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stop coddling the rich says buffett
by MaxEntropy_Man Mon Aug 15, 2011 10:51 pm
http://www.nytimes.com/2011/08/15/opinion/stop-coddling-the-super-rich.html?_r=2
MaxEntropy_Man- Posts : 14702
Join date : 2011-04-28
Re: stop coddling the rich says buffett
by charvaka Tue Aug 16, 2011 12:18 am
This is an awesome article. He tears apart all the arguments the Tea Party types use. I hope this gets a lot of play in the media. He hit the problem right on the head.
Last year my federal tax bill — the income tax I paid, as well as
payroll taxes paid by me and on my behalf — was $6,938,744. That sounds
like a lot of money. But what I paid was only 17.4 percent of my taxable
income — and that’s actually a lower percentage than was paid by any of
the other 20 people in our office. Their tax burdens ranged from 33
percent to 41 percent and averaged 36 percent.
I have worked with investors for 60 years and I have yet to see
anyone — not even when capital gains rates were 39.9 percent in 1976-77 —
shy away from a sensible investment because of the tax rate on the
potential gain. People invest to make money, and potential taxes have
never scared them off. And to those who argue that higher rates hurt job
creation, I would note that a net of nearly 40 million jobs were added
between 1980 and 2000. You know what’s happened since then: lower tax
rates and far lower job creation.
Since 1992, the I.R.S. has compiled data from the returns of the 400
Americans reporting the largest income. In 1992, the top 400 had
aggregate taxable income of $16.9 billion and paid federal taxes of 29.2
percent on that sum. In 2008, the aggregate income of the highest 400
had soared to $90.9 billion — a staggering $227.4 million on average —
but the rate paid had fallen to 21.5 percent.
Last year my federal tax bill — the income tax I paid, as well as
payroll taxes paid by me and on my behalf — was $6,938,744. That sounds
like a lot of money. But what I paid was only 17.4 percent of my taxable
income — and that’s actually a lower percentage than was paid by any of
the other 20 people in our office. Their tax burdens ranged from 33
percent to 41 percent and averaged 36 percent.
I have worked with investors for 60 years and I have yet to see
anyone — not even when capital gains rates were 39.9 percent in 1976-77 —
shy away from a sensible investment because of the tax rate on the
potential gain. People invest to make money, and potential taxes have
never scared them off. And to those who argue that higher rates hurt job
creation, I would note that a net of nearly 40 million jobs were added
between 1980 and 2000. You know what’s happened since then: lower tax
rates and far lower job creation.
Since 1992, the I.R.S. has compiled data from the returns of the 400
Americans reporting the largest income. In 1992, the top 400 had
aggregate taxable income of $16.9 billion and paid federal taxes of 29.2
percent on that sum. In 2008, the aggregate income of the highest 400
had soared to $90.9 billion — a staggering $227.4 million on average —
but the rate paid had fallen to 21.5 percent.
charvaka- Posts : 4347
Join date : 2011-04-28
Location : Berkeley, CA
Re: stop coddling the rich says buffett
by MaxEntropy_Man Tue Aug 16, 2011 7:24 am
yes he does and the standard response to his opinion, i.e. "if he
wants to pay more taxes he should" is idiotic. getting personal is
no substitute for reasoned disagreement. how does one man paying
extra going to solve the problem? he is recommending a systemic change.
address the principle, not the messenger.
not to mention folks like him and gates, who incidentally is also for
higher taxes for the super rich, give away millions of their own money
to charity. in addition to giving money gates also invests time and
emotional energy into his causes.
wants to pay more taxes he should" is idiotic. getting personal is
no substitute for reasoned disagreement. how does one man paying
extra going to solve the problem? he is recommending a systemic change.
address the principle, not the messenger.
not to mention folks like him and gates, who incidentally is also for
higher taxes for the super rich, give away millions of their own money
to charity. in addition to giving money gates also invests time and
emotional energy into his causes.
MaxEntropy_Man- Posts : 14702
Join date : 2011-04-28
Re: stop coddling the rich says buffett
by MaxEntropy_Man Tue Aug 16, 2011 7:59 am
my english is going to the dogs. i am unable to edit
the post above.
the corrected version would have this sentence:
how does one man paying
extragoing to solve the problem?
the post above.
the corrected version would have this sentence:
how does one man paying
extra
MaxEntropy_Man- Posts : 14702
Join date : 2011-04-28
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