The “Slap in the Face” Award: The Best-Seller That No One Has Read

Steve McDonald
by Steve McDonald, Bond Strategist, The Oxford Club

Hi, and welcome to the new “Slap in the Face” Award.

This one not only is funny but is long overdue for the people who want to tax and punish the wealth creators in our country. One in particular…

A guy named Thomas Piketty has a book out called Capital in the 21st Century. It is more of the same “the rich get everything in this country” story that has been coming out of the White House almost since Day One. But Piketty has added a new twist.

He claims those privileged Americans - the so-called rich and especially the ones who inherited their money - are using their position and privilege to earn more on their investments than the rest of us.

Really?

The Forbes 400 list of these so-called rich is now made up almost exclusively of first-generation wealth and job creators: the entrepreneurs and idea people of the past 30 years. The name that always comes to mind: Bill Gates.

Now there’s a privileged guy. He started in his garage. He had about the same privilege I had!

Anyway…

And the real returns of these so-called privileged are, according to the Tax Foundation, only about 0.3% more than those of small investors: 2.1% vs. 2.4%.

And of the six out of 400 on the list that are earning the double-digit returns Piketty ascribes to all of the rich, none inherited anything. They all made it themselves.

This whole rich thing is just stupid. And despite the fact that Piketty is wrong on so many levels, it hasn’t slowed him down one bit.

His solution for this nonexistent problem: an 80% tax bracket for these so-called privileged investors who make over $500,000 and a 50% to 60% tax for those over $200,000.

I’m not kidding. Worse yet, there are a lot of people who buy this tripe. Obama for one!

But here’s where it gets really good.

His book, which has become the bible of those who actually buy all this privilege and rich trash, is a best-seller. It is still No. 7 on The New York Times list and almost no one has read it!

Many have bought it - obviously if it is a best-seller, lots of people have bought it - but almost no one, according to Amazon Kindle, has read past page 26. Only 2.4% of those who bought it have read past page 26.

It was dubbed the least read book of the summer by The Wall Street Journal.

Now I understand why they believe this garbage. They only read the introductions.

 

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