Ferrari Mailing List: Re: "Economics"

[Charles Perry (charles]

Mike - 

When did you become such a flaming liberal? Do you need rescuing from the 
Northeast? We will help you!!

Ric is dead on with all of this. It's not the Pickens or the Buffetts that are 
suffering from this incessant taxation - it's me! Last year, after paying well 
into six figures in Federal taxes throughout the year, I found out in April 
that I owed another $4,000 in Federal taxes thanks to the Alternative Minimum 
Tax (AMT) - originally a "soak the rich" tax which is now affecting millions of 
upper middle class families like mine.

You know me - you've been to my house - you know my lifestyle. I am not 
wallowing in money, and $4k still means a helluva lot to me. Yes, I own some 
nice cars, but the youngest of which is 10 years old now - I'm not in the "pay 
an extra $100k for a 599 to be first in SC" club. For me to pay that 
incremental $4k, my company has to make an extra $10k in profit to pay that to 
me. For that to happen, we have to sell another $40,000 in goods and services. 
Each of the four members of my family is in the same position, so our company 
has to sell another $160,000 in goods and services JUST TO PAY THE AMT - never 
mind the oppressive regular tax.

There are millions of small businesses that don't gross $160k in a year, let 
alone make that just to "allow" their principles to pay AMT. Furthermore, if we 
had that extra $40k in profit that we have to use to use for AMT to use for 
something else, I would hire someone to reduce my 110 hour work week and give 
me some time with my family. That would be me CREATING A JOB - just like the 
Dems always claim to want to do. But that job will never exist because of the 
AMT. And for every new tax that is heaped upon me because I work hard and am 
therefore "unspeakably wealthy," that is one LESS job that I will create and 
that much less my company can do to keep the economy moving.

Worse, my parents are paying thousands of dollars a month in life insurance 
premiums to provide a policy that will pay the Death Tax on the value of this 
business when they die, so that the government doesn't force my brother and I 
to sell the company that our family has worked decades to build so that the 
Dems can give half of it to some people who chose not to build anything for 
themselves.

This is really, really, simple stuff and I KNOW you are this smart. I, for one, 
am definitely crying...

-- charles

 

-----Original Message-----
From: Michael James [mailto:cavallino_rapante [at] yahoo.com] 
Sent: Wednesday, November 12, 2008 2:33 PM
To: Charles Perry
Cc: The FerrariList
Subject: Re: [Ferrari] Are Ferraris Losing Their Good Looks?

 
For me, its a waste of bandwidth to 'come to the aid' of folks who don't seem 
to want or need defending.  Every time I read of T.Boon Picken's exploits, he's 
made another $100 Million, he certainly isn't looking for a shoulder to cry on