Ultra-rich asking for a tax increase?

cheshire

cheshire

Señor Member
May 25, 2009
2,249
57
0
Tejas
There has been a lot of news about some "Ultra-rich" asking Obama to raise taxes for the wealthiest. If this shit bothers them so much why don't they just pay the IRS more? Why does anyone have to force them to pay more. After some digging I find there is a section of the tax code specifically for this, as well as one for "donating" to the government to pay down the national debt.

So why do these ultra-rich need a fucking law to make them pay extra? Why don't the just pony up the dough on their own instead of making a big scene about it? What's the motive behind this call from the wealth for the wealthy to pay more?

EDIT: Found This. Since 2005 only 48 people have "donated" to the federal government since 2005 for a grand total of $21,179. Where you at whiny rich folks who complain about having too much money?
 
Last edited:


Who is calling for more taxes?

Warren lives on another planet, he's the only one ive seen ask.

Raising the capital gains tax would completely crash our economy and most know it.
 
Didn't we already figure out why the people that already have huge wealth want higher taxes?

It keeps more people from doing what they did, and thus protects their wealth from inflation.

The guy from the town hall was a retiree from Google that did well. Just like Buffet, he is interested in protecting his wealth, not what is best for the country.
 
Some ultra rich want a tax system that doesn't allow them to be taxed at a overall rate of less than 15%. Some ultra rich want to keep their marbles how they are.

What most wanna be rich on this forum forget, is that only 20% of the profit made by the weathiest in america is taxed as income. The vast majority of their earnings is not income.

You idiots don't get it, YOU are paying a much higher tax rate than the ultra-rich.
 
Maybe because they understand that a populace that is better educated, more skilled and healthier is more productive and therefore better for the economy, and therefore better for the rich in the long run. Maybe some of them have accepted that a little more wealth redistribution that helps out the poor and middle class in these areas is a worthwhile trade off to keep the economy healthy (while making the rich even richer in the long term).

Which would you rather be, rich with low taxes in a poor economy, or richer with higher taxes in a wealthy economy? If your total wealth in the latter is higher, wouldn't you favor it? Maybe Buffet et al have come to that conclusion.

The reason, I think, they don't pay more taxes voluntarily, is they can make better use of their money than the government does to e.g. fund charitable activities. However, if every wealthy person were subject to higher taxes, the net positive for society as a whole would be greater than is currently achieved by charitable acts. That's the reasoning anyway. There's a balance there between low tax rates and strong social programs that results in optimal economic conditions. Some think the current situation favors the short term interests of the wealthy too much, at the expense of everyone else (in the US at least).
 
Pseudo Nym said:
The reason, I think, they don't pay more taxes voluntarily, is they can make better use of their money than the government does to e.g. fund charitable activities.
Click to expand...

Exactly the reason they should NOT be paying extra taxes. Our government will not handle this money as efficiently as the the rich would. By the time that money reaches a US citizen, it'll be 10 years down the road and there will only be a small fraction of it left after 100 politicians fill their pockets.
 
Pozzy said:
Exactly the reason they should NOT be paying extra taxes. Our government will not handle this money as efficiently as the the rich would. By the time that money reaches a US citizen, it'll be 10 years down the road and there will only be a small fraction of it left after 100 politicians fill their pockets.
Click to expand...

Anything Buffet or any other super rich guy could do would be a drop in the ocean, and won't do anything to address current and future budgetary and economic concerns. OTOH, raising taxes on higher brackets might.

Taxes are the lowest they've been in decades. If lower taxes on "job creators" actually created jobs, why is the job market so dire? There isn't a simple answer to that, but lower taxes didn't prevent this economic crisis from happening, and don't seem to be helping to get past it.

Businesses/the rich/"job creators" might hire more people if they paid less in taxes, but only if there's enough demand for products and services to justify hiring. Right now, a lot of people don't have extra money to spend. Why don't they have money? Because they have no jobs. Why don't they have jobs? Because companies aren't hiring. Why aren't they hiring? Because there's no demand.

So what makes more sense: stimulate supply (e.g., lower taxes on "job creators"), or stimulate demand? I assume you'd choose the latter since the former doesn't make sense given the current situation.

How do you stimulate demand? By getting money in peoples' hands. How do you do that? Private businesses aren't going to hire people if there's no demand. That leaves government. What can it do? It can create jobs for people, and it can give people money directly - e.g. unemployment benefits. Yup - this is basically wealth redistribution. And it's a fairly important role government plays to keep things rolling during hard economic times.
 
r3p1v said:
Didn't we already figure out why the people that already have huge wealth want higher taxes?

It keeps more people from doing what they did, and thus protects their wealth from inflation.

The guy from the town hall was a retiree from Google that did well. Just like Buffet, he is interested in protecting his wealth, not what is best for the country.
Click to expand...

Buffet has pledged to donate like 90% of his wealth to charities.
 
now geee... why would the super rich want the higher levels of income tax raised? Please note they aren't asking for captial gains to be raised.

You'll figure it out if you put some thought into it.
 
Want to know how to introduce more government control to a population? Destroy their economy.

Happens all the time through out time. Destroy the economy of the country, introduce government solutions, gain 110% control of said country with full government rule.

Germany anyone?
 
cheshire said:
There has been a lot of news about some "Ultra-rich" asking Obama to raise taxes for the wealthiest. If this shit bothers them so much why don't they just pay the IRS more? Why does anyone have to force them to pay more. After some digging I find there is a section of the tax code specifically for this, as well as one for "donating" to the government to pay down the national debt.

So why do these ultra-rich need a fucking law to make them pay extra? Why don't the just pony up the dough on their own instead of making a big scene about it? What's the motive behind this call from the wealth for the wealthy to pay more?

EDIT: Found This. Since 2005 only 48 people have "donated" to the federal government since 2005 for a grand total of $21,179. Where you at whiny rich folks who complain about having too much money?
Click to expand...


Yes, capital gains tax rates (where people like Warren Buffett maken their $$) is much lower than income taxes. The social security portion of payroll taxes is capped at 106K, so anything over that, you're paying less and less as a percentage of your paycheck. As for income taxes, the top marginal tax rates are higher for the rich, but at the same time, they are far lower than they've been historically.


top1percent.jpg


deficits.jpg
 
Add Mark Cuban to the list of billionaires who want their taxes raised:

“Make a boatload of money. Pay your taxes. Lots of taxes. Hire people. Train people. Pay people. Spend money on rent, equipment, services. Pay more taxes.”
Click to expand...
“I am not advocating that we raise taxes for everyone. I think that is a huge mistake. I do think billionaires should pay more. We have benefited the most financially from this great country, and it is the right thing to do to give more back in a time of need. I believe those of us who have achieved windfalls in the stockmarket should pay more as well.”
Click to expand...
It’s your patriotic duty to get stinking rich: Mark Cuban | Taxes | Personal Finance | Financial Post
 
Pseudo Nym said:
How do you stimulate demand? By getting money in peoples' hands. How do you do that? Private businesses aren't going to hire people if there's no demand. That leaves government. What can it do? It can create jobs for people, and it can give people money directly - e.g. unemployment benefits. Yup - this is basically wealth redistribution. And it's a fairly important role government plays to keep things rolling during hard economic times.
Click to expand...

You do realize that most of our economy was industrial/manufacturing. Simply creating local consumer demand will do nothing in terms of our economy, infact in may hurt it do to having more consumers than producers. We need export demand. We need to take in more than we consume not consume more than we take in...

The way to create to demand would be to lower cost of production for business's. This could involve reducing regulations, taxes, fines or any combination of things. Simply put, we need to be able to compete on a global scale.
 
BigWill said:
You do realize that most of our economy was industrial/manufacturing. Simply creating local consumer demand will do nothing in terms of our economy, infact in may hurt it do to having more consumers than producers. We need export demand. We need to take in more than we consume not consume more than we take in...

The way to create to demand would be to lower cost of production for business's. This could involve reducing regulations, taxes, fines or any combination of things. Simply put, we need to be able to compete on a global scale.
Click to expand...

You're right, and you've touched on something that's more to the point: globalization means that Americans have to compete with the Chinese, Indians, Mexicans etc. for jobs, and we just cost too much. Decades of prosperity have left Americans expecting a certain high standard of living, and that's just not sustainable anymore for a lot of people. We can make business cheaper and easier for companies in the US, but as long as labor is cheaper elsewhere, that's where companies will go. Plus you've got technology displacing an ever greater number of human workers. It's a serious problem, and there doesn't seem to be much discussion about solutions in the national dialog.

Personally, I think we should be planning for a post-scarcity society, where people work a lot less or not at all (think Star Trek). I think it's inevitable anyway, so long as technology continues advancing at the current rate. Unfortunately, the way humans behave, it's likely things will be getting very bad before they get better (if they do)...
 
this isnt really much news and im surprised people are actually taking it seriously. Warren G hasn't been relavent for over 15 years when tupac was still alive and even then was a horrible rapper. my message to these retired celebrities of entirely different generations: give up on trying to get into the spotlight your just making yourself look broke and desperate.
 
You must log in or register to reply here.
Top Bottom