Page 71 - MetalForming October 2010

our country’s history, across-the-board income-tax rate reductions—during the administrations of John F. Kennedy, Ronald Reagan and George W. Bush— resulted in increased income tax rev- enues in the years immediately follow- ing the rate reduction.
2) Jobs—Who creates two-thirds of all the jobs in the United States? Close- ly held business translates into the rich (business owners).
3) Charity—The rich are the back- bone of philanthropy in our country. Their contributions (often in the mil- lions of dollars) fund medical research, universities, hospitals, education and an endless number of charities.
Maybe we can pound these facts into the heads of our politicians. The rich, by any definition, are the only Americans with excess wealth beyond what is need- ed to meet their basic living expenses.
They invest this excess wealth in Wall Street (support larger companies), put it at risk in their own businesses (create jobs), fund various charities and spend a portion on high-end goods and serv- ices (create jobs).
It may surprise you, but most of the rich do not flaunt their wealth. You can’t always tell the rich by the clothes they wear, the cars they drive or by the homes they live in.
Redistribute the wealth of the rich and you have socialism, which has cre- ated misery wherever it’s been tried. We have seen the wonders of capitalism for more than 200 years. It works. The- United States is the most powerful and wealthy nation in the world. Anyone in our country, sometimes not even a citizen, has an open door to earn his own wealth and become rich.
Simple logic tells you that destroying
in partnership with METALFORM tradeshows
the rich by taxing away a large portion of their wealth will not help the poor. In the long run, excessive taxing of the rich will backfire, reducing the tax rev- enues to Washington.
It’s time for us to fight back. Keep your net worth confidential. Use every legal strategy to cut your tax bill. There are two taxes we know how to legally avoid: the capital gains tax and the estate tax.
Unfortunately, taxes and politics have been, and probably will continue to be, inexorably intertwined. Use a portion of your wealth any time that you can find and all the influence you have to support the candidates for the House and Senate (and when the time comes, president) that understand the economics and will pass the kind of laws that return our country to a level of normalcy, where the marketplace, not the government, deter- mines the amount of your wealth. MF
PRESSROOM TECHNOLOGY SHOW ON THE WEB—NEW products at
MetalFormingMagazine.com
New Pavilions in 2010
The very successful Pressroom Technology Show on the Web, launched by MetalForming magazine in 2007, continues to grow.
The online new-product showcase, presented in partnership with METALFORM tradeshows, boasts three new pavilions for 2009—Materials and Coatings, Welding/Assembly, and Fabrication, and two new pavilions in 2010—Sensing and Rollforming.
Stay tuned and visit the online tradeshow often, as we’ll also be adding new exhibits regularly from equipment suppliers.
MetalForming magazine’s Pressroom Technology Show on the Web is the only online location where you can check out all the latest and greatest new products and technology from companies serving the metalforming industry.
www.metalformingmagazine.com/show
www.metalformingmagazine.com
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