TheBreeze..
You made many assumptions in your post and they are highly inaccurate. My handle is gary_broker, however I own a fashion co that designs and sell items to a wide variety of stores throughout the U.S. and Asia. I also have a RE brokers license hence my handle (btw I should prolly head you off here and inform you that I never did sub-prime or bilked anyone out of money).
You wrote “As far as risking your life savings goes, most business owners choose to incorporate to protect themselves from personal liability”. Incorporation protects against liability but it does nothing to protect seed investment which is generally hard earned savings put up by people like me. The company goes south the money is gone.. end of story.
I am a bit perplexed over the contingency of folks posting here who believe many rich people just somehow get lucky (FYI..I am far from rich, I live in a extremely modest house and as I previously stated make less then some of my employees). I do know some folks that are very successful and the bottom line is they work their asses off. Like me they usually work through weekends and late nearly every night. They do it because they love what they do and they feel an obligation to grow their companies not only for the benefit of themselves but also for their employees. It appears that what some people here are doing is taking some extreme examples from the current economic crises and extrapolating them into the theory that all business owners are all greedy and capitalism does not work. That is lame.
In my previous post I asked you to provide an amount that you believe was fair for wealthy people to pay in taxes. I posted some stats and someone else posted some as well. Perhaps you can copy those numbers and then edit them at the percentage value that you believe would be fair. I am interested to see what you come up with.
