First of all, I doubt that anyone smart enough to have amassed $5 million and needing to live on the interest, leaves it in the bank at 2% interest. It’s liberal demagogery that implies the rich stick their money in mattresses and keep it out of the economy.
Second- an income of $100,000 does not provide a luxurious lifestyle for someone living on “the family estate” and paying all their own bills.
Get real. Property taxes alone would be tens of thousands of dollars- thats why so many rich democrats like Rangel, Pete Stark, Tom Daschle, falsely claim homestead exemption and skate on property taxes on their mansions in DC and Maryland
Get real. Property taxes alone would be tens of thousands of dollars- thats why so many rich democrats like Rangel, Pete Stark, Tom Daschle, falsely claim homestead exemption and skate on property taxes on their mansions in DC and Maryland<
Excellent points. In addition, let's pretend the person above did leave his money in the bank. Where does the OP think money to loan comes from, Obama? No, it comes from those people who deposit their wealth which is then available for others to use, instead of for government to fritter away on cash for the UN, or for studies of the mating habits of prairie dogs.
As an aside, if this wealthy person is elderly and his capital is incrementally reduced, his ability to produce income will be reduced, perhaps permanently.