Mike Ault's thoughts on various topics, Oracle related and not. Note: I reserve the right to delete comments that are not contributing to the overall theme of the BLOG or are insulting or demeaning to anyone. The posts on this blog are provided “as is” with no warranties and confer no rights. The opinions expressed on this site are mine and mine alone, and do not necessarily represent those of my employer.
Monday, May 21, 2012
Death and Taxes
It is amazing how when we look at the tax records of some of these very rich people we see that they don't give much to charity. Now, don't get me wrong, many of the ultra-rich give a great deal, but many don't even give the 10% they can claim on income taxes. If they don't want to give the money they say they want to right now to the government, how about giving it to charity?
Maybe from now on the government should immediately impose whatever tax these folks say they should have to pay on 100% of their income regardless of source. I'll bet the canaries would be singing different tunes if this were to happen.
Something tells me these rich folks have already come up with a tax avoidance scheme that would shield their incomes such that they won't pay any more than they do now even if the tax rate was set to 75%. All of a sudden, as soon as their incomes were taxed at 75%, their apparent income would drop to the point where they would not pay any thing more in taxes than they already are.
Call me cynical I guess. As soon as some one says "Go ahead, tax me more" you can bet they have something planned to defeat that tax.