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The problem is that when the "minority" don't provide enough revenue they will lower that bar to include more.
Just look at AMT..that extra tax on the "rich" which now hits millions of middle class Americans even with Congress acting each year.
Heck, next year they may decide that $150K is "fair" and all else is taxed.
Oh yea, the Alternative Minimum Tax. ATM originally passed to "tax the rich". But of course the government did not adjust for inflation and as wages went up, more and more people are caught into it each year. Some don't even know they are going to be hit and what a nice surprise <sarcasm>. The government is able to sell the "tax the rich" and get more people each year. Be careful what you wish for, the government is very good at using the rich as the target and end up increasing taxes on the unsuspecting.
Congress passed a bill authorizing the AMT to start in 1970. Just 19,000 people ended up paying the AMT that year. More than 4 million are expected to pay it for 2011
Oh yea, the Alternative Minimum Tax. ATM originally passed to "tax the rich". But of course the government did not adjust for inflation and as wages went up, more and more people are caught into it each year. Some don't even know they are going to be hit by it until it is too late. A little info in how the government is able to sell one "tax the rich" and get more people each year. Be careful what you wish for, the government is very good at using the rich as the target and end up increasing taxes on the unsuspecting.
Congress passed a bill authorizing the AMT to start in 1970. Just 19,000 people ended up paying the AMT that year. More than 4 million are expected to pay it for 2011
SS got changed and in a fair way that didn't effect current retirees.
FICA got raised and the full retirement age got raised gradually each birth year.
Sacrifices need to take in mind how long you have to make up the difference.
Corporations that phased out their pensions replaced them with 401Ks.
Corporations that modified their pensions also took age into account.
A person in their 20's has time to make up any difference whereas a person 65 doesn't.
You have to keep that in mind when you make changes.
You do realize that exact argument can be used for taxing the rich more since they have the ability to "make up any difference" better.
As long as Buffet is alive and still at the helm I'm holding onto that stock.
AAPL I'm now totally out..Jobs made Apple what it was and I don't think successors can do as well.
Invest for wealth and capital gains. It's not taxed until YOU take it and you can time when you take it to a certain degree.
I used to invest for income as well as that was "the tried and true way" for retirement investing.
But times have changed so adjust and adapt.
I now follow Rahm's saying about not letting a good crisis go to waste.
Baxter did very well during that swine flu "panic" and the government bought billions of shots from them.
OSI International also did very well when the naked scanners got put in all the airports.
I follow who gets government contracts, not who the government "invests" in so I've avoided the Solyandra type companies that just go belly up.
ok, I get that, makes sense. Government investment lol, how many solyndra's do we have now. Oh I have often asked if Obama supporters would willingly let Obama manage their investments. Tax payers are forced to but his investments have been failure and failure. I hear that Fiskar Karma is about to go bankrupt now. Obama, needs to go on record as the worst investor in the world but then again, why would people who don't pay taxes really give a damn.
If you want to make some other point, go ahead. Just don't claim that this proposal will impact the middle class.
I was not making any claims as far as the middle class are concerned but you refuse to see the point the other cd forum member is trying to make. Go back and read it, really put some thought into it.
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