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Yes, we want to protect the money of the insanely rich, but NOT for their sake, for the economy's sake. YOu see, as long as they have it, it will be invested to make the economy grow, to make real progress and good things happen.
If you tax it away from the economy and down the black-hole of wastefull government, it is wasted, squandered.
Now you know the rest of the story.
"it will be invested to make the economy grow", this line is complete BS. Through a long chain of money exchanges, their money may create jobs, and that's it. However much of their cash goes to homes and vacations in other countries, who knows? The continued growth of our economy is also entirely dependent on education, new technology, and other infrastructure, and I wouldn't hold your breath waiting for rich people to band together to, say, build a bridge to improve the flow of trade. Someone has to do it, and that is the job of the federal and state governments.
Everyone should be certain that any aggressive move to extract wealth from the mega-rich will cause a nearly instant move of wealth outside the US - to any place that taxes the money less. These people are THE BEST positioned to protect themselves.
As for Gates - I am completely confident that his foundation will allocate his billions more efficiently and effectively than the federal government. His foundation is also handling $1B of Buffett's money per year.
The nerve of the government to tax people, what kind of government taxes their own people. Seriously, name one country besides the US that has the nerve to tax its citizens??!! You can't!
No it isn't. Most of their money is from government forced monopoly and legalized confiscation.
Microsoft? Oracle? Dell? The Walton family? The Lego inventor? Red Bull? Amazon.com?
Those are some of the billionaire families. Can't recall ever being forced to buy their products. Or shop at Wal-Mart.
Buffett owns a string of unrelated companies. I haven't bought a Coke in years other than occasionally at a game. He buys companies that attract everyday consumers.
One of the newest billionaires is the guy who founded a store for people too cheap to shop at Wal-Mart. The Dollar store segment is growing.
I found an article profiling some of the billionaire families. If you look at how they started, almost all were "a guy with an idea who took some risk and started with a few dollars" stories.
That's what makes America great - the last country in the world where anyone with an idea can pitch his tent of wares and grow a business. What's hurting us is massive regulation and taxation of small business, the real engine of the economy.
Isn't it their property?? Someone living in a shanty town would think you are insanely rich (maybe you actually are), but it's all relative. At what point does one's property become subject to confiscation for redistribution?
There's a difference between taxation and the taking of one's property to pass out to others. Note that the French court ruled excesss taxation as unfair:
In a stinging rebuke to one of Socialist Hollande’s flagship campaign promises, the constitutional council ruled Saturday that the way the highly contentious tax was designed was unconstitutional. It was intended to hit incomes over €1 million ($1.32 million).
How is taxing a select segment of our citizens different?
There is nothing excessive about our taxation, it is the lowest it has ever been in history.
Personally, I'm worried about those offshore banks like in the Bahamas and Cayman Islands. And what about those Swiss banks with their secret, numbered accounts? What will become of THEM if there's no more billionaires stashing all their money away from the scrutiny of the IRS? I can't sleep at night for worry over the whole thing.
Maybe the EPA could declare billionaires an endangered species or something?
I'm aready giving them all those payroll taxes that I paid for more than 30 years of hard work that were supposed to go toward my social security pension. I don't know what else I can do to help. Maybe one of them needs a minimum wage housekeeper or something, since I can no longer afford to retire. Do you think?
Pfffft! You guys are too much! Somebody should inform you that America doesn't require its people to be serfs for the sake of a few corrupt noblemen who happen to have the King's ear. That would have been England around 1213. This is the United States in 2013 and I am not required to grovel before wealth. No one else is either. If you guys want to, feel free. But don't expect the rest of us to scuffle along with you.
When you attempt to be so cavelier, you only damage your cred.
Now scamper back to Make Some Sense for a Change 101.
Obama is giving a lot of money back to the billionaires that got him re-elected. What do you think the spending is all about? He is repaying a lot of rich people.
Yep. He gave his millionaire Hollywood buddies some exemptions in the new tax increase bill.
Obama: the poster child for Crony Capitalism. If you are his buddy, you don't have to worry about tax increases.
"it will be invested to make the economy grow", this line is complete BS. Through a long chain of money exchanges, their money may create jobs, and that's it. However much of their cash goes to homes and vacations in other countries, who knows? The continued growth of our economy is also entirely dependent on education, new technology, and other infrastructure, and I wouldn't hold your breath waiting for rich people to band together to, say, build a bridge to improve the flow of trade. Someone has to do it, and that is the job of the federal and state governments.
Enough of the mindless drivel. Get a clue. I think they have them in Aisle 2 and your local convenience store.
Actually the funny thing about this thread, California has some of the highest taxes in the country, yet they also have some of the highest amounts of billionaires living in their country. I am pretty sure the rule is, if you can afford it, then you can live there.
Yep! One of these California Billionaires is actually an old family friend (went to middle-high school with his daughter, and she's a close friend of my sister). Last I checked the father is worth $1.4B, all SELF-MADE through real estate investments & development.
Funny thing is, they live fairly "simply" considering, and kinda look like schlubs - seriously, if I showed their photo on this forum, the right leaners would probably call them welfare bums or white trash! They also happen to be the nicest people ever, and donate millions to charities and non-profit organizations annually. I'm sure they pay more than their fair share in taxes too, and probably wouldn't complain if they had to give a little more. That being said, I'm the last person to support taking more than 50-60% of anyone's income... in fact, I would support a flat tax if the rates were fair across the board.
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