Regular correspondent Geno sent this along:
Yesterday I went to my financial planner with a check for $30,000 and purchased a fixed-index annuity. I had withdrawn the money from a passbook savings account that paid me .75% interest, and when I purchased the annuity I got an immediate 15% bonus ($4500).
So, my $30M in the savings account would earn me about $300 a year after compounding, but the 15% bonus on the annuity earned me $4500. That equals $34,450 or an increase of $4500. The downside is that I can only draw out %15 of it per year for income if I need it. I don’t need it.
I have a half dozen of those, and a couple are well above $100M–and each of them will let me draw out 10% per year for income if I need it. I don’t need it–because…
…Mrs Geno and I sat down last night and figured it out. Since President-elect Obama’s tax plan will ensure that no one earning less than $50 will have to pay income tax, she and I will join the Democrat party in 2010. She plans to retire in 2010–after which we will both be pensioners, earning prolly around $27,000 and only withdrawing enough from our annuities to stay below the $50M cut-off line.
Of course, once we are democrats we will vote to make sure that the arrogant people earning above $50M get no tax relief. Screw them, the selfish f***ers.
Hoperfully Universal Health Care will have become a reality by then or shortly thereafter. It sure would be nice to sit back with $50M and not have to pay anything out for taxes or victimization expenses like health care and such. Mebbe we can get a tax rebate for driving old cars–even though we will not have paid any taxes. I love liberalism.
I have always wanted to be a democrat because I love Katie Couric … and that Dan Rather was a hoot.