The Classic Example of Barstool Economics

Ridiculous.

a dozen or so people controlled 95 per cent of the world's wealth and threw the others a bone on occasion, just to keep them happy?

There has to be a line drawn. Following that logic, would you be happy if a dozen or so people controlled 95 per cent of the world's wealth and threw the others a bone on occasion, just to keep them happy?

Screw the rich. I say we light the torches and storm the gates.

That is the way out tax system is supposed to work. It was designed to work that way so as to avoid the rise of the aristocracy and maintain a 3 class system. The progressive system works just fine if you want to maintain this type of society. I just think the rates are too high accross the board (but that is another discussion).

Same thing with the Estate Tax. Go back in history and you will see the forefathers created this tax in 1797 and left the burden on the rich, since they are the one who benefit most by the freedoms and to minimize the risk of the rising aristocracy

gustavratzenhofer wrote:

There has to be a line drawn. Following that logic, would you be happy if a dozen or so people controlled 95 per cent of the world's wealth and threw the others a bone on occasion, just to keep them happy?

Screw the rich. I say we light the torches and storm the gates.

Gus, I think that you paint with too broad a brush. It is the rich that build factories, that develop industries, that create the jobs that keep the rest of us in Wheaties and cellphones.

I am a big believer that we need the rich more than they need us. We need their talent, their brains, their ability to put their money where their mouths' are.

There is no doubt that there are some of the rich who exploit the system. Then again, we could say the same about some of the poor. Crooks abound across class lines.

I am very grateful for the rich of this country, for the innovators who used their minds and their money to "make things happen". Those are the folks who made this country great. Yes, the middle class are certainly an important part of this growth, but without the engine, the train would never get moving.

I am very grateful for the rich of this country, for the innovators who used their minds and their money to "make things happen". Those are the folks who made this country great

I am a big believer that we need the rich more than they need us. We need their talent, their brains, their ability to put their money where their mouths' are.

Second and later generations with money show no better management than the average person.

First, I think that a person who has made a lot of money should be able to pass it on to whom he wants. It should not be up to the government to tell him what to do with his money after death. He earned it, he has the right to use it or give it away as he wishes.

Second, by creating an estate tax, you are penalizing the thrifty rich. If a rich old geezer blows his money before he dies, that is ok, but if he saves or invests it, his heirs do not benefit from his frugality. Not fair![/color][/b]

We're not talking fairness... we're talking economics and tax policy.

Zeno was an idiot, but I take your point.

Like I said before, screw the rich.

Quote:

Second and later generations with money show no better management than the average person.

That may very well be true in some cases, but I think that you are treading into different waters, and creating an entirely different issue. I am for cutting out the estate tax, for a few reasons. First, I think that a person who has made a lot of money should be able to pass it on to whom he wants. It should not be up to the government to tell him what to do with his money after death. He earned it, he has the right to use it or give it away as he wishes.

Second, by creating an estate tax, you are penalizing the thrifty rich. If a rich old geezer blows his money before he dies, that is ok, but if he saves or invests it, his heirs do not benefit from his frugality. Not fair!