with a baby boom, experience increasing pre-tax Gini coefficient even if real income distribution for working adults remain constant. Scholars have devised over a dozen methods to calculate Gini, each of which gives a different value

The distribution will always be skewed higher in a place where capitalists can make it big, Zuckerberg being the most recent. But take the quality of life for the poorest Americans and compare it to 99% of Africa or the Middle East...a scale that is a ratio and not actual numbers can be misconstrued for many arguments.