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Politics : Politics for Pros- moderated

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From: TimF	5/27/2010 9:56:28 PM
	6 Recommendations Read Replies (2) of 793846

fundamentalist writes: Dr. Thomas Stanley (his most famous book is "Millionaire Next Door") estimates that 85% of wealthy people (net worth > $1 million) got their wealth by growing a business over 30 years. They tend to work many hours and live frugally. Naturally, all people see is the wealth they have accumulated after 30 years, not the 30 years of hard work and deprivation to get there, so they want to punish them for being wealthy. I have a friend who dropped out of college after one year and bought an old feed mill by borrowing from his parents, his in-laws and the seller. He raised a family and lived very modestly for the next 30 years while gradually improving his business and slowly paying off the debt. He recently sold it for a couple million. No he is one of the bad guys because he has money. And the state wants to take it all away in taxes. econlog.econlib.org

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