Income Quotes (displaying: 1 - 10 of 399 quotes )
The only beneficiaries of income taxation are the politicians, for it not only gives them the means by which they can increase their emoluments but it also enables them to improve their importance. The have-nots who support the politicians in the demand for income taxation do so only because they hate the haves; although they delude themselves with the thought that they might get some of the pelt the fact is that the taxing of incomes cannot in any way improve their economic condition.
I once heard Jerry Yang, the cofounder of Yahoo!, quote a senior Chinese government official as saying, "Where people have hope, you have a middle class." I think this is a very useful insight. The existence of large, stable middle classes around the world is crucial to geopolitical stability, but middle class is a state of mind, not a state of income. That's why a majority of Americans always describe themselves as "middle class," even though by income statistics some of them wouldn't be considered as such. "Middle class" is another way of describing people who believe that they have a pathway out of poverty or lower-income status toward a higher standard of living and a better future for their kids.
America's industrial success produced a roll call of financial magnificence: Rockefellers, Morgans, Astors, Mellons, Fricks, Carnegies, Goulds, du Ponts, Belmonts, Harrimans, Huntingtons, Vanderbilts, and many more based in dynastic wealth of essentially inexhaustible proportions. John D. Rockefeller made $1 billion a year, measured in today's money, and paid no income tax. No one did, for income tax did not yet exist in America. Congress tried to introduce an income tax of 2 percent on earnings of $4,000 in 1894, but the Supreme Court ruled it unconstitutional. Income tax wouldn't become a regular part of American Life until 1914. People would never be this rich again.Spending all this wealth became for many a more or less full-time occupation. A kind of desperate, vulgar edge became attached to almost everything they did. At one New York dinner party, guests found the table heaped with sand and at each place a little gold spade; upon a signal, they were invited to dig in and search for diamonds and other costly glitter buried within. At another party - possibly the most preposterous ever staged - several dozen horses with padded hooves were led into the ballroom of Sherry's, a vast and esteemed eating establishment, and tethered around the tables so that the guests, dressed as cowboys and cowgirls, could enjoy the novel and sublimely pointless pleasure of dining in a New York ballroom on horseback.
Similarly, though the United States is one of the world’s richest economies by per capita income, it ranks only around seventeenth in reported life satisfaction. It is superseded not only by the likely candidates of Finland, Norway, and Sweden, which all rank above the United States but also by less likely candidates such as Costa Rica and the Dominican Republic. Indeed, one might surmise that it is health and longevity rather than income that give the biggest boost to reported life satisfaction. Since good health and longevity can be achieved at per capita income levels well below those of the United States, so too can life satisfaction. One marketing expert put it this way, with only slight exaggeration: Basic Survival goods are cheap, whereas narcissistic self-stimulation and social-display products are expensive. Living doesn’t cost much, but showing off does.