E46Fanatics - View Single Post - Peter Schiff takes on Tax "rates" (WSJ)
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Old 12-08-2012, 01:02 PM   #23
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Join Date: Jan 2011
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Originally Posted by Act of God View Post
I think he meant to say that wealth IS finite, which is why he supports confiscation of wealth since ALL the wealth is hoarded by evil white people. If he thought wealth WASN'T finite he would have no problem with people holding their wealth since everyone is free to get theirs as well.

There is no fixed pie, hence it doesn't matter who has what. They aren't holding you from getting some yourself.
Yes, we agree. I was trying to equate the amount of money in the market to the amount of energy in the universe. There is a conserved amount of energy in the universe that is never destroyed or created. Rather, it simply changes form. Wealth is different. While it may take many forms, it is not conserved. You may create it yourself. Just because someone has a lot does not mean you cannot have that amount, or more yourself. The only limiting factor is the individual.

Originally Posted by evolved View Post
Were they doing this in the 90's when tax rates were much higher? People still paid capital gains taxes. I'm not talking about meteoric rises in rates....I'm talking about limiting deductions, slight increases in rates, etc.

Trust me, I don't doubt what you're saying. I work with these very people on a daily basis ($1mm+ in investable assets) and most of them expect their rates to go up at some point as they are quite low currently.
Yes, people with enough wealth to bother protecting have always sought out tax havens and taken advantage of tax code. I don't call them loopholes because it's all written in the tax code itself. I don't blame them for doing this. Instead I feel the government should work harder to create a more friendly environment for investment (whether it's commercial or something as simple as someone wanting to start their own venture.) How should they do this? Well I think the best way is to leave people to their own devices, but this is where the arguments begin.

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