Warren Buffett
For years, the Oracle of Omaha has been vocal in his criticism of the weaknesses of the American tax system and his willingness to give more money to the federal government. In 2007, at a New York fundraiser for Hillary Clinton, he carped to the crowd, "The 400 of us pay a lower part of our income in taxes than our receptionists do, or our cleaning ladies, for that matter. If you're in the luckiest 1 percent of humanity, you owe it to the rest of humanity to think about the other 99 percent."
In an op-ed in the New York Times, Buffett grew even more insistent. "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, noting that many investment managers pay only a 15 percent tax rate. He even detailed his own tax return: The $6,938,744 he paid last year was just 17.4 percent of his taxable income. Buffett attacks the idea that higher taxes lead to lower investment, writing, "People invest to make money, and potential taxes have never scared them off." He suggested immediately raising taxes on people earning more than $1 million, with an additional hike for those earning more than $10 million.less

Mark Zuckerberg
In a town-hall meeting hosted by Facebook in April, President Obama pitched the idea of greater taxes on the wealthiest members of society. In response, Zuckerberg said succinctly, "I'm cool with that." Zuckerberg’s wealth was last estimated by Forbes at $13.5 billion. But more than a billionaire for the twentysomething set, Zuckerberg has been immortalized as a cultural figurehead; Vanity Fair called him America's "new Caesar" and Time last year anointed him "Person of the Year." In addition to his apparent willingness to pay more taxes, he agreed to fork over $100 million to Newark last year (which would provide a huge tax benefit) and he's signed up to give the majority of his wealth to philanthropic causes as part of Bill Gates' and Warren Buffett's The Giving Pledge.

Bill Gates
The co-founder of Microsoft is willing to pay more in taxes from his own pocket, and he thinks all top earners should follow suit. Last year, he supported a ballot initiative in Washington state, launched by his father Bill Gates Sr., that would have created a new state income tax for those earning at least $200,000. (The initiative was ultimately defeated.) "I voted yes and I was hoping that it would pass. But that's done now," Gates has said of the failed measure.

Ted Turner
The businessman who built and lost his wealth as founder of CNN and the Turner cable networks and billionaire signatory of The Giving Pledge has long been a proponent of philanthropic donations. Asked last year on MSNBC whether he would be in favor of keeping his tax cut, Turner said he would not but that he gives away so much money he doesn't pay much in taxes.

Tom Steyer
Asked by Christiane Amanpour last year whether he disagreed with the notion that wealthy Americans should be able to retain their personal wealth as a reward for success, Steyer answered with an emphatic no. As founder of Farallon Capital Management, Steyer's wealth was estimated to be $1.2 billion in 2008. "I think anyone who doesn't give credit to the system that they are born into is taking an awful lot onto themselves," Steyer told Amanpour. "I mean, I really think that people have sacrificed a lot more than a little tax money to make that system available for all of us."

Morris Pearl
Last year, nearly 100 millionaires signed a petition addressed to President Obama asking him to allow tax cuts on incomes greater the $1 million to expire as scheduled. Morris Pearl, managing director of the prominent investment-management firm BlackRock, was one of the signatories. He was reportedly "sad" that President Obama agreed to extend the tax cuts. The appeal Pearl signed pleaded for an expiration of the tax cuts, "for the fiscal health of our nation and the well-being of our fellow citizens."


Michael Steinhardt
Dubbed a "demi-billionare hedge-fund operator,” Steinhardt has one of the country's most colorful paths to financial success and philanthropic legacy. The son of a convicted jewelry fence and one the most successful early hedge-fund managers, Steinhardt signed the second installment of the Patriotic Millionaires letter pleading for American leaders to raise taxes "for the good of the country."

Mark Ruffalo
Actor Mark Ruffalo, one of the self-professed wealthy residents of New York state, opted to be the face of the campaign by the New Yorkers for Fiscal Fairness, which was drafted as an open letter to the New York governor to renew the "millionaire's tax." "Many of us New Yorkers are troubled that you're giving a $5 billion tax cut to 2 percent of New York’s most wealthy while cutting $9 billion from education and social services for the rest of New Yorkers," Ruffalo said in the video.

Doug Liman
Liman is one of the producers behind Mr. & Mrs. Smith, The Bourne Identity, and Fair Game. He's also one of the millionaires who copped to wanting to pay more in taxes in order to help lift the economic fortunes of the country. According to the letter he signed, he and other millionaires "have done very well over the last several years. Now, during our nation's moment of need, we are eager to do our fair share."

Edie Falco
As Carmela Soprano, Falco reportedly pulled in more than $500,000 per episode, but she's happy to give some of those millions to the government to unburden the less fortunate. Along with Moby and Paul Haggis, Falco was part of a Hollywood branch of the Patriotic Millionaires pledge.

Garrett Gruener
"The small monetary sacrifice is both an ethical and patriotic decision, made in the hopes of allowing the United States of America to continue to be a leader economically, politically and morally," Gruener has said. Last year, the founder of Ask.com and co-founder of venture-capital firm Alta Partners penned an op-ed in the Los Angeles Times acknowledging that he's in the top echelon of American earners but has paid the lowest rates of personal income in the last decade—ostensibly some of the most lucrative of his 30-year career

Ron Garret
Garret, a rocket scientist and Google software engineer turned angel investor, is a part of the Silicon Valley set who has decried the tax benefits that are granted to the wealthiest Americans. In a press release, he argued that raising the tax liabilities of the wealthy is a significant part of the work needed to eliminate the deficit. “We have only three choices: Cut spending, raise taxes, or go bankrupt. Congress seems to be utterly incapable of cutting spending, and I don’t want the country to go bankrupt,” Garret said.

http://powerwall.msnbc.msn....3F photoId%3D10000001

[This message has been edited by Boondawg (edited 08-15-2011).]

By Robert Frank
If further proof were needed of the two-speed recovery–the rich and the rest–now comes news that America has a record number of millionaires.
According to the annual World Wealth Report from Merill Lynch and Capgemini, the U.S. had 3.1 million millionaires in 2010, up from 2.86 million in 2009. The latest figure tops the pre-crisis peak of three million.
Merrill and Capgemini define millionaires as individuals with $1 million or more in investible assets, not including primary home, collectibles, consumables and consumer durables.
The wealth held by these millionaires also hit a record. North American millionaires had a combined wealth of $11.6 trillion, up from $10.7 trillion in 2009.
The number of Americans with $30 million is still slightly below the pre-crisis peak. In 2010 there were 40,000 North Americans with $30 million or more, up from 36,000 in 2009.
Why are millionaires doing so much better than everyone else? Financial markets. Remember, the rich depend on financial markets (which have rebounded) while the rest of America depends on jobs and homes for wealth–both of which remain in a slump. According to the report, global equity markets rose 18% in 2010. Since the wealthy have a larger share of their fortunes in stocks, they would have benefited most.
In North America, male millionaires far outnumber female millionaires: 63% of North American millionaires are men, and 37% are women.

http://blogs.wsj.com/wealth...ber-of-millionaires/

------------------
Technology is great when it works,
and one big pain in the ass when it doesn't.

Detroit iron rules all the rest are just toys.

The List Of Billionaires / Millionaires That Pay More Than the Legally Allowed Minimum in Taxes
.

What I've been saying for years....

If a Billionaire loses half his fortune, it's unlikely he's going to have trouble making next month's mortgage payment.

Meanwhile, if Joe Average is out of work, even for just a month, he could be at the start of financial ruin.

------------------
My World of Wheels Winners (Click on links below)

3.4L Supercharged 87 GT and Super Duty 4 Indy #163

quote Originally posted by Boondawg: Warren Buffett For years, the Oracle of Omaha has been vocal in his criticism of the weaknesses of the American tax system and his willingness to give more money to the federal government. In 2007, at a New York fundraiser for Hillary Clinton, he carped to the crowd, "The 400 of us pay a lower part of our income in taxes than our receptionists do, or our cleaning ladies, for that matter. If you're in the luckiest 1 percent of humanity, you owe it to the rest of humanity to think about the other 99 percent." In an op-ed in the New York Times, Buffett grew even more insistent. "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, noting that many investment managers pay only a 15 percent tax rate. He even detailed his own tax return: The $6,938,744 he paid last year was just 17.4 percent of his taxable income. Buffett attacks the idea that higher taxes lead to lower investment, writing, "People invest to make money, and potential taxes have never scared them off." He suggested immediately raising taxes on people earning more than $1 million, with an additional hike for those earning more than $10 million.less Mark Zuckerberg In a town-hall meeting hosted by Facebook in April, President Obama pitched the idea of greater taxes on the wealthiest members of society. In response, Zuckerberg said succinctly, "I'm cool with that." Zuckerberg’s wealth was last estimated by Forbes at $13.5 billion. But more than a billionaire for the twentysomething set, Zuckerberg has been immortalized as a cultural figurehead; Vanity Fair called him America's "new Caesar" and Time last year anointed him "Person of the Year." In addition to his apparent willingness to pay more taxes, he agreed to fork over $100 million to Newark last year (which would provide a huge tax benefit) and he's signed up to give the majority of his wealth to philanthropic causes as part of Bill Gates' and Warren Buffett's The Giving Pledge. Bill Gates The co-founder of Microsoft is willing to pay more in taxes from his own pocket, and he thinks all top earners should follow suit. Last year, he supported a ballot initiative in Washington state, launched by his father Bill Gates Sr., that would have created a new state income tax for those earning at least $200,000. (The initiative was ultimately defeated.) "I voted yes and I was hoping that it would pass. But that's done now," Gates has said of the failed measure. Ted Turner The businessman who built and lost his wealth as founder of CNN and the Turner cable networks and billionaire signatory of The Giving Pledge has long been a proponent of philanthropic donations. Asked last year on MSNBC whether he would be in favor of keeping his tax cut, Turner said he would not but that he gives away so much money he doesn't pay much in taxes. Tom Steyer Asked by Christiane Amanpour last year whether he disagreed with the notion that wealthy Americans should be able to retain their personal wealth as a reward for success, Steyer answered with an emphatic no. As founder of Farallon Capital Management, Steyer's wealth was estimated to be $1.2 billion in 2008. "I think anyone who doesn't give credit to the system that they are born into is taking an awful lot onto themselves," Steyer told Amanpour. "I mean, I really think that people have sacrificed a lot more than a little tax money to make that system available for all of us." Morris Pearl Last year, nearly 100 millionaires signed a petition addressed to President Obama asking him to allow tax cuts on incomes greater the $1 million to expire as scheduled. Morris Pearl, managing director of the prominent investment-management firm BlackRock, was one of the signatories. He was reportedly "sad" that President Obama agreed to extend the tax cuts. The appeal Pearl signed pleaded for an expiration of the tax cuts, "for the fiscal health of our nation and the well-being of our fellow citizens." Michael Steinhardt Dubbed a "demi-billionare hedge-fund operator,” Steinhardt has one of the country's most colorful paths to financial success and philanthropic legacy. The son of a convicted jewelry fence and one the most successful early hedge-fund managers, Steinhardt signed the second installment of the Patriotic Millionaires letter pleading for American leaders to raise taxes "for the good of the country." Mark Ruffalo Actor Mark Ruffalo, one of the self-professed wealthy residents of New York state, opted to be the face of the campaign by the New Yorkers for Fiscal Fairness, which was drafted as an open letter to the New York governor to renew the "millionaire's tax." "Many of us New Yorkers are troubled that you're giving a $5 billion tax cut to 2 percent of New York’s most wealthy while cutting $9 billion from education and social services for the rest of New Yorkers," Ruffalo said in the video. Doug Liman Liman is one of the producers behind Mr. & Mrs. Smith, The Bourne Identity, and Fair Game. He's also one of the millionaires who copped to wanting to pay more in taxes in order to help lift the economic fortunes of the country. According to the letter he signed, he and other millionaires "have done very well over the last several years. Now, during our nation's moment of need, we are eager to do our fair share." Edie Falco As Carmela Soprano, Falco reportedly pulled in more than $500,000 per episode, but she's happy to give some of those millions to the government to unburden the less fortunate. Along with Moby and Paul Haggis, Falco was part of a Hollywood branch of the Patriotic Millionaires pledge. Garrett Gruener "The small monetary sacrifice is both an ethical and patriotic decision, made in the hopes of allowing the United States of America to continue to be a leader economically, politically and morally," Gruener has said. Last year, the founder of Ask.com and co-founder of venture-capital firm Alta Partners penned an op-ed in the Los Angeles Times acknowledging that he's in the top echelon of American earners but has paid the lowest rates of personal income in the last decade—ostensibly some of the most lucrative of his 30-year career Ron Garret Garret, a rocket scientist and Google software engineer turned angel investor, is a part of the Silicon Valley set who has decried the tax benefits that are granted to the wealthiest Americans. In a press release, he argued that raising the tax liabilities of the wealthy is a significant part of the work needed to eliminate the deficit. “We have only three choices: Cut spending, raise taxes, or go bankrupt. Congress seems to be utterly incapable of cutting spending, and I don’t want the country to go bankrupt,” Garret said. http://powerwall.msnbc.msn....3F photoId%3D10000001

How dare they have opinions differing from rich people who think their tax burden is fair!!!

If they think the system is so unfair why don't they contribute more to it??? Wait that makes no sense.

So while i applaud the fact that those 100 millionares signed a petition to support dropping the tax cuts....Newf--Boondawg---any thoughts on why none of those above have voluntarily written big ol checks to the US Treasury?

I ain't scared---

They haven't, because they don't want to be the only ones to do so--they are ONLY willing to write those checks if:
a. Forced to by law.
and
b. IF everyone else is as well. No law--no check.

If you had a ton of money that you were willing to give to a good cause, would the US Government rate very high on that list of responsible entities you'd hand it to?

quote Originally posted by Xanth: If you had a ton of money that you were willing to give to a good cause, would the US Government rate very high on that list of responsible entities you'd hand it to?

If I had umpteen billion to play with and felt like being charitable? I'd go back to Haiti.

Unless I'm mistaken, many of the politicians who are clamoring for those millionare/billionares to pay more, are also millionares themselves. They could lead by example and write that big ol check tomorrow, (Pay to the Order of the US Treasury)--but they won't.

quote Originally posted by Formula88: The List Of Billionaires / Millionaires That Pay More Than the Legally Allowed Minimum in Taxes .

Yup. When there's a list of them, I'll be impressed.

quote Originally posted by maryjane: So while i applaud the fact that those 100 millionares signed a petition to support dropping the tax cuts....Newf--Boondawg---any thoughts on why none of those above have voluntarily written big ol checks to the US Treasury? I ain't scared--- They haven't, because they don't want to be the only ones to do so--they are ONLY willing to write those checks if: a. Forced to by law. and b. IF everyone else is as well. No law--no check.

Scared?

I stated my opinion why they don't in this thread and the other. I think they are saying the system is unfair so why would they contribute more to a broken system. I suspect some would rather contribute their money to charities they believe in than a tax code that they think of as unfair.

quote Originally posted by Formula88: The List Of Billionaires / Millionaires That Pay More Than the Legally Allowed Minimum in Taxes .

And there you have it.

But, like everyone else, I suspect that they would like a little accountability, instead of feeling like their money was going down a black hole.

Their point is that that average American middle class pays a higher percentage of taxes than they do. I agree, if they want, they can pay more taxes, but the point was that they get special treatment (lower percentage tax) because of how much more money they make.

The middle class is pays more out of their income than the rich, but all you guys can say is that "if they want to pay more, they can"... huh? How about complaining about the fact that our tax system is broken?

quote Originally posted by jaskispyder: ... all you guys can say is that "if they want to pay more, they can"... huh? How about complaining about the fact that our tax system is broken?

We know it's broke. Complaining doesn't solve a thing.
Why isn't Buffett using his money to buy politicians to fix it ?

yes. it is a good idea to support the system which allows you to thrive.

there are also those self important "entitled" abusers...who think it was "all them"....they are Atlas holding up the world.....it would all fall apart without them

Shrug Atlas. Walk away. See how important you really are. More than enough "good people" to fill your greedily held spot. Shrug Atlas. Walk away.

quote Originally posted by cliffw: We know it's broke. Complaining doesn't solve a thing. Why isn't Buffett using his money to buy politicians to fix it ?

actually, complaining does work.... how do you think the tea party got into office

That is a good suggestion for Buffett. Isn't the owner of starbucks withholding his political donations because of this??

I think it was Mark Levin last night on the radio that explained exactly how these Billionaires would actually stand to make money from higher taxes. It was a very interesting explanation.

Now, if they want higher taxes, then they can pay higher taxes. Why do they have to be forced if they want it so bad? Why would they not just give millions, or even billions to the Government?

All it would take is them not claiming all the crap they currently claim, or even paying more in and not taking it back at the end of the year.

Brad

The problem with letting just those in the list paying more is that there are so many thousands of others that would not do it voluntarily.

So that would be like trying to fill a gallon jug with an eye dropper.

They all need to, not just a select few. Just like the rest of us HAVE to pay taxes, they all need to. Many here say but they pay more than we do.]

No they don’t. they have so many loop holes that come tax time they pay less or nothing.

Steve

------------------
Technology is great when it works,
and one big pain in the ass when it doesn't.

Detroit iron rules all the rest are just toys.

quote Originally posted by 84fiero123: The problem with letting just those in the list paying more is that there are so many thousands of others that would not do it voluntarily. So that would be like trying to fill a gallon jug with an eye dropper. They all need to, not just a select few. Just like the rest of us HAVE to pay taxes, they all need to. Many here say but they pay more than we do.] No they don’t. they have so many loop holes that come tax time they pay less or nothing. Steve

lol - of course.

and another more important thing:
like these guys really fill out their own tax papers....really?

I'm 100% for this and totally agree with everyone. Put the money out there and help the U.S. They won't do it (until they are forced) because the government won't put it towards the debt, they will just continue to grow the debt.

The only problem I see with raising taxes on the "rich" is where do you draw the line? Is 100k rich? Is 200k rich? Is 500k rich? It's just a hard line to draw. I understand those are substantial amounts of money for one person to bring in a year, but maybe that person worked and risked it all to be bringing that kind of money in, or maybe they are the bread winner and the only one bringing home a paycheck every week.

I'm still in aggreance with a flat tax rather than this random taxation based on your income and if you feel the flat tax is not enough for you then pay extra, you won't see any American complaining that you payed extra taxes.

I believe they should draw the line at $140,000 in total assets + gross wages.

quote Originally posted by maryjane: I believe they should draw the line at $140,000 in total assets + gross wages.

Are you at 139,999.99?

If you are not being sarcastic what's your explanation for that random number?

These are token gestures by people who wouldn't feel a thing.

And how the hell is it patriotic or noble to willingly give a bloated, recklessly irresponsible government more money to waste?

quote Originally posted by maryjane: Unless I'm mistaken, many of the politicians who are clamoring for those millionare/billionares to pay more, are also millionares themselves. They could lead by example and write that big ol check tomorrow, (Pay to the Order of the US Treasury)--but they won't.

Actually there is no system in place for them to do so. I am sure there are miles of red tape and such that if Mr. X did write a check and send it in, the US Treasury would not know what to do with the check and would essentially just probably return it to the sender.

There is really no point in dissing these billionaires for not putting up the money. Sure they may be all talk, but until congress actually puts forth a plan on how to collect and disperse this money there is really no point in sending that check in.

...that being said, I am already set up to accept any kind of donation or grant that these billionaires wish to send my way to help improve my personal economy (which in turn would help to overall picture). Even though I am from Canada, I am willing to travel to the US and spend tons of money there putting it in back into the economy if someone will send it to me.

quote Originally posted by jaskispyder: Their point is that that average American middle class pays a higher percentage of taxes than they do. I agree, if they want, they can pay more taxes, but the point was that they get special treatment (lower percentage tax) because of how much more money they make. The middle class is pays more out of their income than the rich, but all you guys can say is that "if they want to pay more, they can"... huh? How about complaining about the fact that our tax system is broken?

If "the rich" are taxed at a lower percentage, it would be the net taxes after deductions. Tax deductions are built into the tax code to encourage various activities. Many of those activities involve investments. So the money you complain that they aren't being taxed will typically be going to something that benefits the economy. Take away those investments and it is a negative to the economy, and it ends up being more money the government has to WASTE. And oh, man, does the government know how to waste money.

quote Originally posted by fierobear: If "the rich" are taxed at a lower percentage, it would be the net taxes after deductions. Tax deductions are built into the tax code to encourage various activities. Many of those activities involve investments. So the money you complain that they aren't being taxed will typically be going to something that benefits the economy. Take away those investments and it is a negative to the economy, and it ends up being more money the government has to WASTE. And oh, man, does the government know how to waste money.

yes, I agree that deductions for certain things is in fact a good thing. we've seen how tax breaks for solar power, electric cars, and the likes get the ball rolling.

and, yes, nothing on earth disposes of $$$$ like the Pentagon. the biggest money incinerator on earth. nothing comes close.

quote Originally posted by fierobear: If "the rich" are taxed at a lower percentage, it would be the net taxes after deductions. Tax deductions are built into the tax code to encourage various activities. Many of those activities involve investments. So the money you complain that they aren't being taxed will typically be going to something that benefits the economy. Take away those investments and it is a negative to the economy, and it ends up being more money the government has to WASTE. And oh, man, does the government know how to waste money.

So, it is ok with you, that the middle class are taxed at a higher rate, that is what I understand from your comment. Their money must be taxed because it will not encourage "various activities", otherwise, they don't give enough away, so they should be taxed at a higher rate? I don't know about your logic here. I for one gave money to local charities, until consumer prices increased and tax deductions were removed. Instead I had to decide if I wanted to feed my family or not. I really doubt millionaires worry about their next grocery bill like the middle class, maybe they are too busy giving away money... wait, I see one out my window... he is just tossing money out to anyone who asks, well, I assume it is a he, as I can't see the face through the tinted glass of the limo

quote Originally posted by jaskispyder: ... actually, complaining does work.... how do you think the tea party got into office

I am a squeaky wheel. I thought that you meant complaining here.
Not sure about political donations witholdings.

quote Originally posted by cliffw: I am a squeaky wheel. I thought that you meant complaining here. Not sure about political donations witholdings.

In a bid to lower the growing budget deficit in United States, Howard Schultz, CEO Starbuck, the largest coffeehouse chain company, appealed to fellow business leaders to abstain from any donation to U.S. political parties, according to reports.

Reportedly, Schultz wrote an email to other corporates, urging them to delay any political donations , and explaining that the elected leaders “have failed to lead.”

“I am asking that all of us forgo political contributions until the Congress and the president return to Washington and deliver a fiscally disciplined long-term debt and deficit plan to the American people,” read the email.
_____________________________________________________

http://www.themoneytimes.co...o-id-1701711003.html

Nothing about withholding... only talking about the idea....

I would rather they would take the extra money they would pay in taxes and invest it in US based production. That would create multiple jobs that would then be taxed so the government would still get some and the employees would not be on unemployment, food stamps, etc. WIN WIN. Sending more money to this bloated bureacratic nightmare our government has become is like flushing it down the sewer.
Yeah the government is going to have to get some to maintain the military, SECURE the borders, and pay down the debt, but as far as I'm concerned most of the rest of it could be shut down.

quote Originally posted by jaskispyder: So, it is ok with you, that the middle class are taxed at a higher rate, that is what I understand from your comment.

In the tax code, "the rich" are taxed at a MUCH higher rate. They also get deductions. In fact, EVERYONE gets deductions. If some of those deductions are in place to encourage investment, then "the rich" are likely either employing the middle class, or are investing in a way that contributes to employing the middle class.

There are two types of tax rates. There is a base rate and there is a "net" rate (aggregate, I think?). Most people don't pay the base rate. Including you, even if you file a 1040EZ, there is a standard deduction. So NOBODY pays the base rate.

quote Originally posted by Formula88: The List Of Billionaires / Millionaires That Pay More Than the Legally Allowed Minimum in Taxes .

Well Said!

It's politics. When you are a Billionaire you have a bullseye on your forehead. It is easier to say, "Oh yes, we should pay more" KNOWING that your meager 403 votes means nothing! Lip service

quote Originally posted by fierobear: In the tax code, "the rich" are taxed at a MUCH higher rate. They also get deductions. In fact, EVERYONE gets deductions. If some of those deductions are in place to encourage investment, then "the rich" are likely either employing the middle class, or are investing in a way that contributes to employing the middle class. There are two types of tax rates. There is a base rate and there is a "net" rate (aggregate, I think?). Most people don't pay the base rate. Including you, even if you file a 1040EZ, there is a standard deduction. So NOBODY pays the base rate.

Ok... so you believe "rich people" should have more deductions?

quote Originally posted by Pyrthian: Shrug Atlas. Walk away. See how important you really are. More than enough "good people" to fill your greedily held spot. Shrug Atlas. Walk away.

I like that.
Shrug Atlas. Walk away.

quote Originally posted by jaskispyder: So, it is ok with you, that the middle class are taxed at a higher rate, that is what I understand from your comment. Their money must be taxed because it will not encourage "various activities", otherwise, they don't give enough away, so they should be taxed at a higher rate? I don't know about your logic here. I for one gave money to local charities, until consumer prices increased and tax deductions were removed. Instead I had to decide if I wanted to feed my family or not. I really doubt millionaires worry about their next grocery bill like the middle class, maybe they are too busy giving away money... wait, I see one out my window... he is just tossing money out to anyone who asks, well, I assume it is a he, as I can't see the face through the tinted glass of the limo

In 2008 (latest year of available data from IRS)

The top 1% of income earners earned 20% of all of the Adjusted Gross Income and they paid 38.02% of all of the taxes that year. These people are everybody in America having an AGI of $380,354.00 a year or more which was 1,399,606 returns.

The people who earned between $67,280 and $113,749 of AGI that year (the middle class) earned 21.62% of all the AGI that year and paid 16.4% of all the taxes and that was from 20,994,087 returns.

So how can you say the middle class is paying a higher percentage of their income in taxes?

Did you hear it on MSNBC?

quote Originally posted by jaskispyder: Ok... so you believe "rich people" should have more deductions?

I still want to know what "rich people" is actually defined as.

But I can't speak to Bear's comment as much as I can say that the entire concept of an INCOME TAX is destructive and detrimental to productivity. If you are going to tax people for their excesses you should tax consumption, not production. I'd like to see the entire tax code and the IRS tossed into the trash heap and have us impose an across the board consumption tax.

This, of course, assumes that Congress can ALSO stop wasting our moeny but that is a separate issue

quote Originally posted by Bullet: In 2008 (latest year of available data from IRS) The top 1% of income earners earned 20% of all of the Adjusted Gross Income and they paid 38.02% of all of the taxes that year. These people are everybody in America having an AGI of $380,354.00 a year or more which was 1,399,606 returns. The people who earned between $67,280 and $113,749 of AGI that year (the middle class) earned 21.62% of all the AGI that year and paid 16.4% of all the taxes and that was from 20,994,087 returns. So how can you say the middle class is paying a higher percentage of their income in taxes? Did you hear it on MSNBC?

nope, ... MSNBC is too liberal.

Warren Buffett states his tax rate is about 16%, I am using his statement. I would be jumping for joy if mine was that low.

quote Originally posted by Bwhit12: Are you at 139,999.99?

no.

quote If you are not being sarcastic what's your explanation for that random number?

I'm being quite realistic. Here's the explanation. If you live in a damp flea infested cardboard box, the guy living up under the nice dry overpass is rich in comparison. If your total assets are nearly zero, or if you have found yourself not owning a pot to pizz in or a window to throw it out of, anyone with significntly more or in significantly better financial shape is rich in comparison.
That number, would likely include many of the people who currently very much support "someone else" paying more taxes. and, those who fall above that number (even f by $1) are viewed by those well below that threshold-- as being "rich".
Set the threshold at $140,000 total assets including gross wages and watch this thread become all but ominously silent.

It's ALWAYS about coveting and "OPM"--other people's money--always.

Again, if Buffet and others were really serious, they would have already written the checks--they haven't, because they are looking at OPM too.

quote Originally posted by jaskispyder: nope, ... MSNBC is too liberal. Warren Buffett states his tax rate is about 16%, I am using his statement. I would be jumping for joy if mine was that low.

So one rich guy says his tax rate is 16% and all rich people don't pay enough taxes....ok got it!!!!