Investing Making Money - Why should wealthy people be penalized for being intelligent enough for making money?

Why should wealthy people be penalized for being intelligent enough for making money?

When a person owns a company, they are the last people to get paid. All of their suppliers and employees are paid first. Then IF any money is left over they get paid. It is not fair to penalize people for taking a risk and making money. It is counterproductive to expect them to pay higher taxes for making a living. Taxing them at a higher rate will cause many to go out of business or not even start a business.

Public Comments

This is why socialism is a horrible idea. Why should I give other people what I've worked hard for?
First of all - "wealthy people" and "business owner" are not synonomous. Not the same thing. Not interchangeable phrases. Secondly - why should wealthy people be allowed to move their company base offshore to avoid paying any taxes whatsoever, when it was THIS COUNTRY that allowed them to become wealthy to begin with? Thirdly - wealthy people have lawyers and accountants whose entire job is to find loopholes so that they don't pay taxes at all. Did you know that Enron did not pay one red cent in taxes for the five years prior to their getting busted? And lastly - why do wealthy people really and truly believe that they are above paying taxes? It's bizarre. Oh, and incidentally - "intelligence" has very little to do with it. For the most part - the wealthiest people got it by birth, by theft, by illegal gain, or by exploitation. P.S. maybe you can answer a question for me.... why do wealthy people seem to think that they can pay 100 employees 7$ an hour to sweat their as$es off and work their fingers to the bone and not provide any health insurance -- while they bring home a mega-obscene salary based on what the WORKERS produce? Exploitation is a very ugly thing.
Agreed and is the reason why socilaism has always failed.
Amen. People should be happy to have a job. Had I not started my small business, 9 less people would be having a job and would be worse off. I'm getting sick of all this socialist enitlement crap that is being fed to people. Everyone that works for me agreed to certain condititons beforehand. I didn't force them to take the job. And they wouldn't even have this opportunity had I not started this business. And why should somebody whom has nothing to do with my business' transactions get any benefit from it?
Communists don't like Capitalists. It is really sick stealing money from people who work hard and make an honest living.
I agree. I'd really like to see a legitimate answer to this question without name calling.
Why do some people believe that one person’s misfortune a reasonable justification to victimize another by taking their property and liberty? Because they believe that because somebody SHOULD do something, that creates some form of obligation. Rather than do themselves what they believe should be done, they attempt to aswage their feelings of guilt and obligation by forcing us others do as they believe they should.
They shouldn't. Some people are jealous of what others have, so they make up some fictional explanation for how, if someone is rich, they must have done something bad to get rich. They then use this to justify voting for left-wing politicians, who proceed to seize wealth for whatever feel-good cause is popular at the time.
No one is taxed higher for starting a business. They are only taxed higher if they make more money. The more they make the more they are taxed. Most of us would love to be in a position where we have to pay more taxes. That would mean that we are making more money.
They shouldn't. My father-in-law and his business partner aren't getting paid this year. They already laid off 2 people, and might have to lay off more, and they're not getting paid because of how bad the economy is right now. They shouldn't have had to pay so much in taxes back when the economy was doing well. It is not right.
because they can afford it. would your prefer more poverty in America? not everyone is lazy as conservatives would have you believe. and when have you ever seen a business owner go hungry?
Irrelevant. Most business owners incorporate their business and give themselves a salary. Personally, I have never worked for a person. I have worked for many multi-national corporations.
Making obscene amounts of money does not require intelligence. It requires luck and willingness to step on your fellow citizens. PERIOD. Compare this to the victor on the sham reality show "Survivor" (also a misnomer, otherwise we should see people dying on the show).
Yes, raising taxes will affect the company on the margins. A efficient company will generate the revenue to pay others and to pay its managers. If manager cannot do that, it has no reason to be in business. Also, read the Millionaire Next Door about what contributes to wealth. The ability to sell their service or product is the most important factor. Low taxes never makes the list.
Nothing wrong with making money but why should anyone be exempt from paying their fair share of taxes proportionately? They shouldn't. I would refer you to a recent GOA survey that found that about 65% of all US corporations paid no corporate income taxes. Off shore accounts, expensive accountants and lawyers, the system is already set up to favor the wealthy so why give them more?
Granted, you worked hard for your money. I see adults working hard at McDonalds for minimum wage. Maybe they could not afford to go to an Ivy League school, or maybe they never had anyone to encourage them to stay in school and get a good education. We have become such a greedy nation. I have some money and I'm willing to pay more so my fellow man can afford the "luxury" of health care just as I do. Money does not make you any better than that poor soul who has to slave over a hot stove all day, empty your garbage, care for your kids, clean your house or wash your Cadillac. Talk about un -American!!!
I own a small business in Texas after living many years in California. The tax rates and other business unfriendly issues were the single reason I could not start a small business in that state. Ok, so I invested my money, took huge risks and created a successful small business. Now I make a pretty good living, employ several people and pay my taxes. Were taxes lower I could afford to hire another person and pay them a decent wage. If my taxes go higher I cannot afford to keep my people without raising prices to the consumer. That means fewer people will be able to afford my services. It takes that money out of the economy and gives it to the government to support that huge black hole or money pit. I fail to see how anybody but the government benefits from taking more money from people like me. Just for the record, small businesses like mine are the backbone of the economy. We employ the majority of people and we pay the most taxes. Driving us out of business will hurt millions of people. Funny how so many of the posters here are yammering about huge corporations when your question specifically stated 'If a person owns a business" That implies small business and completely invalidates their reply. They need to stay on topic if they want any credibility.
Because not everyone has the opportunities to make much money, not everyone gets the opportunities for the best education etc. It is not easy to just set up your own business, many people get stuck in dead end jobs, also some people have children that takes up their time and means they can only work part time or in a job that doesn't need much dedication. I'd love when I leave uni to be able to get a good job but it's just not happening for a lot of people here in the UK, no matter how much of a good degree you have, good jobs are hard to find right now. I would just be happy to get a degree of some kind and make my own money some how. I don't believe in all these class divides with poor people just being made poorer and rich people made richer. My sister has 2 babies and she works part time and her boyfriend works full time in a job as a manager of a small supermarket and do you know how much they would wish to just be able to aford a house with enough rooms for their children? but they can't cause her boyfriend isn't getting paid the money he should be for the amount he works and they cannot afford to put my nephews in nursery for more than one day a week so my sister can only work part time. Do you see my point, not everyone has the "golden" opportunities no matter how much they want it. You won't catch me feeling bad for these rich people for being taxed more, they should be taxed the most! I hate the idea of capitalism, everyone should have equal amounts and the same opportunities. Many people seem to think poorer people are just lazy and don't have the drive but many actually do but it's hard and it all often depends on the hand we have been dealt in life. My mum never went to uni and has a good job now but that is after years of working in a factory etc when I was younger, she only has the good job that she has now cause her sister managed to get her the interview. Luckily my dad always had a decent job so we never really struggled for money and I had a comfortable up bringing. My mum and dad own our house and I know I'm lucky for that but not everyone is so lucky.