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Originally Posted by firstdown
Why do you have to use billionair to make your point? Any investor who risk their money in the market benefiits with lower taxes for taking the risk. It also pumps money into corporations so they can expand and hire new people and help grow the ecomony. So its not just the rich that makes out. How about the plumer who has work his entire life and now wants to sell his small book (clientell) of business for $300,000 so he has a retirement. If it was not for the lower tax he would get hit with a very high tax (remember that considered rich) for that year taking 1/3 $99,000 in taxes. Same with me. A large part of my retirement will be the value of my book of business and I cannot afford to give the fed gov. 1/3 of $600,000. That would be $200,000 from my retirement to the federal gov for selling a business I worked 20 to 30 yrs to build.
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It can be a millionaire...these people only need a few hundred grand to live a lavish lifestyle and their is hardly any long term risk unless you're investing with Maddof. At the end of the day the risk you take means nothing. If you lose money, you get a tax dudction, if you make money you get taxed. Pretty simple stuff.
As for the business owner wanting to sell his business, why shouldn't he get taxed at the highest bracket if he is going to make out 300k? Why does it matter the years who has put into it? Was he not paying himself all those years? I would advise you to start paying yourself (at least 15% of revenue) and putting a chunk of that money you pay yourself away. If you can't, your business isn't doing as well as it should and you might be in trouble when retirement rolls around. Don't blame your piss poor planning on the government, plan better.