Taxation upon the rich needs to be increased?
http://www.nytimes.com/2011/08/15/opinion/stop-coddling-the-super-rich.html
"I have worked with investors for 60 years and I have yet to see anyone — not even when capital gains rates were 39.9 percent in 1976-77 — shy away from a sensible investment because of the tax rate on the potential gain. People invest to make money, and potential taxes have never scared them off. And to those who argue that higher rates hurt job creation, I would note that a net of nearly 40 million jobs were added between 1980 and 2000. You know what’s happened since then: lower tax rates and far lower job creation." - Warren E. Buffet
This is an excerpt from an article I found called "Stop Coddling The Super Rich"
Warren says that "It’s time for our government to get serious about shared sacrifice."
Do you believe what is saying? Is it time for the rich to pay higher taxes?
Warren also goes on to say "Most wouldn’t mind being told to pay more in taxes as well, particularly when so many of their fellow citizens are truly suffering."
If this is true and the rich class doesn't mind higher levels of taxation we should tax them at a higher rate. Right?
What is your opinion or what do you believe should be done to resolve this issue?
Yes
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No
Side Score: 9
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I'm a Christian theocratic monarchist. In the book of Acts there is a form of "government" that the saints compile together: it is what I like to call a fascmmunism. It has elements of both fascism and communism to make the ultimate system of ruling. In this system of ruling we find that their economic gainings were all handed over to the treasurers and redistributed whenever anyone needed it. This is what I believe, then: we should have a completely true wealth fare state, in which all money that is earned is given to the government to be redistributed as needed and redistributed for individual desires. Side: Yes
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it's not like they'd stop wanting to make money if their taxes were a bit higher. This is like saying "as long as they keep producing, we can keep taking" When someone is just below the next tax bracket, they do tend to stop making money in order to stay just below the line. Side: No
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When someone is just below the next tax bracket, they do tend to stop making money in order to stay just below the line. No they don't, at least not if they have any common sense. Say a single person makes $87,850 and is at the very top of the 25% bracket. He has the opportunity to do some extra work and make an extra $10,000. It doesn't really matter that the extra $10,000 will be taxed at 28% instead of 25%. Who cares? Side: Yes
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I say cut needless spending first. There are a number of goverment programs that in my opinion are wasting space on the goverments buget. Since the creation of the department of education "Math and reading scores have stagnated, graduation rates have flatlined, and researchers have shown numerous billion-dollar federal programs to be failures." Side: No
First off, Warren Buffet could start by going out and giving lots of money to those he describes as poor. What he is not saying about raising the tax rate on "the rich" is that folks like him and others have their business and assets tied up in corporate names; they do not pay much at all because their actual personal income is very little. Next, can anyone define what it is to be "rich"? Is it making $50,000/yr or $250,000/yr, etc. Many people bring in $1,000,000/yr but, have to sink much of it back into business expenses; an example would be farmers and their farm equipment. Three, our "tax system" is a progressive tax, so the more a person makes will put them into a higher tax bracket. Where does the line get drawn? Last but certainly, not least, as someone mentioned already, "taxation" is robbery; well theft, extortion, robbery, it all amounts to you either pay or men with guns will break down your door and throw you in a cage or even kill you. If a person wants to help those who are truly suffering he/she can do so and it will actually mean something. Forcing me or anyone for that matter to do it does nothing, but cause resentment and division amongst neighbors who might otherwise help each other out. I personally will say that the more I have to pay "taxes" the less incentive I have to work and provide for my family. Maybe, we will just give up and go on welfare; I mean everyone else is doing it. And if the "rich" are going to pay for it, well hey, no worries, right? (j/k but, imagine approximately 300 million Americans thinking that way and following through). Side: No
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"The problem with Capitalism is capitalists"...like Buffet. It's common for capitalists to get supper rich and then support policies that would have hindered their rise. Now that they are so far on top, these kinds of policies can't touch them, but it will suppress potential competition. Furthermore, entitlement programs for the poor are incentives to stay poor. Crossing the line out of poverty is incredibly difficult when becoming productive actually means less net money coming in (when you no longer qualify for entitlements) Welfare programs are Paternalistic. They hold the poor under the thumb of dependence and then claim the moral high ground. Side: No
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