Republican Corporate Chairman On Whether Tax Cuts For The Rich Create Jobs: ‘Tha

[blacken700]

Earlier this month, billionaire investor Warren Buffett wrote in a New York Times op-ed that Congress has been “coddling the super-rich,” and called for higher taxes on millionaires and billionaires. “While the poor and middle class fight for us in Afghanistan, and while most Americans struggle to make ends meet, we mega-rich continue to get our extraordinary tax breaks,” he wrote. “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.”

Several Republicans have scoffed at Buffet’s proposal, including the multimillionaire Mitt Romney. However, in an interview with Fox 4 News, multimillionaire Henry Bloch — co-founder and chairman emeritus of the tax preparation company H&R Block and a registered Republican — said that “the wealthy have a debt to this country. They can afford to pay it and they should.” He added that the Republican push to protect tax breaks for millionaires in order to promote job creation is “baloney“:


That’s so baloney,” Bloch said. “Rich people don’t create jobs. Companies create jobs.”…”You probably pay a higher rate than I do… and yet my income is probably many times what yours is,” Bloch said to FOX 4 Reporter Rob Low.


Bloch is not alone in the GOP in agreeing with Buffett’s op-ed. Last week, Rep. Jeff Fortenberry (R-NE) said Buffett is right that loopholes in the tax code “skew in favor of the ultra-wealthy, ultra-wealthy corporations, and the overseas aristocracy.”


http://thinkprogress.org/economy/2011/08/22/300834/bloch-taxes-baloney/

[Straw Man]

cue the get big teabaggers to label this guy a socialist

[GigantorX]

In depth tax reform, from top to bottom, is the way to go. Everyone pays in, everyone has skin in the game.

Raising the rates on 200k plus earners won't do you much good when it comes to actually generating revenue.  Plus the top earners capital/cash is all mobile so the higher rates would score the clown brigade some headlines but the actual dollars and cents that would be generated would be trivial at best. Plus any new revenue that is generated would be spent the second it started coming in based simply on the fact of the how this nation does its budgeting.

Anytime Old Warren wants to stop paying the long term capital gains rate on his investment income he is certainly welcome too. The old man has to owe something to someone somewhere because they trot him out to speak the party line like this all the time. He's railing against the the very tax code he takes full advantage of, fucking hilarious.

Lowering rates at this point wouldn't do much good, the consumer is to scared and everyone is in too much debt. In my opinion tax cuts alone don't lead to job creation, rates and the code are part of an economic environment. Raising them certainly wouldn't do you much good either.

And also, what tax "cuts" is this guy talking about? The only tax cut that has been implemented was the dumbshit/dog shit payroll tax cut.

[Straw Man]

In depth tax reform, from top to bottom, is the way to go. Everyone pays in, everyone has skin in the game.
Raising the rates on 200k plus earners won't do you much good when it comes to actually generating revenue.  Plus the top earners capital/cash is all mobile so the higher rates would score the clown brigade some headlines but the actual dollars and cents that would be generated would be trivial at best. Plus any new revenue that is generated would be spent the second it started coming in based simply on the fact of the how this nation does its budgeting.

Anytime Old Warren wants to stop paying the long term capital gains rate on his investment income he is certainly welcome too. The old man has to owe something to someone somewhere because they trot him out to speak the party line like this all the time. He's railing against the the very tax code he takes full advantage of, fucking hilarious.

Lowering rates at this point wouldn't do much good, the consumer is to scared and everyone is in too much debt. In my opinion tax cuts alone don't lead to job creation, rates and the code are part of an economic environment. Raising them certainly wouldn't do you much good either.

letting the Bush Tax Cuts expire would have done just that although I would not have a problem if they were modified toward the higher brackets.

higher income earners benefitted more in the last 10 year while the lower income earners stood still or regressed

A millionare would not even feel a 2% tax increase while someone barely scraping by would feel it

[Dos Equis]

In depth tax reform, from top to bottom, is the way to go. Everyone pays in, everyone has skin in the game.

Raising the rates on 200k plus earners won't do you much good when it comes to actually generating revenue.  Plus the top earners capital/cash is all mobile so the higher rates would score the clown brigade some headlines but the actual dollars and cents that would be generated would be trivial at best. Plus any new revenue that is generated would be spent the second it started coming in based simply on the fact of the how this nation does its budgeting.

Anytime Old Warren wants to stop paying the long term capital gains rate on his investment income he is certainly welcome too. The old man has to owe something to someone somewhere because they trot him out to speak the party line like this all the time. He's railing against the the very tax code he takes full advantage of, fucking hilarious.

Lowering rates at this point wouldn't do much good, the consumer is to scared and everyone is in too much debt. In my opinion tax cuts alone don't lead to job creation, rates and the code are part of an economic environment. Raising them certainly wouldn't do you much good either.

And also, what tax "cuts" is this guy talking about? The only tax cut that has been implemented was the dumbshit/dog shit payroll tax cut.

Good points. 

There is a bigger issue too (at least for me).  Regardless of whether tax cuts create jobs, the issue is allowing people and businesses to keep more of their own money.  That should be one of DC's primary goals. 

[Straw Man]

Good points. 

There is a bigger issue too (at least for me).  Regardless of whether tax cuts create jobs, the issue is allowing people and businesses to keep more of their own money.  That should be one of DC's primary goals. 

nice platitude

we let people keep more of their own money for the last 10 years and all we did was create a revenue short fall so that in the end we all have more debt to pay back

what good did that do

[GigantorX]

nice platitude

we let people keep more of their own money for the last 10 years and all we did was create a revenue short fall so that in the end we all have more debt to pay back

what good did that do

Actually, the budget broke 2 trillion under Bush and is now at 3.7 trillion the CBO as it at about 5.2 trillion by 2021. Somewhere in there a little, tinsey, tiny bit of debt/deficit was created. Now, I may not be a rocket scientist or a mathematician but I do know that even if the tax cuts were never enacted, there would still be a huge, titanic gap between revenue and total outlays. What do you do then? Blame it on low tax rates and hike them again? I mean, you double the federal budget in about 10 years, at this point it isn't a revenue problem.

As for total tax reform, I'm talking about actual reform, not just higher rates, a still grossly inefficient code that promotes consumption, punishes saving and absolutely is slanted towards large corporations and the upper brackets. Cut the number of brackets to 3, start closing most, if not all of the holes/deductions/abatement's/other tax expenditures etc and finally end the use of the tax code to pick winners and losers and all of that other stuff.

Here is your rate, if you have a small business or whatnot you get a few simple deductions or just a  really low rate. You pay that rate, no more hedge fund guys getting their sole source of income taxes at the long term capital gains rate, no more 50% of the country not having any income tax liability and on and on. Same with the corporate rate, you can cut it but you close the loopholes and such. You can also completely reform the H1-B visa program and actually have respect for this nations laws and borders by actually enforcing the law and the borders. Make the base strong, fertile, predictable and it will grow. Then you get your revenues.

Just a few ideas.

[tonymctones]

nice platitude

we let people keep more of their own money for the last 10 years and all we did was create a revenue short fall so that in the end we all have more debt to pay back

what good did that do

right it wasnt the gobs on gobs of spending thta lead to the revenue short fall it was the lack of taxation

why dont we just cut spending and let ppl keep more of their money?

[Dos Equis]

right it wasnt the gobs on gobs of spending thta lead to the revenue short fall it was the lack of taxation

why dont we just cut spending and let ppl keep more of their money?

Tell me about it.  Let people who don't mind having their money wasted by government politicians send in all the money they want.  Everyone has the option of paying excess taxes.  I wonder how many of those who believe in class warfare actually do?  Including Warren Buffett.  Why doesn't he quit crying about his tax rate and just send his money to the government?   

[tonymctones]

I totally agree

the thing about buffets plan that straw and blacken dont mention(intentionally more than likely) is that he only proposes something like 10cents more on every dollar OVER A MILLION that you make.

theres a big difference between that and obamas 200k...

something they dont mention...

[MM2K]

Tell me about it.  Let people who don't mind having their money wasted by government politicians send in all the money they want.  Everyone has the option of paying excess taxes.  I wonder how many of those who believe in class warfare actually do?  Including Warren Buffett.  Why doesn't he quit crying about his tax rate and just send his money to the government?   

Or why doesnt he just allow his WEALTH and not his income to be taxed? But we all know he wont do that, because he is a pathetic, coniving sack of shit that useful idiots like Blacken and Straw use to support thier arguments. Warren Buffet makes 1000s of times more money than my dad does and wants him to pay more taxes at the same rate that he does. As far as I am concerned, Warren Buffett can go fuck himself. He is a part of the problem.