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I remember when options income was classified as unearned income and subject to
a max tax of 75%. Now that is a hit.
Joel Aaronson wrote:
> Ira,
> G R E A T !!! Every one seems to forget
> the 48% + tax we had in the sixties that damn
> near bankrupted us Yup , the truest tax words
> that were ever spoken were "fat men have thin memories".
> Joel
> ----- Original Message -----
> From: Ira Tunik <irat@xxxxxxxxx>
> Date: Wed, 15 May 2002 07:08:18 -0700
> To: realtraders <realtraders@xxxxxxxxxxxxxxx>
> Subject: [RT] taxes off topic but interesting.
>
> > An interesting interpretation of the tax system in action.
> >
> > Subject: A preponderance of thought.........................
> >
> >
> > about an honest story with a new presentation
> >
> > About 2 minutes worth of reading but perhaps something to share with
> > your
> > friends and family.................................
> >
> > I was having lunch with one of my favorite clients last week and the
> > conversation turned to the government's recent round of tax cuts. "I'm
> > opposed to those tax cuts," the retired college instructor declared,
> > "because they benefit the rich. The rich get much more money back than
> > ordinary taxpayers like you and I and that's not fair."
> >
> > "But the rich pay more in the first place," I argued, "so it stands to
> > reason that they'd get more money back." I could tell that my friend was
> >
> > unimpressed by this meager argument. Even college instructors are a
> > prisoner
> > of the myth that the "rich" somehow get a free ride. Nothing could be
> > further from the truth.
> >
> > Let's put tax cuts in terms everyone can understand. Suppose that
> > everyday
> > 10 men go to dinner. The bill for all ten comes to $100. If it was paid
> > the
> > way we pay our taxes, the first four men would pay nothing; the fifth
> > would
> > pay $1; the sixth would pay $3; the seventh $7; the eighth $12; the
> > ninth
> > $18. The tenth man (the richest) would pay $59.
> >
> > The 10 men ate dinner in the restaurant every day and seemed quite happy
> >
> > with the arrangement until the owner threw them a curve. Since you are
> > all
> > such good customers, he said, I'm going to reduce the cost of your daily
> >
> > meal by $20. Now dinner for the 10 only costs $80.
> >
> > The first four are unaffected. They still eat for free. Can you figure
> > out
> > how to divvy up the $20 savings among the remaining six so that everyone
> >
> > gets his fair share? The men realize that $20 divided by 6 is $3.33, but
> > if
> > they subtract that from everybody's share, then the fifth man and the
> > sixth
> > man would end up being paid to eat their meal.
> >
> > The restaurant owner suggested that it would be fair to reduce each
> > man's
> > bill by roughly the same amount and he proceeded to work out the amounts
> >
> > each should pay.
> >
> > And so the fifth man paid nothing, the sixth pitched in $2, the seventh
> > paid
> > $5, the eighth paid $9, the ninth paid $12, leaving the tenth man with a
> >
> > bill of $52 instead of $59. Outside the restaurant, the men began to
> > compare
> > their savings. "I only got a dollar out the $20," declared the sixth man
> >
> > pointing to the tenth, "and he got $7!"
> >
> > "Yeah, that's right," exclaimed the fifth man. I only saved a dollar,
> > too.
> > It's unfair that he got seven times more than me!
> >
> > "That's true," shouted the seventh man. "Why should he get $7 back when
> > I
> > got only $2? The wealthy get all the breaks."
> >
> > "Wait a minute," yelled the first four men in unison. "We didn't get
> > anything at all. The system exploits the poor."
> >
> > The nine men surrounded the tenth and beat him up. The next night he
> > didn't
> > show up for dinner, so the nine sat down and ate without him. But when
> > it
> > came time to pay the bill, they discovered something important. They
> > were
> > $52 short!
> >
> > And that, boys and girls and college instructors, is how the tax system
> > works. The people who pay the highest taxes get the most benefit from a
> > tax
> > reduction. Tax them too much, attack them for being wealthy, and they
> > just
> > may not show up at the table anymore. There are lots of good restaurants
> > in
> > Switzerland and the Caribbean.
> >
> >
> >
> > To unsubscribe from this group, send an email to:
> > realtraders-unsubscribe@xxxxxxxxxxxxxxx
> >
> >
> >
> > Your use of Yahoo! Groups is subject to http://docs.yahoo.com/info/terms/
> >
> >
> >
>
> --
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