While the White House and Congress may have come to a formal resolution on the nation's
debt crisis, many are still unsatisfied with where the country is headed fiscally. Enter legendary investor
Warren Buffett.
Buffett is turning the tables on his own kind, asking the public and the government to "stop coddling the super-rich."
Buffett wrote an article for The New York Times pointing out that neither he nor any of his "mega-rich friends" are feeling the "shared sacrifice" urged by President Obama, even though middle- and lower-class Americans seem to be schlepping their own fair share.
He explained, "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."
His point is that, though our tax system purports to be a rich-heavy progressive tax, the reality is often quite the opposite. He even notes that in the '80s and '90s, when tax rates were higher, his rates were still "in the middle of the pack."
Buffett's solution -- at least, as far as taxation goes -- is simple.
"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," Buffett concludes. "And for those who make $10 million or more — there were 8,274 in 2009 — I would suggest an additional increase in rate."
Short term, it wouldn't save us the
trillions we need, but it would earn the country tens of billions annually, at the least.
Check back on Friday for the results of this question and a few others in our new Web series with Spike.com. And while you're at it, watch our first Poll Position episode!
Capitalism rights itself naturally when the government keeps their paws out of our lives. Big Businesses who screw the system are evil, just as Big Government politicians and activists that screw the people are evil. Everything in moderation, & a moral society should not allow either to take over.
By the way, YOU replied to MY comment and you are obviously not as smart as you are falsely claiming to be. So YOU go away you phony.
Then, there's huge Union controlled Corporations. They bid on a huge Sate job..say a new bridge construction? When the job is complete...they THROW AWAY thousands of $'s worth of NEW/BARELY USED tools. Sometime's there are "safety reasons', such as a chafed electrical cord.....that's fine. BUT....$2500 cast iron threading machines used two or three times!!??? I've overheard BOSSES saying "I don't care wh...
Then, there's huge Union controlled Corporations. They bid on a huge Sate job..say a new bridge construction? When the job is complete...they THROW AWAY thousands of $'s worth of NEW/BARELY USED tools. Sometime's there are "safety reasons', such as a chafed electrical cord.....that's fine. BUT....$2500 cast iron threading machines used two or three times!!??? I've overheard BOSSES saying "I don't care what you do with it, get rid of it!! It was included in the job BID...we have no room to store it...we will buy another when we bid on and get another job." This is great for the small contractor who can buy a practically new $2500 tool for $250, but in the big picture...who pays for this WASTE? WE DO, the average consumer, in taxes, fees, etc., etc.
Just my .02 cents from two angles/perspectives.
Also, how does it work like GE is non-profit company does not pay taxes like it should,
So, government should never done the non-profit because they do not pay there fair share in taxes. WHY NOT?
Something is wrong in this country when we use to have the greatest middle class in the world, and we had a great infrastructure. Now other countries middle classes have passed us up, and our infrastructure is in third world class. The greed of the right wing is shameful!!!
If i work hard and make it a real succes, i will be taxed up to the hilt, this then is no incentive.
Take Sir Philip Green deliberately tried to avoid paying hundreds of millions of pounds of UK tax by channelling £1.2 billion worth of funds from his Arcadia retail empire into an offshore vehicle registered to his wife in Monaco, this is wrong.
We also have to remember that people who run a business, usually employ people, if they get taxed to much, they will leave people go, that person will be out of work and get benefits, and who pays for that.
Most people do or cant run a business in a proper way, i have been lucky with one of the directors,yes pay taxes, but you cant say tax the rich up to the hilt, when i set my business up, i went 6/7 months without a wage, i put all into my business.
It has now won a major contract, but people do notisee how iworked all those months without a wage coming in.
Most of these people who say tax the rich, have never tried to run a business, if they did try they would give up because of the stress and hard work.
I know so called poor people who go abroad every year,he is out of work she is working he is getting cash in hand, and yet someone on a low wage does not go abroad, and he ...
If i work hard and make it a real succes, i will be taxed up to the hilt, this then is no incentive.
Take Sir Philip Green deliberately tried to avoid paying hundreds of millions of pounds of UK tax by channelling £1.2 billion worth of funds from his Arcadia retail empire into an offshore vehicle registered to his wife in Monaco, this is wrong.
We also have to remember that people who run a business, usually employ people, if they get taxed to much, they will leave people go, that person will be out of work and get benefits, and who pays for that.
Most people do or cant run a business in a proper way, i have been lucky with one of the directors,yes pay taxes, but you cant say tax the rich up to the hilt, when i set my business up, i went 6/7 months without a wage, i put all into my business.
It has now won a major contract, but people do notisee how iworked all those months without a wage coming in.
Most of these people who say tax the rich, have never tried to run a business, if they did try they would give up because of the stress and hard work.
I know so called poor people who go abroad every year,he is out of work she is working he is getting cash in hand, and yet someone on a low wage does not go abroad, and he is the one paying taxes, thats unfair.
How about looking for these people who have been claiming benfit for years and there is nothing wrong with them, and yes the vast majority of them can work, one bloke who is claiming for his bad back, run the London marathon.
And before any of you say, there is no work.These blood sucking low life were not able to find work in the boom.
A fair tax for all, from the poor to the super rich.
How about getting rid wepons of war, we spend more on trying to kill our each other than saving each other.