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Originally Posted by somerfrost
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Again, I disagree there...I'd tax the rich as I said previously...90-95% of income over some set amount...nobody needs all the money in the world!
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Let's just pretend you came up with some great idea or great invention and you decided to sell it for $100 million. Do you think it would be fair for the government to take 90-95% of that money? If you lived in an expensive area, you could hardly even retire. If they took 95%, that would leave you with $5 million. If you are really conservative and wanted to just keep the money in the bank, you would only get around $250,000 a year. After taxes, you would only be left with around $130,000 a year. If you bought a $2 million house, your mortgage payment alone would be $120,000 a year.