“But for those making more than $1 million there were 236,883 such households in 2009 I would raise rates immediately on taxable income in excess of $1 million, including, of course, dividends and capital gains. And for those who make $10 million or more there were 8,274 in 2009 I would suggest an additional increase in rate.” “My friends and I have been coddled long enough by a billionaire-friendly Congress.”
Sunday, August 21, 2011
Even Trump has jumped on this bandwagon; the wealthy should pay more in taxes. The obvious question many had when Warren Buffett wrote his piece and went on the talking heads shows was if he truly believes that, why don't he and his wealthy buddies just pony up. Why wait for the congress critters to pass more tax legislation? Mostly because they could get their tax lawyers to find ways of not paying. Lip service. They don't really mean it.
A non-partisan think tank, the Tax Foundation (attacked by ex Enron adviser and socialist Paul Krugman, which to my mind lends them credibility) ran some numbers, and found that doing what the Leftist wealthy like Buffett say, would have little effect on our economic situation.
Buffett, a hugely successful Capitalist that bashes capitalism wrote:
I think they’ve been coddling themselves. If they truly believed this, they would not utilize the tax loopholes, written for them by their bought and paid for congress critters, and they would pony up on their own.
The study by the Tax Foundation found taxing millionaires and billionaires at 50% would reduce the deficit by 8 percent and the national debt by 1 percent. There have been times when the tax rate for these guys went as high as 90%, and we still had high debt and deficit. Taxing at 50% would only raise about $120 billion. Not much when looking at $trillions of debt generated in the past three years. Where that money go anyway? Are we any better off?
The study found that taxing the wealthy at 100% would only net $186 billion, reducing the deficit by 12 percent and the debt by 2 percent. A 14% total reduction, and we’d still be $trillions in debt. A 100% confiscation of the income of all making $200,000 and above for the year would net about $1.53 trillion; then what? They have no money to invest or run their businesses, and we’re still a couple $trillion in debt.
People like Buffett, Soros, Gates and the rest that advocate for this, fall into the Leftist hypocrite hall of shame with European entertainers that come to America and make $millions and bash our country and its socio-economic system from which they so hugely benefit.
To those entertainers we’ve said ‘shut up and sing’. To the lying Capitalist hypocrites advocating they be taxed more, we say, ‘shut up and pay’.