Fact check: The wealthy already pay more taxes

Discussion in 'News / Current Events' started by mandym, Sep 21, 2011.

  1. mandym

    mandym
    Expand Collapse
    New Member

    Joined:
    Feb 3, 2011
    Messages:
    4,991
    Likes Received:
    0
    http://www.usatoday.com/money/perfi/taxes/story/2011-09-20/buffett-tax-millionaires/50480226/1
     
  2. Bob Alkire

    Bob Alkire
    Expand Collapse
    New Member

    Joined:
    Mar 23, 2001
    Messages:
    3,134
    Likes Received:
    0
  3. Matt Black

    Matt Black
    Expand Collapse
    New Member

    Joined:
    Feb 25, 2003
    Messages:
    9,141
    Likes Received:
    0
    Poppycock! The richest 5% are the biggest tax-dodgers of them all. They have hotshot accountants able to pull all sorts of balance sheet gymnastics to reduce their tax bills. The very rich and very poor pay marginally very little in taxes; it's left to us poor sods in the squeezed middle to pick up the tab.
     
  4. targus

    targus
    Expand Collapse
    New Member

    Joined:
    Feb 10, 2008
    Messages:
    8,459
    Likes Received:
    0
    I find it funny that the Dems keep bringing up Buffet and how he really really really wants to pay more in taxes...

    ...while fighting with the IRS about his billion dollar tax debt. :laugh:
     
  5. targus

    targus
    Expand Collapse
    New Member

    Joined:
    Feb 10, 2008
    Messages:
    8,459
    Likes Received:
    0
    Maybe Obama should recommend that Buffet's secretary illegally deduct political contributions from her taxable income when filing her next tax return...

    ... like Obama did for years before running for President. :laugh:
     
  6. billwald

    billwald
    Expand Collapse
    Banned

    Joined:
    Jun 28, 2000
    Messages:
    11,414
    Likes Received:
    0
    Note the text mentions "incomes" above 1 million but not 10 million, 100 million, or a billion. Why? Several reasons.

    First compare the annual gross increase of assets of most everyone on this list with the gross increase of the super rich. Most every cent made by wage earners is taxable income and 80% of it is spent or paid out in taxes. The guy whose annual increase is capital gains only pays taxes on the part he cashes in.

    Second, does anyone think the guy with the 100 million increase spends ten times more than the guy with only 10 million increase? I think not.

    Thus pragmatically, call it income tax if you wish, but the super rich only pay tax on money they spend, not on their net increase - a sales tax. They buy something, they pay a federal sales tax on it. They don't buy anything, they don't pay. If a wage earner was a miser and lived on 20% of his wages he would still pay on 100%.
     

Share This Page

Loading...