Stop Coddling the Super-Rich

**photo** · 08-16-2011, 07:27 PM

The vast majority of us will agree. However, the term rich requires a clear definition. Taxing someone who makes $300,000 year at the same rate as someone making 3 million is slapping down achievement.

**krantcents** · 08-16-2011, 07:34 PM

Our tax system needs to be fixed, but it ia naive that the people in Congress will really do it impartially. There are too many lobbyists which through money wield a tremendous amount of influence. I feel they need to go to a respected third party to come up with ideas. such as tax professionals at a CPA firm. They are used to preparing those kinds of reports.
The next hurdle will be can Congress work together to actually solve the problem.

**uRabbit** · 08-16-2011, 08:01 PM

Originally posted by krantcents View Post

The next hurdle will be can Congress work together to actually solve the problem.

Yes, the can. But will they? The absolute answer - no. No one is putting fire under their asses. No one is telling them what they're doing wrong. We look to them for answers, instead of the other way around - the way it is supposed to be!

**photo** · 08-16-2011, 08:10 PM

The problem is that Congress is highly reluctant to raise taxes on those who gave them big bucks for their election campaigns.

Raising the taxes for corporations and billionaires is like biting the hand that feeds Congress.

**scotland** · 08-16-2011, 08:49 PM

A lot of people in Britain hate the way that the mega rich find ways of avoiding paying tax.
The superstar Bono has moved all his tax affairs to Holland in order to pay a lower rate of tax.

**photo** · 08-16-2011, 08:51 PM

Originally posted by scotland View Post

A lot of people in Britain hate the way that the mega rich find ways of avoiding paying tax.

What is the highest tax bracket in Britain?

**scotland** · 08-16-2011, 08:57 PM

Originally posted by photo View Post

What is the highest tax bracket in Britain?

Basic rate: 20% �0-�35,000
Higher rate: 40% �35,001-�150,000
Additional rate: 50% Over �150,000

**MonkeyMama** · 08-17-2011, 05:43 AM

I saw this piece and thought it was great. (I am a CPA).

I also agree with photo. Warren Buffet said taxes should be raised on those who make $1 mil + per year and more taxes on those who make $10 mil+. That is how it should be. (None of this tax the $250k income more - because believe me - those people pay more than their fair share!). Though that said, I don't think some of the proposed taxes on $250k+ income are that terrible. It's just that most tax proposals seem to be focus on the middle class and not the rich.

The truth is that the middle class gets the shaft, and the rich (including the big Corps) have Congress in their pockets. I respect Warren Buffet for calling it out as it is.

**creditcardfree** · 08-17-2011, 05:49 AM

Originally posted by MonkeyMama View Post

I respect Warren Buffet for calling it out as it is.

I do too. And it's not the first time he's said it. He's been saying it for years. Will the representatives listen though.

**riverwed070707** · 08-17-2011, 05:55 AM

I <3 WB! He's such a down-to-earth, practical man. He's genius and real all at the same time. A diamond in the rough for sure.

**photo** · 08-17-2011, 05:59 AM

Originally posted by scotland View Post

Basic rate: 20% �0-�35,000
Higher rate: 40% �35,001-�150,000
Additional rate: 50% Over �150,000

It's actually not quite as bad as I thought, but it this the total rate, or do you have other taxes (health care, for example) on top of that?

The US federal income tax bracket is only part of the picture. We also have individual state income tax, a separate tax for social security, and a separate tax for medicare.

**uRabbit** · 08-17-2011, 06:59 AM

Originally posted by riverwed070707 View Post

I <3 WB! He's such a down-to-earth, practical man. He's genius and real all at the same time. A diamond in the rough for sure.

Except that he supported the Governator.

I cannot support any one politician/influencer. They all have their downfalls.

**uRabbit** · 08-17-2011, 07:18 AM

Letters to the Editor, in response to WB's take on things, can be found here.

Interesting comments. It's true - why doesn't Buffet and his buddies pay more in taxes? Just because everyone else is not? Nothing is stopping them. Another person says that if taxes for the rich were to go up, it would not make a dent. However, as we all know, every little bit helps. It adds up. Raise taxes for the rich, cut spending on wars, cut spending here, increase profit there... It all adds up. There is not a SINGLE source of resolution to this country's debt.

**riverwed070707** · 08-17-2011, 08:04 AM

Originally posted by uRabbit View Post

Except that he supported the Governator.

I cannot support any one politician/influencer. They all have their downfalls.

A difference of opinion does not = downfall. No one is going to agree 100% of the time with another being. I'm not defending Buffet but the fact that he supported someone you didn't hardly makes him less of a reputable public figure.

Stop Coddling the Super-Rich