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Sparkles Flambeaux
Barn Stall Owner #4
Barn Raising I,II
NCM Supporter '13,'14,'15,'16,'17,'21
Bantayan Kids '13,'14,'15,'17
Points: 172,421, Level: 100 |
Join Date: Jan 2011
Location: Santa Fe, NM
Posts: 61,466
Thanks: 11,772
Thanked 33,025 Times in 14,165 Posts
Gameroom Barn Bucks: $17500122
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the unsaid thing regarding the 'rich', is that they have options. once their basic expenses are covered, they do not have to go out and earn more just so they can give the lion's share to the government.
i recall reading or hearing an interview with Reagan years ago, before he was elected President, and he was asked about tax rates in the 60s and 70s. he replied that he had sat down, figured out how much he needed to earn that year, and once he had met that, he could stop working for the year, as he objected to working the majority of the day to fill the government's coffers. so he downsized his lifestyle.
same idea.
and, if you have enough savings, you don't really need to chase investment earnings (thus producing a tax bill), you can simply withdraw what you need from savings.
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