Its idle rich gave him lucrative commissions, while the mob provided constant stimulation and a plentiful supply of models.
Although Mr Powell's upbringing was on upper class lines, he never had the prospect of being one of the idle rich.
How the rule might work has now been fleshed out, and it is both easier on the idle rich and a messier piece of tax policy than one might have imagined.
FORBES: Buffett Rule Proposal Is A Win For Tax Exempt Bonds -- And Divorce
Reduce tax rates and the working rich will work more while the idle rich will accelerate capital gains, shift their investments to more economically efficient private securities, and hide less income.
FORBES: Hey Romney, Here's A Comeback To Obama's $5 Trillion Tax Cut Canard
At the same time they disdain the idle rich produced by old wealth, such as the European aristocracy and the drifting trust-fund kids descended from the East Coast tycoons of the early 20th century.
ECONOMIST: Too much money can be bad for you in all sorts of ways
Raise tax rates and the working rich will work less, defer income, and take more non-cash compensation while the idle rich will defer capital gains, shift their investments to more tax efficient securities like municipal bonds, and (yes) evade taxes.
FORBES: Hey Romney, Here's A Comeback To Obama's $5 Trillion Tax Cut Canard
By aligning the incentives of private individuals with those of society, it transformed invention from a hobby pursued by the idle rich into an opportunity for spectacular commercial gain open to anyone with a bit of skill and a good idea.
The Occupy Wall Street protesters imply that the 1% is mostly Wall Street traders and their big-CEO and idle-rich customers, and they claim that the 1% benefit from an economic system rigged in their favor.
But their king made the southern states idle as well as rich.
HighTower brokers also run their own profit-and-loss statements, so instead of keeping 30% to 40% of gross fee production in W-2 earnings, they reap the benefit of all revenue associated with their clients, including interest spreads earned by lending idle cash in cash-rich accounts to other clients buying on margin.
He picked images of Americans rich and poor, working and idle, northern, southern and western.
应用推荐