Hate to burst your bubble jg, there aren’t a lot of people who earn more than me. I just set up an interlocking trust because I wanted to protect my assets up to the point legally allowed. Also when my children inherit, I want the money that is left to be doled out to them at 25, 30, and 35 years of age. I am not unhappy about the government taking 50% of anything above 7 million dollars from me. My kids aren’t getting matching Ferrari’s when they graduate high school – even though I could buy them a set each. Estate tax is just a way of distributing wealth created to the betterment of society Perhaps you and PD forget that any money made above a certain point was made off the sweat of others.
My father made very good money for his time (up to about 200k at his best) – but I had to earn the money for my first car and he matched it ($1500) for a tank which cost more in gas then would believed possible even at 1970’s prices.
I worked for his company for a time and learned all I could. I was paid a low wage, then a better one, then I started my own company and made him very proud. Thats the American dream.
I busted my ass and worked like a dog to get where I am today. I started a software company in the 80’s and sold it last week. The people who worked for me were fairly paid – but the way the system is set up I made the real money. I’m not ashamed of that but grateful. I think that higher taxes on everyone above a million dollars is a fine thing. Even though it would cost me money – I would be happy to have more social services and to help create a better society. If it is handled right (big if the way the government usually works.)
While I applaud the brainwashing of ‘hope and work for a better future’, the folks in DC are screwing you and millions of others out of their future by keeping the vast majority of money in the hands of a tiny fraction of the country. This is done by low taxes and a different set of rules for the top. But keep shouting the platitudes – and worrying that too many people in the slums are getting too many social services! (sorry – or was that PD?).
And the poster is right about the lottery. Poor people spend dollars they can’t afford trying (using after-tax money) and then not only do they get less than 50% of them money collected (and then the present value of that so call it 20%), they then pay a new income tax on that money (so basically the government keeps 90% of the lottery money).
