Warren Buffett on Taxation
- Thread starter Jabberwocky
- Start date
Freeze showing off his ignorance once again...
http://experts.about.com/q/Tax-Law-Questions-932/Paying-income-tax-inherited.htm
http://experts.about.com/q/Tax-Law-Questions-932/Paying-income-tax-inherited.htm
Last edited:
- Feb 12, 2000
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We, as middle-classers, do need better representation from party.
But the fact is is that most ultra-rich people started out as middle class (maybe upper middle class) folks just like us. I don't know the exact figure, but I think it is more than 90% of millionaires are first generation millionaires (meaning little or no inheritance).
Like I said, I can see value in the point of estate tax, but I think it boils down to really not being fair to tax money again that has already been taxed by our other taxations.
I don't really give two shits either way. I would like to see it gone, but I would hate to see where that tax revenue would be generated if so.
But the fact is is that most ultra-rich people started out as middle class (maybe upper middle class) folks just like us. I don't know the exact figure, but I think it is more than 90% of millionaires are first generation millionaires (meaning little or no inheritance).
Like I said, I can see value in the point of estate tax, but I think it boils down to really not being fair to tax money again that has already been taxed by our other taxations.
I don't really give two shits either way. I would like to see it gone, but I would hate to see where that tax revenue would be generated if so.
At the rate the ultra upper class is growing. Some one with assets around a million is headed back to middle class soon. And the tax cuts add big time to the ultra rich. But they can not carry the load with out the middle. You are only as strong as your weakest link. That is why we should pull for those just out side the middle class to be able to join in. Some of our service folks are consider lower class. That is real sad. I know folks like Doc will say it's there choice they joined the service. But hey we need some one to fight for all the rich ones that don't join.
