It's true people, the G-man says so himself in this post (where amazingly he refers to himself as being upper-middle class):
"If you are one of those people out there trying to induce me to do some work for you, there is a good chance I will turn you down. And the likelihood will go up after President Obama puts his tax plan in place. I expect to spend more time playing with my kids. They will be poorer when they grow up, but perhaps they will have a few more happy memories."
Vote for Obama, people. Think of the children.
5 comments:
...this would be because he knows he's going to be taxed more, so he's not going to bother working, correct?
Too bad Harvard students are being instructed by someone who has never heard of an IRA, where that $1 would compound tax-free.
IRAs are not tax-free. They are tax deferred.
When you die the money in your IRA account is subject to both income and estate tax. While it is true that an IRA compounds free from capital gains, any and all gains will be eventually taxed at an ordinary income rate. This can mean you actually end up with less money than you would have had the money been invested in a normally-taxed brokerage account, depending on your marginal bracket and the capital gains rate.
His 10% return exaggerates the results a little too. I'd like to know what he's planning to invest in. If you invested $1 in an S&P500 index in March of '97, it would be worth $1 (less inflation) today.
Back in the Clinton days of untrammeled prosperity, people did claim that "affluenza" was an affliction that made us smug and self-satisfied and, therefore, worse as citizens, family members, and human beings.
Peace and prosperity was not the sum total of what we ought to be collectively aiming for, it was proclaimed.
Well, the critics of our "fat and lazy" lifestyle have gotten their wish. I hope they're happy.
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