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Getbig Main Boards => Politics and Political Issues Board => Topic started by: Dos Equis on September 29, 2010, 11:53:47 AM
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He's right, but it was pretty dumb to post this on the internet.
University of Chicago Law Prof's Blog About Struggling on $400Gs Draws Fire
By Ed Barnes
Published September 29, 2010
FoxNews.com
A prominent college law professor's posting of his family's finances on the Web to make the case that they're struggling to make ends meet -- despite their estimated $400,000-plus income -- has lit the fuse of an online debate that he claims has made him the target of an "online lynch mob."
Todd Henderson, a corporate law professor at the University of Chicago -- and a neighbor of President Obama -- says that since he posted his finances online he's been barraged with comments such as "die yuppie scum," forcing him to shut down his blog out of fear for his family.
“The consequences are devastating for me personally,” Henderson wrote, “but my family has to come first, and my blogging has caused them incalculable damage.” Contacted by FoxNews.com, he said he no longer wants to comment on his post.
Henderson usually kept his blog posts to matters of corporate law and the markets. But last week he made it personal. He posted a portrait of his family finances to make his case that those who make more than $250,000 a year are struggling, like everyone else, to make ends meet -- and people in that income bracket will see their taxes go up if Obama succeeds in his plan to extend the Bush tax cuts only for low- and middle-income Americans.
“A quick look at our family budget, which I will gladly share with the White House, will show him that, like many Americans, we are just getting by despite seeming to be rich. We aren’t,” Henderson wrote.
He said he and his wife, a doctor, paid $100,000 in federal and state taxes last year and $15,000 in property taxes. He wrote that they have a mortgage on a house they own a short distance from President Obama’s home, and they are paying off $250,000 in student loans. With an annual income of more than $250,000, he wrote, he and his wife are far from super-rich.
But almost as soon as he hit the send button, a firestorm erupted.. Henderson says he was inundated with e-mails that divided along the lines of “die yuppie scum” and “thank you for saying what we couldn’t say.” He says the vehement tone of the responses -- he called it “an electronic lynch mob” -- and fears for his family forced him to delete the post and quit blogging altogether.A business web site estimated his income at more than $400,000.
But though his blog was short-lived, it opened up a fiery online debate over the continuation of the Bush tax cuts and Obama's plan to raise taxes on the “super-rich,” said Robert Bluey of the Heritage Foundation. Among the questions being asked: Just what is rich? Do the rich feel rich? Does America have a class system?
“Often these debates are conducted by the same faces. [Henderson] brought a new perspective to it,” Bluey said.
“Any time you want to take away a sizable chunk of people’s money, it has a big impact. You just have to look at Bell, Calif., to see how sensitive people are to wages,” he said, referring to the outrage there when it was revealed that public officials in the city had voted to give themselves salaries that reached as high as $800,000.
Bluey said Henderson's post showed not only that there are different perspectives on wealth, “but that the additional taxes will impact everyone.”
But others disagree -- and none more bitingly than Prof. Bradford DeLong of the University of California at Berkeley, who dismissed Henderson’s posting as whining.
"By any standard they are rich,” DeLong said. "But they don’t feel rich.”
He said the things Henderson takes for granted — retirement savings, private schools, new cars — are out of reach for most Americans, and he dismissed his complaint as a simple “cash flow problem.”
But Michelle Newton-Francis, a sociology professor at American University, said Henderson's blog had an impact because it showed “the country is redefining what it means to be rich and powerful.”
“We used to have a class hierarchy and most people wanted to be middle class,” she said. “Being labeled rich or poor carried a stigma. Now it appears we are either rich or poor. His blog opened up a debate about where he stands.”
And, by implication, where everyone stands. “But the bottom line," she said, "is that no one wants to pay more taxes.”
http://www.foxnews.com/politics/2010/09/28/super-rich-tax-hikes-todd-henderson-viral-blog-heritage-foundation/
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I know its not popular to say this, but he is right.
Income is not wealth. After Federal, State, local, sales, and all sorts of other taxes - someone netting 200k a year is not rich.
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Have a flat 10% of income tax for everyone, make up the rest in user pay's taxes with rebates for lower income earners.
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Have a flat 10% of income tax for everyone, make up the rest in user pay's taxes with rebates for lower income earners.
The problem with all these things is that 250k in NYC is not the same as 250k in Indiana.
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I know its not popular to say this, but he is right.
Income is not wealth. After Federal, State, local, sales, and all sorts of other taxes - someone netting 200k a year is not rich.
True.
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Have a flat 10% of income tax for everyone, make up the rest in user pay's taxes with rebates for lower income earners.
This would be a good start. I'm all for a flat tax.
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This would be a good start. I'm all for a flat tax.
KC is really coming around lately.
the issue to me is that regional differences make a huge difference. If you live in NYC - 250k in income is not rich, period.
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KC is really coming around lately.
the issue to me is that regional differences make a huge difference. If you live in NYC - 250k in income is not rich, period.
I'm on the verge of taking KC out of the liberal hack category. :D
Agree about the income. The cost of living, taxes, etc. can be a killer. And like you said earlier (and I've said before), income does not equal wealth. Wealth is determined by net worth.
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The problem with all these things is that 250k in NYC is not the same as 250k in Indiana.
250K in New York is the same as 250K in Indiana or anywhere else for that matter. The difference lies in whose hand the 250K is in.
There is a saying that goes "A FOOL AND HIS MONEY ARE SOON PARTED"... Money has a way of revealing all FOOLS.
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250K in New York is the same as 250K in Indiana or anywhere else for that matter. The difference lies in whose hand the 250K is in.
There is a saying that goes "A FOOL AND HIS MONEY ARE SOON PARTED"... Money has a way of revealing all FOOLS.
::) ::) ::)
Compare the rents, taxes, and cost of goods in NYC compared to that in Indiana.
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250K in New York is the same as 250K in Indiana or anywhere else for that matter. The difference lies in whose hand the 250K is in.
There is a saying that goes "A FOOL AND HIS MONEY ARE SOON PARTED"... Money has a way of revealing all FOOLS.
Ever heard of the cost of living?
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250K in New York is the same as 250K in Indiana or anywhere else for that matter. The difference lies in whose hand the 250K is in.
There is a saying that goes "A FOOL AND HIS MONEY ARE SOON PARTED"... Money has a way of revealing all FOOLS.
Care to embarrass yourself some more with your scant economics knowledge, retard?
This is what a 160 IQ amounts to these days. LOL!
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::) ::) ::)
Compare the rents, taxes, and cost of goods in NYC compared to that in Indiana.
Since you have never been to Indiana how would you know what the rents, taxes and goods cost?
Second there is a difference between Indiana (a state) and New York as you imply (a city within a state). To correct the imbalance lets say you compare the rents, cost of goods and taxes in Indianapolis (a city) to New York (a city)..watch how the differences between the two disappear.
Too much time on your computer 3 and not enough in reality.... there are no cheap cities in america and goods pretty much cost the same no matter where a person lives and taxes are high everywhere.
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Ever heard of the cost of living?
Yeah and it is the same in Indianapolis as New york city. You should get out more...
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Since you have never been to Indiana how would you know what the rents, taxes and goods cost?
Second there is a difference between Indiana (a state) and New York as you imply (a city within a state). To correct the imbalance lets say you compare the rents, cost of goods and taxes in Indianapolis (a city) to New York (a city)..watch how the differences between the two disappear.
Too much time on your computer 3 and not enough in reality.... there are no cheap cities in america and goods pretty much cost the same no matter where a person lives and taxes are high everywhere.
Maybe you should do some more research instead of continually trying to pass opinions off as fact. A seventh grade education will only take one so far. NYC is among the 10 most expensive cities in the world to live in, coming in at 29 this year according to Yahoo (and making it the most expensive American city). Indianapolis doesn't register on the top 25, dipshit. I'd be surprised if it registered on the top 50 or 100.
Care to embarrass yourself some more?
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Since you have never been to Indiana how would you know what the rents, taxes and goods cost?
Second there is a difference between Indiana (a state) and New York as you imply (a city within a state). To correct the imbalance lets say you compare the rents, cost of goods and taxes in Indianapolis (a city) to New York (a city)..watch how the differences between the two disappear.
Too much time on your computer 3 and not enough in reality.... there are no cheap cities in america and goods pretty much cost the same no matter where a person lives and taxes are high everywhere.
Oh Bullshit, I live west of Chicago, as soon as you go into C(r)ook country things cost twice as much. That is in a 50 mile radius.
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http://finance.yahoo.com/family-home/article/109909/the-worlds-most-expensive-cities-2010
Don't see Indianapolis anywhere on that list.
Thanks for playing SamsonEnterprises. Feel free to leave this thread now as we all know you're going to do.
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Yeah and it is the same in Indianapolis as New york city. You should get out more...
Just shut the fuck up, you don't know your ass from a hole in the ground. I suppose the laws of physics are different in NY and Indiana as well ::) A platyrrhine should not be allowed to post on forums
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Just shut the fuck up, you don't know your ass from a hole in the ground
Don't worry, SamsonEnterprises has a 160 IQ and holds masters degrees in multiple fields of engineering. ::)
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Since you have never been to Indiana how would you know what the rents, taxes and goods cost?
Second there is a difference between Indiana (a state) and New York as you imply (a city within a state). To correct the imbalance lets say you compare the rents, cost of goods and taxes in Indianapolis (a city) to New York (a city)..watch how the differences between the two disappear.
Too much time on your computer 3 and not enough in reality.... there are no cheap cities in america and goods pretty much cost the same no matter where a person lives and taxes are high everywhere.
My sister lived there for 5 years, Nobelsville, and I visted often. She bought a house there for 185k that in NYC area would be 800k at least.
Do you have any other pearls of wisdom you wish to share?
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Oh Bullshit, I live west of Chicago, as soon as you go into C(r)ook country things cost twice as much. That is in a 50 mile radius.
Once again for the idiots. You can not compare a state to a city as 3 did. In his perpetual quest to be right he does not think things through nor compare facts. If he wanted to show a difference between two states or two cities then he should have compared two state or two cities. He did not do that, he compared a city to a state. Had he compared Binghamton New York to New York city he would have sen a great financial disparity between the two places, just as he lives in the Bronx ( a place known for its low income and crime issues) he would have known not to try and compare that to Manhattan because there is a big difference between the two boroughs.
Your comparison of where ever you live (whatever west of Chicago means) to Cook county only lets me know that Cook country is close(r) to Chicago than where you live and therefore rents are higher due to the greater expense of living near a major city. Now compare two large cities in Illinois and see how the costs are practically the same.
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Once again for the idiots. You can not compare a state to a city as 3 did. In his perpetual quest to be right he does not think things through nor compare facts. If he wanted to show a difference between two states or two cities then he should have compared two state or two cities. He did not do that, he compared a city to a state. Had he compared Binghamton New York to New York city he would have sen a great financial disparity between the two places, just as he lives in the Bronx ( a place known for its low income and crime issues) he would have known not to try and compare that to Manhattan because there is a big difference between the two boroughs.
Your comparison of where ever you live (whatever west of Chicago means) to Cook county only lets me know that Cook country is close(r) to Chicago than where you live and therefore rents are higher due to the greater expense of living near a major city. Now compare two large cities in Illinois and see how the costs are practically the same.
The cost of a house in the Bronx is very high relative to anywhere else in the nation as well.
A little tiny pos attached dwelling is still 350k - 500k in the bronx, and thats' in an area that is not great. you go to riverdale and its even more, let alone throggs neck or country club.
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My sister lived there for 5 years, Nobelsville, and I visted often. She bought a house there for 185k that in NYC area would be 800k at least.
Do you have any other pearls of wisdom you wish to share?
Yeah... Noblesville is NOT Indianapolis...Once again get your facts together. What is the cost of a house in Indianapolis? What is the tax rate in Indianapolis now compare that to New York city.... small difference isn't it.
Since when are houses in the Bronx 800K? You are aware you live in the Bronx?
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Once again for the idiots. You can not compare a state to a city as 3 did. In his perpetual quest to be right he does not think things through nor compare facts. If he wanted to show a difference between two states or two cities then he should have compared two state or two cities. He did not do that, he compared a city to a state. Had he compared Binghamton New York to New York city he would have sen a great financial disparity between the two places, just as he lives in the Bronx ( a place known for its low income and crime issues) he would have known not to try and compare that to Manhattan because there is a big difference between the two boroughs.
Your comparison of where ever you live (whatever west of Chicago means) to Cook county only lets me know that Cook country is close(r) to Chicago than where you live and therefore rents are higher due to the greater expense of living near a major city. Now compare two large cities in Illinois and see how the costs are practically the same.
Again shut the fuck up, I'm sick of your tripe. I live in a rather large city.
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Yeah... Noblesville is NOT Indianapolis...Once again get your facts together. What is the cost of a house in Indianapolis? What is the tax rate in Indianapolis now compare that to New York city.... small difference isn't it.
Since when are houses in the Bronx 800K? You are aware you live in the Bronx?
Yes Samson - a little tiny crap box here is 450k or better. Anything nice is 600k and up.
Tiny co-op apartments go for 125-300k in the Bronx.
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Yeah... Noblesville is NOT Indianapolis...Once again get your facts together. What is the cost of a house in Indianapolis? What is the tax rate in Indianapolis now compare that to New York city.... small difference isn't it.
Since when are houses in the Bronx 800K? You are aware you live in the Bronx?
Its 20 minutes outside of INDY. Her property taxes were nothing, insurance must less, and many other items dratically less than in NYC.
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The cost of a house in the Bronx is very high relative to anywhere else in the nation as well.
A little tiny pos attached dwelling is still 350k - 500k in the bronx, and thats' in an area that is not great. you go to riverdale and its even more, let alone throggs neck or country club.
Riverdale is a slum to say the least. Old time Italians, Irish and the surge of jews. That noisy number 1 train and those cheap mom and pop run down businesses. I remember that area all too well. The few apartments (not houses) that are for sale for 300 to 500K where during the housing/home boom/rush...now you can't give those slumlord apartments away. The Bronx is still a dive in the vast majority of its areas and anyone investing in a home in Bronx above 100K is retarded and willnever see a return on their money but will see a great depreciation on their investment.
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This thread is a perfect example of why most of Samson's threads go ignored. What an astoundingly stupid person.
What's the matter? Sorcha Faal not teach you economics?
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Again shut the fuck up, I'm sick of your tripe. I live in a rather large city.
Then you should understand that little difference exists in the cost of things between major cities. The cost of things in New York are the same as Los Angeles
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Then you should understand that little difference exists in the cost of things between major cities. The cost of things in New York are the same as Los Angeles
No, they're not, you stupid fuck.
What are "things", by the way? I like how you're wording these responses in your attempt to save face from the fact that you outed yourself for a complete moron.
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Riverdale is a slum to say the least. Old time Italians, Irish and the surge of jews. That noisy number 1 train and those cheap mom and pop run down businesses. I remember that area all too well. The few apartments (not houses) that are for sale for 300 to 500K where during the housing/home boom/rush...now you can't give those slumlord apartments away. The Bronx is still a dive in the vast majority of its areas and anyone investing in a home in Bronx above 100K is retarded and willnever see a return on their money but will see a great depreciation on their investment.
Just go on Realtor.com and check out the listings.
The prices are still nuts.
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Then you should understand that little difference exists in the cost of things between major cities. The cost of things in New York are the same as Los Angeles
Yeah OK whatever you say Bonzo ::), I guess my company just has different compensation packages for which state you live in not because of cost of living, but because they just like them more ::) fucking dumbass
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This is getting brutal now.
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Its 20 minutes outside of INDY. Her property taxes were nothing, insurance must less, and many other items dratically less than in NYC.
a twenty minute drive outside of New York city can produce a world of difference in prices, but the difference in prices between Buffalo, Syracuse, Albany, New York city etc are pretty much the same. Driving over to New Jersey to Hoboken, Jersey city, Hackensack, Englewood all of which are about twenty minutes drive from Manhattan will have little difference in the price of goods, homes or taxes. Stop comparing cities to states, rural areas to urban or isolated areas of wealth to isolated areas of lower income
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a twenty minute drive outside of New York city can produce a world of difference in prices, but the difference in prices between Buffalo, Syracuse, Albany, New York city etc are pretty much the same. Driving over to New Jersey to Hoboken, Jersey city, Hackensack, Englewood all of which are about twenty minutes drive from Manhattan will have little difference in the price of goods, homes or taxes. Stop comparing cities to states, rural areas to urban or isolated areas of wealth to isolated areas of lower income
No, the prices between those cities are not the same. NYC is among the most expensive cities in the world. Buffalo, Syracuse and Albany are not.
Now shut the fuck up.
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Yeah OK whatever you say Bonzo ::), I guess my company just has different compensation packages for which state you live in not because of cost of living, but because they just like them more ::) fucking dumbass
How does your company compensation packages come into play
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Just go on Realtor.com and check out the listings.
The prices are still nuts.
And the apartments are sitting there EMPTY!!!!!
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a twenty minute drive outside of New York city can produce a world of difference in prices, but the difference in prices between Buffalo, Syracuse, Albany, New York city etc are pretty much the same. Driving over to New Jersey to Hoboken, Jersey city, Hackensack, Englewood all of which are about twenty minutes drive from Manhattan will have little difference in the price of goods, homes or taxes. Stop comparing cities to states, rural areas to urban or isolated areas of wealth to isolated areas of lower income
Not true - Until you get about 45-60 miles outside of NYC, nothing is even remotely affordable for most people.
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Samson - would you pay 459k for this?
http://www.realtor.com/realestateandhomes-detail/1109-Vincent-Ave_Bronx_NY_10465_M31228-89174
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Not true - Until you get about 45-60 miles outside of NYC, nothing is even remotely affordable for most people.
Uh yeah right...45 to 60 miles outside of New york city will land a person well within New Jersey, Connecticut, Pennsylvania or New York state where there is a drastic difference in prices.... However if you are going into these states to their cities as I mentioned Hackensack, Jersey City, Hoboken, Poundridge, Hartford etc etc then yeah it will be just as expensive...IF NOT MORE. COnnecticut is very expensive (more than New York) depending on where you live.
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Samson - would you pay 459k for this?
http://www.realtor.com/realestateandhomes-detail/1109-Vincent-Ave_Bronx_NY_10465_M31228-89174
No I would not, but during the housing boom when people lost their mind to the potential of greed they paid that amount and much more...and guess what? Now they have either lost it to foreclosure, walked away from it or found that it is now worth only a quarter of that amount. Just because a owner is selling a house for a certain price does not mean it is worth that price. You have to see what a house sells for within a community to tell what it value really is.
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Yeah and it is the same in Indianapolis as New york city. You should get out more...
Sorry Sampson, NYC is a much more expensive city to live in.
Nonetheless, I agree with the berkely guy. this guy is simply having a cashflow problem,
and as far as sympathy goes for him, ...he'll have to stand in line behind the pensioners, widows on fixed incomes, students, and low income workers before he gets my sympathy. Can't live on $400K a year. give me an F'ing break! He can't live Donald Trump's lifestyleon $400K a year, but he sure as shit ain't hurting like most of America! What an asswipe! He ought to walk a mile in another man's shoes to get his head in perspective. Personally, I'd prefer to see someone beat a little sense into him. What ignorant gall!!!
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Just shut the fuck up, you don't know your ass from a hole in the ground. I suppose the laws of physics are different in NY and Indiana as well ::) A platyrrhine should not be allowed to post on forums
They were on 911. ;D
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a twenty minute drive outside of New York city can produce a world of difference in prices, but the difference in prices between Buffalo, Syracuse, Albany, New York city etc are pretty much the same. Driving over to New Jersey to Hoboken, Jersey city, Hackensack, Englewood all of which are about twenty minutes drive from Manhattan will have little difference in the price of goods, homes or taxes. Stop comparing cities to states, rural areas to urban or isolated areas of wealth to isolated areas of lower income
Sorry Sampson, ...on this you are DEAD wrong. You cannot even begin to think of comparing housing costs, let alone the costs of good & services between Buffalo NY & NYC. You couldn't even rent a broom closet in Manhatten for what you'd pay for a mansion in Buffalo. the disparity is that great. Still i have no sympathy for this guy in Chicago. he's better off than most and rather than whining about his desire to live a more luxurious lifestyle, ought to be mindful & grateful for the blessings he does have. he has far from hit rock bottom.
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I know its not popular to say this, but he is right.
Income is not wealth. After Federal, State, local, sales, and all sorts of other taxes - someone netting 200k a year is not rich.
Exactly. Anyone relying on "income" isn't part of the "wealthy elite."
Wealthy people don't rely on income.
They don't earn their money, they already have money.
They don't even like income....the government takes too much of it.
When you tax the "wealthy," you're only hurting the new money....the people that worked their asses off to get to that $250,000 level.
Raising income taxes for high earners hurts the the doctor who worked his way through medical school to make a better life than his parents ever had.
Taxing the wealthy through income hurts the business owner that risked everything he had to build a business from scratch, busting his ass day in and day out trying to reach the "American dream."
Do people think Paris Hilton is worried about her income tax rates? Do you think she has any idea what her income is?
Do people think the east coast "oil" families give a shit about income tax?
Tax the wealthy through income and you're simply taxing the public school kid from the blue collar neighborhood who worked his ass off to get where he is today while the old money wealthy are out buying $15,000 purses by the armful without any idea what it would be like to actually work for "income."
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Exactly. Anyone relying on "income" isn't part of the "wealthy elite."
Wealthy people don't rely on income.
They don't earn their money, they already have money.
They don't even like income....the government takes too much of it.
When you tax the "wealthy," you're only hurting the new money....the people that worked their asses off to get to that $250,000 level.
Raising income taxes for high earners hurts the the doctor who worked his way through medical school to make a better life than his parents ever had.
Taxing the wealthy through income hurts the business owner that risked everything he had to build a business from scratch, busting his ass day in and day out trying to reach the "American dream."
Do people think Paris Hilton is worried about her income tax rates? Do you think she has any idea what her income is?
Do people think the east coast "oil" families give a shit about income tax?
Tax the wealthy through income and you're simply taxing the public school kid from the blue collar neighborhood who worked his ass off to get where he is today while the old money wealthy are out buying $15,000 purses by the armful without any idea what it would be like to actually work for "income."
I try to tell these fools the truth on economics and reality, but only some really get it and and are open to how things "really are", vs the pap that often passes for discussions on money, wealth, and economics.
I urge everyone to read Henry Hazzlit Econ in 1 Lesson as well as Schiffs' books and Creature from Jeklyl Island.