It is irresponsible and dishonest of Buffett to write this. It is very irresponsible to shift the focus to revenue generation instead of spending cuts, and again focus on class warfare. He should know that, he's a smart guy. Great Warren. Let's implement your proposal. Maybe you can squeeze out another $50 billion in revenue. That is chump change compared to the $1.6 Trillion deficit. But by all means, let's write an irresponsible and dishonest article to get more attention for yourself. Not that he cares, but he lost some credibility from me.
Heh. Just checked FB, and the article is posted 3x on my landing page. What's the common website that asked people to post the article? Is it DemocraticUnderground? DailyKos? MSNBC.com?
I'll ask an obvious question. If the tax rate were 100% for over $1M, what do you think those earners would do? I wouldn't lift a finger to do work once I hit the 100% mark. If 100% of my work would stop at $1M income, 90% would stop if the tax were 90%. I don't want to be 100% a slave to govt., nor a 90% slave, nor a 40% slave. No, I don't make $1M or close to it, but I am quite sure most people would do likewise and feel likewise in those circumstances.
Obama's class warfare shtick plays to the lowest common denominator. Having Warren Buffet, the 2nd-richest man in the US, be his "face" for the "rich" is laughable. I haven't seen anybody in this thread note that many of the "rich" making >$250k are small business owners who have to claim that income. It's not like everybody who makes >$250k is working for a larger corporation.
What if we put to death anyone who asks silly hypotheticals about 100% tax rates? Wouldn't that reduce the number of silly questions? barfo
In relation to the average American, if you can afford to feed your family, pay the mortgage and taxes and utilities, afford decent healthcare and dental care, send your kids to school...you are rich. Back in the sixties that was the norm, on one salary per family.
The rich should pay more taxes. They should pay at least as much of a percentage of their taxable income as everyone else. That is obvious to me. This would not solve the budget deficit issue, but it still should happen.
Buffet just doesn't want to man up and apologize for supporting The Novice In Office. Every one of his predictions have bombed, and it only takes simple math to show he's a brute in this matter.
In 2008, the top 25% paid over 86% of Federal taxes. From what I understand, the top 25% pay a greater percentage of that now. http://ntu.org/tax-basics/who-pays-income-taxes.html
1,470 out of 127,000,000 (or one one-thousandth of one percent) are millionaires who don't pay tax. But the other 237,000 millionaires (one-fifth of one percent of returns) pay an averages of 29.1% including payroll taxes (or 22.75% without payroll taxes). Those making 20-30k pay 5.7%. But when you factor that SS/M/M payroll taxes are 6.35%, then they're getting .65% subsidized back from their federal income tax (on average). Those making 50k are paying ~6.1% in income taxes. To put this in perspective, if you taxed the 1470 non-paying millionaires the same 22.75% of a million-dollar income, the government would gain $334M. The same as taxing everyone who doesn't pay income tax (49M returns) $6.83 each. And if you did BOTH, the deficit would go from $1.7T to $1.6993T.
then it goes up by a factor of 100. I just used $1M as a point. What's your guess as to the income spread of those 1470? Skewed low? Billionaire ballas?
And I agree. Everyone should pay the same percentage amount. The you make, the more you pay, yet you're paying no more percentage wise.. That's fair.
Great point. Flat tax will only further separate the wealthy from poverty and continue the decrease of teh middle class. Flat tax sounds nice and easy, but it is not humane, IMO. Some people need tax deductions. If you could just see what theya re going through and the odds they are facing, you too would feel compelled to give them a tax break . . .force them to either pay taxes or become homeless? The day we stop looking at people as people, and stop considering their situation and just apply a hard and fast rule to everybody, regardles of who they are or what they are going through, is the day this society takes a step backwards.
Nah I don't think so, I know plenty of poor people that manage their money poorly. In fact poor people manage their money poorly at a greater rate probably. A consumption tax is the fairest thing I've heard of. Not all Rich or poor people are equal.
