This guy is obviously a left-wing hippie.
... Last year my federal tax bill — the income tax I paid, as well as payroll taxes paid by me and on my behalf — was $6,938,744. That sounds like a lot of money. But what I paid was only 17.4 percent of my taxable income — and that’s actually a lower percentage than was paid by any of the other 20 people in our office. Their tax burdens ranged from 33 percent to 41 percent and averaged 36 percent.
If you make money with money, as some of my super-rich friends do, your percentage may be a bit lower than mine. But if you earn money from a job, your percentage will surely exceed mine — most likely by a lot. ...
Mr. Buffett should be ashamed of himself. He's one of the job creators, and as such should be taxed ... as little as possible.
Because everyone knows that low tax rates mean high growth rates. Except for all those years when they don't.
Posts
59 comments:
Oh, come on. Do you really believe that taxing the rich more heavily is going to solve all of our economic problems?
The rich are a target of the Democrats because they're an EASY target. But taxing them more is not an easy solution.
Social justice is bullshit. If you get yourself in a financial mess, why is the gov't required to bail you out? (I'm applying that critique to corporations as well as individuals.) Many people are poor because they make stupid life choices, like having babies they can't afford to take care of, deserting their families, getting involved in drugs, not sticking to it in school, etc. I'm not sympathetic in the least to those who let themselves get entrapped. The help is already out there; the messages are loud and clear and have been broadcast over various media for years. Aid programs are already in place, yet some people still act like braindead scum and become social parasites. Why should anyone feel obliged to lend them further aid? Where's the "justice" in that?
And where's the injustice in people like Buffet making a lot of money? That attitude is poison. Look what's happening in England right now. Rioting and mayhem by the "underprivileged". A reporter talked to two moronic women out there the other day about what was going on, and who did the women blame for all of the crime and destruction? The rich. That was about as articulate as they got. The stupid bitches went on to say that they hoped the mayhem would continue "hopefully".
You might want to rethink things JUST a bit, Steve.
^Try to learn to read, or at least comprehend what you're reading. I never said NOT to tax the rich. I just said taxing the rich more heavily is not the solution to our economic problems. "Redistribution of wealth" "Social justice" are euphemisms for the chaos that's going on in places like Greece and England. When such concepts are applied to real-world society, the inevitable financial disaster ensues and then the "underprivileged" rise up and create mayhem. Handouts don't make people stronger; most of the time just the opposite occurs. Read the newspapers if you don't want to take my word for it.
And no, I'm not rich. I took out a loan for my schooling because of that, but I've paid it back to the penny through my own efforts. I certainly don't have a problem with some social programs such as student loans, Medicare and Social Security, provided the institutions that fund them are well-run and solvent. Unfortunately, that's not the case at present with Social Security and Medicare at least, but the solution is to make the changes necessary to render them solvent rather than do away with them. After all, people contribute to them with their income, so they are entitled to returns. It's when actual handouts occur with no chance of repayment, and when those handouts lead to a cycle of dependency, that the problems arise.
Again, read the newspapers and observe the happenings in Greece and England if you don't believe me.
The super-klassy, women-respecting first commenter is right. I think it was Stephen Colbert that said the poor should pull themselves up by their bootstraps... even if they have no boots.
He also seems to have a bit of a problem with "Redistribution of Wealth," but only when it's transferred from the top down. Apparently it's no problem for this intellectual giant that the deck has been stacked for the last 30-odd years for redistribution of wealth going the opposite way: bottom to top.
Also, my favorite bit: putting "underprivileged"" in quotes.
Yeah my stupid ass friend became inflicted by a destroying genetic disorder causing him to be practically paralyzed and unable to work. So no insurance or income has caused his stupid bitch ass to be poor. Fuck him he shouldn't get any help. Same for farmers who have to compete with the US agriculture policy, and factory workers whose government made it easy for their jobs to get outsourced - they had it coming.
I don't think the rich should be taxed at all, nor should they or congress have any say on how our taxes are spent. Let the voters who are taxed vote on the budget. Let us decide if we want to continue funding occupation in other lands or a real healthcare plan.
"...provide for the general welfare.."
-US Constitution
"And where's the injustice in people like Buffet making a lot of money? That attitude is poison."
No, that attitude is fictitious. Cite a quote in which someone equated wealth, in and of itself, with injustice. The issue is greed, not wealth.
The comments of the first poster are very valuable. They reveal the misplaced paranoia and general mindset that is suppressing progress.
Warren Buffett became a hero today, to everyone in America except for a small circle of friends like Grover Norquist Michele Bachmann and the Koch brothers.
If you read the article he calls to tax the super rich but at the end of the article he is really calling to increase the taxes of the households making more than a million a year.
I´m sorry , but that´s not super rich those are small business owners and hard working people that are adding things to society while Warren Buffet billionaires friends are experts on how to avoid pay taxes, know all the loops to avoid then and they are just calling to eliminate their competence so there´s only the billionaires club and a low class on wellfare. The tyrants are always going to call for justice and equality as they continue to consolidating their power so nobody can ever challenge then . People please grow up
If you actually read the article you'd have noticed he was saying tax ABOVE 1 million "taxable income in excess of $1 million". That's no longer a 'small' business.
I do believe you need to grow up and stop ,listening to FOX as if they care about you.
17% is ridiculous. Just have them pay their fair share like the rest of us.
No one's asking for them to carry the burden, just their fair share.
Also, its not like the money is getting dumped directly into the poor's pocket. I mean, have you seen the roads here in Los Angeles? I'd like it if we could just get those fixed.
I never listen to Fox,
The Income Tax is almost entirely going directly to pay the interest to the federal reserve. Taxes keep getting higher while social security goes broke, endless wars keep marching on, the infrastructure crumbles , the medical care gets worst the education system is engineer to dumb people down and the big mega banks that we bail out or hell would break loose ( as it did) are doing pretty well calling for higher taxes while they keep collecting them and having record profits while the neocons call that free market that´s corporatism at worst. You guys are stuck in this right and left paradigm that is there in place to distract you while you are being robbed and you guys love it.keep asking high taxes because we just want to help the poor. we have been doing that during the last 70 years and now there´s 40 million people on food stamps . That worked pretty well... And no, a combine household income of more than a million is not super rich. If warren buffet cares so much why he is not calling for the real Billionaires to bring their money from the Caribbean and Switzerland. All those hedge fund managers, Banks CEO , speculators that don´t add nothing to society while somebody that has a restaurant is call a super millionaire . Grow up
The first poster sets up a strawman logical fallacy right at the beginning, and then compounds this fallacy with more fallacies layered on top.
No one claimed that raising taxes on the rich would solve *all* our problems. It need only solve *some* of them, to be effective. And indeed, it would solve some of our problems.
The Bush tax cuts were ALWAYS meant to be temporary. That's why they have an expiration date. Those tax cuts were the benefit of the Clinton surplus. This was Bush's way of returning that surplus to the people. Good on him.
Now we no longer have any surplus. Quite the opposite. So those tax cuts need to go away. Those tax cuts will affect everybody, not just the rich. However, since they most benefited the rich, the rich will see the biggest rise.
Good.
I've never seen mature, intelligent people tell someone else to "grow up." Ever.
Chill out dude. You dont have all the answers, and neither does anyone else.
Nothing is stopping Buffet from paying additional taxes, if he feels the need to do so he can...
To the first person who posted about this topic. I am on your side. You are posting on the left winged TAG blog, it is that. Most of those who post here seem to be left winged, almost bordering on communism but that's another topic. You cannot reason with them for they have bought into the class warfare and feel they have not received their "Fair share" or their "Entitlements". They cannot admit to their wrong thinking and cannot stand that someone else is getting ahead. Please continue to post though because it at least gives me hope that not everyone in my wonderful field is so brainwashed. They cannot grasp that if someone has money they are most likely to spend it on something and that something just might be them or a product that someone here may be producing. That is called "trickle down economics" and it is how things work. The whole get the rich scheme is tired and worn. Thank you for giving me hope that another conservative does exist in animation, I know we are not alone we are only silenced by the many deaf and arrogant ears of the left. Keep on posting!
The "why doesn't he just pay more, if he wants to" argument has to be among the dumbest I've seen.
A. Excess money is refunded by the IRS. He couldn't if he wanted to.
B. What part of shared sacrifice do you not understand? One person contributing more isn't how taxes work.
C. Taxes are not theivery, as some conservatives like to claim. Taxes are the price we all pay to live in a civilized society. If you want to see a country that doesn't require taxes, enjoy your time in Somalia.
Good lord, there's a second conservative now, who is just as misguided as the first.
You clearly have no idea what communism is, if you think anything written in these comments even resembles it. How uneducated you sound.
Finally, trickle-down is an utterly discredited notion. Rich people make their money from the consumption of the working and middle classes. We live in a demand-side economy. That is a fact. If the middle-class isn't doing well, then the economy doesn't do well. Your trickle-down notions are voodoo, as they always were.
The obvious proof: Bush lowered taxes. Obama has lowered them further. They are now lower than they have been in 60 years. WHERE ARE THE RESULTING JOBS??
Your entire conservative philosophical rationale is false.
@ Anon 2:42:00 PM
Yes, you're right. Anyone who doesnt share your opinion is wrong and brainwashed and clueless. You have all the answers
Why arent you running for president? You could have this country up and running in no time with your tried and true trickle down economics.
Fun fact: My Word Verification for this post was dipsticks. Clearly the internet is trying to remind me who I am arguing with.
Totally agree with most of your comments, Anon @2:14.
But household income of 1 million dollars is indeed super rich. In fact, this should put them north of the top 0.5% of wage earners and make it very likely that they work in the banking/securities industry which, as you point out correctly, adds no 'real' value to the society and economy.
These are not small businesses... and regardless, household income is what is *left* after expenses. So even when talking about income of 250.000$, that's some pretty damn well going business if that's what the owner takes home - certainly the minority of 'small' businesses.
But as you point out correctly, people are trapped in this fabricated left/right craze (in reality, it's more like center right/far right and likely a rigged game). This whole 'small business' line of arguing is BS and I want to see a single serious businessman who seriously cares more about taxation than revenue growth when making hiring decisions. If a worker nets him more profit, then it's still a plus even if taxes are 50%.
Yes, before taxes used to serve a propose , but now taxes are being collected by a private bank ( the federal reserve) that lends money that they print out of thing air to government and other banks and we have to pay taxes to pay those interest back. while inflation keeps rising and the debt keeps growing. Then in 1999 we let the Banks lobby to abolish the glass steagall act that cuts almost all regulations to the fractional reserve banking and things have gone to hell much faster. Yes , Taxes are necessary. But with this system in place , Taxes are only sucking resources from productive economy and giving them to a private monopoly cartel of international bankers that are destroying america and the free market while they makes sure that the free market that they hate gets the blame. IS all an insiders for insiders game. And then the person that was right 20 years ago talking about this, you might hear of him, Ron Paul, is call crazy by the same media that those mega banks are financing. Yes some bail out money went to the very liberal and loving NBC
The Obama nation can't continue and we can only hope that someone will emerge that has the countries interest first and create jobs and stop the out of control washington spending frenzy.
http://www.youtube.com/watch?v=tRmZ9zH-mYM
Wait. So he supported President Obama and you don't think he's left wing??? He may be no hippie, but that don't mean he's not left wing, Steve.
I just don't understand how so many middle (or used to be middle) and lower class people defend the uber rich not paying the same taxes as we do. What has FOX and Limbaugh done to you people?
Ah, the Left Wing, you know those bleeding heart types who'd give you the union made shirt right off of their back...oh, wait - maybe they wont...
http://tinyurl.com/3knucvm
Seems the Left likes their money a lil bit more than they let on.
Being rich and successful is not a crime it is something we should all aspire to become.
Hey anom 3:55. I like your thinking, being a success or wealthy is seen as a bad thing. Not like they earned it (I know some dont but the majority do). Same people who hate the rich are the same people who dislike another artist for having talent and beating them out of a job. Life isnt fair does any left wing nut get that? I am democrat therefore I care please you dont and dont act like you do, bunch of liars.
Being rich and successful is not a crime it is something we should all aspire to become.
Please listen. No one is saying that. What we are saying is, when you Do get rich, please pay taxes like everyone else.
Thats it. How can you be against that?
I really hope you are paid for posting talking points.
No one is demonizing "the rich". You've been sent to a forum where many, many posters make twice the national average. You're being absurd and a troll.
I really enjoyed this article and found the opinion to be interesting when I read it on a few political blogs earlier. But I don't understand how it relates to the TAG blog. At least the Wisconsin political posts had some relation to unions; this story has no relation to animators or even their wonderful conglomerates Steve "praises". And trying to stretch the scope of TAG to include this aspect ("tax policy affects everyone") opens the door to many articles that are not animation related which then dilute said animation topics.
Anyways, I'll go back to my "if you don't like the post, don't read it" mentality; I'm just the type of guy who likes his mashed potatoes, macaroni and cheese, and peach cobbler to remain in their designated portions of the lunch tray and any crossover between them creates an unflattering smorgasbord of inedible goop.
To "Carl Marks":
Neither Obama or Warren Buffett are leftwing. Both are centrists, and have consistently espoused centrist ideals. All of Obama's policies have been very close to the political center, as the center has been defined for the last 70 years.
Meanwhile, the Republicans have become extremist rightwing. They are espousing ideals that are much, much further to the right than Reagan. They are espousing ideals that were correctly labeled "crackpot fringe" just 15 years ago. The modern rightwing GOP/Tea Party bears no resemblance to classical conservatism. As we saw after getting downgraded, they are dangerous to the health of our economy, and our nation as a whole.
Let´s watch some animation about the tax system the IRS and the federal reserve
http://www.youtube.com/watch?v=ZPWH5TlbloU
More animation about taxes !
http://www.youtube.com/watch?v=U8JPBPrisS8
Personal Tax Rates are lower now than they've been in 50 years. Just a simple fact.
In a handful of years, President Bill Clinton closed some tax loopholes and raised taxes on the wealthiest of businesses and taxpayers--and we had a surplus. Idiot boy bush gave the rich tax breaks and us two unpaid for wars, and a black hole of deficits we're still trying to dig our way out of.
Cancel the bush tax cuts. Raise the taxes on the wealthiest 10% of Americans, close all business and agriculture tax loopholes. Tax businesses based on where their executives and board lives, and limit their incorporation to the U.S. in order to be listed on the Stock Exchange in the U.S.
Get real, people. The gNOp and the teabaggers want something for nothing. Wouldn't it be GREAT to buy 2 wars and not have to PAY for them? What an insult to our brave Soldiers, and the Americans who support them. For shame.
Yeah the Tea Party downgraded the US. Still waiting on a better idea from Obama. Those 10 Tea Party Congress men brought down the US and the rest of the people up there on Capital Hill had nothing to do with it? You might want to re think that thought.
* Rich Mr. Buffett isn't demonizing the rich. He says that they should pay a higher proportion of their high incomes.
* If you pay attention to the link at the bottom of the post, you will note the graphs there show minimal linkage between low taxes and high growth. Or high taxes and low growth.
* We have a large deficit. There is a simple solution for it, which is letting the 2001 tax rates lapse. (The Congress has already voted for this to happen.)
* The country (by and large) doesn't care about red ink. The country cares about creating jobs.
Do you really believe that taxing the rich more heavily is going to solve all of our economic problems?
No.
But it will narrow the deficit. Just like every other time it's been done.
"....spending frenzy."
That's a dead giveaway. Pure Fox spin. An imaginary problem. The "spending" doesn't ever serve a purpose like, saving the auto industry, bailing out the banks, helping people stuck in unemployment to survive, or create jobs. It's just spending for spending's sake, like a shopping spree at Tiffanie's an "addiction."
Why didn't anybody accuse Bush of being "addicted" or on a "spending frenzy?" Call it "Washington" if you like, but all these voices were curiously silent during the previous administration when Cheney said, "Deficits don't matter." Hypocrites!
Personally I believe it had to get this insane for the American people to wake up and say STOP. No more you're cut off.
It's not ONLY about "cutting it off." We have to pay for things we agreed to by our votes. You don't get to not pay your credit card without trouble.
Our President was saddled with this mess from the previous administration, and the whining and obstructionist attitude of the tea baggers and the gnop lead to the downgrade of our credit. Every sane true American knows this, and it's painfully obvious to the whole world. They've only embarrassed themselves further.
http://in.reuters.com/article/2011/08/12/idINIndia-58761720110812
http://www.businessinsider.com/dylan-ratigan-rant-2011-8
Until you reverse the consumer economic model that dominates everything in modern life, nothing will change and you're not going to reverse the bleeding. All these arguments are looking backward instead of forward, trying to recapture some mythical time of American prosperity that was ethically questionable to begin with. The cheap and quick is over with. Everyone will have to settle for expensive energy, expensive goods and services, expensive food, and less convenience to reverse this. But no one wants to. No one will elect anyone who creates policy that will take us twenty five years of really hard work and a huge losses to our collective standard of living to create a fundamentally sound economy. No one wants to give up their share of this illusion. So bankers and foreign sovereigns will continue to bleed us. It's just a fact of the numbers. We're just talking about taxes? Really? No wonder S&P and the world thinks we're morons.
Dear Conservative-Leaning, Mostly Middle-Class, Animation Artists Who Work Copious Free Overtime (and usually with no promise of work after your current project) In The Shitty L.A. Animation Industry,
Thank you for fighting our battles for us.
Sincerely,
The CEOs of the megaconglomerates you work for.
Now get off the internet and back to work. It's only 11:50pm.
P.S. Seriously, get off the internet. Or we'll outsource the last 5 remaining L.A. animation jobs that aren't in Korea yet.
Until you reverse the consumer economic model that dominates everything in modern life, nothing will change and you're not going to reverse the bleeding. All these arguments are looking backward instead of forward, trying to recapture some mythical time of American prosperity that was ethically questionable to begin with. The cheap and quick is over with. Everyone will have to settle for expensive energy, expensive goods and services, expensive food, and less convenience to reverse this. But no one wants to. No one will elect anyone who creates policy that will take us twenty five years of really hard work and a huge losses to our collective standard of living to create a fundamentally sound economy. No one wants to give up their share of this illusion. So bankers and foreign sovereigns will continue to bleed us. It's just a fact of the numbers. We're just talking about taxes? Really? No wonder S&P and the world thinks we're morons.
Truer words have rarely been spoken. Quoted for agreement. This is the kind of stuff NO ONE talks about, because it's the really scary stuff.
I agree. Scary stuff indeed. Thanks for the sane comment.
Sorry, I disagree with both, (all three), of you. I hate this mea culpa stuff; "Aren't we all spoiled children. wastefully demanding our goodies?"
How about the corporations and energy conglomerates that are gaining more and more control of our economy and government while bearing less and less responsibility? Rather than invest in growth and jobs they sit on their profits or send it out of the country and, therefore out of the economy. Now there are your spoiled children. It was not that long ago that we had a President who's response to 9/11 was to tell Americans to go out and spend money.
Yeah, I'll cut back, just as soon as you get off your cash reserves and bring my job back, so I actually have a choice.
"How about the corporations and energy conglomerates that are gaining more and more control of our economy and government while bearing less and less responsibility?"
No one is saying you are spoiled as much as they are saying you are easily manipulated. And they able to do that because you demand what they provide in every facet of your life. You demand the energy intensive economy - energy intensive transportation, energy intensive military industrial complex, energy intensive food processing and distribution, energy intensive consumer products, energy intensive technology, energy intensive housing, energy intensive infrastructure, energy intensive entertainment. That is simply a statistical historical truth. MNC's simply give what you demand, and turn right back around and invest in your economy in order to create more demand from you. You are currently not demanding, and they are, in the short term, waiting to see what you are going to do next. The great American White Whale is discretionary income and they are waiting to see if you will breech the surface again. And they are paying off the government around the clock to influence legislation to keep the status quo in place. They will even create jobs for you so you will entertain that demand again. I bet they do it again. I bet they tinker with the engine just enough to create just enough cheap consumer economy jobs again, just enough so you can purchase some things from your neighbors company, just enough things so you decide to pay them off later with credit. And we will have learned nothing because we still don't understand the country we live in. You are what you chose to save and what you chose to spend in America. It's the only vote that really matters, and you do it literally hundreds of times a day and don't even know it.
^ Paragraph breaks are your friend, Mr. Text Brick.
"Shared sacrifice" appears to be limited, does it not?
Until you reverse the consumer economic model that dominates everything in modern life, nothing will change and you're not going to reverse the bleeding. All these arguments are looking backward instead of forward, trying to recapture some mythical time of American prosperity that was ethically questionable to begin with. The cheap and quick is over with. Everyone will have to settle for expensive energy, expensive goods and services, expensive food, and less convenience to reverse this.
My difficulty with this screed is, there's not any sourcing to underpin the broad brush strokes.
Like for instance: Every other industrialized nation has some kind of industrial policy. Germany, for instance, makes sure it retains its manufacturing base. So does Japan. So does China.
But not us. Since we're a major military power with a shrinking ability to produce manufactured goods, maybe it would be a good idea to rethink what we're doing.
Every other industrialized country taxes energy (i.e. gasline) at way higher rates than we do. The result is more energy efficiency.
We're going to have to make changes in the ways we live: the big houses will shrink, the cars will be lighter and smaller, we'll have to build more rail, bridge and road infrastructure. We need robust Research and Development and a stronger educational system, elementary to post-graduate schools.
If we starve all the land-grant colleges across the country, we will save five cents now and get hammered by the international competition later. And ultimately lose trillions.
You want to buy into the simple-minded "taxes are bad" philosophy, be my guesst. But then we better resign ourselves to eventual second and third-world status. Because the rest of the world will keep marching ahead.
Tax Big Macs, meat, and anything deep fried while you're at it. I'm sick of paying for baby boomer heart attacks and insulin shots for 10 yr. olds. Total f'ing failure, US health policy.
Total f'ing failure, US health policy.
Ah, but it's the highest-priced health care system on the planet. So it must be good!
http://online.wsj.com/article/SB10001424053111903918104576504650932556900.html?mod=opinion_newsreel
Nuff said...
Just to be clear, that opinion article sited above is complete BS.
All it does is help the middle class that supports billionaires rights to not pay taxes feel better, but most of it is complete nonsense.
If you doubt it trey looking at some of the comments and notice the smart responses actually say something than "Buffet's an idiot" and discuss why the talking points are upside down.
Nice try though...next time just go straight to Fox News and I'm sure it'll be an easier read for you. The WSJ is just a classier version of Fox news with bigger words...
I still haven't seen or heard of any economic argument that will fundamentally reverse the hourglass economy we have been slipping into for a long time now. Creating jobs with artificial Fed stimulus won't do it. No one has the courage to go full Keynesian and throw enough paper at the problem to make a difference, and tweaking the tax code isn't going to do it either, with this minor bullshit over corporate jets, etc.
I also seriously doubt reforming the tax code top to bottom is going to happen with this Congress, they can't even agree on what color pen to sign any legislation with. What a can of worms that would be. You think healthcare was bad, just wait to see the PAC commercials on that one.
As for calling it class warfare, how the hell else are people expected to react to an economy that only grows when an impotent uber rich can and will only create jobs for the uber poor? That's what we have. And if jokers like Rick Perry have their way, we'll all be working at McDonalds and told to stop whining, we should be happy to have a job.
I still haven't seen or heard of any economic argument that will fundamentally reverse the hourglass economy we have been slipping into for a long time now.
Krugman, Stiglitz and others have been laying out the program for a couple of years: Major infrastructure spending. (Doubtful that we're going to get it.)
The British economy is now shrinking fast, and you might have noticed there are riots in London. The reason is fairly clear. You can't cut your way to growth, like David Cameron claimed would happen. When you reduce spending on eliminate jobs, economies shrink.
American companies aren't hiring because they're "uncertain," but because no corporation hires when it's already producing more than it can sell.
Yes, if only Keynes would have gotten a chance to work completely as it does on the chalkboard. If only austerity would have gotten a chance to work completely as it does on paper. If only the free market or government policy or....
Reality is not a vacuum, and economics is not a science as much as it is an expression of politics. And the political system is unraveling right now, and everyone knows it.
Arguments over taxes?...yawn....keep drinking the kool aid...
http://www.youtube.com/watch?v=tj2s6vzErqY&annotation_id=annotation_936695&feature=iv
Raising taxes on affluent taxpayers is not just bad economics, it's unfair. The Tax Foundation has pointed out that in 2009 taxpayers earning over $200,000 paid half of all income taxes, even though they had earned just 25% of adjusted gross income. On the other hand, more that 58 million taxpayers, around 42% of tax filers, paid no income tax at all. Add in the money some of them receive in refundable child care tax credits, the Making Work Pay program and the Earned Income Tax Credit, and it is obvious that ratcheting up taxes on higher income taxpayers would just exacerbate this inequity.
The Fed is out of bullets - as long is there is no more Fed and Treasury bond gymnastics, there is no more created debt, therefore no more consumer demand, and finally, NO TAX REVENUE. It is monetary math, not tax percentages.
Frankly, the current US tax argument is retarded. Tax policy is beholden to monetary policy at this point, not the reverse. We are entering a new monetary era and we are experiencing substantial shifts in global finance. The US dollars preference as a reserve currency for a specific block of the world is meeting significant challenges and central banks are struggling to solve these enormous bubbles and enormous debts that have emerged across the world. People need to focus on how their money works. Didn't we learn anything from 2008?
The real story is whether or not the Fed decides to go ahead with more quantitative easing, and how economies pegged to the dollar react to that. The numbers are staggering, with no historical comparison. That is why Keynesians have balked halfway - they can't stomach it. They are not going full bore into the crisis, so we are essentially making the same mistakes as those made during the Great Depression.
Raising taxes on affluent taxpayers is not just bad economics, it's unfair.
Please.
There is no fair or unfair. There is only what people ... nations ... have the juice to get.
"Raising taxes on affluent taxpayers is not just bad economics, it's unfair"
Some CEO gets a 150 million dollar bonus for making his company profitable (or not)by laying of thousands of workers and you can tax that A-hole at 75% for all I care.
What idiot. Don't tax the really rich any more - it's not fair waaaaaa just tax the poor because they're not carrying enough of the burden waaaaaa
Sorry about all the spelling and grammer mistakes, but when yahweh gets angry all better step back...
In America today, emotion sells over facts and numbers. It is how we make our biggest mistakes - overreaction, innuendo, and drama just sell better, rational thinking be damned. Don't be a fool and feed into the noise - it only adds to the flames and obscures the truth even further. Look what just a few screaming lunatics were able to achieve with the debt ceiling. When times are tough and margins are thin, that's when we are most vulnerable to the anger and fear. Be apart of the solution and keep your head. People are running for the door panicking and trampling each other, creating a self-fulfilling prophecy.
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