So you believe in taxing the wealth. Do you also believe that we should dole out food based on a person’s size?
People in a free society should be free to give away what they earn, use it as they please, or hoard it. As horrible as that may sound to some. That is what living in a capitalist society is all about. Read the biography of R.G. LeTourneau. He went bust several times. In the end, he made millions and gave 90% away of his own choosing.
If society does not allow this, then it takes away the incentives to take risks. As evil as many people call the oil companies, ask your familiy members if they happen to own any stock or mutual funds which are invested in these companies? If they do, then I guarantee that they are looking for a substantial return on their investment.
It is not all roses though. An economist I know who works for the Federal Reserve has said many times, that what is good for society is not always good for the investors. His 2 favorite examples are the Railrods in the mid-1800s and the fiber-optics in the 1990’s. Both of these laid foundations for generations to come, but those heavily invested, lost their shirts.
I do believe that if someone is willing to take the big risk, then they are entitled to decide how to spend their gains (if they get any). If I have any money left when I die, I should have the right to leave it to my kids, my grandkids, give it away, whatever I decide.
I realize that. I’m just saying that these taxes are based such that the more spent, the more taxed. So it seems the “rich” are carrying the largest burden in contributing the the state and local tax. One thought, though – when you read stories about true millionaires, who really do have money, you find ironically, they don’t spend very much. A good percentage of them are very frugal.
I wonder if, really, our taxes are being paid in most part by just people who live beyond their means and do max out credit cards, trying to keep up with the Jones’.
One ting, though, that trouble me, was this section from the “Fair Tax” page——->
Is the FairTax fair? Yes, the FairTax is fair, and in fact, much fairer than the income tax. Wealthy people spend more money than other individuals. They buy expensive cars, big houses, and yachts. They buy filet mignon instead of hamburger, fine wine instead of beer, designer dresses, and expensive jewelry. The FairTax taxes them on these purchases. If, however, they use their money to build job-creating factories, finance research and development to create new products, or fund charitable activities (all of which help improve the standard of living of others), then those activities are not taxed.
For some reason, it made me uncomfortable with the categorizing it has made of “rich” people, almost with a bitterness toward them in general. I have no feelings one way or another about the rich, but I still did not like the tone of the statement, almost as if it were, as someone says, a punishment.