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In reply to the discussion: Uber-Wealthy Capitalist Gave a TED Talk -"Rich People Don't Create Jobs"- And TED Refuses to Post It [View all]ErikJ
(6,335 posts)36. Couple of good quotes from his commentary last Nov.
Weve had it backward for the last 30 years. Rich businesspeople like me dont create jobs. Middle-class consumers do, and when they thrive, U.S. businesses grow and profit. Thats why taxing the rich to pay for investments that benefit all is a great deal for both the middle class and the rich.
Hanauer also makes a great point that the wealthy do not spend the same proportion of their income as an average individual just because they're rich:
The annual earnings of people like me are hundreds, if not thousands, of times greater than those of the average American, but we dont buy hundreds or thousands of times more stuff. My family owns three cars, not 3,000. I buy a few pairs of pants and a few shirts a year, just like most American men. Like everyone else, I go out to eat with friends and family only occasionally.
He admits to one big splurge: his family owns an airplane. But the plane was made in France, and most of the money for its upkeep is spent on fuel, which Hanauer points out comes from the Middle East. So again, how is his ability to pay for the plane (probably partially through the fact that he only got taxed 11% on an 8-figure income) more beneficial than hiring a teacher or another civil servant?
Read more: http://articles.businessinsider.com/2011-12-01/wall_street/30462149_1_job-creation-contrarian-view-middle-class#ixzz1vA5H8KfD
Hanauer also makes a great point that the wealthy do not spend the same proportion of their income as an average individual just because they're rich:
The annual earnings of people like me are hundreds, if not thousands, of times greater than those of the average American, but we dont buy hundreds or thousands of times more stuff. My family owns three cars, not 3,000. I buy a few pairs of pants and a few shirts a year, just like most American men. Like everyone else, I go out to eat with friends and family only occasionally.
He admits to one big splurge: his family owns an airplane. But the plane was made in France, and most of the money for its upkeep is spent on fuel, which Hanauer points out comes from the Middle East. So again, how is his ability to pay for the plane (probably partially through the fact that he only got taxed 11% on an 8-figure income) more beneficial than hiring a teacher or another civil servant?
Read more: http://articles.businessinsider.com/2011-12-01/wall_street/30462149_1_job-creation-contrarian-view-middle-class#ixzz1vA5H8KfD
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Uber-Wealthy Capitalist Gave a TED Talk -"Rich People Don't Create Jobs"- And TED Refuses to Post It [View all]
progressoid
May 2012
OP
TED is funded through conference ticket sale revenue, sponsorships, advertisements, and
HiPointDem
May 2012
#17
i've seen some of the talks. i don't think there's anything so exceptional about them generally
HiPointDem
May 2012
#31
i don't remember the speakers particularly but some of the stuff on transhumanism i found
HiPointDem
May 2012
#38
nah, the guy has been closely associated with gates in his efforts to install an income tax in
HiPointDem
May 2012
#37
It was more Gates Sr. who was spearheading the tax thing, but I agree, Hanauer is involved
gateley
May 2012
#42
you misread me. i'm suspicious of all things gates, so i'm now suspicious of hanauer by
HiPointDem
May 2012
#43
Gates, Sr., along with some other well-heeled denizens, tried to introduce a State income Tax for
gateley
May 2012
#50