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Thursday, August 18, 2011

How to Tax the Rich

I have no political agenda. Let me repeat that one more time before someone comes to debate with me about class warfare...I have no political agenda just droppin' it as I see it.


What do most rich people have more of?
Money.
What do poorer people have more of?
Time.

What do rich people have less of?
Time.
What do poorer people have less of?
Time.

How can we intersect the two states of the t?

This article from the Wall Street Journal claims to have a solution.
Give the wealthy people what they want.

"The U.S. is broke. The hole is too big to plug with cost cutting or economic growth alone. Rich people have money. No one else does. Rich people have enough clout to block higher taxes on themselves, and they will."

"I can think of five benefits that the country could offer to the rich in return for higher taxes: time, gratitude, incentives, shared pain and power.

Time. It's useful to keep in mind how the rich are different. When you are poor, you are willing to trade your time to earn money. When you are rich, you trade your money to get more time. For example, the rich hire people to clean their homes, and they don't waste time shopping for bargains-"

Gratitude. Imagine that the government arranges to provide genuine person-to-person gratitude to the rich in exchange for higher tax rates-"

"Incentives. Another approach, also a bad idea, might be to treat the rich more like venture capitalists than sources of free money. Suppose the tax code is redesigned so that the rich only pay taxes to fund social services, such as health care and social security. This gives the rich an incentive to find ways to reduce the need for those services, which would in turn keep their taxes under control. Perhaps you'd see an explosion of private investment in technologies that make it less expensive to provide health care. You might see rapid advances in bringing down the cost of housing for seniors.

Meanwhile, the middle class would be in charge of funding the military. That feels right. The country generally doesn't go to war unless the middle-class majority is on board. "

"Shared Pain. Happiness is a relative thing. That's how humans are wired. And we're just screwed up enough to feel comfort when our pain is shared. So how can we make the overtaxed rich feel as if the rest of society is feeling a little extra pain"

"Power. Everyone loves power. I'm guessing that the rich like it more than most people, on average. Another bad idea is to give the rich two votes apiece in any election. That's double the power of other citizens. But don't worry that it will distort election results. There aren't that many rich people, and they are somewhat divided in their opinions, just like the rest of the world. And realistically, is the candidate who gets 51% of the vote always better than the one who gets only 49%? That's a risk I'll take."
-Mark Adams, the creator of "Dilbert.

Speaking of the Rich.
Mark Cuban has some blog entries from 2004 called Success and Motivation about his rags to riches story that's pretty inspiring. You best be on your grind and have at least a little bread because in the future unless we have a actual fight between rich and poor. The rich will definitely have more of a grip on the world than they do know...

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