Skip to comments.Conservative Ben Stein Calls For Tax Hikes on Millionaires, Billionaires (say it ain't so!)
Posted on 07/11/2011 7:23:27 PM PDT by markomalley
Ben Stein, an economist, actor, and conservative writer, said taxes should be raised on millionaires and billionaires to help reduce the federal deficit.
I am in favor of greatly raising the taxes on very wealthy people, millionaires and billionaires. I wouldn't raise the taxes on people making $250,000 a year, said Stein in a June 29 interview on The OReilly Factor, guest-hosted by Laura Ingraham.
Earlier, on June 25, Stein had told Cavuto on Business, We've got to raise taxes. There's just no way around it. The deficit situation is so serious that while I wish we did not have to raise taxes, we just can't cut spending enough. I wish we could. We can't. We have to raise taxes.
Mr. Obama is going to have to do it, said Stein. I don't know if the Republicans in the House will go along with it. If they don't, there will be a genuine crisis, and I am frankly frightened about it. I'm extremely concerned about it.
In the interview with Ingraham, Stein defended his position, saying, Look, it's a basic arithmetic thing; it's not an ideological thing. We are spending an enormous amount of money that we're not covering with tax revenue; we're borrowing it. At some point we're going to have so much debt that there's going to be a crisis and there will have to be austerity measures here just as they were in Greece.
Congress has the right to raise taxes on the rich and the president can sign it into law, said Stein, who added that the very wealthy are not paying enough. He also said that one cannot correlate low taxes with high productivity.
Ingraham remarked that the federal budget is nearly $4 trillion and the national debt is over $14 trillion. She then asked Stein, Do we have a spending problem? Is the spending a bigger problem than taxing the rich, yes or no?
Stein said, The spending is a huge problem, it depends on how you calculate it, adding that, We're not going to be able to eliminate Social Security, we're not going to be able -- going to be able to eliminate Medicare. We've got to do both. We've got to cut spending and raise taxes on the rich.
We’re not going to be able to eliminate Social Security, we’re not going to be able — going to be able to eliminate Medicare. We’ve got to do both. We’ve got to cut spending and raise taxes on the rich.
He’s a defeatist, that’s why. Either Medicare and Social Security as we know it are eliminated, or the country collapses. It’s that simple. Taxing the rich is just a short term solution that does more damage in the long run.
He is a Socialist.
By definition... income taxes don’t actually tax wealth. They just prevent new wealth from being accumulated.
Well then Ben ain’t no conservative, is he!
He's right about that. I heard Jeff Sessions on the radio today talking about preserving SS and Medicare. That's all the proof you need. I remember George Will getting in trouble for saying as much a few years back, but he'll be proven right in the long run.
Not really. Stein has always been a neo-conservative/liberal.
We have a large national debt. We have a lot of current bills. Tax revenues are falling short of the need.
So, what to do ~ well, you could raise taxes, or you could lower expenses, or both.
You can also SELL or RENT your vast storehouse of NATIONAL ASSETS.
There's also something to be said for collecting fees for protection by our foreign fleets!
What we have is a problem of vision ~ not of money to pay the bills.
He’s the same idiot who donated money to Al Franken.
RINO? RINO? Anyone?
I imagine that a lot of folks here would take issue with that sdjective of “conservative” applied to Ben Stein.
Nah. He's right about entitlements. Just bring up cutting or means-testing them around here, and watch the greybeards squawk.
the solution is simple
require the banks/institutions/whateveryouwanttocallthem we’ve bailed out to forfeit 90% of their net profit for the next 3 years, with a five-year moratorium on their fee increases so the consumer isn’t shafted.
deficit problem over - taxpayer is actually paid back.
you should know it’s this easy, Stein.
Conservative! Moderate at best, with extreme socialist leanings. IMHO
Does not shock me at all! However I am against raising taxes on ANY business who hires significant number of employees regardless of how profitable ( = successful ) they are. People such as Warren Buffet who do not hire any employees directly (the CEO types) and Bill Gates (another example) should be taxed not based on their earnings, but rather their net worth. They can afford to contribute more to reduce national debt. However ANY TAX INCREASE SHOULD GO DIRECTLY TO PAY OFF NATIONAL DEBT and not government spending.
Tax the flippin’ deadbeats first. When they pay their fair share, then we can begin talking about taxing the very folks that pay the vast majority of the taxes in this nation.
What would really throw the ruling class into a tizzy would be to propose elimination of inheritance. ALL of your accumulated wealth belongs to the government on your demise. Tax ALL gifts.
Ben stein is a pofs. He mocked Peter schiff in 2007 and said subprime was not a problem from the economy. F u BS!
What did Theresa Heinz Kerry pay, according to the last financial disclosure- $60,000 or maybe $80,000 iirc.
The very wealthy move cash overseas or into tax-free muni bonds.
It will take quite a few Lovey’s taxes to add up to a trilion.
Take Ben Stein's Money!
I have been working for a long time. I have had numerous jobs. I prefer working for 'rich people.'
Why? their checks don't bounce.
Also, I have never been hired by a politician. Wouldn't work for one even if offered a job.
I have never been hired by someone on welfare.
Conservatives don’t do that. period.
...but RHINO’s do.
Conservatives don’t do that. period.
...but RHINO’s do.
“propose elimination of inheritance.”
Karl Marx beat you to it!
Come on people! What did Bill Gates and Warren Buffett ever do for conservatism? I think that millionaires tend to vote for the Rats. I say screw them! Take their money. As long as the TOTAL income tax amounts to whatever the Laffer Curve says it should be taken from the ‘useful idiots.’ Just who r they?
At the moment the federales have added federal employ retirement funds to the ledger of things they've borrowed.
They've done that before.
The federal government is out of control. The way to get it back into control is to force it to cease spending money it doesn't have on processes it doesn't need to handle.
I read Ben Stein’s musings on spectator.org. He writes in an entertaining way about his wonderful travels and how young women employed in that industry are hitting on him all the time and about all his wellplaced rich friends.
He is so completely self-absorbed.
I am not working to bail out the Democrat party.
Good point....which is why tax should be based on net worth. I pay no taxes at all on my muni bonds income. Rich people have 1000 times more such channels available than me.
Not really. He comes across to me as scared shitless. He thinks he is at risk of losing everything (he is, we all are) and he’s willing to deal with the devil to keep a little of what he’s got. A case of the old Nazi Germany tale of the Jewiah merchant who kept saying “surely it won’t get worse than this” straight up until he boarded the train for the camp.
Yes we will if there is no money to be had. If things hit the wall the house will come down. Stein and Will needs to stop thinking of liberal policies as inevitable.
Not really Stein has always said these kinds of things on TV in the last couple of years.
Ben if free to send in extra if he wants. But he should be honest about how government is going to spend his money. In the previous year, it created jobs that on average cost the taxpayers over $120,000 per year. And this is compared to the median household income of $52,026. In other words, every dollar that we allow the federal government to spend, it gets less than 50% in value.
Half pay no income tax at all. Many get money back.
Tax the non-productive and the illegals first.
You are right. Many in the political class have exactly that problem. They are beneficieries of the corupt system of money lending and the govt ponzi scheme and don’t want to experience the pain necessary to cast off the yoke of tyranny.
No, it’s not. He’s been saying this for years. He’s consistent.
A high income does not mean you are rich.
Ben the Crazy Uncle has been saying this for years, to anybody who listened. He was just as wrong then as he is now.
I think it's time to return to our Founders standards in that regard.
They will have to change and they will. The best thing we can do is cut off the spigot and force the hand of the political class. They all talk about preserving those programs but eventually the window for reforming them will come. Why is it that Republicans have no balls? The left go to the line for the most outrageous radical things but Republicans act as if they have no choice in things even when the polls are with them. Yes they do have a damn choice and if they aren’t willing we will send them back home and replace them with the willing. The time for niceities is done. The time for ever bigger govt and spending is done. We who do not want a debt hike are in a super majority. We are not surrendering and Jeff Sessions and those like him had better see the writing on the wall or the writing will someday be written in blood because we the people won’t sit and wait forever.
So, if I have the foresight to self-finance my retirement, I get to get screwed out of the SS I've been forced, against my will, to pay into my whole life? You're making retirement planning a little tough there. I wonder how much income I'll have when I have to stop working. Maybe I should just work my whole life? Would that be good for you, too?
Either Medicare and Social Security as we know it are eliminated, or the country collapses. Its that simple. Taxing the rich is just a short term solution that does more damage in the long run.
Just so we are clear on this Shadow44 Medicare and Social Security are NOT ENTITLEMENTS just like all are mandated to pay income taxes so is one mandated to paid for SS insurance not of my choice, but government mandatory as well as Medicare over the life time I worked!
This was promised to be kept in a safe box none of us seniors broke into that box!
Was just about to post it:
Schiff was right. Stein, Art Laffer, Charles Payne and others were dead wrong. And not only were they dead wrong, but they laughed at and mocked him.
Which is why the government can’t be trusted to “hold onto the money”. They’re not holding onto it, and it’s just exacerbating government spending. They need to phase out the system with privatized retirement accounts like Chile and other countries have. It’s not fair that the federal government is holding people hostage with their own money while they use it as a slush fund.
“which is why tax should be based on net worth”
This would lead to government gradually eliminating wealth. Obama is starting that now, by making housing worthless, or so underwater it can’t be used as “wealth”.
I think that manufacturing is the best way to get income, and I include mining in that. Along with greatly curtailed spending. How much does one Auntie Zetuni cost, and how many are there? Do we still allow noncitizen parents of naturalized citizens to get medicare and Soshakurity? Do we still allow naturalized citizens to get soshakurity benefits after working less than natural born citizens?
Then, mine manganese nodules from the sea floor, and open up our mines, the ones that foreign-aided environmentalists have shut down (like our rare earth mines).
I saw through Stein’s act 10 years ago. I was not at all surprised that he supported funny boy’s fraudulent election.
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