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Princeton, Indiana | Two neighbors just retired at 65. Both of them were earning $70,000.
Sam has 4 kids, drives a nice Lincoln Navigator, takes a couple fancy trips a year, has always had at least two vehicle payments and paying rent and utilities for two bum grandchildren that won't work. Sam has 5 years left on a house mortgage, $40,000 in consumer debt and nothing saved for retirement.
Joe also earned $70,000, has two kids, paid for house, never bought a vehicle that he couldn't pay for with cash, lived within his means, saved 12% of his income throughout his working career, has no debt and has $1.2 million in retirement savings.
Sam's wife has a heart condition and he needs $400/mo for her prescriptions and his vehicle is about to be repossessed.
How much should we tax Joe to pay for Sam's living expenses? After all, Sam NEEDS money and Joe is a greedy millionaire that doesn't NEED all of his money.
Edited by tumbleweed 11/11/2012 14:21
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