How RICH is Bill Gates?
70
How RICH is Bill Gates?
Bill Gates has a personal net worth of about $50 billion. He is the richest man in America. For most of us we can’t imagine how rich he is based on a number.
Bill is richer than the bottom 40% of all American households. The US Census Bureau says there are about 110 million households in America and with just a little over 300 million people that means on average there are 3 people per household. So Bill Gates is worth more than the bottom 44 million households. He is richer than over 130 million Americans = 130,000,000 Americans.
His personal net worth would provide 250,000 Americans with a $40,000 per year job for 5 years. It would provide 1.2 million Americans with a $40,000 per year for one year.
Why is this important? It is Important because he is getting richer each day and the 130 million Americans are getting poorer.
When one man hoards this much money it keeps in out of circulation. It isn’t spent on goods and services that support the economy.
Now take the net worth of Bill, his buddy Warren Buffett (Net worth $40 billion) and the other 400 American billionaires and they together are worth more than 140 nations in the world. There are only 196 nations so the 400 richest Americans are worth more than 71% of all the countries in the world.
So 400 rich people control and use $1.3 trillion to get richer by investing in financial activities that don’t create jobs, pay wages, they pay low income taxes (capital gains tax just 15%) and don’t help America.
If you add in the wealth and income of the top 1% (top 300,000) in America the damage being done is by this group of greedy people is destroying America.
The top 1% got 23% of all income in America in 2007 up from just 10% of all income 20 years earlier. The percentage the top 1% take continues to grow and will soon be around 40%. The increase comes from the poorest Americans and the middle class who are getting poorer each day.
In times past the rich built new businesses and hired workers and made products here in America. All that business activity, paying wages and hiring workers helped make America strong. Times have changed. Today the rich use their wealth in the financial markets to manipulate the stock market and commodities market through huge Hedge Funds making their money on speculation. This speculation creates no jobs and pays no worker wages.
As more and more of the American financial resources move to the top 1% there is less and less to go around for the rest of us – middle class and poor Americans.
Bill Gates and his buddies including Warren Buffett are destroying America out of personal greed.
The Republican Party support this redistribution of American wealth from the poor and middle class to the rich.
Jesus Christ gave the following instructions to these rich greedy destroyers of America.
Timothy 6:8-10 (money)
8 “And having food and raiment (clothes) let us be therewith content.
9 But they that will be rich fall into temptation and a snare, and into many foolish and hurtful lusts, which drown men in destruction and perdition.
10 For the love of money is the root of all evil: which while some coveted after, they have erred from the faith, and pierced themselves through with many sorrows.”
Luke 16:15 (Wealth & Possessions)
15 “And he said unto them, Ye are they which justify yourselves before men; but God knoweth your hearts: for that which is highly esteemed among men (wealth and possessions) is abomination in the sight of God.”
Matthew 19:20-24 (RICH MAN)
20”The young man said to Him, "All these things I have kept; what am I still lacking?"
21”Jesus said to him, "If you wish to be complete, go and sell your possessions and give to the poor, and you will have treasure in heaven; and come, follow Me."
22”But when the young man heard this statement, he went away grieving; for he was one who owned much property. (YES THEY DO TURN AWAY)
23”And Jesus said to His disciples, "Truly I say to you, it is hard for a rich man to enter the kingdom of heaven.
24"Again I say to you, it is easier for a camel to go through the eye of a needle, than for a rich man to enter the kingdom of God."
Luke 6:20, 24 & 38 (RICH WILL NOT GO TO HEAVEN)
20”And turning His gaze toward His disciples, He began to say, "Blessed are you who are poor, for yours is the kingdom of God.
24 "But woe to you who are rich, for you are receiving your comfort in full.”
We as a Christian country must follow the instructions of Jesus and increase the taxes on the rich and greedy to help the poor and needy.
Solution: increase the income tax rate to 50% for all income over $150,000; put a lifetime limit on capital gains tax treatment (15%) at $5 million, all other income to be taxed at income tax rates.
Am I right? What do you think?
Please email your senators and tell them what you think.
To read more stuff like this click here.
CommentsLoading...
Songster - a lifetime limit would mean that after a person has reached that limit ($5 million) and taken the lower tax rate of 15%, they would have to declare the gains from investments as regular income and pay the appropriate income tax rate - in US highest rate is 34%.
Recently a rich person sold $100 million in stock and paid 15% tax. A fireman married to a nurse in NYC pays about 34% income tax rate. This doesn’t seem fair to me.
Thanks for reading and your comment…
Have a great Sunday
Wow. Just, wow. "the 400 richest Americans are worth more than 71% of all the countries in the world."
What should we do? Roll out the guillotines? Class revolution? I'm afraid that's what it will come to. Aren't you?
You really did an excellent job here with your statistical study. Great work! :)
No guillotines - how about higher taxes on the richest and programs to help the poorest? 19 million American children live in poverty in the richest country in the world so we can have low taxes on the top 1%.
Most of us claim to be Christians and JC says;
"Love your neighbor as you love yourself" and "Do unto others as you would have them do unto you."
I don't think the rich in America are following the instructions of JC and neither is the US.
Thanks for the comment and have a great week...
Should we increase taxes on the rich?
See results without voting
songster 2 years ago
Solution: increase the income tax rate to 50% for all income over $150,000; put a lifetime limit on capital gains tax treatment (15%) at $5 million, all other income to be taxed at income tax rates
hi i enjoyed your analysis of wealth, can you explain the capital gains at 5 million, do you mean that people won't be able to earn more than 5 million from investments over a life time.
i always notice when here in uk they talk about putting up income tax to 50% or harking back to the 70s when it was 80% and saying we dont want to go back there, when i know that the seriously wealthy dont care how high income tax is cuz they earn money from investments which is taxed at about 18% here,through capital gains, but i havent so far heard anyone on the TV mention that. although i dont watch it much. the high income tax band is to catch all the new rich like pop stars and sports stars or others who aren't part of the establishment.