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ace, I think the issue for many amongst the rich is that it's better to make $10 million at the top marginal tax rate than it is to make only $100,000, albeit at a lower tax rate.
I mean, you get guys like Warren Buffett who think the rich should be taxed more. He's pretty rich, ain't he?
Anyway, I think we're talking mainly about progressive taxation here, not overall operating expenses and other costs of doing business, or even capital gains taxes or estate taxes. The top income tax rate is 35%. This means what you make above $375,000 is taxed the same rate, regardless whether it's another $375,000 or $3.75 million.
Also, capital gains are capital gains; it's not like investors are going to stop investing because they can't keep their 3 to 5% tax cut every time they take a profit.
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Knowing that death is certain and that the time of death is uncertain, what's the most important thing?
—Bhikkhuni Pema Chödrön
Humankind cannot bear very much reality.
—From "Burnt Norton," Four Quartets (1936), T. S. Eliot
Last edited by Baraka_Guru; 10-07-2010 at 10:43 AM..
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