Wednesday, April 13, 2011

American Thinker: Time for the Rich to Shut Up on Taxes

This article is the exact answer to the "Tax the Rich" theory...it doesn't work. They know how to hide their wealth...
Do not get misunderstand me. I think the individual should decide where most of their money goes. Beside Roads, Bridges, Military and the "rumor" of good schools...the government knows only how to squander money....nothing more.
But wealthy people got to that plateau by being smart....and that won't change. That is perhaps the only thing that'll remain static in the tax debate.

There is a hypocrisy, if not psychosis, at work in the minds of the tax-demanding rich: Mr. Buffett shielded $31 billion of his wealth by transferring it to Bill Gates' philanthropies. The Pritzker family is famous for employing a skein of trusts and offshore accounts to obfuscate their wealth. When the patriarch, Abram Pritzker, died, in 1986, his heirs claimed an estate worth $25,000. The Internal Revenue Service saw it differently, valuing the estate a few dollars north of that figure and sued to collect $53 million in back taxes. The two sides settled for $9.5 million in 1994."

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