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Edited on Mon Jun-06-05 08:20 AM by Atman
These aren't "rich" people, the kind you and I really do have a shot at becomming. The people in the tonier neighborhoods, the people who built their laundry franchise up to a healthy business, or the owner of a successful firm which employs a few dozen people. The people I'm referring to are not "us," and we have no chance of becoming one of the them. These are people who, for all intents and purposes, are from another planet. They have generations of family wealth, they have boatloads of cash from crony deals with the government; they are NOT us. It must be made clear that we're not talking about raising taxes on the middle class, the upper middle class, or even the "rich." We're talking about making people making hundreds of millions of dollars a year in interest income, stock deals, paper shuffling, inheritences, etc., simply begin paying into the system at least SOME mandatory tax, kind of like the AMT was supposed to do, but fairly, honestly, for real.
Keep in mind that virtually all of the great development in American history, in terms of the great estates of Carnegie, the Kennedies, the Bushes, of course, all of these massive estates, philanthropic endeavors, construction of industry -- ALL happened under a top tax rate of over 70% in some cases. Yet, all these men managed to build massive empires. Hmmm....now, they can't seem to do ANYTHING unless it is tax free. Why? What is different? I'm not calling for a return to 70% tax rates, I am trying to point out that the "burden" of high taxes on the wealthy didn't seem to stop the historical American patriarchies from attaining THIER wealth and expanding THEIR businesses. Why now?
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