United Liberty
Eat the Rich
Tue, 09/20/2011 - 1:20pm | posted by Nick Nottleman
Oh yeah baby, the new plan is here. Raise Taxes on those Rich Sunsabitches. Once again confirming the old adage “Democrats Tax and Spend, and Republicans just spend”.
In what would appear to be a last ditch effort to get out of the basement in Presidential rankings, President Obama is proposing an increase of taxes on the “super earners” of America that may in fact close the gap on the deficit enough to restore America’s credit rating.
The one question I have yet to see asked is: Who does a better job with money, the government, or top private earner? The question that has been asked (and answered) is how much would increasing taxes on top earners actually increase revenue? And I would like to expand on that:
Warren Buffett, who has spoken out about “not paying enough taxes” made about 43 Million last year according to one report I read – and he paid about 18%. That’s about $7,740,000. Want to know what that covers in terms of Federal Government Spending? $3.9 Trillion Divided by 365 days, divided by 24 hours, divided by 60 minutes = $7,420,091.So obviously, doubling Mr. Buffett’s taxes will get you…. One whopping minute of spending.
Or put another way…. It’s just shy of 1.5% of what the federal government just lost with Solyndra. Apparently though, $535 Million is a “drop in the bucket”. You need seventy Warren Buffetts just to pay for the Solyndra theft loss… that doesn’t seem like a drop in the bucket to me.
And now a different perspective… how much is fair? I cringe every time I hear the phrase “their fair share”. Honestly, how much is fair? Regardless of the amount of income, is it fair to collect over one million dollars annually from any single person or family? 2 million? Ten? Quite frankly, I like a $2 million annual cap on taxes. That’s more than 90% of the country will come close to paying in an entire lifetime.
And let’s face it. Buffet does more with 7 million than the government can do with 535.
Class warfare, jealousy, and all out hatred of the rich is driving far too many in the general public. It seems like not long ago people actually understood what (and who) creates jobs and did not let jealousy get the better of them.
You’re just mad that you’re about to get taxed, rich boy.
I’m definitely not rich, but I am mad.
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Excuse me anyone who believe in taxing the rich more…should move to “Cuba” it close enough to the united states, you won’t miss athing, because you don’t have anything. (in other word you’re not rich). America is built on slave-labor.. are you suggesting the rich folks pay restitution to the decendent of slaves…or, are you just wanting more hand-outs…that’s right gimme, gimme, gimme?
I have a great idea. Black people should not pay taxes. Reason: Their fore-parents are the ones that built America on slave labor. The blacks in this country should be compensated for the atrocity of slavery. Agree!!! The Indians were chased from their land, and they are definitely not hurting now,they gets everything free from uncle sam. Why is it that black people are not entitled? Why is it they’re always the ones who get the shitty end of the stick? they shouldn’t be paying tax… They should get government entitlement or exemptions. How about looking out for one another in fairness toward your fellowmen. We invaded countries throughout the world preaching democracy to others,yet we have never given a second thought that these people were kidnapped from their homeland brought here in slavery. Yet, they sing lollubye to our children, they pick our crops,they clean our homes, we once called them “Nanny” and “pappe” they are also the innovators the engineers of this country, we used them and threw them out like garbage. We need law-makers to address these issues. This country need a profile update, we need repentance and most of all we need accountability. I will argue that Warren Buffet should donate a percentage of his wealth to individual blacks IN THIS COUNTRY EVERY MONTH.
Great blog post and nice discussion among the comments.
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The rich at one time, these “job creators” also took in account the needs of the american population, most normal people just want to support their families, if for one second you stepped into that normal shoe, i believe it would take miliseconds before logic and common sense tells you that there is something definitly wrong with the picture of profits profits profits, starving, starving, starving… I am 100% positively sure that most decent hardworking americans do not care for your money, your foreign trade, your profiteering policies, and your ability to put profit before any type of moral standing, they just wish to provide a decent living for their families… This has been taken away, yet you do not see this… Inflation, taxes, free money, please you have to see what this has done to the people that built this powerful nation…
Class Warfare? funny word, is that not what has been happening for 30 yrs, just finally people are catching on…
Its like you read my mind! You seem to know a lot about this, like you wrote the book in it or something.
Love it! Keep writing!
Would like to point out something that I think most Americans don’t understand since our tax system is so complex. The reason why the capital gains tax on dividends is lower than ordinary income tax is because that money has already been taxed once at the higher corporate income tax rate through the business.
If a pro athlete, for example makes 10 Mil, he pays 35% on that, and that is all the gov’t receives because his employer receives a tax deduction from those wages.
On the other hand, if a business makes 10 million dollars, that amount is subject to the corporeate tax rate of 35%, plus the 15% the owner pays once the business has distrubuted the dividends.
Soooo….the government receives 3,500,000 from the pro athlete (who pays taxes at the normal rate), and 4,475,000 from the business owner who is supposedly getting a “break.” I just don’t see how Buffett has not paid his fair share. Maybe HE needs a crash course in the US Tax Code.
On understanding Buffett’s tax…. I really don’t understand it either. Alt Min. should have kicked this way up (just a guess it should be close to 30%). My understanding is that he pays himself a very VERY low salary, which establishes a rate less than 35% (and probably less than 28%, but maybe 28% is the range?). But even this is puzzling, because there are code provisions to discourage people from doing this… i.e. you can’t pay yourself a 22k salary and take a million bucks in Cap Gains. Your salary has to be representative of what you mean to the company etc… My best guess is that there are provisions in the tax code, probably Republicans who created it, that allows this. And this again is why a 70,000 page tax code is the wrong answer.
P.S. It is far easier to calculate thrust ratios of launching the shuttle than it is to understand Alternative Minimum tax law.
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