Just saw a story online about John Fleming the Republican Congressman from LA. He claims that if there's a tax hike on the wealthy, he'll have a tough time making it on the $400k he puts in his pocket every year from the $6.3 million his stores (subway sandwich and UPS ) make. Brings a tear to your eye, don't it?

No...not a tear but I do feel sorry for him.

Because not only is his PERSONAL income taxed, but so his BUSINESS income. If tax rates are hiked, he gets hit twice.

If they remove all the incentive to work hard and create a multi-million dollar buisness then you will see alot of jobs and money leave the country and make the economy worse.

X2

I agree w/ you guys. The government takes alot of money out in taxes but I don't feel sorry for this guy at all when the average American family is stuggling to make ends meet and he's worried that $400k isn't gonna be enough money for him to live on.

400K is a lot of money to a lot of people, and not that much to some others.

Now lets assume you have a million bucks in the bank and you are close to retirement...

If you had say, 1 million you could put into a small business opportunity that could give you 10-15% returns a year on your investment would you take it? That is more than the average household right?? Sit back and let your money work for you and enjoy that time with the people you love doing the things you like.
What if it was 8, 5 or 3% and you had to put the same hours into that you do now at your current job? So, it may not be your "dream job" but you are your own boss. Now, what if you know that your overhead is going to increase due to taxes, and insurance...

Or, you could just keep doing what you are doing for a few more years and retire fat and happy?

what would you do?