(My advice to the AIG execs: Take the bonus money and put it into a muni bond money market. If you have to pay it back in taxes at least you'll get some return on it you can keep!)
But this begs the question:
What do you think the "rich" – defined anyway you want – do with the money they earn??
This is a very serious and important question.
I know a lot of liberals and young people read my blog, both of which rarely make a lot of money, and they think the "rich" are all about caviar holidays, Champaign dreams, lifestyles of the famous, etc etc.
Put the images of people like Donald Trump and Paris Hilton out of your thoughts. While they are "rich" they are celebrities. The lives of truly "rich" people are nothing like that.
Tell me: What do you think the "rich" do with their money?
I think they buy things with it.
They buy food, transportation, housing, medical care, clothing, entertainment, vacations, repairs and maintenance, and so on. Maybe not the kinds of things you would buy – and more to the point the kinds of things you want them to buy – but they do buy. And someone has to provide those goods and services they buy. In other words, they stimulate the economy!
And yes the do pay taxes. Maybe not as much as you think they should be paying but they do. There are just so many deductions, write-offs, credits etc one can take.
So tell me: What do you think the "rich" do with their money?
I really want to know.
Post your replies and let's find out!
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