BY JOHN FEEHERY
Reprinted from theFeeheryTheory.com
The rich are different than you and me. And it isn’t only that they have more money. The rich have come under attack recently, so I decided to take a look at who is really, really rich.
What I found was a group of people who have changed our world profoundly. Think of the Walton family, responsible for Walmart. The Mars family, responsible for all of that Halloween candy. Bill Gates and the dearly departed Steve Jobs, who revolutionized how we work, how we interact, how we live. Mark Zuckerberg founded Facebook, and the Google guys are at the top too.
There is Warren Buffett, a role-model for all the savvy investors. And at both ends of the political spectrum, you have controversial figures like George Soros and the Koch brothers who made their money because they worked hard and were smarter than their competitors.
These folks have collectively revolutionized modern society. They had vision, creativity, persistence, and an innate toughness to get where they got.
So why should we begrudge them their wealth? Why should we talk them down and try to take their hard-earned money away from them? Continue reading →
The Popular Press is swooning over what they consider to be the new-found potency in President Barack Obama’s demands that the Congress pass his Jobs Bill.
For reasons which I cannot understand, the President decided to make his case for his bill by leading with who was going to pay for it, notwithstanding we have no idea how the first job will be created by the jillions of dollars of new taxes he is proposing.
You want people who make millions of dollars a year to pay more in taxes? Ok. I don’t have an answer to that.
But somehow, in the translation, anyone with a family income north of about $250,000 (husband and wife each making a little over $10 k per month) becomes the equal of Warren Buffett’s income and needs to be penalized for the family’s success. Continue reading →
In the context of the debt limit, Democrats have been pushing for tax increases because they want to punish the rich. They believe that because the so-called rich pay only 80 percent of the tax burden that they should be forced to pay more.
In their view, the only way to really inflict shared sacrifice is through the tax code.
The problem with that assumption is that it isn’t true. There are plenty of ways to include rich people in the shared sacrifice without raising taxes one dime.