Quote:
Originally Posted by NewYorkBuck
Does NOTHING to prove? So you admit there is no correlation between income and assets? Great - you must now agree that we need a tax OTHER than income to capture the truly wealthy. Cool. Glad we finally agree on that.
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Where do I say that there is NO correlation between income and assets. I state that there is a very specious correlation between being a millionaire and earning 250K a year. In other words, while most members of the latter club are--or will quickly become-millionaires, it's quite possible to have joined the ranks of the former without ever having sniffed at the latter club.
If the argument places the 250K annual income as the threshold of whether one's economic self interest (if only in the limited sense of one's tax bill for the next 4-8 years which is the crux of this thread and the whole JTP debate) lies with Obama or McCain, then simply being a millionaire in no way proves things one way or another.
One can very easily be a millionaire (assets), particularly if one owns a small, skilled labor business, yet never get close to that 250K annual income.