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November 23, 2010

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To claim that the Constitution isn’t a living document simply ignores the 27 Amendments, the first 10 being the Bill of Rights, and the various Court decisions over the years. The immutable claim may “sound right” to folks who like their world simple, but it just isn’t true.

"The public might understand this better if we just described cap gains as startup gains. Or maybe growth gains. As Uncle Miltie says, you tax more of something, you get less of it."

No, startup gains are a special type of capital gain covered by, for example, sections 1202 and 1244 of the IRC. They get extraordinarily friendly tax treatment already. Long term cap gains are, overwhelmingly, people who buy stock, real estate, etc., and then just sit on it for years and wait for the value to appreciate. This behavior...buying an existing asset and sitting on it...doesn't do anything wonderful for the economy as a whole--in contrast to investments in startups which are the true engine of economic growth.

Regarding Miltie's sage advice, that is the reason I believe in a 100% death tax. Such a tax would allow us to tax labor less, so we would wind up with more labor and less death. Who knows, maybe our life expectancies might finally stop lagging the developed world?

I like the way you put out things. It would be nice to read more posts from you. Bookmarked.

Thanks Devin for the distinction between gains types.

Let me push back a bit on your two arguments. First, when you suggest that "sitting on an asset" doesn't do anything for the economy, are you only considering the asset's owner? Granted, if Grandma Helen owns $1m in stock, she is personally adding no value. But isn't her money being put to use by the firm?

Second, if there were a 100% death tax, why would anyone save money when they were old? It seems to me this approach would nuke savings rates. Still, I like the "more labor, less death" angle. Thanks.

I guess the point is to give and save as much as you can and make your money work for you like the good servant we should strive to be.

"One World One Dream" fully reflects the essence and the universal values of the Olympic spirit -- Unity, Friendship, Progress, Harmony, Participation and Dream.

Um...like the style of your writing.*_*

better late than never

I think if I were to be honest with myself, I meet somewhere between 5 and 7 of the criteria.

Each year has 365 days , and wish you 365 beautiful dreams come true.

Nature, time, and patience are the three great physicians every living creature you meet a smile.

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