Oh, I am fully aware you don't really want to tax the rich, you want to tax people who are trying to become rich... that's exactly what I have been saying all along, Apple. "Tax the Rich" simply is a lie, you want to tax people who are on their way to becoming rich... thanks for admitting that!
As for what wealthy people do with their money, you claim it doesn't matter, but it does. This is what is wrong with the economy right now... no rich people are investing in shit... nothing is happening with that money... it is sitting idle in a security trust somewhere, maybe not even in this country... and it ain't moving as long as Socialist Communists are in control of our Government.
If taxes had been collected all along there wouldn’t be any problem with the rich holding on to their money. The taxes would have already been collected. Try to grasp that fact. That money would already be in the economy.
And you’re right. I don’t want to pick on the uber-wealthy. They have a right to do as they please with their money. The problem is they were not taxed sufficiently while they were making it.
Look, in another 30 years many of the uber-wealthy will be dead! That’s about the time all the social programs are scheduled to default so tax the inheritance. Start now and tax the big income earners and in 30 years the government will get an additional huge bonus.
Or they can move their fortunes to overseas accounts and trade on the international market, where all of their gains can be sheltered from US taxation. That has been happening too... we currently have about $18 trillion of wealth abroad. But how does this help our economy, Apple???
As I’ve written before they need money to live here so the government asks them where they are getting their money. It’s the same principal as how the government deals with ill-gotten goods from drug sales. If a person is living the life of a millionaire and claiming an income of $100k it’s pretty obvious.
Furthermore, if they move their money to overseas accounts it means they made their money here. Tax it as it is being made. Close all the loopholes. Then let them do whatever they want with it.
And another thing is this “cashless society” that’s being talked about. Many people are against it. (One world government and all the conspiracy nonsense.) The fact is wealthy people who earn money and do not declare it frequently pay cash for purchases. How does the government know one spends $500/wk on dining out ($100/day) if they pay cash? Or pay vacations with cash rather than CC? (Maybe a cashless society will benefit all.)
Again, you miss the point of the example I gave. People with wealth, don't need to earn an income anymore. They can live comfortably and pay whatever excessive tax you put on them, and it doesn't bother them or change a thing about their lifestyle. Now...whether they take some of that socked-away wealth and invest it in a new business venture, creating new jobs and economic growth? That's a different matter... if they are MOTIVATED by the prospects of MAKING money.... they MAY take that risk, they MIGHT try to make more money with their wealth.... but again... they do not HAVE TO DO THIS! If the burden of doing it, or the cost in taxes, fees, regulations, eat up most of what they would make to do it... they won't, because they don't NEED to! What part of this are you not comprehending? Really? I mean, if you still do not understand and comprehend my point, keep reading this paragraph over and over until you understand! I can't explain it any more plainly.
We can’t do anything about the Bush tax breaks and what resulted. However, as I explained earlier, we can start now. Tax the money as it’s being made. Then it won’t matter anymore. This conversation will never come up again as the tax would have been paid on the money up front just like regular people pay tax on money and then put it in their bank account. Close the loopholes. No tax-free money. Period!
Wow, knowing you and Dune have proclaimed me to have no idea of something.... that is powerful stuff! Why don't you show me where I am wrong about something I've said, moron? Can you not do that?
I already have. People with a net worth of $50 million will not live on a net salary/interest/whatever of 300k a year as you stated in your example. That is not only wrong, it’s complete foolishness. As Dune and I have explained that income would not pay the maintenance on the person’s lifestyle. Taxes, insurance, domestic help, etc. Do you think the multi-millionaire is going to get on a ladder and clean his windows? Clean the pool?
As I said before you’re talking like someone holding a lottery ticket but people don’t go from “regular” to wealthy overnight. Your example of the “magic money fairy” dropping $50 million shows the same way of thinking and it’s wrong.
As people slowly increase their wealth their lifestyle changes. They may start out earning $40,000/yr but after twenty years of being in business and building a fortune they do not go back to living like they did when they started. A person with $50 million in cash is not going to live on $300k a year.
The bottom line is you don’t know what you’re talking about. Your idea of how wealthy people live is your idea of how you think you’d live but it isn’t reality.
Was it you who said you lived on noodles while trying to afford college? If so, did you not think about how much money you’d have once you finished your studies and landed a job? I bet your dreams were really great and I bet reality is nothing like your dreams, right?
A word of advice for what it's worth. Not only do you appear to be someone who places extraordinary emphasis on money but your perception of wealth appears to be skewed. Be careful not to focus both eyes on the future while missing the present.
