A hypothetical question for class warfarist liberals:?

Question

Assume:
I am a forward looking blue collar worker. Myself and my wife have set aside $2,500 every year from the time we were 18 until we are ready to retire at 65. I have earned the historical average stock market returns, and am now sitting on ~$4.7 million.

By your definition, do I qualify as an greedy rich fat cat investor, who deserves to be taxed at a higher rate, seeing as how I'm not "technically" (in your words) earning the dividends and capital gains I am now living on?

Flipper: There are alot more industrious people like me than there are Paris Hilton's like you. Alot more.

Zardoz: Wrong. The average stock market returns have been between 10 and 12 percent over the past 100 years, depending on which index you use.

http://www.finfacts.ie/stockperf.htm

I have to ask, where do you get the lies you continually feed this forum?

Answer 1

They won't admit it, but of course anyone with that kind of money is a fat cat who must be targeted by the liberals in power because they must have oppressed somebody (probably a minority or woman) to acquire that kind of wealth.

Those people must be taxed heavily to redistribute that wealth to those who were not as smart and industrious.

To Flipper - Yes you should have to pay more taxes, and in fact you do. That's why it's called a progressive tax code. However your example is ridiculous because rich people didn't become rich by being so foolish with their money.

Answer 2

No, because you are now reaping the benefits of your years of hard work.

Assume:
I am a white-collar son of a multi-millionaire. I have never had to pay for anything in my life, and have every luxury item you can think of. My dad thinks I should have a job, so he gives me a business and pays me $1 Million a year. I run the business into the ground, but he writes off the loss on his taxes, and the board votes to give me a golden parachute of $100 million.
Shouldn't I have to pay just a little bit more in taxes than that lousy blue-collar slob who works on the factory floor?

EDIT: Your comment was so funny! Hey, I'm a worker-bee too, not a "paris hilton" type! LMFAO! I was being sarcastic. See the last line, "shouldn't I pay MORE in taxes than the blue-collar...".

Answer 3

I can't understand why everyone wants to tax the rich even more. They already pay the bulk of the taxes in the country. Why should I pay less in percentage taxes than someone down the street from me? Does that sound fair to people? I just don't get it.
I don't own a company and employ thousands of people,in turn, keeping the economy going like some rich people. Someone should explain to me why Paris Hilton should pay more in percentage taxes than I do.

Answer 4

YES

Hypothetically speaking.

There are to many loop hole in your scenario. Try re writing it in a more believable fashion.

Maybe change 18 to 24. Claim you met as Grad Students. And make that Blue Collar an industrial engineering position with a Multi National Corporation. You can defame it by saying you were a hands on out on the floor type engineer.

Answer 5

Under the current tax system, with increasing tax brackets based on income, the more you make(earn) the higher your taxes. Until we have a flat tax for everyone, if you make more you will always pay more taxes. Its when those in the higher brackets expect to pay less just because they have more money when it becomes unfair. Those making $20,000 are no less deserving of tax breaks than those making $1 million dollars. A flat tax is the fairest tax, but good luck getting that passed. It is the 'fat' cats who are fighting that one.

Answer 6

congrats on securing your retirement.
If this were my world to rule taxes would be base upon the number of able minded /bodied citizens divided into the cost of running the government. that said a famliy of 4 pays the EXACT same ammount as ANY other four people in the country.It would be that simple. no corporate taxes no transportation taxes. no "income taxes" , no deductions for having kids.of course this would put alot of accountants out of work so I cant forsee this happening. those that refuse to pay the tax can be sent to prison and used to generate electricty or whatever

Answer 7

of course not. saving on a limited or fixed income throughout a persons life should be REWARDED not punished. now if you were making a 6 figure income your entire like that would be another issue. a family of 2 or more making 40k or less annually should be favored by the tax system, no matter how much money they are able to acquire through intelligent saving

Answer 8

All depends on what you call Profits. Income and savings are definitely not profits.

Instead of you being taxed, it would be great if you donated maybe a quarter million to local charities you feel comfortable with.

To me, 4.7 million might as well be a billion. But I am still young. I much congratulate you on a steady savings and playing it smart with investing so inflation didn't kill its value.

Remember, you cant take that cash with you when you retire for good! So put it to good use, that YOU define!

Answer 9

If you save $2500 per year and assume an average return of 6%, you will have $677,000. 6% is the average return.

You have to earn 11.6% to have 4.7 million. The stock market hasn't returned 11.6%.

Answer 10

I love it when right-wingers accuse liberals of "class warfare." The Bush tax cut, which cost 3 million jobs and sent 50 percent of its benefits to the top 1 percent and 80 percent to the top 20 percent, was class warfare. It was Pearl Harbor.

It's time "Thirty Seconds Over Tokyo." And Midway. And Guadalcanal. And Saipan. And Leyte Gulf. And Iwo Jima. And Okinawa. Hopefully, you'll get on the deck of the Battleship Missouri before we have to reach Hiroshima and Nagasaki.