"In theory, there is no difference between theory and practice. In practice, there is." ~ Yogi Berra
I often hear this type argument for taxing the rich: "If I made a million dollars, I'd be happy to pay 70% in taxes. I'd still have $300,000 which is more than I make now."
Interesting theory.
My response from now on is: "Do what it takes to make your million and then pay 70% in taxes. Put in the hard work, take the risks and then 'happily' hand over 70%. Give me a call when you're making a million."
In practice, I don't expect to hear back :-)
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This is not financial advice. Please consult a professional advisor.
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1 comment:
Really good point. Contrary to what the media and various politicians would have you believe, financially successfully people work hard for their fortunes.
Even if you were happy with 30% left after taxes, who wants to see all their hard work evaporate in the waste and mismanagement of government? It's like someone spending a lot of time cleaning and organizing their home only to see most of it trashed by people who could care less (spilling food, dirty shoes, throwing clothing on the ground, etc.). Would they be happy that at least one bedroom was left alone?
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