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Posted by tgl on 2004-08-17 15:02:01 +0000

Trickle Down

[quote:09e454e852="rladew"]But people making 10X that 42 K amt arent always just flat out wealthy. These are the people that star new businesses and create jobs. If you increase taxes, penalize people more on investments what are the incentives to start new businesses?[/quote:09e454e852] If you're making $400K a year, that's wealthy in my book. You should be able to retire and care for your dependents after 10 years on the job. I'd say $3.5M is enough to retire on these days? I'm assuming one could live (comfortably) on $50K a year, save the rest. Then with interest/dividends, that's $350K at an average return of 10% a year. (OK, minus taxes... that's ~$280K??, I don't know what the capital gains rate is on that much gain...) 50% of private employees work for small businesses and 60%-80% of new job growth is b/c of them [url]http://www.sba.gov/advo/stats/sbfaq.pdf[/url]. From my experience (my father, my neighbor) are not started by people making $400K a year.
Posted by rladew on 2004-08-17 15:32:58 +0000
[url]http://www.sba.gov/financing/basics/smallbusinessagenda.html[/url] check out the bush quote on this page that you referred me to, which was exactly what I was getting at. How are more jobs created if people are losing more and more of their paycheck to the government? I think we might actually be on the same page here. (maybe not :) - (but it is all menat to be a friendly discussion or debate - I do feel like Im learning a lot more about politics by discussing this with others) Again if there was a flat tax, there would be no group having to shoulder more of a burden than another. I just disagree that just because people have made wise investments and have saved and prepared their own money that they are obligated by the government to part with it. There are absolutely personal responsibilities to be charitible, to volunteer, to support worthy causes, I just feel like taxing isnt the best way to do this.
Posted by tgl on 2004-08-17 18:17:20 +0000
[quote:50d7f3cc3a="rladew"]check out the bush quote on this page that you referred me to, which was exactly what I was getting at. [/quote:50d7f3cc3a] That's a nice platitude, if you go past it you see proposals on the ways to tax businesses, not personal income. I think we can agree that making it easier for Americans to start small businesses is a good thing. You haven't convinced me that lowering taxes on people who make >$400K a year is the way to do it. Small businesses start with cash from family and friends, but there's also banks and investment firms in there too. That's why one of the roles of the SBA is to help people get financing. [quote:50d7f3cc3a="rladew"]How are more jobs created if people are losing more and more of their paycheck to the government?[/quote:50d7f3cc3a] The capital needed to start a business isn't the income you're getting, it's the income you already got. Wealth. Currently, it's very difficult for someone who makes $30K to accumulate wealth in this country. [quote:50d7f3cc3a="rladew"]I just disagree that just because people have made wise investments and have saved and prepared their own money that they are obligated by the government to part with it.[/quote:50d7f3cc3a] People also want all the services that the government offers. Who should pay for Defense, Medicare, etc.? So, what is fair? We're not talking about someone who's making $70K or even $150K a year. Generally, if you're making that kind of money, it's through hard work, perserverance, etc. (Well, you probably need to be lucky enough to be born into a famiy that values education). Again I don't think it's about income, it's about wealth. Should a family like the Heinz's, who may (I'm guessing here...) have very little income but huge wealth, be able to shirk the tax man while working stiffs have no recourse but to pay-up?
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