Cheers for the $6M Baseball Player

I don't exactly loathe sports as a waste of time, energy and money. But I have not managed to watch an entire event on television of any kind.

But honesty, who actually gets the money instead of the players in this case? The owners. And the players tend to be middle class or working people who happen to be excellent for a very few years. The owners are obscenely rich, have no particular talent, and keep most of the money.

I advocate much higher taxes on higher incomes. Progressive taxes.

I am all for class warfare. But I am against the ownership class who not only do not work, they don't play fair.

So let's have a progressive estate tax (99% for estates over $1M?) so that the income not paid to the players is given to someone other than the owners and their children.

In order to prevent a few extremely rich families from having any tax burden, we have a debt equal to, well it changes so fast, it was ~40k when I looked.
http://www.brillig.com/debt_clock/

Why do we have this debt? So that people making over $250k ($500k for couples!) and the trust fund owners can pay no taxes. Boomers, you know who voted Reagan and the ownership society, own about $8 Trillion. Assume they intend to give half of this to the kids. We can balance the budget, pay Social Security for the next generation, and lower the debt with an estate tax.

We have this debt so that corporations won't have to pay any taxes at all. Corporate income in the last quarter appears to be  $3.7 Trillion (assuming the $18.5 is the .5 decrease). http://www.bea.gov/newsreleases/national /gdp/2008/gdp308f.htm
That is for the quarter, correct? And that is profit, after they pay the fat salaries.

The greater difference in this country is between levels of ownership. None of those players is walking away with anything like the wealth of the owner of the "team". And no one inherits a place on a competitive sports team.

If we are to have class warfare, we should aim at the right people. And the guy who makes $6M a year for six years on his own skill and sweat is pretty far down there. He could be a bank VP for that much money! With no expectations for performance.

The top 1% in the US get 20% of all the total income. The top 1% own more than 20% of the total wealth in American. We need to tax wealth in a very progressive manner, more so than income.
http://www.econ.berkeley.edu/~saez/berke leysympo2.pdf

And right now, I would rather the money go to the players than the owners. At least those guys are on the (diamond) (pitch?) (I told you I don't go for sports). Uhhh. In the game. At least those guys are in the game!

Tags: Class Warfare, equity, sports, Taxation (all tags)

Comments

5 Comments

Re: Cheers for the $6M Baseball Player

I agree.

by Jess81 2008-12-29 03:31PM | 0 recs
Re: Cheers

Higher taxes for the rich; yes but what you're proposing would destroy the economy.

by liberalj 2008-12-29 04:50PM | 0 recs
Re: Cheers

how would the raising of a tax that wouldn't be paid until someone dies and their heirs inherit their holdings "destroy the economy"?

by Quinton 2009-01-01 06:01PM | 0 recs
Re: Cheers

If you mean a higher estate tax then fine, but i thought you meant something like 90% marginal rates on income

by liberalj 2009-01-02 06:25AM | 0 recs
Re: Cheers

well, I wasn't the one who wrote the diary, but it seems the person who did was referring to the estate tax at that tax rate and merely ranting about very high incomes without suggesting a higher tax on them specifically - unless I missed something.

by Quinton 2009-01-02 01:36PM | 0 recs

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