A family member (not the blogger) is obsessed with the idea that only suckers and dummkopfs actually pay huge taxes. If only, says this family member, I would take advantage of “loop-holes” and “deductions”, I wouldn’t be sending hundreds of thousands of dollars to greedy politicians in Washington and Hartford.
Amazingly, it’s not just me that’s unaware of these secret tax dodges. As I’ve written recently, according to State Senator Scott Frantz, Greenwich residents alone sent about 1.3 billion (yes, billion) dollars to Hartford in 2011, and about 10.5 billion to Washington.
So even our clever hedge-fund-operating locals haven’t figured out a way to lower their taxes. Did Messrs. Cohen, Lampert, Jones, et al pay a lower rate than me? If their primary form of income was capital gains, then yes. But unlike me, each one of those guys probably shelled out around 60 to 100 million dollars to the feds, 5 to 10 million to CT. That’s plenty. That’s enough!