Buffet: Tax Wealthier Americans

[Evandril]

This arguemnet is so frustrating....

Which means the "rich" ARE taxed more than the middle class.....

But how much of what they are taxed do they pay, and how much does their lawyers make go away? Even saying your figures are correct from the start, I do not believe anyone who has even made a million pays those rates, without adjustment from a professional. You'll notice that Warren Buffet himself flat out said he only paid 17.4%, which is far less than the middle class pays.

[Jason]

You will also notice that I menttioned Warren Buffet is taxed as Capital Gains not salary. Capital Gains is taxed at a much lower rate then compesation.

Those are numbers from the IRS. The percentages paid to the IRS, after the tax professional makes "go away" whatever deductions the "rich" claim. I'm also not talking about property, gasoline, sales, or other taxes.

How much should be taken/taxed/whatever by the government?

[smileyeagle1021]

When you cherry pick your stats, yes they are. But when you start adding in the myriad of other taxes that are paid, the figures start to change a bit. For instance, the payroll tax is capped at $125,000 (or so, I don't remember the exact figures). Granted that is nominally for the Medicare/Medicaid and Social Security but it still amounts to a tax. Everybody who drives a vehicle pays gasoline taxes directly and indirectly if they use some sort of public transportation. Everybody also pays tariffs and corporate taxes indirectly as well.

Social Security is capped at $125k if I remember my tax classes properly, medicare/medicade and income tax have no cap.
There is something to be said about removing the cap on social security tax, it would solve the solvency issues with social security, but that is slightly beside the point.
If we want to look at the tax burden on the poor, I would like to introduce two words to you, "sales tax"
A lot of states charge sales tax on food.
If we are looking at a percentage of income, sales tax alone completely destroys the "rich pay the majority of taxes" argument, especially in states where food is taxed.

[mikoyan29]

You will also notice that I menttioned Warren Buffet is taxed as Capital Gains not salary. Capital Gains is taxed at a much lower rate then compesation.

Those are numbers from the IRS. The percentages paid to the IRS, after the tax professional makes "go away" whatever deductions the "rich" claim. I'm also not talking about property, gasoline, sales, or other taxes.

How much should be taken/taxed/whatever by the government?

Given the hub-bub about Ms. Heinz-Kerry's taxes a few years ago (her percentages were around 15% as well) and Buffet's 17%, something tells me that about 15 to 20% sounds about right for folks in their bracket. So something is not adding up here.

[Sleepwalker]

I would be thrilled I was making that much money. I do not understand the impulse for MORE, MORE that some people have. What else could I possibly need after even one year of making 100 million? Why would I begrudge the government half of that? Are they nazi germany? Why do you hate our country?

[Jason]

"To each according to his need, From each according to his ability"
This quote seems to explain the thoughts in this thread.....anyone know who said it?

[rivenhex]

And how the hell would they do that? Donate money to politicians? Last I checked there isn't a process to hand the government money not to mention there would be no oversight your talking a blank check with no review of how it's spent.

It's pretty simple. Overpay your annual taxes and don't seek a refund. Just cut the check. I bet the government will MAKE a bureaucratic process lickety split if the rich liberal crowd decided to start cutting bigger checks.

I love how they feel a need to codify a higher rate. Just pay it. If you think you aren't paying enough, pay what you think you should. But the idea that everyone else in that bracket (which encompasses a rather wide income range) should be forced to do so is really counter to the principles of our founding. We're not really a free society if someone else can arbitrarily decide you've "made enough". Whatever happened to "equal before the law"?

Additionally, it's not really our business how much money these people have, what they earn annually, or what they spend it on.

[DrFaroohk]

I know this one! It's Marx. Groucho Marx.

[smileyeagle1021]

"To each according to his need, From each according to his ability"
This quote seems to explain the thoughts in this thread.....anyone know who said it?

Umm, I'm going with either Karl Marx or Jesus.

[Jason]

Answer: Karl Marx....as a founding principle of communism.

[Andara Bledin]

For those who are interested and who agree, MoveOn.org Civic Action has an online signature collection going that they will be forwarding to Congress.

I Stand with Warren Buffet petition

It's not a legal device, merely a way for people to impress upon those who govern that we're at least interested enough in this issue to take half a minute to type out our names and press a big red button.

^-.-^

[Hyena Dandy]

Answer: Karl Marx....as a founding principle of communism.

So Marx said it, therefore its bad?

[Jason]

Isn't communism the antithesis of the american free enterprise society?

[Evandril]

"To each according to his need, From each according to his ability"
This quote seems to explain the thoughts in this thread.....anyone know who said it?

So the fact we're talking about taxing people equally, or even taking the rich more than the middle class, falls into this? In a communist society, there are *no* taxes, since everyone would be given what they need, no more, no less. The fact a true communist society has yet to exist, to the best of my knowledge, is besides the point.

[smileyeagle1021]

Isn't communism the antithesis of the american free enterprise society?

communism is the antithesis of capitalism.
As it is though that we are not truly a pure capitalist society (not really a pure free enterprise society either... or have I been screwing over the businesses that operate our road system for the 7 years since I got my driver's license)
Likewise, Marxism was never truly pure communism either.

We should not ignore different ideas just because they come from a system that leans a different direction than ours.