Posted on 06/30/2007 6:05:42 AM PDT by Kaslin
Just in time for the Fourth of July holiday, Sen. Hillary Clinton (D.-N.Y) equated higher taxes with patriotism during the third nationally-televised Democratic Presidential debate Thursday evening.
When asked if she believed Americans were paying enough taxes, Clinton praised billionaire U.S. investor Warren Buffett because, as she said, “He’s honest enough to say, look, tax me because I’m a patriotic American.”
She went on, “We have to change the tax system and we’ve got to get back to having those with the most contribute to this country.”
Buffett made headlines earlier this week when he said the wealthy should pay more taxes at a Manhattan fundraiser for Clinton’s campaign with a $4,600 per person admission fee. Clinton raised $1 million at the event.
Because Buffett is the son of a former Republican U.S. Congressman from Nebraska, Clinton asked Buffett why he was a Democrat. He replied that Republicans were more likely to think "I’m making $80 million a year, God must have intended me to have a lower tax rate."
Buffett said: “The 400 of us [here] pay a lower part of our income in taxes than our receptionists do, or our cleaning ladies, for that matter. If you’re in the luckiest 1 per cent of humanity, you owe it to the rest of humanity to think about the other 99 percent.”
After reflecting on that conversation, Clinton concluded at the debate, "So, yes, we have to change the tax system. And we've got to get back to having those with the most contribute to this country."
Clinton also said that she would raise taxes to prevent the outsourcing of U.S. jobs. She pledged she would “end the tax breaks that still exist in the tax code for outsourcing jobs,” as well as enforce trade agreements with stricter labor and environmental standards and increase job training.
“Global warming would create millions of new jobs for Americans,” said Clinton.
The debate was held in Washington, D.C. at Howard University, a historically black college. It was hosted by PBS and was moderated by television and radio personality Tavis Smiley.
Before introducing the candidates, Smiley explained the purpose of the debate: “It’s called the All-American (that means you) Presidential Forum. We call it that because it’s about time we had a debate that focused on the issues that affect all of us including those of us who happen to be black and brown.”
Clinton received great applause for the thoughts she shared about the AIDS rate among American women. ?"If HIV/AIDS were the leading cause of death of white women between the ages of 25 and 34, there would be an outraged outcry in this country," she said.
“I’m working to get Medicaid to cover treatment,” she said. “I'm working to raise the budget for Ryan White, which the Bush administration has kept flat, disgracefully so. Because there are a lot of women particularly who are becoming infected in poor rural areas, as well as under-served urban areas in states where, frankly, their state governments won't give them medical care.”
During the debate, Clinton managed to plug her 1996 child-rearing bestseller, “It Takes a Village.” When asked why the unemployment rates of black high school graduates was 33 percent higher than an unemployment rate for white high school dropouts, Clinton replied, “Well, I really believe that it takes a village to raise a child, and the American village has failed our children.”
All eight Democrats running for their party’s nomination for President participated in the PBS debate and a full transcript is available here. PBS will sponsor a Republican debate in Baltimore in September.
Amanda Carpenter is National Political Reporter for Townhall.com..
Democrat’s “Final Solution” - Tax any and all money you make or have in the bank at 40% until they drain you down to nothing and have to live on welfare and vote for them.
“And we’ve got to get back to having those with the most contribute to this country.”
Karl MArx just looked up from his chains in hell and, for a brief moment, grinned.
Their donations could be earmarked for specific domestic causes.
Real truth is they're maggot Democrats who want average men and women footing the bill for their pet interests.
I'd like to see Hillary!'s 1040. It should be scrutinized for tax shelters.
She is a moron. We fought to Brits to advoid taxes, and she says it is Patriotic to pay more in taxes so some lay about can sit at home and watch TV on a big Screen while hard working Americans toil.
A vote for this Hag is a vote for the death of the USA.
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HILLARY =
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ELIAN’s -Cold Dead Eyes- in Cuba-
http://www.Freerepublic.com/forum/a395a99a7020f.htm
Pictures of a vietnamese Re-Education (SLAVE LABOR) Camp
http://www.Freerepublic.com/focus/f-news/1308949/posts
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Hillary is a senator from NY
Any Questions?
someone should remind the old fud that paying taxes is VOLUNTARY!!! he is free to pay as much extra as he wishes... so why does he have an army of accountants/lawyers on the payroll trying their best to not pay to pay or avoid taxes completely then???
what a pos
We fought to Brits to avoid taxes
Then it was no taxation without representation. Now we’ve learned taxation WITH representation ain’t all the great either.
15% flat rate for everyone. If we could get the same kind of enthusiasm for this or something like it as we did for "Amnesty" we'd probably get it! The question are we willing?
Which at that time amounted to less than 10 percent. Which is BTW all God asks.
“Warren Buffett because, as she said, “He’s honest enough to say, look, tax me because I’m a patriotic American.””
Should just make a big donation if he’s so ‘Patriotic’.
Nope. Their “Final Solution” is to increase the tax rate to 90+% and require you to work in order to receive state benefits and vote for them.
“Contribute”? How are Americans “contributing” if it’s taken from them on threat of jail and seizure of assets?
And why did Warren set up a foundatin to avoid estate taxes? And why doesn’t he just donate EVERYTHING he has to charities — or he could just pay it to the US Treasury to address the growing deficit and fuzzy math of the Social Security and Medicare systems... His would be a solution that would last for about a half a minute. And why don’t we just force all venture capital companies and investors to dissolve and turn their ill-gotten gains and investments to the government... we don’t need any friggin’ new ventures in this country!
And now I’ll ask the question that the great Ayn Rand asked in a great 1972 op-ed when candidate George McGovern was raising the same questions about taxing wealth instead of merely income: “By What Right?”
Right! Why have we let these rougue prix do this to us?! If we can get them to move away from Amnesty and "The Fairness Doctrine" like we did, why not any legislation?
Demand it, WE are the boss of them! It's been a long time coming, but this Amnesty bill should prove to every conservative or rather every American that wants smaller, less intrusive gov't, like NEWT promised back in '94, that WE control this. Understand WE killed the Amnesty bill when the LIBERALS we're in power, what SHOULD happen if conservative get back the power?
Clinton praised billionaire U.S. investor Warren Buffett because, as she said, “He’s honest enough to say, look, tax me because I’m a patriotic American.”Hillary is a liar. And if Buffett said that, so is he.
Approx two years ago Buffett bequeathed all his BILLIONS to the Gates Foundation, solely to avoid the Inheritance Tax.
He's leaving his kids a couple mill each and that's it. Everything else goes TAX FREE to the Gates Foundation. He said they could put his money to better use than the gubmint.
So much for 'tax me I'm patriotic'.
Steve Forbes probably has the best solution:
15% flat rate for everyone.
7% would be more attractive,
being there is currently a 10% rate that would have to be increased to the 15%.
Hillary Klinton, socialist pig, can go to stinking hell, or Mexico, which ever fits.
“We have to change the tax system and we’ve got to get back to having those with the most contribute to this country.”
No, everyone needs to pay proportionally to their vote so they aren’t just
making someone else pay for their desired Government services.
Has Buffet shown the way for Hillary and other rich liberals by instructing his army of CPA’s and legal advisors to dismantle all his personal tax shelters so he pays 35% of his income in federal taxes?
Please let’s see some press coverage when this happens.
(sound of crickets chirping)
“Real truth is they’re maggot Democrats who want average men and women footing the bill for their pet interests.”
Not true. What they are are power hungry maggots who don’t believe anyone else should be as rich as they are. That is why they donate the least to charity, are cheap as heck and believe that everyone should help everyone else because it lowers everyones income while enriching only attorneys.
Post Of The Day !!
I can’t take the credit. I heard that years ago and stole it. Thanks anyway.
Their donations could be earmarked for specific domestic causes.
Disagree. General fund only.
One thing is for sure. The PATRIOTIC tax hike will last longer than the WOT and as long as we put Democrats in the WH and Congress by sitting on our duffs on Election Day or voting 3rd Party as a statement against the GOP, higher and higher TAXES are a GIVEN!!!
How about an excess assets tax?
Why does anybody need more than $100,000 in assets? Just take it away for the common good. /s
I did realize there was a 10% bracket already. This must be for all those illegal aliens we hear about that "pay taxes!"
“If billionaires like Warren Buffett and millionaires like the Hollyflakes don’t think they’re paying enough taxes then why don’t they simply “donate” half their money to the U.S. government and/or charities and be done with it.”
That’s what my dad always says.
The more I hear from Buffett the less impressed I am.
I wonder if there is some guilt involved in Warren Buffett saying this, he’s not an inventor/producer like Gates, Jobs, etc, Warren has simply invested other people’s money in good existing companies and made a lot of money in the process. But it is nothing like the psychological reward there is in wealth gained through successful inventing and producing. He could be feeling guilty about the money he has earned, more so than an inventor/producer like Gates for instance. Psychologically he feels paying more in taxes will counteract that guilty feeling.
Those who earn their wealth through their own blood sweat and tears are far less likely to want to “share” through higher taxes. Their wealth cost more to earn. Warren’s didn’t, thus he is willing to have it cost him in taxes.
We see a similar psychosis in rich showbiz stars taking up emotional causes like global warming. I’ve always viewed that as a guilty reaction to knowing they haven’t done much to actually earn their wealth, so to sooth the guilt they get emotionally involved in various causes, or advocate higher taxes for the wealthy.
“Buffett said: “The 400 of us [here] pay a lower part of our income in taxes than our receptionists do, or our cleaning ladies, for that matter. “
Will someone explain this? I’m kind of skeptical it is true.
Does he think he has a lower tax rate than someone who earned $40,000?
Buffett said: “The 400 of us [here] pay a lower part of our income in taxes than our receptionists do, or our cleaning ladies, for that matter.
I'd like to see the math to back this up.
If you’re in the luckiest 1 per cent of humanity, you owe it to the rest of humanity to think about the other 99 percent.”
Yup, hard work has nothing to do with it, it's all luck.
I would venture to bet right now in this day and age, there is only other person in existance that agrees with this statement, Hugo Chavez.
Oh good lord.........[eyes rolling, big time]
Sen. Hillary Clinton (D.-N.Y) equated higher taxes with patriotism
Democrats don’t acknowlege Congress undisciplined spending from funds collected from tax paying citizens.
New Yorkers should have to pay for their own ‘Senator Byrd buildings’ in New York, if that’s what they want.
Local Government spending should not be on the Federal budget.
The top 5% of wage earners pay 54.36% of taxes.
The top 10% of wage earners pay 65.84% of taxes.
The top 50% of wage earners pay 96.54% of taxes.
The BOTTOM 50% of wage earners pay 3.46% of all taxes.
Hillary is a liar.
”Our rulers will become corrupt, our People careless. The time for fixing every essential right on a legal basis is while our rulers are honest and ourselves united. From the conclusion of this war, we shall be going downhill. It will not then be necessary to resort every moment to the People for support. They will be forgotten, therefore, and their rights disregarded. They will forget themselves, but in the sole faculty of making money, and will never think of uniting to effect a due respect for their rights. The shackles, therefore, which will not be knocked off at the conclusion of the war, will remain on as long, will be made heavier and heavier, til our rights shall revive or expire in a convulsion. The people will be taxed for fifteen-sixteenths of their production. They will themselves pay the wages for those who place the shackles upon their own hands and feet. [Emphasis added.]" -- Thomas Jefferson
The reality is that the woman simply never has done ANYTHING. She has never created, invented or contrived as much as a small chair. Because she simply lacks the ability to take a hammer, wood and nails and make one.
In her entire adult life she has leeched off the rest of us. Why? Because that's all she can do. She is typical of the professional politician and almost all lawyers who simply do not grasp the concept of producing something of value in exchange for money. Because of this they live lives of parasites. Parasites who have built for themselves in our society a pretty good business of making us pay them for standing around and doing nothing but acting like they are.
Buffett said: “The 400 of us [here] pay a lower part of our income in taxes than our receptionists do, or our cleaning ladies, for that matter.
Three things probably cause this. First is the Social Security tax. The 6.2% (+6.2% employer) tax tops out at about $100,000. However, the benefits paid are also capped and this cap is increasing faster than inflation. If you wish to maintain the fiction that SS in a retirement or insurance program rather than just welfare you have to keep the cap.
Second, a lot of higher income people's income is in capital gains which is charged a lower tax rate. A more "fair" method would be to charge the same rate for capital gains as for regular income, but to increase the cost basis by the inflation rate. Thus if you invest $1000 this year and sell that investment next year, you pay you taxes on the increase over $1030 to cover a 3% inflation rate. You don't get taxed on the value the government has stolen by printing too much money. Similar rules would have to be put in for savings, so if you save $1000 and get $20 interest you realize that you are $10 behind after inflation. However, this would be a bookkeeping nightmare.
Third, a lot of the rich make money on municipal bonds. These are tax free to subsidize the cities and states borrowing money. If municipal bonds weren't tax free, localities would have to pay about 1/3 higher interest rates to convince people to loan them money. In the end the rich would gross more money and net the same amount, with the final transfer from the localities to the bond holder to the federal government.
In 2004, the Top 1% of wage earners paid 36.89% of all Federal income taxes (more than 1/3). The Top 25% paid close to 85% of the tax. The Top 50% paid 96.7% and the Bottom 50% paid only 3.3%. In other words, close to half the country is effectively paying no Federal Income Tax at all. Will someone, just for once please ask one of these socialist fools if they think that having the Top 1% pay 37% of the income tax is really too low a number, and if so, how much more should they be paying?
A problem with that is it's riskier to get a capital gain than to earn income. If there wasn't a lower tax rate, why not just put the money in the bank?
The key is after tax return. Raising the capital gains tax to 35% (the richest people have the most capital to invest) would crush the markets and kill the creation of new business.
A vote for any democrat is a vote for the death of the USA
I bet she has hundreds of them
Nope, none at all
Yes, fair if we use the socialist/communist definition of fair. Capital gains are on income that has been earned and taxed already then put back into the economy as investment - which continue to grow the economy. The income generated by the new growth will be taxed. Don't use double taxation, taxing the capital gains as well.
Neal Boortz was talking about just this sort of thing last night, about how when you cut tax rates and let people keep more of their own earnings, they tend to work harder, earn more, and increase the amount coming into the government.
On the other hand, when you raise tax rates, effectively punishing people for working harder and being more prosperous, they tend to not work so hard when they’re not being rewarded.
I recall a similar situation that happened with a casino in IL (I believe). The state had passed laws that taxed a casino’s earnings at a higher rate once the casino had taken in a certain amount (a “progressive tax” on the casino’s earnings). I believe that the tax was right in the neighborhood of 50% on every dollar over that ceiling. Well, the casino decided that it couldn’t justify keeping the casino open 24 hours a day due to staffing costs, utilities, etc, so they adjusted their hours so the casino would take in roughly the maximum amount before the higher rate of taxes cut in. They cut back on their hours, which meant that the state stopped getting tax revenue (at the lower rate) on anything that the casino had taken in before cutting the hours. And the casino had to lay off an entire shift of staff, since you don’t need cocktail waitresses, dealers, “bosses,” etc, if you’re not open.
So, not only did the state reduce their intake of tax dollars, they also increased the unemployment roles.
Mark
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