Posted on 10/15/2008 8:18:42 AM PDT by QenBirQeni
According to a new survey by Prince & Associates, voters worth $1 million to $10 million are favoring Sen. John McCain, while voters worth $30 million or more are favoring Sen. Barack Obama. The survey of 493 families showed:More than three quarters of those worth $1 million to $10 million plan to vote for Sen. McCain. Only 15% plan to vote for Sen. Obama (the rest are undecided). Of those worth more than $30 million, two-thirds support Sen. Obama, while one third support Sen. McCain....
(Excerpt) Read more at blogs.wsj.com ...
Many wealthy people are economic illiterates, at least in areas outside those directly involved with the source of their wealth. In this they are no different that the population in general.
They look around them, at the luxuries they enjoy, the travel, the huge homes on large amounts of land, the high rate of consumption they can buy, and they think "what if everyone were as rich as I?" This worries them; they conclude that if everyone, or even a sizable minority, of the population, were to consume at the rate they do, there would result an unsustainable burden on the natural resources of the world.
This leads them to conclude that the best way to ensure their lifestyle into the future is to make sure that the number of future wealthy people is limited, and the only way to accomplish this is to see to it that the capitalist system is curtailed. Except, of course, those elements of it that keep them living in style.
Buffet owns part of Dairy Queen........Why???? Because, due to the Death Tax, the family that owned Dairy Queen had to sell it. THAT is why Buffet is a Democrat, he is a vulture that swoops down on businesses that the Government screws people out of.
Actually, I think they are cowards and say liberal things to keep the MSM off their asses. It’s easy to pretend to be liberal, especially if you’ve got the bucks, the gated communities, security guards, and private schools.
Let them get out there and mix it up with the real world and see how “liberal” they truly are.
There’s a difference between the rich and the wealthy.
The rich are still earning their big bucks. Therefore, they are subject to tax policies, business cycles, health care mandates and so on.
The wealthy are living off their assets and, therefore, are relatively insulated from changes in financial and political policies. Since they no longer are working to support their lifestyles, they feel the need to “give back” by participating in Robin Hood schemes of those who are fortunate, but less fortunate than they are.
Dementia. Alzheimers.
You got it.
It's called mercantilism. You hit it right on the head.
The bigger the government the more appealing it is to the ultra-wealthy. They can seriously influence what happens.
Besides, if you know the ruling pary is going to be pussified, "high-road" Republicans or ruthless, cut-throat Democrats -- it's better to snuggle up with the one who could damage you.
The problem with these stooges is they think they and their families will be exempt and given exalted status in the end if the commies get their way and get their revolution, so they really don't care about any of that.
They are what is known as the “I'm special” wing of the useful idiots who will be the first to be shot in the revolution, along with the leftist political whores and toadies in Washington DC and the complete morons in Hollywierd.
My wife and I both work, currently double income no kids (DINKs) but with one beagle. So perhaps we’re DIWBs? Anyways, we were tickled to find out that we’re knocking on the door of being “rich”, especially since we both come from middle middle-class families. We’ve worked hard to get here. While many of our peers from high school messed around and made some bad choices, we studied hard, went to good public schools for undergrad, and went on and earned professional degrees.
Now the Metro Messiah wants to take the fruits of our labor and reward those who didn’t work hard and play by the rules.
Of course, at our point in life (early 30s for me, late 20s for the wife), our new membership in “the rich” stems primarily from our income. While one Warren Buffett doesn’t have to worry so much about federal income taxes on salaries, some of us do. And, of course, some of us can’t necessarily invest in a company and then call up their favorite liberal Dem congressmen to bail out said company (oh, but the world was going to end!!!1). I know, I know, Buffett is simply the greatest investor ever. Well, he once was. Now he’s just an insider who benefits from sweetheart deals and access to politicians.
I’m still trying to figure out why exactly it makes for good public policy to seek to make people dependent on the government and to punish (yes, Barack, that’s what you will be doing) the independent self-reliant folks. Ignoring the economic impact of raising taxes on business owners (aka job creators) for the moment, what does it say about our society when dependency is promoted and independence is denigrated?
The American Dream today is perverted. It has become now a mission of the government to guarantee success to everyone. In addition, the notion of hard work and risk-taking has been removed from general acceptance as the way you achieve the American Dream. That Dream today is simply guaranteed outcomes which will flow to you no matter what. Today, if you have to work hard and take risks, well, then the middle class is “struggling.”
As for the results for the survey that got me on this tangent, I’m not surprised. If I had to guess, those in the $1 to $10 mil range are entrepreneurs, risk takers who came from humble circumstances and who are more exposed to changes in income tax rates and whose businesses have customers who are also exposed.
Because he's already got his and McCain might screw up all those tax loopholes he hides it behind.
I agree that Buffet has a great sense for business, but consider for a moment that an individual’s success is a function of timing and luck (probabilities) among many other things such as hard work, etc, etc. I am not calling him a smarter man than us, but he is an expert in insurance and taxes, therefore he has an edge.
Simply put it is an information imbalance he enjoys that gives him the edge. Guts too, because he had to be willing to fail. But if he can reason out that Obama would be better for America, than what can we say about his judgment. Clearly, it is his opinion, but maybe in the political area he might be a tad weak, don’t you think? Unless, he has an insight into the future we don’t which goes back to the information balance I mentioned earlier. I don’t want to deny that he is a smart man, but he is a man, and his decision making is on par with ours.
Simply put it is an information imbalance he enjoys that gives him the edge.
From what I have heard about Buffet, he actually operates with less information than many others. For instance he doesn't even use a computer.
Buffet makes MONEY by selling TAXATION INSURANCE.
if you eliminate the death tax, Buffet can’t sell death tax insurance.
Buffet’s business of insurance COUNTS ON TAXATION.
Suppose that every day, ten men go out for beer and the bill for all ten comes to $100. If they paid their bill the way we pay our taxes, it would go something like this:
The first four men (the poorest) would pay nothing. The fifth would pay $1. The sixth would pay $3 The seventh would pay $7. The eighth would pay $12. The ninth would pay $18. The tenth man (the richest) would pay $59.
So, that's what they decided to do. The ten men drank in the bar every day and seemed quite happy with the arrangement, until one day, the owner threw them a curve. 'Since you are all such good customers,' he said, 'I'm going to reduce the cost of your daily beer by $20. 'Drinks for the ten now cost just $80.The group still wanted to pay their bill the way we pay our taxes so the first four men were unaffected. They would still drink for free. But what about the other six men - the paying customers?
How could they divide the $20 windfall so that everyone would get his 'fair share?' They realized that $20 divided by six is $3.33. But if they subtracted that from everybody's share, then the fifth man and the sixth man would each end up being paid to drink his beer. So, the bar owner suggested that it would be fair to reduce each man's bill by roughly the same amount, and he proceeded to work out the amounts each should pay.
And so the fifth man, like the first four, now paid nothing (100% savings). The sixth now paid $2 instead of $3 (33% savings). The seventh now pay $5 instead of $7 (28% savings). The eighth now paid $9 instead of $12 (25% savings). The ninth now paid $14 instead of $18 ( 22% savings). The tenth now paid $49 instead of $59 (16% savings).
Each of the six was better off than before. And the first four continued to drink for free. But once outside the restaurant, the men began to compare their savings. 'I only got a dollar out of the $20,' declared the sixth man.
He pointed to the tenth man,' but he got $10! "Yeah, that's right,' exclaimed the fifth man. 'I only saved a dollar, too.. It's unfair that he got ten times more than I! "That's true!!' shouted the seventh man. 'Why should he get $10 back when I got only two? The wealthy get all the breaks!
"Wait a minute,' yelled the first four men in unison. 'We didn't get anything at all. The system exploits the poor! 'The nine men surrounded the tenth and beat him up. The next night the tenth man (the richest) didn't show up for drinks, so the nine sat down and had beers without him. But when it came time to pay the bill, they discovered something important. They didn't have enough money between all of them for even half of the bill!
And that, journalists and college professors, is how our tax system works. The people who pay the highest taxes get the most benefit from a tax reduction. Tax them too much, attack them for being wealthy, and they just may not show up anymore. In fact, they might start drinking overseas where the atmosphere is somewhat friendlier.
http://www.ktok.com/pages/mullinsinthemorning.html
Oh wow, that was so much better than anything I have ever argued in regards to taxation. Thank you for that.
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