Who's Rich

[oracle]

<font>Who's Rich (http://www.townhall.com/columnists/thomassowell/ts20030715.shtml)</font>

Thomas Sowell

Congressman Patrick Kennedy, a Rhode Island Democrat, recently declared to fellow party members at a Washington night spot, "I don't need Bush's tax cut" and added that he had never worked a day in his life.

A number of other rich people have at various times likewise declared that they do not need what are called "tax cuts for the rich." But, whatever political points such rhetoric may score, it confuses issues that are long overdue to be clarified.

One of the most basic confusions is between income and wealth. You can have high income and low wealth or vice versa. We have all heard of athletes and entertainers who have earned millions and yet ended up broke. There are also people of relatively modest incomes who have saved and invested enough over the years to leave surprisingly large amounts of wealth to their heirs.

Income tax cuts apply to income, not wealth. So the fact that some rich people say that they do not need a tax cut means nothing because they are not getting a tax cut on their wealth, since their wealth is not being taxed anyway.

Looked at differently, high tax rates hit people who are currently earning high incomes -- usually late in life, after having worked their way up in their professions over a period of decades. Genuinely rich people who have never had to work a day in their lives -- people like Congressman Kennedy -- are unaffected by income taxes, except on what they are currently earning, which may be a tiny fraction of what they own.

In other words, soak-the-rich tax rates do not in fact soak the rich. They soak people who are currently earning the rewards of having contributed to the economy. High income taxes punish people for becoming prosperous, not for having been born rich.

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Click here to read more (http://www.townhall.com/columnists/thomassowell/ts20030715.shtml)

[Seismic]

When the Democrats say:

Tax the rich!

They forget to say:

By the way - you are all rich (if you earn over 50,000).

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If Patrick Kennedy doesn't need his tax cut he should send it to me - I sure can use it. http://freeconservatives.com/ubbthreads/images/graemlins/smack.gif

[Red Rocket]

I keep reminding Mr. Rocket that WE ARE RICH. The fact that the checking account does not reflect that is probably just new math.

I also take great pleasure in reminding my working/student daughter that she is also RICH.

Thank God for the Democrats. Without them I'd feel like just another working stiff. http://freeconservatives.com/ubbthreads/images/graemlins/libsoffmeds.gif.gif

[ducktapehero]

I never understood the liberal concept of taxing people more for being successful. I do not think it is right that people are punished for busting their ass and making money. Of course taxes are WAY too high for everyone, and by a long shot. I don't think that anyone should have to pay more than 15% of their income. Cut taxes drastically and watch the economy grow. http://freeconservatives.com/ubbthreads/images/graemlins/icon44.gif

[DoctorDoom]

[ QUOTE ]
Congressman Patrick Kennedy, a Rhode Island Democrat, recently declared to fellow party members at a Washington night spot, "I don't need Bush's tax cut" and added that he had never worked a day in his life.

[/ QUOTE ]
The Kennedy's are a dynasty living off the illegal income of old Joe. New England would be a far better place without those parasites. MA voters would go into withdrawal for a few years, but it would be damned well worth it.

One wonders how many tax loopholes the millionaires in Congress have provided for themselves over the years.

[Timberwolf]

[ QUOTE ]
ducktapehero said:
I never understood the liberal concept of taxing people more for being successful. I do not think it is right that people are punished for busting their ass and making money. Of course taxes are WAY too high for everyone, and by a long shot. I don't think that anyone should have to pay more than 15% of their income. Cut taxes drastically and watch the economy grow. http://freeconservatives.com/ubbthreads/images/graemlins/icon44.gif

[/ QUOTE ]
Cut 'em completely to 0%, force the fedgov to raise its revenue from those sources which it was originally authorized - tariffs, duties, &amp; excise taxes - and THEN watch the economy grow. Put OUR industry and manufacturing on the same "level playing field" as the rest of the world and see what happens.

[Warlady]

I think the IRS needs to add a check box for those who do not want or need the tax cut. Then, ALL politicians who vote against the tax cut and didn't check that box should have to publically acknowledge that they didn't put a check in the box and explain why they didn't.

[z_beeblebrox]

"never understood the liberal concept of taxing people more for being successful. I do not think it is right that people are punished for busting their ass and making money"

This assumes that high income earners achieved their "success" through hard work. I am in my final year of a law degree. There are plenty of people in my class who obtained their degrees through their parent's money rather than hard work and have obtained high earning graduate positions through family connections. Success if defined by income does not necessarily equate to hard work.

[CaliGirl]

quote from article:

[ QUOTE ]
Congressman Patrick Kennedy, a Rhode Island Democrat, recently declared to fellow party members at a Washington night spot, "I don't need Bush's tax cut" and added that he had never worked a day in his life.

[/ QUOTE ]

Then shut your frickin' mouth! This doesn't apply to you, you lazy bum!

There are some who need to work to make it through life. Most did not have a granddaddy who illegally made his fortune!

[nosferatuscoffin]

[ QUOTE ]
z_beeblebrox said:
"never understood the liberal concept of taxing people more for being successful. I do not think it is right that people are punished for busting their ass and making money"

This assumes that high income earners achieved their "success" through hard work. I am in my final year of a law degree. There are plenty of people in my class who obtained their degrees through their parent's money rather than hard work and have obtained high earning graduate positions through family connections. Success if defined by income does not necessarily equate to hard work.

[/ QUOTE ]

Oh. You must mean the usual liberal lot lke the Kennedy's, Rockefellers or the Johnny-cum-late (no typo) John F. Kerry.

If we had a simple WEALTH tax, those same people would need a year's supply of Pampers to keep up with the bricks they would shit.

Still in college, eh? Write back to us in 10 years when you have had to pay those taxes and are helping to support parasites, instead of being able to buy a gift for your wife.

[dajoga]

Junk the income tax and have a fed sales tax. 5% on items made in USA, 15% on items made elsewhere. Yes/no?

[Beowulf]

So that's my problem!! Funny, when I was working my way through school, the Clinton Administration said I made too much. Go figure!

[Rink]

who said you made 'too much' and why?

its YOUR money You earned, why is that such a problem for the liberal Democrats to understand???

It isnt their money! The Dems didnt earn it, the govt didnt earn it, in fact the govt borrowed money on YOUR money and decided to tax YOu to pay their debt they incurred.

Slightly financially preposterous if you look at it