Posted on 08/24/2011 2:38:56 PM PDT by SeekAndFind
IT HAS BEEN a little over a week since billionaire Warren Buffett called for higher taxes on the richest Americans, and now comes the reaction. Harvey Golub, a former chairman and chief executive of American Express, writes in the Wall Street Journal that he resents Mr. Buffetts suggestion. I already pay plenty of taxes, Mr. Golub asserts, adding: Before you ask for more tax money from me and others, raise the $2.2 trillion you already collect each year more fairly and spend it more wisely.
Whos right? Mr. Golub points out that almost half of the population pays no income tax, and that the very top earners 250,000 Americans who make $1 million or more per year already pay 20 percent of the total. State income taxes are often quite high, especially in places where the rich cluster, such as New York, New Jersey and California yet, notes Mr. Golub, Mr. Buffett doesnt factor that in. The current code is replete with favors to various interest groups and industries, as Mr. Golub puts it, from the mortgage-interest deduction to the exemption for employer-paid health benefits. On top of that, the government wastes a lot of money on farm subsidies and duplicative job-training programs.
All true. But this doesnt really refute Mr. Buffett, whose main argument that the burden of deficit-reduction should fall most heavily on the well-to-do Mr. Golub doesnt dispute. Mr. Buffett acknowledged that higher taxes on the very rich should be part of a deficit-cutting package that also tackles excessive entitlement spending. Unlike Mr. Golub, he noted that lower-income people who dont pay income taxes do pay substantial payroll taxes, which are less progressive.
More to the point, theres no contradiction between Mr. Golubs attack on tax expenditures and Mr. Buffetts lament,
(Excerpt) Read more at washingtonpost.com ...
As the Tea Party gains traction...the Elite perceive their “claim” on Federal Government slipping.
Progressive Taxation is how the Elite “buy” legitimately claim the government as “theirs” ..which is why we enjoy an Oligarchy.
As others “buy in” they are trying to up the ante. That’s all.
how the Elite buy AND legitimately claim ...
oops!!
I dont care and i dont think its my business at all, but G-d knows how many of today’s Americans do, which is what I was trying to say. Common rhetoric is that people just simply do not deserve to have huge amounts of wealth they have (CEOs, pro entertainers, contractors, investors, etc) and should never have that much money to begin with, and regardless of whether or not you or I believe it, we will always need to address the large numbers of Americans who do.
Dont worry, there is helpful info there indeed. As I may have not made clear before, I am not a fan in any way of more taxing on anyone. I’d sooner have my tonsils, wisdom teeth and appendix removed the medieval ways before advocating more taxes on anyone. The point was the need to develop arguments to deal with the mentality of taxing more “rotten rich kids “ (yeah it was meant to be facetious, probably should have included the /s tag) will bring more prosperity to the rest of Americans. We need to have a debater’s guide when it comes to raising taxes, taxing the richest, hell anything regarding taxes in general. And so we can be prepared to effectively argue that the solution to the crisis is never a matter of exhorting more tax dollars from people, (regardless of wealth).
Well, as you can see, I have been working on putting a few tidbits together that I can throw out now and again. My husband happens to like the one about God only asks for 10%.
As for Buffet and his ilk. It always pays to follow the money.
Exactly, you give govt. $1.00 and they spend $1.50 which you, as taxpayer, are on the hook to pay back with interest.
The income tax issue is being used to avert our attention from what's really coming next: a Wealth Tax.
Recall, Oblamer didn't tell Joe-the-plumber he wanted to "spread the tax burden around", he said,"spread the wealth around".
Good God, man!
Whatever do you have against the rich. What did they ever do to you (besides give you a job?). What the hell are you doing on a conservative forum? Attitudes like yours belong on Daily Kos or DU. Class warfare is hardly a conservative warcry.
How about we try to encourage others to be rich, too?
Yeah no conflict of interest there. /s
Income tax has deductions, and the more you earn, the more deductions you can claim. FICA is paid on the first penny earned, with no deductions at all.
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