I posted this when it first came out in March, 2011. Based on current events, I decided to repost it.
David I love this guy -- however he presents a false paradigm. I was once a tax specialist for a CPA firm -- so I will take issue with his presentation -- first the income and corporate tax is voluntary -- The rich do not need to create a taxable event; that is they can elect not to sell any assets and they can live off cash reserves.
NO, income no tax due . . next . . if they do not declare a profit then the debt swells as the Government must borrow more or cut spending which ends there careers. No free goodies and services no vote . .
So let us now venture down the lane of “INHERITANCE OR DEATH TAX” -- This has been a big lie from day one . . Show me one super rich family that does not have a CHARITABLE FOUNDATION which gives them jobs, income, jets, houses, free travel, and more forever.
Let us use his picture of Gates and Buffet -- they gave $ 30+ billion worth stock which was all taxable [all tax avoided] now they get to deduct the charitable contribution which will now shelter another $ 30 + billion in ordinary income -- so these great guys that say the rich pay to little have tucked away $ 60 billion each as the still control the trusts -- If you have control over vast amounts of cash do you still not own it?
The rich pay no taxes and the PROGRESSIVES know that but will not change the tax laws to eliminate the avoidance. Why -- big donations. . to Campaigns . . The current DC and President have chased off over 3,000 super rich this year. They are going to countries that have no taxes and will then invest in jobs where they do not get a undesired NONPARTICIPATING PARTNER that wants 50% of your business but only when there is profit -- if you lose money the they will no longer share.
If this tax policy goes on then more will leave and America will no longer be the engine of innovation and growth.
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