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Because the rich write the laws for the rich. That is why Buffett wants taxes raised, he knows it will be earned income that is taxed not his unearned, which the rich usually make more at.
Warren Buffett: U.S. Never Followed Through On That Whole 'Tax The Rich' Thing
Warren Buffett thinks it's a problem that some of the wealthiest Americans pay lower tax rates than their housekeepers.
The billionaire investor said taxes on the wealthiest Americans are far too low, given that some of the 400 largest earners in the United States, whose average income was about $200 million a year, pay a tax rate of less than 10 percent.
“That’s still a lot less than my cleaning lady,” Buffett said in an interview with Politico editor-in-chief John Harris. “So it hasn’t been fully corrected,” he added, referring to the fact that he has been complaining about this issue for years.
Buffett said his own tax rate was “certainly not too high.”
The 84-year-old “Oracle of Omaha” -- a nickname the Nebraska native earned for his track record of lucratively accurate investment predictions -- has long advocated for a minimum tax on top earners. In 2011, he wrote an op-ed in the New York Times calling on Congress to raise taxes on households earning more than $1 million a year. President Obama embraced the idea, calling it "The Buffett Rule."
Specifically, Buffett urged the federal government to charge higher tax rates on income earned from some stock dividends and capital gains. Currently, such income is taxed at rates far lower than ordinary income
Warren Buffett U.S. Never Followed Through On That Whole Tax The Rich Thing
GET INFORMED, OR STOP USING RIGHT WING TALKING POINTS BUBBA!
I know what he wants. He wants higher earned income taxes with less deductions. He never talks about unearned income, which is most of his income.
Are you a fukkn moron or what? Plain English NEVER seems to get thru that tiny brain of yours on ANYTHING. You are typical right wing hate talk radio listener who believes the propaganda spewed by the morons!
.
Specifically, Buffett urged the federal government to charge higher tax rates on income earned from some stock dividends and capital gains. Currently, such income is taxed at rates far lower than ordinary income
I know name calling is generally ineffective. First it shows weakness and secondly it tends to shut down the communication between two people. Of course, some people like to name call because they don't want ideas exchanged or challenged.
And clearly D2Three is here to spew baseless socialist BS and when exposed, to pepper his betters with invective. Nearly 10,000 posts in little more than a year with months off for bad behavior. Having perused a couple hundred of his posts his pattern repeats itself ad nauseam.
Is that the best you got?Long before the rubble, FDR nationalized all industry...
It is far better that you remain silent and have others think you a fool than to post here and remove all doubt.
Too funnyThey already do pay more. And you are lucky they pay any! Federal income taxes are completely voluntary, unless you are a resident of Washington DC. Or a non resident alien.
That is why we need to tax stock transactionsWhy shouldn't "unearned" income be taxed at a higher rate than "earned" income.
End the work tax.
Because the rich write the laws for the rich. That is why Buffett wants taxes raised, he knows it will be earned income that is taxed not his unearned, which the rich usually make more at.
Once you have boots on the ground it is hard to pull their funding. Republicans thrive on thatIRAQ WAR
hundreds of dems cast literally thousands of votes to continue funding it for a decade
Yes.............
To whom more is given, more is required............
And indeed the top 25% of America's earners currently carry 86% of the federal personal income tax load while the bottom 49% get a free ride.
So how much of the load should the top earners carry?
96%?
106%?
Yep the top 25% pay 85% of the INCOME tax load (which is less than 50% of ALL federal revenues) yet they "earn" 70% of ALL income. HMM
And the bottom 50% "free riders" make about 11% of ALL US income, a reduction of the pie of nearly $5,000 PER family since Reaganomics. Go figure they are not paying that piece of the pie less than 50% of fed revenues, INCOME taxes!
Yes.............
To whom more is given, more is required............
And indeed the top 25% of America's earners currently carry 86% of the federal personal income tax load while the bottom 49% get a free ride.
So how much of the load should the top earners carry?
96%?
106%?
But this avoids the fact that the top 25% of Americans probably use about 90% or more of the usage of government services...
That is absurd on its face but you now have the opportunity to look at facts (not that they will change your thinking). None of the following establishes the top 25% of American earners as greater users of gov't services than the gen pop. In fact, it clearly establishes the bottom 49% - those who contribute NOTHING - as the biggest beneficiaries by far:
Federal budget 2014 $3.6 trillion
Major Entitlements (Social Security, Medicaid, Medicare) $1.8 trillion (49%)
Income Security (Fed employee retirement & disability, unemployment comp, food & housing assistance) $720 billion (20%).
National Security (military) $650 billion (18%).
Interest on national debt $320 billion (6%)
Transportation & Education $210 billion (4%)
Once you have boots on the ground it is hard to pull their funding. Republicans thrive on thatIRAQ WAR
hundreds of dems cast literally thousands of votes to continue funding it for a decade
Of course the bottom 49% pay nothing, what do they have to pay? How much income do they have that is comparable to the income of the top 25%? No one said I wanted it raised, well, maybe on those making more then $250,000..That doesn't change the fact they own most of the wealth, and it was obvious I was referencing income as well.
"They own most of the wealth, of course they pay most of the income tax." - David
The fact that some (or many) have more wealth than you has no bearing on their fed tax liability. The fact that the top 25% of American earners carry 86% of the fed income tax load (with the bottom 49% paying nothing) seems unsatisfactory to you. So what would satisfy you? 96%? 106%?
Oh, what do they have to pay?
Why don't you on the left ask that of your party when they inflict unnecessary costs to the poor like increasing sin taxes as Obama did first thing in the White House? Or increasing the cost of fuel for a "greener" environment? Over here, they put a sales tax that mostly subsidizes public transportation. Oh, for that the poor have money, but not for taxes and digging this country out of the tremendous hole that we are in.
REAGANOMICS.
Yo Dumb2Three; your graph shows most of the gain by those you're jealous of ocuring during the CLINTON years. Reagan wasn't president during the 90's stupid.
The FAIR tax exempts the poor.LOL. Yeah, great idea, punish the poor more then anyone else.Earlier on this thread I stated that a Flat Tax could be tiered and most Flat tax proposals do exactly that. Where the poor pay 0% or 1% into the system. So they wouldn't be paying Federal Taxes on most proposals. So how is 0% or 1% increasing the tax on the poor............
Now if you want to address the Tax Credits under the current system............then yes the savings to the Gov't would be over 200 Billion a year to these same people. As in the end their Federal Tax burden is 0%, but they get a check back anyway.......to the tune of thousands of dollars every year.
I call that what it is.............A Welfare Check every year without calling it one. Paying 0% is enough of a break................and if we were to write Welfare checks then do it outside of tax law. We have safety nets already in place for those needing assistance..............and 0% tax rates are enough already under the system.
The term "tiered flat tax" is an oxymoron.
Yeah ... how about an SFT (Sorta Flat Tax)?
We can call it whatever makes you happy as long as it eliminates the need for accountants, tax attorneys, IRS bean-counters, multiple forms, and hours (or days, or weeks) of compiling and filing. I figure we all get the same $30,000 or $40,000 standard deduction (which means the bottom 49% would still pay no fed income tax) and then do at most 2 or 3 tiers ... #1 for all earned income above the SD up to $250,000, #2 on income from $250,000 to $500,000 and #3 on all income above that. Simple, fair, tons of aggregate savings in both cash and time and it's a win-win-win (unless you are an acct or tax lawyer).
As long as we have an income tax, we will still have the IRS and all the accountants, tax attorneys and IRS bean counters will keep their jobs. The only way to get rid of them is to abolish the income tax and switch to a consumption tax.
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I knowOnce you have boots on the ground it is hard to pull their funding. Republicans thrive on thatIRAQ WAR
hundreds of dems cast literally thousands of votes to continue funding it for a decade
it's especially hard for you to end when you're voting FOR something idiot
Only a numskull and a thug would think looting $500 biliion is a good idea. No nation ever taxed its way to prosperity.There is no real purpose in taxing the rich more of their income because there simply isn't enough income among the rich to even close the Obama deficit, much less pay for anything new.
Weird, the top 1% had $1,976,738 ($1.97 TRILLION) in income in 2012, thew latest year with only $451,328 ($451 BILLION) in income taxes (an EFFECTIVE rate of 22.8%) IF we just doubled the effective rat\r the US would have another $451 billion, does that help US in revenues?
Top 5% had $3,330,944 ($3.3 TRILLION) in income and only paid $698,543 ($698 Billion) in taxes, 21.0% EFFECTIVE tax rates. What if we had another $698 billion?
BTW, this years deficit is projected to be $486 billion
Summary of Latest Federal Income Tax Data Tax Foundation
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Bullshit. Tax revenues increased under both.Weird how SOOOOO many people here talk about "hate" and then show how it's REALLY done
80% of the population owns 5% of the wealth.
Who Rules America Wealth Income and Power
The middle class has been eviscerated. What middle class?
the middle class gets screwed by the politicians spending 18 trillion dollars, which eats up the money that could be used to create jobs......the politicians you want to give even more money to are the ones fucking up the economy...so why do you want to give them more money.......?
you said they just give that money to the rich right, dumb fuck? so why on earth would you want to give them more tax money...our money, so they can just give it to the rich? Please...explain how that works.....
DUMBFUK, MOST OF THAT $18 TRILLION CAN BE TRACED BACK TO RONNIE/DUBYA TAX CUTS !!!
Tax cuts don't cost money. Tax cuts reduce the money coming in. If you reduce the money coming in as well as spending, it doesn't cost us a dime. If you reduce the money coming in and not reduce spending, it's the spending that costs the money--not the tax reduction.
Name the last GOP Prez to cut spending, even projected? lol
Hint Ronnie/Dubya GUTTED tax revenues AS they exploded spending!
Thanks for agreeing, you don't get more revenues by cutting taxes UNLESS the effective tax rate is near 60%
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Sorry, in Cali since I started voting, the votes for green have zero to do with electing Prez, and it was the most liberal candidate on the ballot I vote for!
My point exactly! You don't really care what is best for America or who is the best candidate as long as he (or she) is "the most liberal candidate on the ballot." You are the kind of loony leftist puppet who best exemplifies what is wrong with mindless Leftism: it is a religion - a belief system - that rejects logic and reason.
BTW ... like RW you squeal like a stuck pig but have failed to provide a lick of evidence that FDR "nationalized all industry."
Weird, name 3 POLICIES the conservatives have gotten right the last 40 years? Just 3? lol
Weird, Did I make a premise I haven't backed up? NOPE. You want me to do your or other posters work TOO? lol
Again the same "cons are always on the wrong side" pap you have spewed on dozens of posts. Do you have anything of value or is silly socialist BS all you have?
BTW, you continue to avoid the Q.
Do you have anything to back up RW's BS claim that FDR "nationalized all industry" or are you just doing the loony leftist shuffle?
Weird, did I make some claim I haven't backed up? Didn't think so Bubba
PLEASE though, give me just 3 POLICIES conservatives have been on the correct side of history the past 40 years? 60 years? 100? How about going back to the US Founding? Just 3 please, oops
I CAN DO THAT LEFTARD; the easy answer is ALL OF THEM!1
after all idiot, the policies you say the Right has been wrong on have and were all voted for and even EXTENDED AND CONTINUED BY DEMOCRATS.
want the list stupid?
an easier question for this loser lefty would be what republican policy or law DIDNT Democrats vote in huge numbers to continue, fund, extend even...etc.
its' a much shorter list
idiots and hypocrites
obama EXTENDED the Bush tax cuts, ALL OF THEM EVEN FOR THE HIGHEST BRACKETS, and extended them AFTER they were to "sunset"; and OBAMA did this WHEN HE STILL HAD DEM-MAJORITIES IN BOTH CHAMBERS OF CONGRESS
No Child????????????????????
bi-partisan vote
home loans to people that were risky?? DEMS UP TO THEIR NECKS IN THAT
Yes.............
To whom more is given, more is required............
And indeed the top 25% of America's earners currently carry 86% of the federal personal income tax load while the bottom 49% get a free ride.
So how much of the load should the top earners carry?
96%?
106%?
Yep the top 25% pay 85% of the INCOME tax load (which is less than 50% of ALL federal revenues) yet they "earn" 70% of ALL income. HMM
And the bottom 50% "free riders" make about 11% of ALL US income, a reduction of the pie of nearly $5,000 PER family since Reaganomics. Go figure they are not paying that piece of the pie less than 50% of fed revenues, INCOME taxes!
you say "since Reaganomics" without a shred of irony left-wing nutjob. you DO realize Mr Know-it-all that so many Democrats in congress voted for Reagan's policies the term Reagan Democrat was coined?
you DO realize Reagan had a Dem-majority House all 8 years?
libs are losers who lie to themselves
