Warren Buffett: Tax the Mega-Rich…..
Posted by Pete | Posted in News | Posted on 16-08-2011
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Albuquerque Journal, August 16, 2011….Business Section in an Associated Press release…..Mr. Buffet says, “My friends and I have been coddled long enough by a billionaire friendly Congress. It’s time for our government to get serious about shared sacrifice.” Buffett noted that the mega-rich pay income taxes at a rate of 15 percent on most investments income but practically nothing in payroll taxes. The middle class meanwhile, typcally falls into the 15 percent and 25 percent income tax brackets and is hit with heavy payroll taxes. He said Washington legislators, “feel compelled to protects us, much as if we were spotted owls or some other endangered species.” In this article he recommends that they should immediately raise taxes on those households with a taxable income of one million or more and he would add an additional increase on those making 10 million or more. He also recommends that Congress leave the tax rate unchanged on 99.7 percent of the other taxpayers…..Mr. Buffett, sir, I kinda like the way you talk…..
The writer of this blog, as well as Warren Buffet, are job killers. For every tax increase on business entrepeneurs making a million or more, there is a corresponding 1000 jobs lost because that represents money that these entrepeneurs will not have to expand their businesses. Big government can expand its business with tax increases and with borrowed money from China and even by running its printing presses night and day, but private business entrepeneurs must use their own private capital to do so. They must also use it as collateral in the event that they need to borrow money. I say, let Warren Buffet pay all the taxes he wishes to pay, even to the extent of passing a “Buffet Tax” specifically for Warren Buffet, but leave me and those rich entrepeneurs, who have provided a job for me these past 50 years, alone. Incidentally, most of those companies and jobs that benefited me in the past are now far from these shores, or they don’t exist, having already fallen victim of an all-powerful EPA. The best Job creator would be a bill to abolish the Environmental Protection Agency and to send the Environmental Protection Act of 1970 to the museum where it belongs. This will stop the flow of jobs overseas to those places, like China, which have no such laws, or very weak ones that are not enforced. It will also send alot of “do nothing” bureaucrats in that huge EPA building in Washington packing and looking for jobs in the private sector created by millionaire entrepeneurs who invest their capital in job creating expansions instead of paying taxes that pay do-nothing government bureacrats huge salaries. Who knows? The six figure salaries of the White House staff may even be affected. Secondarily, kill Obamacare. This will help too, BUT DON’T TAX US MORE.
Warren Buffett paid $6,938,744 in taxes (wants to pay more). getyourhustleup americanaristocracy (and of course, i must mention) swag
Errol, You and those like you need to pay your fair share…Pay at least as much as us poor folks, percentage wise…
Sorry to disappoint you, but my wife and I pay our fair share, and we pay them on time each and every year. What right have you to say that we don’t? Incidentally, Warren Buffet should have paid $10 million. If he wants to pay more, he is welcome to pay it, but leave my wife and I alone. I’m simply saying that if this country is to continue in the capitalistic job-creating tradition, then capital must remain free to be invested in the most job-creating manner and not tied up by stilted bureaucrats into dead-in government jobs or sent overseas to be lost forever. We will either have a socialistic, government-run economy, or we will have one based on the free flow of capital. The two cannot be mixed.
We are very close to socialistic but we have to continue. So, now that we are here we have to do what is best under the present conditions and slowly correct the issues. Meantime, it has to be paid for. Neither of us created it but we are in it so we have to deal with it..
The trend towards socialism is a natural thing especially when one lives in a shrinking world with an ever increasing population, increasing longevity, and decreasing natural resources. That trend is likely to continue. I have often wondered why big Al Gore and his friends always blamed global warming on the burning of fossel fuels and a few thousandths increase in atmospheric carbon dioxide concentration with out even mentioning the real culprits; that is, the big nuclear reactor in the sky called the sun as well as over population.
I do not even know how I ended up here, but I thought this post was great. I do not know who you are but definitely you’re going to a famous blogger if you are not already 😉 Cheers!
well, I don’t know how you are either but I hope you are a prophet…for the right reasons of course…