Dixie - In Memoriam
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Therefore, a top marginal rate of 39% (clinton era rate) applies to very little of Bill Gates income.
His income and wealth is in the form of investments and stocks. The income primarily coming from dividends, capital gains, and interest on bonds. Which are typically taxed at effective rates between ZERO and 15 percent. That's a lower rate than middle class schmucks like us pay on our payroll wages.
While we're on Bill Gates, let's not forget to factor in the amount of revenue he has personally been responsible for generating in taxes, with Microsoft products sold. Each time a register rang up a Microsoft product, the U.S. Treasury gained revenue in tax. Think about all of the people employed in America, (and abroad) because of Microsoft products. Think of all the people who earn a decent middle-class living, being Microsoft certified technicians, and all the people making nice commission checks each month, for sales of Microsoft services. These things are all a result of Bill Gates being able to invest his capital and make money, which he built a capitalist empire with. This is the kind of entrepreneurial spirit you effectively stifle, with excessive taxation. Instead of a person doing something to generate tons of tax revenue, they invest in "safe bets" or tax sheltered bonds, and produce very little revenue in tax for the government. You are actually proving my point, you just haven't realized it yet.
Rich people, for the most part, got to be rich because they liked to make money. Therefore, just like a person who likes to fish or play golf, you give them an environment to do what they like, and they will do it... thus generating enormous growth in our economy, in exponential ways. However, if you place a price on the activity, just as you would charge a golfer a fee, the net result would naturally be, to produce less of the activity. The higher the fee, the less of the activity you will create. Rich people like to make money, they don't need to make money.
His income and wealth is in the form of investments and stocks. The income primarily coming from dividends, capital gains, and interest on bonds. Which are typically taxed at effective rates between ZERO and 15 percent. That's a lower rate than middle class schmucks like us pay on our payroll wages.
While we're on Bill Gates, let's not forget to factor in the amount of revenue he has personally been responsible for generating in taxes, with Microsoft products sold. Each time a register rang up a Microsoft product, the U.S. Treasury gained revenue in tax. Think about all of the people employed in America, (and abroad) because of Microsoft products. Think of all the people who earn a decent middle-class living, being Microsoft certified technicians, and all the people making nice commission checks each month, for sales of Microsoft services. These things are all a result of Bill Gates being able to invest his capital and make money, which he built a capitalist empire with. This is the kind of entrepreneurial spirit you effectively stifle, with excessive taxation. Instead of a person doing something to generate tons of tax revenue, they invest in "safe bets" or tax sheltered bonds, and produce very little revenue in tax for the government. You are actually proving my point, you just haven't realized it yet.
Rich people, for the most part, got to be rich because they liked to make money. Therefore, just like a person who likes to fish or play golf, you give them an environment to do what they like, and they will do it... thus generating enormous growth in our economy, in exponential ways. However, if you place a price on the activity, just as you would charge a golfer a fee, the net result would naturally be, to produce less of the activity. The higher the fee, the less of the activity you will create. Rich people like to make money, they don't need to make money.
