So you make a million or 10 or 100 million dollars. You get to keep it all. You get to spend ever dollar you've earned. You want to save it? Go ahead. Put it in a bank which is FDIC insured 100% the full amount and you'll never lose it. What you don't get to do is bank it an live off the interest. Interest is immoral. The bible says so. Let's apply this to dividends, capital gains, and all forms of passive income. Have a business? Pay yourself as much as your business can afford to pay yourself. Why not? It's your business. Plus you don't have to pay taxes. Sell it? Fine, but you have to pay 99% capital gains, cause now you are no longer being productive. Someone else is.
Anyone want to take bets this is yet another Burritos hit-and-run and he doesn't post in this thread again?
unless you have had a sincere change of heart, you, sir, are not my brother. i'll be requiring 20% on that loan you wanted.
Because contrary to the believe of our resident conservatives I think taxing more than 50% provides a disincentive to produce. Investment is needed so keeping more than the tax tax is equitable. That said, I think the current capital gain rate at 15% is terrible. The fact that you are taxed less on passive income than you might be for working on the same amount of money is yet another example of how we are redistributing the wealth, albeit not the way the conservatives like to portray it. We increasingly redistribute it up at the expense of the working class. Icarus
true, but i think the inheritance tax needs to be looked at separately. with the value of real estatethese days, parents should be able to pass their house on to their children at a lower (if not zero) rate than income tax. they paid 10,000 50 years ago, now it's worth 750,000 or whatever. it's still the same house. unless you sell it. and then, with inflation, i don't really know the relative value.
