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Old 08-10-2011, 11:36 AM   #18 (permalink)
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Originally Posted by 6cubed View Post
Everyone should be taxed less...

I honestly believe that "rich" people will spend/allocate their capital/resources better than a bureaucratic government would. Taxes of say 15% are warranted to allow government provide the basics that citizens entrusted it to do. Any excess taxes are really a slap to the face of people; government is saying that we can allocate this capital better then you can.

A lot of rich people are rich for a reason... they know how to allocate capital. The main threat of rich people is that they will invest overseas and not in the domestic economy. Even if the invest in China the result is cheaper prices for the consumer. It's the rich people that stimulate the economy and create... not government. Government is good at being inefficient, spending on dumb but politically popular projects (usually pork), supporting crony capitalism, etc.

For anyone to pay 40% in taxes is ridiculous. To have x% of the population to pay 0 taxes is even more absurd... the very same people who have access to a free education, food stamps, sometimes affirmative action, and now free healthcare, is bullsh1t. Okay I'm a jerk but to subsidize the losers of society is futile. Sure some of these circumstances is the result of bad luck but the U.S. provides enough opportunities for individuals to become middle class if you one tries hard enough.

I would support Warren Buffett to pay 0 taxes because he would spend his "tax budren" more wisely then government would. Here's what the US govt is good at... getting in debt for spending on stupid things (and blaming rich people on a lack of tax revenues):

U.S. National Debt Clock : Real Time
The rich in America pay little taxes as it is. In some cases they get away with paying no taxes by using shelters etc.... And tax rates for the rich are at the lowest in decades. And they aren't creating jobs, they're hoarding the money for themselves, giving each other massive bonuses and buying corporate jets. The rich supposedly pay a whopping 18% in taxes (if they pay at all). That's lower taxes then i pay, and i'm far from a millionaire.

In fact, many don't pay taxes at all. Now, those familiar with the Mack-truck sized loopholes written into the tax code (example: the wealthy who make their money off capital gains only pay a 15 percent tax rate, if that) shouldn't be surprised.

According to a recently released IRS report (PDF), 1,470 millionaires and billionaires paid zero taxes in 2009.
Millionaires Don't Pay Taxes? 1,470 of America's Richest Didn't, According to IRS - Los Angeles News - The Informer


Rich People?s Taxes Have Little to Do with Job Creation

Last edited by jeffb; 08-10-2011 at 11:40 AM.
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