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View Diary: I am the 2% (92 comments)

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  •  I am the 1% (4+ / 0-)

    Yep, that's me, richer than Croesus.

    Now if you wonder why I'm confessing to being a plutocrat, it is because I wanted to respond from a superior position "diggaduh"  might respect.

    Snarks first.  

    Is the guy really a college graduate?  

    "Me and my siblings all had jobs . . ."

        Is the guy really as successful as he claims?

        ". . . first professional job as an engineer at Eastman Kodak . . .  make sure the company  I work for succeeds and in the process hires more workers here in the U.S."

        Eastman Kodak, as in the bankrupt corporation selling of its patents successful ??

    Okay, okay.  I said I was getting the snarks out of the way.

    Many fine engineers don't need grammar.

    And the "diggduh" may have left Kodak in the dust long before Kodak became dust.

    Those are just snarks. The next isn't.

    I want a simpler tax code; a code that limits deductions, lowers rates, eradicates loopholes, and instead of insane tax credits, simply gives lower income citizens a check.  And as far as the estate tax goes, it is double taxation and those on the left love to use it as a tool to punish the wealthy.  

    1. "Limits deductions" has come to be shorthand for limiting deductions that primarily help the middle class.  All a matter of degree, of course, but one of the few wealth builders the middle class has enjoyed is the mortgage and state income tax deductions.  

    2. The tax credit game can go terribly wrong.  But not always.  My wife and I were helped when it mattered by credits for the day care necessary for us both to work.  We chose more energy efficient AC / Furnace.  And bought a hybrid.  Good public policy, and wise (but costly) personal choices encouraged by tax credits.

    3. The Earned Income Tax Credit (and to lesser extent "food stamps and Section 8 Housing) do give lower income Americans "a check."  The EIC was a Nixon invention.  Go figger.

    4. The Estate Tax is very rarely "double taxation."  First, most Americans who become subject to the estate tax don't get there from wages.  They get there from owing businesses, usually incorporated businesses, that grow ever more valuable every year, while their owners pay no income tax on the growth

    5. Use the Estate Tax to Punish the Wealthy?  Puhleeze

    While it is NICE that the estate tax can raise substantial revenues from people too dead to care, its purpose is not so much revenue as to force the really, really rich to divest their assets.  The United Kingdom at the time of Queen Victoria was "owned" by the Queen personally, as the "Crown," and by 400 "Peers of the Realm."  

    Unlimited power through ownership.

    In a few generations America could be just like early Victorian England, owned by a few, for the few.  That's what Dubya Bush meant by his "Ownership Society."  It is the estate tax which protects future generations from serfdom.

    ---

    Many comments object to "diggaduh's" formula for attaining the "American Dream."

    a great upbringing + education + hard work + risk taking = success
    And there I do want to come to his defense.  If it all works out, it is a formula for getting rich.

    But life is, well, life, not an industrial process in which gunk goes in and Kodachrome comes out.

    Consider a small permutation:

    a great upbringing + education + hard work as Enron employee + holding Enron stock = Bankruptcy

    There's oh so many ways "diggaduh's" fromula yields krud instead of Kodachrome.

    The most common: get very sick, and exhaust your health insurance.

    Even as a "1%er" I know how important Social Security and Medicare will be for me.  Interest rates are so very low, that guaranteed flow of SS checks looks really good right now.  

    And with the "wife'sh igh tech job" moving to India, putting her into early retirement, we may lose, or find it terrifically expense to keep, the superb corporate health insurance we've enjoyed for decades.  

    I really, truly don't want to see the Medicare age rise.

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