tag:blogger.com,1999:blog-5592542.post579157491468248313..comments2024-03-18T17:28:44.693-07:00Comments on Rondam Ramblings: Rich people are not the creators of wealthRonhttp://www.blogger.com/profile/11752242624438232184noreply@blogger.comBlogger7125tag:blogger.com,1999:blog-5592542.post-20310814302301730622011-04-26T14:27:57.124-07:002011-04-26T14:27:57.124-07:00That's why the official position of the Patrio...That's why the official position of the Patriotic Millionaires for Fiscal Strength is raising taxes on incomes over $1M per year, which ought to be considered "rich" by any reasonable measure. But the details don't matter nearly as much as the general principle: do we tax the rich on the theory that they have a civic duty to shoulder more of the responsibility for our Ronhttps://www.blogger.com/profile/11752242624438232184noreply@blogger.comtag:blogger.com,1999:blog-5592542.post-43618868808101105752011-04-26T14:24:34.138-07:002011-04-26T14:24:34.138-07:00> But why should you take someone else's pr...> But why should you take someone else's property and allocate it to projects that you deem worthy? It's not your money to spend.<br /><br />Because that's the cost of living in a civilized society. Part of the deal of living in a democracy is that you don't get to opt out, you just get to influence the decision-making process through your vote. The motto was, if you recall, Ronhttps://www.blogger.com/profile/11752242624438232184noreply@blogger.comtag:blogger.com,1999:blog-5592542.post-45745656565337905312011-04-26T14:18:10.307-07:002011-04-26T14:18:10.307-07:00The profit-lost test is not some objective measure...The profit-lost test is not some objective measure of goodness. If you want to allocate your means (time, energy, money, whatever) to some non-profit goal, then great.<br /><br />But why should you take someone else's property and allocate it to projects that you deem worthy? It's not your money to spend.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5592542.post-1441013436817859592011-04-25T21:21:23.570-07:002011-04-25T21:21:23.570-07:00Following up to my own post to clarify. It's n...Following up to my own post to clarify. It's not unfair to tax my S corp income at a rate no greater than it would be taxed if it were a C corp (plus perhaps extra for what would be C corp taxable dividends, if any). But the loss of eligibility for deductions, such as phasing out mortgage interest and charitable contribution deductions for the so-called rich has a less fair impact on the Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5592542.post-74222961786960844772011-04-25T20:15:06.035-07:002011-04-25T20:15:06.035-07:00I must point out that the "rich" may not...I must point out that the "rich" may not be defined correctly. Many small business owners, like me, "appear" to be rich by tax standards because our business income appears to be our own income when in fact the business retains the bulk of it. (I'm a shareholder in an S corporation, but the same goes for partnerships and LLCs.)<br />My share of the company's profits Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5592542.post-22603954967592955902011-04-14T19:08:26.736-07:002011-04-14T19:08:26.736-07:00I couldn't agree more. Too many of the wealth...I couldn't agree more. Too many of the wealthiest are no longer involved in the creation of wealth. In these cases, their predecessors created it; the current generation simply maintains its status. Often without any contribution whatsoever to ongoing economic or cultural growth.<br /><br />From a different point of view, one of the problems the US faces is a GROWING economic divide that Unknownhttps://www.blogger.com/profile/11421882878939985603noreply@blogger.comtag:blogger.com,1999:blog-5592542.post-31289184161225311222011-04-13T17:33:29.762-07:002011-04-13T17:33:29.762-07:00"Making money and creating wealth are two ver..."Making money and creating wealth are two very different things." - exactly. I usually think of it as creating wealth versus capturing wealth.Mikehttps://www.blogger.com/profile/16102244520216077792noreply@blogger.com