You make my argument, for all the conservatives claiming we wage "class warfare" on the rich, they pay less taxes than we do, as a percentage.
Sure I did. That's the beauty of this country. They can do anything they want. Nobody put a gun to the automaker's heads and told them to make the deal. I fee like the automakers dropped the ball and now they should pay for it. Look, the unions did what they had to do. I don't agree with the way they went about it (I'm very anti union) but it's up to the automakers to make a deal that makes sense. I sure as heck don't think we should bail any body out now. Moral of the story, make sure your rich uncles croak in 2009. With the economy the way it is, maybe there's a shot. My mistake, I forgot that only the rich qualified for Capital Gains, inheritance tax, stock options etc. I must admit I'm quite shocked that you think the inheritance tax progresses your argument. Currently standing at 45% for the year 2008 a break in 2009 and 55% in 2010, it's not exactly a tax break, more of a break it off in you (or your coffin). If you honestly feel it is fair to tax money that has already been taxed just so it can be handed down to survivors and this somehow benefits the rich, then I have to go back to the possibility that you must have some sort of disdain for wealthy people.
You miss the point. Everybody qualifies for it. But the tax laws are set up to provide great benefits to those who make most of their money from these sources versus from a salary, like the poor and middle classes. In fact that's one definition of rich, that I can accept. If your money earns more than you earn directly, you are probably rich.
I think rich is debt free with a paid for house. If you fall into that category earn a median household income and are willing to save and pay cash you can build generational type wealth over a lifetime.
Red, do you suggest we raise LTCG to be taxed as ordinary income? What about the inheritance tax? Is that unfair to people who have less than a million dollars in assets?
