Tax Breaks for the Wealthy

Let me first say what my definition of a wealthy individual is which may clear up some things for people with respect to tax breaks. The cut off is really rather arbitrary, but should begin with at least one million dollars of income per year, whether salaried or passive. There are certain exemptions that should be taken into consideration which would be spelled out in the tax code, some of these provisions are called deductions and credits. These deductions and credits would be for things that we would want as a society like jobs and real investment, and not for those things that we don’t find useful, or as useful as the protected income, like imports, caviar, and vacations in Europe.
Bill Orton’s letter implies that he thinks I’m a liberal and therefore don’t understand economics or capital, and it couldn’t be further from the truth. I have a finance degree from the U of A and am a moderate conservative and an independent. I know that capital is better left in the hands of the people, but our country doesn’t have a totally capitalistic economy and we have to pay for those things we want to make it a place we can all live, not a place where only the wealthy thrive and the poor are forgotten. I also know that leaving the income in the hands of the people will spark incentive to invest and create jobs. I also know that there is a limit to this principal, and income beyond a certain level, will make any marginal increases to after tax income of lesser use to the recipient and is rarely invested in real capital, but is parked in speculative collections of assets.
As far as Teri Holland is concerned, her letter also took exception to my first one, I applaud her for taking advantage of her entrepreneurial abilities, particularly in that she had so many obstacles to overcome. She is another person though, that I didn’t make it clear to that I was talking about very wealthy people, ones unaffected by downturns. I don’t know what she does for the wealthy, but customers that can still afford to buy from her after the downturn shouldn’t be getting a tax break .
I hope that I have made clear what my definition of wealthy is so that we may get past these targets of obfuscation. Any spending, whether by government, the middle class, or the poor, is going to help the economy. Even silly spending is good, because someone is always making money from it. Speculating helps the economy to a point, but it has its limitations, such as when object’s value is no longer desired (Enron Stock). Taxes are just transferring wealth from one owner to another, and as Orton implies, that spending it on things made outside of America makes the United States poorer. The full text of this letter can be found at http://rk-lettersandtopics.blogspot.com/ and I welcome any comments.