"I grew up in the 50's when the top rate was that or higher. Times were pretty good. I don't recall a lot of whining and complaining, either. "MOst people paid a lot less back then $$ wise, but paid more - the middle class contribute almost double the tax load than they do today!THe rich, if you bothered to read the article, didn't pay the taxes. Only 286 taxpayers hit the top bracket. Only 296 out of gazillions..well, tens of thousands...and very few were in the next bracket. In case you haven't bothered to note it, when taxes are high, folks use tax avoidance to a larger degree. Why do you think Obama owns double tax free bonds? Right...to avoid paying il and fed taxes on the income!.....Same for all the other 'rich' folks.....and why do you think MLPS and Oil/Gas partnerships are in demand? Right...buy them and get to take gigantic 'losses' up front. Duh!....dumb libs.....You realize that of the 90 billion Obama hopes to raise by 'taxing the rich', he'd be lucky to get 1/3rd of that as folks defer income, switch to non taxable income, form trusts and LLCs to shelter the income, use life insurance trusts to totally bypass the tax man? I had lunch with my cap venture friend today. He's setting up a life insurance trust. Will move a million in assets to it. it gathers income tax free. He can take out money each year as 'expense money' to 'oversee' the investments. Like go to HI and visit a solar farm and other potential 'investment opportunities' and write the whole trip off...against the money he takes out of the life insurance trust. When he dies, the money goes tax free to his dependents.... Nice deal.....As long as the trust fund assets are 'managed' by him, he can write off much of his car and travel. Just pop in here and there, spend five minutes 'investigating' opportunities to invest...and have it all tax free!...what a deal. Seems all his buddies are doing that. The income is sheltered. He can take out tens of thousands a year....as 'expenses'....have no additional income to pay taxes on ....leave millions to his dependents..... tax free. Oh, he does have to buy some life insurance, but within that - he is free to invest in assets....... t.
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