I agree with William Bremen regarding overtaxing the wealthy, with some reservations. For every Andy Taylor or Warren Buffet or Bill Gates there are more than 10 Carl Icahns, Donald Trumps or Mitt Romneys who spend most of the money they produce on their own future opulence and wealth building. So, even though the locally successful businessman once told me, “How many jobs have the poor or unsuccessful created,” is true; those who practice a life plan of personal extravagance still out number the unselfish.
Pulitzer, Rockefeller and Carnegie became great philanthropists late in life from money extracted from the poor or middle class. It seems a clear conscience as a goal only occurs late in life after the wealthy are satiated with wealth and power. The examples are everywhere. And, in the meantime, these members of the 5 percent have been the cause of the slow recovery engineered by the Bush administration when, as late as 2012, they still held $14 trillion in cash uninvested and thus providing nothing to the third leg of a capitalist system which is capital investments. The entrepreneurs (risk takers) were “scared,” which defies the very definition of the word.
Joseph M. Reichert