[michaelbfree]

"If you consume $40,000 a year and you make $50,000 a year, would you feel it is fair if a guy who made a half a million dollars a year but spent $40,000 a year paid the same tax you do? I think you wouldn't feel it's fair," said Buck Chapoton, former assistant treasury secretary.

What a stupid argument, people that make half a million a year do not limit their spending to $40,000 - jackass should be fired from his job for even suggesting something so outlandishly ignorant

[marvlus]

What a stupid argument, people that make half a million a year do not limit their spending to $40,000 - jackass should be fired from his job for even suggesting something so outlandishly ignorant.

I agree - who in there right mind making $500,000 a year would limit spending to only $40,000?

[hsrazorback1]

Two words: Sam Walton

[WhatHappenedtoAmerica]

"If you consume $40,000 a year and you make $50,000 a year, would you feel it is fair if a guy who made a half a million dollars a year but spent $40,000 a year paid the same tax you do? I think you wouldn't feel it's fair," said Buck Chapoton, former assistant treasury secretary.

What a stupid argument, people that make half a million a year do not limit their spending to $40,000 - jackass should be fired from his job for even suggesting something so outlandishly ignorant

Not only that, but he implies that even if that "rich" person saves the other $960,000 that that is somehow bad for America.

Nothing could be further from the truth.

The saved money is put to use in the economy by loans or investing, unless the "rich" person just stuffs it in his mattress which is not likely to be the case.

[WhatHappenedtoAmerica]

I guess he said 1/2 a mil, I did my math based on 1 mil, same principle though.

[bolobaby]

"What a stupid argument, people that make half a million a year do not limit their spending to $40,000 - jackass should be fired from his job for even suggesting something so outlandishly ignorant."

More importantly, if someone makes millions but only spends $40k, what benefit is he reaping from making millions? NONE. Earned money is basically irrelevant until it is SPENT in some way. A million dollar stockpile only is valuable because it represents SPENDING potential.

So, in short, if the millionaire never decides to reap any benefits from earning all that money, why should he be punished? Tax when you spend. It's a good idea.

[Sprite518]

I agree. The wealthy will tend to spend more. For instance, cars, boats, homes, etc to just name a few. Therefore, I do not understand how this clown can come up with $40,000. Perhaps he meant the cost of living. Even if he meant this it cost a whole lot more to heat up an Estate than it does a regular home. So I do not know where this clown gets his numbers.

[monkeyshine]

But if a guy who made 500,000 a year did only spend 40,000 a year - MORE POWER TO HIM! He should be lauded by left and right alike! He is conserving the earth's resources, conserving money, creating more savings which only helps the economy, etc. Nothing wrong with that AT ALL - except, someone thinks its 'unfair' that he isn't punished just because he has the talent/smarts/ingenuity to make more money.

But you are right, a guy who makes 500,000 a year will more likely than not drop 40k (if not 120k or more) on a car alone.