Dude scored $500 Million. And he only pays 15% in taxes on most of it rather than the 35% we'd pay. How you ask?
(1.) He took $1000 of his own money. (2.) He loaned $35,000 against it. How could he get $35k with only $1k in collateral? Because gov't regulation against banks is non-existent. Why? Because, we're told, these are the people that make all the money and jobs so we shouldn't regulate them or tax them. (3.) Then he bet it all on junk housing. Why? Cause it was a short-term sure thing. (4.) Made tons of dough since a 1% rise on the loaned money bet is a 35% rise against his own money (5.) Bet, cash, repeat. Until it crumbles. Then you walk away delivering the problem to other banks and the tax payer. And you cash that you skimmed from your junk bet operation is legal AND only taxed at the 15% capital gains rate rather than the 35% income tax rate because - repeat it with me here: These are the people that make all the money so we shouldn't regulate them or tax them. ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~| Adobe® ColdFusion® 8 software 8 is the most important and dramatic release to date Get the Free Trial http://ad.doubleclick.net/clk;203748912;27390454;j Archive: http://www.houseoffusion.com/groups/CF-Community/message.cfm/messageid:270032 Subscription: http://www.houseoffusion.com/groups/CF-Community/subscribe.cfm Unsubscribe: http://www.houseoffusion.com/cf_lists/unsubscribe.cfm?user=89.70.5
