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The Fiscal Bluff
MNIce in Minnesota
Thursday, December 6, 2012 at 3:05 PM
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You, sir, are part of the problem. You are what Rush Limbaugh calls a "low-information voter." First, the rich are already taxed very hard. 70% of federal tax revenue comes from the top 10% of the earners. You do not understand the role of concentrated wealth in a free economy. It takes concentrated wealth to start, buy or expand a business. Many people depend on the wealthy for employment. For example, landscaping and lawn care small businesses provide their services primarily to wealthy landlords and owners of large residential properties. If you tax the wealth away, those smaller jobs go away with it.
Nor will it help the government significantly. If you put a 100% tax on every penny earned over $250,000, the government would only have enough to run for eight more days. But the loss of the ability to invest in private enterprise would cost the government many times that amount in revenue within a year.
I am sorry you lost so much of your hard-earned money to the Federal government. Had you been able to invest it yourself in the private capital market at a mere 3% average annual rate of return (a bit over half what any decent mutual fund gets), you would have plenty of funds for a comfortable annuity plus a sizable reserve for medical expenses. But no, the government had to take it so your vote can be held hostage to their miserly payouts. Don't force your children and grandchildren into the same scam.