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Getbig Main Boards => Gossip & Opinions => Topic started by: Coach is Back! on August 21, 2011, 12:34:39 PM
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Taxing millionaires and billionaires more – a position advocated by billionaire Warren Buffett and President Barack Obama – won’t make much of a dent in the national debt or the record federal budget deficits, a new study finds.
“Even taking every last penny from every individual making more than $10 million per year would only reduce the nation's deficit by 12 percent and the debt by 2 percent,” the non-partisan Tax Foundation’s David Logan writes.
“There's simply not enough wealth in the community of the rich to erase this country's problems by waving some magic tax wand,” said Logan.
Buffett, in an August 15 op-ed in the New York Times said it was time to stop “coddling” the wealthy and called on Congress to raise taxes on those making $1 million or more.
“But for those making more than $1 million there were 236,883 such households in 2009 I would raise rates immediately on taxable income in excess of $1 million, including, of course, dividends and capital gains. And for those who make $10 million or more there were 8,274 in 2009 I would suggest an additional increase in rate,” Buffett wrote.
“My friends and I have been coddled long enough by a billionaire-friendly Congress,” wrote Buffett.
However, according to the Tax Foundation study written by Logan, even taxing the nation’s millionaires at 50 percent – even eliminating loopholes and deductions – would only reduce the deficit by 8 percent and the national debt by 1 percent.
“[T]aking half of the yearly income from every person making between one and ten million dollars would only decrease the nation's debt by 1%,” the report said.
U.S. currency
U.S. currency
Taxing millionaires at an effective tax rate of 50 percent would raise only $120 billion more, according to Tax Foundation calculations based on IRS data.
Taxing those who make $10 million or more at an even higher rate, as Buffett advised, would also do little to reduce the deficit and debt. Tax Foundation calculations indicate that taxing these individuals at an effective rate of 100 percent would only net the government $186 billion, reducing the deficit by 12 percent and the debt by an additional 2 percent.
In fact, the only way for the government to solve its fiscal issues with revenue would be to confiscate every single dollar from every single American making $200,000 or more per year, the study said.
“Finally, to put everything in perspective, think about what would need to be done to erase the federal deficit this year: After everyone making more than $200,000/year has paid taxes, the IRS would need to take every single penny of disposable income they have left. Such an act would raise approximately $1.53 trillion,” reported the Tax Foundation.
Buffett, in his New York Times op-ed, said, “It’s time for our government to get serious about shared sacrifice.”
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Where were you when bush was funding these fake wars and puting us in debt? You werent talking about balancing the budget... Get the fuck outta here you old sheep.
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But it just so happens to be Obamas personal agenda.
Ever wonder how mad dictators of great empires through out history get away with so many crazy and unpopular things they do? Well now we get to experience and study this phenomenon first hand. :o Look at it from a bright perspective.
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I'm surprised there are only 236,000 in the U.S. with $1,000,000+ in taxable income.
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Where were you when bush was funding these fake wars and puting us in debt? You werent talking about balancing the budget... Get the fuck outta here you old sheep.
Yeah that was fucking off the hook crazy. Bush admin claiming the exact positions where supposedly weapons of mass destruction where found. Turned out years later when the war was already in full swing there was never anything there... ::)
Sad really how lies like that are allowed with out serious repercussions.
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Yeah that was fucking off the hook crazy. Bush admin claiming the exact positions where supposedly weapons of mass destruction where found. Turned out years later when the war was already in full swing there was never anything there... ::)
Sad really how lies like that are allowed with out serious repercussions.
government including CIA, is corrupt as fuck....I dont know who is really running thijgs we need a good cleansing. I will leave this once great country and just have the good memories. This place is fucked...and its everyones fault.
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Pfft. If the Republicans came out tomorrow and said 'let's tax the poor,' you all know how fast Coach would get behind it. ::)
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If shit goes down, im sending a bunch of angry blacks to raid coaches house.
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government including CIA, is corrupt as fuck....I dont know who is really running thijgs we need a good cleansing. I will leave this once great country and just have the good memories. This place is fucked...and its everyones fault.
Yes CIA manufactured that false intelligence. It's clear they have an agenda, who knows what crazy plan they came up with? Only thing we do know is they have their tentacles into everything that matters around the world.
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Where were you when bush was funding these fake wars and puting us in debt? You werent talking about balancing the budget... Get the fuck outta here you old sheep.
Good post!
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If shit goes down, im sending a bunch of angry blacks to raid coaches house.
lol
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lol conservative think tank comes out against taxing the rich, news at 11
great find ::)
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If shit goes down, im sending a bunch of angry blacks to raid coaches house.
If you send that many blacks after Coach just remember to bring one thing.......a good supply of body bags.
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T0BIN TAX WILL. EUR0PE STARTED ALREADY.
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Pfft. If the Republicans came out tomorrow and said 'let's tax the poor,' you all know how fast Coach would get behind it. ::)
And if they don't have any money, "put them out in the fields", then tax that...
What he doesn't realize, is that if his son gets a minimum wage job, he is basically considered poor, and would fall into the category in which he'd want taxed more.
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Chimps what do you mean by "if" they tax the poor? The poor are already getting taxed.
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Warren Buffett pays less taxes than his secretary lol and then people like Coach talk about socialism and Obama being marxist :D
If shit goes down, im sending a bunch of angry blacks to raid coaches house.
Haha :D
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If shit goes down, im sending a bunch of angry blacks to raid coaches house.
LOL ;D
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Warren Buffett is such an attention whore that I'm shocked he doesn't post here...or does he? ???
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If you know the facts on US history and economics you realize some basic trends stick out.
In the 1920's Harding, Coolidge and the infamous Hoover (all republicans) got the top marginal tax rate down to 25% by the end of the decade in 1929. Thru that decade known as the roaring 20's there was prohibition on booze, but a major decrease on financial regulations and in the markets.
At the peak, before 1930, the market crashed and we went into the Great Depression.
Fast fwd to 2001. G W Bush came in and lowered the top marginal rate from 39% down to 35 %.
During this same period the regulations on investment banks and mortgages was decreased and we had the infamous housing boom and complete meltdown in the fall of 2008. Three yrs later we still have a shit economy and plenty of debt.
To be fair, when Carter ( dem) was President ( 1976-1980) we had a horrible economy and dbl digit inflation.
The main these is when you lower taxes AND reduce financial regulations at the SAME time you end up with a wild west economy.
Human nature will always have greed win out . The well connected uber-rich , take what they can and run off with the $$ before we know it, in the name of the "free market".
Trust me on this folks, these guys only want cash and could care less who is in the whitehouse. Their main game is to prevent any enforced rules and financial regulations. The Hedgefund managers love to shift $$ to offshore accounts and avoid paying any taxes.
Guess what?! Sen John Kerry and VP Dick Chenney had a reported an "effective" ( after deductions) tax rate of around 13%. It was 100% legal!
Sooo, while we slobs. on the left or right, get distracted on NON issues like gay marriage and race relations, the rich keep making the rules for them to win the game before it is played. Follow the money people, it will always lead you to the real truth in politics.
It is pretty pathetic to see my fellow middle class working peers vote for canidates who want to end union worker rights and fight to preserve the same tax loopholes for the ultra wealthy. Thinking they are doing the right thing they support HMO executive bonus pay and and an increase in the rates in our health Ins. It puzzles me to see working class folks , like me, protest a major roads and bridge building program that could put thousands of regular guys to work at a good wage. They are doing the dirty work for the super wealthy and they must be having a good laugh at what fools they are.
The sad thing is, Coach ( from getbig posts) seem to be a sincere, decent, hard working guy. You are being duped coach. If you don't believe me , at least check out what Buffet has to say and realize that here is the 2nd richest guy in the world willing to tell the truth for once!
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so buffets idea will only take care of 12 % of the debt. only about a trillion dollars. yeah, not worth it it all. ::)
but if we can cut social welfare programs by a trillion dollars, well fuck now thats worth it!!!!!! ::)
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I'm surprised there are only 236,000 in the U.S. with $1,000,000+ in taxable income.
That right there shows u how many people hide their true taxable income.
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it's not in the riches interest everything crashes down. They need people to stay poor but alive to make money. They dont want people killing each others, or it would mean no more money for them, dead people cant buy shit and make/keep them richer! -well, they d still be in a lot better position than most of us when it happens anyways.
If even them are scared and desperate enough to propose such funny options, like suggesting higher taxes...for themselves, it means shit is about to hit the fan.
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If you send that many blacks after Coach just remember to bring one thing.......a good supply of body bags.
Lol excellent. I'm in tears. ;D
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If shit goes down, im sending a bunch of angry blacks to raid coaches house.
Those fools will fall asleep in the the get away car and get busted. Never hire a thug for a job requiring any degree of competence.