If you’re about to have heart surgery, you’d rather have an experienced surgeon operate rather than a first year resident wouldn’t you? If you’re looking for some entrepreneurial advice, you’d rather pay $300 to listen to Ron Conway, the godfather of angel investing, rather than some 19 year old kid with a failed start-up correct?
Given you agree with me 100%, why on earth would you ever listen to someone who proposes tax policy on higher income earners if they don’t make much themselves? If you make $60,000 a year, you have no business telling what someone who makes $200,000+ a year how they should spend their money, how they should feel about paying more taxes, how much they are paying in taxes and why they should pay even more taxes. Why? Because a $60,000 income earner has no idea!
If you are making hundreds of thousands of dollars or more a year and once made just $25,000 dollars, you have way more credibility talking about appropriate tax policy and how to make money, at the very least. You might even be able to talk about the merits of education and work ethic. But of course, those who make less will get all up in your face for saying work ethic, education, and tenacity aren’t correlated. They aren’t if you don’t want to make money. They are, if you do want to make money.
If you’re making a middle class salary, good for you! America cannot prosper without a strong middle class. But, if you are an honorable middle class citizen, you just don’t have a say on how to tax those who make more. If you so happen to be one of the lucky tens of millions who don’t pay any net Federal taxes, you should consider not voting on candidates who want to tax the upper income earners more. Just count your blessings that you don’t have to give money to a government that is skilled at wasting your money. The more noise you make, the more you will draw attention to yourselves, and the Sentinels will find and destroy you.
No income earner is better than another. Whether you make $50,000 a year or $500,000 a year, you have the same liberties. There’s only a problem when someone who has no idea of what it takes to make over $200,000 complains that the “rich” should disproportionately pay even more of their income to taxes.
Readers, shouldn’t we trust all wealthy people who’ve been poor before instead of poor or middle class people who don’t know what it’s like to earn more and pay more taxes?
Why do people in the lower income tax bracket think they know what’s best for those in the highest income brackets?
* $200,000 is an arbitrary number since this is the income level that is considered rich by the current administration. $60,000 is less of an arbitrary number as it is roughly 20% higher than the median per capita income.
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About the Author: Sam began investing his own money ever since he first opened a Charles Schwab brokerage account online in 1995. Sam loved investing so much that he decided to make a career out of investing by spending the next 13 years after college on Wall Street. During this time, Sam received his MBA from UC Berkeley with a focus on finance and real estate. He also became Series 7 and Series 63 registered. In 2012, Sam was able to retire at the age of 35 largely due to his investments that now generate over six figures a year in passive income. Sam now spends his time playing tennis, spending time with family, and writing online to help others achieve financial freedom.
Updated for 2017