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Unless you are going to argue that the top 1% wage earners are harder working than industrial or service workers...
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While your industrial workers are punching 40 hours a week on a clock, billionaires are working 100 hour weeks. Not only do they work their asses off, they put their own money on the line.
Thats' the crux of it. If I'm going to risk my money to start a business, I damn well expect a reasonable chance of profit. If I have to turn over 90% of what I make so the government can hand it over to people who do just enough to get by, do you think I'm going to risk MY neck? No way.