Tax the Rich!

I keep hearing about Warren Buffet's latest suggestion to the government that we need to tax the super wealthy more. This may be true. After all, they make more, they have more to give so, why doesn't Buffet voluntarily pay more in taxes? I did only a quick search on the internet and didn't find anything to indicate that he does this. I could be wrong but I imagine he donates to charities and such so, I'm sure he doesn't exactly squander his money.

Let me also say that being from Omaha, I have heard nightmare story after nightmare story concerning Warren Buffet and how he treats people who serve him. He is absolutely notorious for stiffing people by not tipping or going so far as to be insulting by leaving people a penny. Now, I have NOT seen this personally but, I have heard different stories from completely different people who all have very similar stories. I personally know the man is not terribly kind to his children but, that was years and years ago so, I won't drudge up old stories for the sake of insulting the man. I guess the point I'm making is, I just don't have a fond or admiring view of Buffet in general. I guess it's really easy for him to lecture others from his metaphorical mountaintop, being old and ready to check out.

Many corporations and extremely wealthy people donate lots of money to a variety of charities, and of course we see year after year that conservatives donate much more than liberals year after year. Yet, for some reason, Buffet seems to be under the impression that only liberals and democrats can help the country.

Check out this article. It's pure gold created by David S. Logan.

The United States currently boasts the most progressive income tax in the industrialized world. Meaning, our wealthy pay a greater share of the tax burden than do the wealthy in any other capitalist nation. Yet in an August 14^th New York Times op-ed, Warren Buffett called for even higher taxes on the rich in order to lower the federal deficit.  He believes that he and his wealthy friends are under-taxed.  However, Mr. Buffett's actions and the facts tell the real story.

• Mr. Buffett chose to leave most of his fortune to the Bill & Melinda Gates Foundation and, thus, avoided an estate tax that could potentially give 55 percent of his wealth to Uncle Sam.  Moreover, keeping that wealth actively working in the private sector would generate deficit reducing tax revenues indefinitely.   

• Mr. Buffett seems to forget that capital gains and dividends taxes are a double tax on corporate income.  Before it gives out a dollar in dividends, Berkshire Hathaway - like all U.S. corporations - must first pay a 35 percent federal corporate income tax, one of the highest in the world.  Then, shareholders pay the individual tax rate of 15 percent on their dividend income or the gains from appreciated stock. As a result, the combined tax rate of 50 percent is the 4^th highest combined dividend rate in the industrialized world. Ironically, we had the 8^th highest combined rate under Bill Clinton.

• In his op-ed, Mr. Buffett suggests that increasing taxes on the rich ensures that they pay their fair share.  Perhaps, but while the top 1 percent of taxpayers earn 20 percent of the nation's income, they currently pay nearly 40 percent of the income taxes. That's a greater share of the burden than the bottom 90 percent combined (that's everyone earning under $100,000 by the way). 

• Let's not forget that when the top marginal income tax rate was 70 percent in 1980, the rich paid 20 percent of all income taxes.  Yet now, when the top marginal rate is 35 percent they pay twice that. 

• Finally, while the tax burden on the rich has been growing, the burden on low and middle-income Americans has been shrinking. By most accounts, roughly 50 percent of American households pay no income tax at all.  Indeed, the IRS will give out roughly $110 billion in "refundable" tax credits this year to households that pay no income taxes.

Contrary to Mr. Buffett's and President Obama's perceptions, America's wealthiest taxpayers are paying a disproportionate share of the income tax burden. Before we ask the rich to pay more, perhaps we should ask those who are paying nothing to contribute at least something to the basic cost of government.

Of course, like any American, Mr. Buffett can voluntarily write a check or make an electronic payment to the Treasury to help reduce the deficit by simply clicking here.  He should keep in mind, however, that donating to the IRS is not tax deductible.  

Of course this is why so many conservatives simply shake their heads wondering what on earth it will take for liberals to stop and recognize their mental disorder?

It's just sort of silly the way they see the economy. Now, we know that the Laffer Curve is accepted as a  major theory among top economists and suggests that 0% and 100% taxes will generate no revenue. If people are taxed 100%, they will not work. If the tax is 0%, there is nothing to take. The government must find a tax rate that will bring in the maximum amount of revenue without impeding upon people so much that they refuse to work or, find means of avoiding taxes all together.

Isn't this what we see very wealthy liberals do all the time? I believe it's John Kerry that docks his yacht in Rhode Island to avoid higher taxes elsewhere? Didn't I read recently about Alec Baldwin claiming he lives in the Hamptons so that he can avoid high taxes yet, clearly he lives in NYC? What about Michael Moore? He's always lecturing people about paying more in taxes but he took a huge tax cut incentive for filming his "docu-fictions" he insists are real. It's called hypocrisy and most of us are hypocrites so, I'm not going to beat these people up too much for falling short of their own ideals -- I do myself. I would just ask that they not act so damn sanctimonious about everything and then turn around and insist that it is others who are being judgmental.

I know those evil, rich people really do such horrible things like buy things that create jobs or employ people so they have jobs. Bastards!

Seriously, I know there are evil people in this world and yes, some are rich, some are poor, and some are in the middle but, the fact remains -- no one has been gainfully employed by a poor person. This isn't about judging someone's character, or is it? It seems every time I speak with a liberal, they have such disdain for people who are wealthy and some are wealthy themselves. They act as if they are supportive of the middle class, but then why do they support all economic policies that ultimately are geared to eat up the middle class altogether and leave only the very rich and the very poor? We have become a society of these two classes and it's not because of our thriving capitalist policies; it's because of our ever-increasing socialist policies.

What kills me is how liberals like Buffet flat out lie in order to make their point. Liberals love the whole "ends justify the means" type of argument. This is their number one tactic. No, excuse me that's denial; denial is their number one tactic, then blame. Buffet claims his secretary pays more of a percentage in taxes overall then he does. Well, this is a total lie and anyone with a brain can figure this out but, if you need help because you still support liberals, I will direct you to Larry Elder's recent article.

Liberals are also known for seeing the world in terms of zero-sum. Essentially they believe if someone gains, someone else MUST lose. Instead of seeing someone succeed and being able to recognize that as success for everyone else as well, they see that as failure for someone else, often themselves. They don't want to share wealth; they don't want others to succeed. They like people remaining poor, remaining on the government doll, being ever increasingly dependent upon the government, claiming victim status, and embracing the idea that everything is limited.

This type of thinking is disturbing, limited, evil, incorrect, and reflective of a severe mental disorder. Any success should be encouraged and supported because, a win for someone is a win for EVERYONE. There is always more and everyone deserves and receives what they put in. The universe works to help you so that you can help others. It's really as simple as that and conservatives embrace and encourage success for everyone! They know that the government will never be able to help. People have to change their mentality and believe in themselves and those around them. If you're in a constant state of coveting what someone else has, this is a sure formula for being miserable and that is exactly what liberals want people to feel. If everyone sees themselves as a victim, how can anyone flourish and develop? I mean, why bother if it's just about genes and luck?

Mr. Buffet doesn't want to pay more taxes and he certainly doesn't want to let anyone know that they too can be successful, except his offspring. No, he'd rather lecture people and talk to us like we are all stupid, by flat out lying to us. This is a man who can't even give more than a penny when someone (a little person), valet parks his car. Oh, but remember, he's all about helping the little guy. He's really looking out for everyone else. Pffft. It's people like this that really disturb me. I can't tell if he's just ignorant or plain evil.