THE NEW FORTY The secret of my wealth...
Last night I had dinner with my dear friend Ruth Ann. We ate at the Grand Buffet (a Chinese food fest extraordinaire) - it was yummy to be sure - but even better than the food was the company. Spendin... Posted on 2/25/11 at 10:46 PM
ON MY MIND Don't be deceived
Don't be deceived by what you see.
Yesterday while reading the Pioneer Press article about William Jayson and writing my blog about him, this thought came up again and again.
I also kept thinkin... Posted on 12/16/09 at 5:50 PM
We live in an incredible time in North Dakota history. Our state’s growth in our economy, population and wealth is unprecedented. These achievements are even more impressive when viewed against the backdrop of our national and world economy.
The net worth of the richest Americans grew by 13 percent in the past year to $1.7 trillion, Forbes magazine said on Wednesday, and a familiar cast populated the top of the annual list, including Bill Gates, Warren Buffett, Larry Ellison and the Koch brothers.
Companies demand more and more out of us, placing unrealistic demands that ultimately hurt families at the core. Incomes drop as taxes and insurance premiums rise. Public education falters due to harsh state and federal mandates.
And as a result, middle-class Americans are the ones who suffer.
Under the law, we all are born equal — but we are not born with the same mental and physical capabilities nor the same social environment. If society cannot find a solution for the Joeys of our country, then the separation into two tribes will become ever greater. The end will not be pretty.
A tax-side examination starts with looking at who pays, how much they pay and whether their burden is fair. Minnesota Tax Department studies repeatedly have shown that the richest in Minnesota are not paying their fair share.
Just how rich is Mitt Romney? Add up the wealth of the last eight presidents, from Richard Nixon to Barack Obama. Then double that number. Now you're in Romney territory. He would be among the richest presidents in American history if elected — probably in the top four.
The wealth gaps between whites and minorities have grown to their widest levels in a quarter-century. The recession and uneven recovery have erased decades of minority gains, leaving whites on average with 20 times the net worth of blacks and 18 times that of Hispanics, according to an analysis of new Census data.
In the 1970s, the average CEO made 30 times the salary of his average worker; today, he makes more than 300 times the average worker’s wage. The top 1 percent of Americans now take home almost 24 percent of income, up from almost 9 percent in 1976.
If North Dakota’s biggest millionaires wanted to gamble with their peers, they’d have a hard time getting a seat at the high-stakes table of ultra-high-net-worth millionaires in the country.
That’s because North Dakota has just 40 UHNW millionaires — those with a net worth of at least $30 million. That’s fewer than any other state.
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