Ken Gansmann: Taxing the "rich"
September 27, 2010
When is someone considered rich? When they have accumulated a lot of wealth. When politicians talk about taxing the “rich,” they are planning to tax one’s income.
Why is someone with income in excess of $200,000 considered rich? Income levels are not static for life. They tend to increase as we age. People don’t make $200,000 their entire lives.
Wealth is created by a person’s prudent use of their income, making good investments, savings and selected lifestyles over their life spans. Warren Buffet and Bill Gates have little income, but possess great wealth. They are very astute and careful in planning the use of their wealth and keeping it from being devoured by government taxes such as death taxes.
So, when is someone considered rich?