'People who produce wealth are better at it than people who don't. That wealth helps everyone.'
I don't have a problem with entrepeneurs, and I understand that jobs are helpful to folks in specific and the economy in general; but I believe you are making a serious error in extrapolating your behavior to the 'wealthy' as a whole.
'Like many middle-class people, you really don't have any idea how "rich people" spend money. We invest it.'
It is always a wise move to double-question your assumptions of other people; my family is what you call 'old money,' and I'm well aware of the concept of investment, thanks. |
Perhaps that is why you have such a negative attitude about wealth then.
Gene is talking about raising the INCOME tax rate. Not a tax on assets.
There ahve been surveys (and I've posted them on Gene's articles in the past but he just ignores them) that demonstrate that the top 1%tile are overwhelmingly "new" money.
Hence, the people making the money are obviously better at making money than people who don't make money. And that wealth they create helps everyone -- even Gene.
It is no coincidence that the huge leap we've seen in daily standard of living in the past 20 years coincides with the massive decrease in the upper level taxes. The 70s had high taxes and things were pretty stagnant.
Things really got hopping in the 90s and have continued to take off today. Simply put, we live far FAR better today than people did 30 years ago and one of the big reasons I think is because people had the incentive (and capital) to create cool stuff.
As I type on my Dell computer (Dell, an entrepreneur) on my Windows (Microsoft, another entrepreneur) OS onto my Firefox browser (modern browser created by Marc Andresen, another entrepreneur) onto this website (from another entrepreneur) I think you can see the trend.