View Single Post
  #30  
Old 10-31-2003, 07:51 PM
AKA_Monet AKA_Monet is offline
GreekChat Member
 
Join Date: Oct 2000
Location: Beyond
Posts: 5,092
There is a difference between the "consumers" versus the "investors"...

There are "venture capitalists", "private investors" that hold shares and assets in S-corporations...

Then there are "consumers" that have liquidable assets that are not held on tax sheets...

I think the reason why we see this "instant gratification" in our communities is that back in the mid 1970's to the late 1980's, there was this concept of "back taxes" and the burden of proof from the IRS.

Numerous African American businesses and corporations that were unwittingly organized got nailed by the IRS, oweing tens of thousands of dollars that essentially bankrupted a lot of folks. Many folks were not as saavy as they are today with accountants, tax attorneys and other legal help. Moreover, the RICO law had just passed in 1974, which basically annihilated those African American groups that were devoted to helping the community... Meaning, if your house had a tax lien on it and the IRS says you owe $45,000 in back taxes, which is it going to be? Your business or your home? Because if you don't pay, you WILL go to jail...

Moreover, the IRS historically targeted African American businesses in the 1970's and 1980's for auditing--and they did this quite often... More than one would want to admit... And they used every inane law in the book to nail these businesses. So the only folks that did not get annihilated were those that were forced into selling their "shares" to those "venture capitalists" or "private investors"--many of them lived overseas...

So as far as the situation today:

Many of the folks born after 1975 grew up in this world filled with cable channels and E.T. They grew up under "Fame", "Flashdance", "Madonna" and "Breakin'"...

So now we see more of an acceptance for "urban" "hip-hop" culture, when those of us that graduated from high school before 1988 had to fight to even hear "The Dream Team" and "Run DMC" at our high school dances. Now, if you play "Whitesnake" or "Motley Crue" one would cut it off. Hip hop culture is now mainstream... So now, folks are making money off it just like they did in the 1960's...

Should we be upset? I dunno...

But it is true that there is a biased view one observed when what is all out there...
__________________
We thank and pledge Alpha Kappa Alpha to remember...
"I'm watching with a new service that translates 'stupid-to-English'" ~ @Shoq of ShoqValue.com 1 of my Tweeple

"Yo soy una mujer negra" ~Zoe Saldana
Reply With Quote