Skip to comments.Let's just let rich liberals pay higher taxes
Posted on 08/19/2011 5:11:52 AM PDT by rhema
Some rich Americans will not rest until Washington boosts their taxes.
Berkshire Hathaway CEO Warren Buffett, Earth's second-wealthiest inhabitant, complains that last year he paid $6,938,744 in federal income taxes, just 17.4 percent of his taxable income.
Twenty of his staffers earned much less than he did, but "their tax burdens ranged from 33 percent to 41 percent," Buffet recently wrote ("Please Tax Me. I Can Take It," August 16). Rather than work to cut his colleagues' taxes, the $50 Billion Man wants Uncle Sam to hike his liability.
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Assistant House Democratic Leader James Clyburn of South Carolina echoed it faithfully when he told MSNBC on July 25 that "98 percent of the American people are carrying this [tax] load while the other 2 percent seem to be getting away Scot-free."
The facts torpedo this unsinkable rubbish.
In 2008, the latest Internal Revenue Service figures confirm, the top 1 percent of tax filers earned 20 percent of adjusted gross income and paid 38 percent of income tax revenues. The top 5 percent earned 34.7 percent of AGI and paid 58.7 percent of income taxes.
The top 10 percent earned 45.8 percent of AGI and paid 69.9 percent of income taxes. Meanwhile, as the Tax Foundation's analysis revealed, the bottom 50 percent earned 12.75 percent of AGI and paid 2.7 percent of income tax revenues.
Regarding all federal taxes (capital gains, corporate, death, dividends, excise, income, payroll) an April 2009 Congressional Budget Office study found that for 2006 (the latest numbers), the top 1 percent paid 28.3 percent of all federal taxes.
The top 5 percent paid 44.7 percent, and the top 10 percent paid 55.4 percent of taxes. The bottom 40 percent paid just 4.9 percent of all federal taxes in 2006.
Rich liberals seem
(Excerpt) Read more at startribune.com ...
A 50% surtax on anything produced in Hollywood?
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The system is already in place to pay more. Why don’t they use it?
For the uber rich like Buffet, income and wealth are far different
Armies of CPA’s and law firms are paid well to minimize income, and preserve wealth
See my (co-opted) tagline
Buffet needs to rescind his plan to leave half his estate to a tax shelter run by his man-buddy Bill Gates- then talk
“The system is already in place to pay more. Why don’t they use it?”
Psychotics never behave rationally.
The champions of “minority rights” feel no guilt over attacking (verbally and physically) one of the minorities listed above.
I think there should be an income surtax of 90% on salaries and benefits of all elected officials.
They created the mess let them help pay for it. It will serve as an inducement to not make an elected office a career choice.
Republicans need to learn how to fight back. Put a bill up in the House for a vote called the :
“ Asking the millionaires and billionaires who want to pay more, to pay more to pay down the deficit Fairness Act ”
that sets up an purely voluntary online direct $$$ transfer system like online bill pay or paypal to the treasury to make it easier for them to give up THEIR own money and make public the names and sizes of donations to the fund. Let congressional Democrats vote against that.
To Congressional Republicans:
STOP DEFENDING RICH LIBERALS WHO KEEP CLAIMING THEY WANT TO PAY MORE. THEY OBVIOUSLY ARE NOT OVERTAXED IF THEY KEEP GOING ON TV CLAIMING THEY WANT TO PAY HIGHER TAXES ! CALL THEIR BLUFF AND MAKE IT EASIER FOR THEM TO THROW AWAY THEIR MONEY+ THEN CALL THEM OUT FOR BEING HYPOCRITES AND LIARS WHEN THEY DONT!
And part of the bill needs to say “Those who sacrifice more for their country will be recognized on the house floor each Monday.
This will show just how many the rich file 1040EZ. hee hee
Eliminate all Secret Service protection for all ex-elected officials.
This alone would save billions.
Tax these clowns on their accumulated wealth, not just their income—They’ll change their tune pretty quick.
kinda like taxes now...
Also don't forget a person invests in business and puts money in capitol investments(plants, equipment, trucks etc) He is subject to property taxes. A person also invests in higher education to make money so why not tax higher(liberal) degree holders for their degrees as property taxes.
You understand exactly what I am getting at. If the bill made it legal to post the donations at a website then we can do the job of calling these rich liberals (private citizens) out as hypocrites and liars, something Republicans in congress should not be doing except maybe in Deficit hearings (that would be fun to call them in and ask why they havent donated yet after stating that they want to, OK, just a thought LOL.).
I am endlessly frustrated with Democrats every day coming up with new attack strategies and clueless Republicans acting as if they just win without saying anything new. In some ways it reminds me of Democrats vs Bush, but not as bad because Obama is still the POTUS and Dems cant get away from that.
Rich liberals want taxes raised on other rich people (who tend to be far less rich) who can’t afford an army of accountants that find legal and questionably legal ways to shelter and avoid/evade taxes.
If taxes are raised people like Buffet won’t pay, but a married coulple with a combined income of 250k in a high cost of living state will pay.
All excellent points.
I’ve long maintained that all Ivy League degree holders should be assessed an additional $100,000.00 annually just for the aggravation their sort causes to those of us who make the country work.
Add to that a $100,000,000.00 annual assessment on each Ivy League school, and a 50% annual assessment on their endowments, and you’re talking about a nice piece of change.
Oh, and by the way, since their endowments are so unfairly large, no federal money in any way, shape, or form should go to Ivy League schools.
Jeez, the top 1% already pay almost 40% of all federal income tax receipts. How on earth can they call them greedy? The income tax system is super-progressive in nature.