Greedy, rich hoarders...prepare for SWAG tax
Posted: Wed Jan 18, 2012 7:27 pmAccording to TooMuch.com, the super-rich are
limiting their investments to SWAG (get ready, I'm not making this up)...Silver, Wine, Art, Gold...to avoid paying income taxes. You see, capital gains taxes, as we all know, favor the greedy rich. And so the lefty loons want to discourage that. Naturally.
The story was copied to my hometown newspaper today (my subscription cancellation gets called in tomorrow), and was thought worthy of the editorial page. These are the same kooks who claim the Apple factory in China has a suicide net around the building since so many underpaid Chinese choose to leap to their deaths, apparently at every opportunity. Oh, and they want a 10% surtax on the wealthiest 400 Americans to provide each new baby born in the country a $35,000 nest egg. Actually, if I was a baby I'd be all for this one.
Here's some twisted logic from the piece: Back in the days of 90% tax rates, the wealthy would buy tax free muni bonds, which funded all sorts of common good, even if the rich were only buying bonds to avoid taxes. Presumably, they never invested in gold or art back then.
limiting their investments to SWAG (get ready, I'm not making this up)...Silver, Wine, Art, Gold...to avoid paying income taxes. You see, capital gains taxes, as we all know, favor the greedy rich. And so the lefty loons want to discourage that. Naturally.
The story was copied to my hometown newspaper today (my subscription cancellation gets called in tomorrow), and was thought worthy of the editorial page. These are the same kooks who claim the Apple factory in China has a suicide net around the building since so many underpaid Chinese choose to leap to their deaths, apparently at every opportunity. Oh, and they want a 10% surtax on the wealthiest 400 Americans to provide each new baby born in the country a $35,000 nest egg. Actually, if I was a baby I'd be all for this one.
Here's some twisted logic from the piece: Back in the days of 90% tax rates, the wealthy would buy tax free muni bonds, which funded all sorts of common good, even if the rich were only buying bonds to avoid taxes. Presumably, they never invested in gold or art back then.