Stop Coddling the Super-Rich

[Meg]

By Warren Buffett

http://www.nytimes.com/2011/08/15/op...me&ref=general

OUR leaders have asked for “shared sacrifice.” But when they did the asking, they spared me. I checked with my mega-rich friends to learn what pain they were expecting. They, too, were left untouched.

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. Some of us are investment managers who earn billions from our daily labors but are allowed to classify our income as “carried interest,” thereby getting a bargain 15 percent tax rate. Others own stock index futures for 10 minutes and have 60 percent of their gain taxed at 15 percent, as if they’d been long-term investors.

These and other blessings are showered upon us by legislators in Washington who feel compelled to protect us, much as if we were spotted owls or some other endangered species. It’s nice to have friends in high places.

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.

This is the heart of the epic fail brought to the USA by the Republican Party.

[Robert]

By Warren Buffett

http://www.nytimes.com/2011/08/15/op...me&ref=general

OUR leaders have asked for “shared sacrifice.” But when they did the asking, they spared me. I checked with my mega-rich friends to learn what pain they were expecting. They, too, were left untouched.

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. Some of us are investment managers who earn billions from our daily labors but are allowed to classify our income as “carried interest,” thereby getting a bargain 15 percent tax rate. Others own stock index futures for 10 minutes and have 60 percent of their gain taxed at 15 percent, as if they’d been long-term investors.

These and other blessings are showered upon us by legislators in Washington who feel compelled to protect us, much as if we were spotted owls or some other endangered species. It’s nice to have friends in high places.

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.

This is the heart of the epic fail brought to the USA by the Republican Party.

[GlennO]

Buffett is a gas-bag lefty. He is a gadfly who often spouts he wants to be taxed at a higher tax rate, but he NEVER WRITES THE CHECK ! A true dilettante tool of SOCIAL JUSTICE!


Dennis Prager got it right…here
Still the Only Solution to the World's Problems

10. Do not covet your neighbor's spouse, property, etc.
The cultivation of class warfare - i.e., the cultivation of coveting what richer citizens legitimately own - inevitably leads to violating the other commandments, most particularly the ones that prohibit stealing and murdering.

There is only one way to achieve a great society, and it is not by creating a massive state that doles out other citizens' money. It is by cultivating citizens who try to live by these Ten Commandments. They are as relevant today as they were 3,000 years ago.

[KR McKay]

...Mr. Buffet is ALWAYS more than welcome to make a "donation" to the U. S. Treasury Department. I hear they accept checks and credit/debit cards -- all of which I am guessing he has an abundance of...

[Robert]

For that fact, so is the GOP as well as Obama and the Left.

[GlennO]

As a body of believer's here at RF, we need to be vigilant against the corrosive forces of the "god of this world" that would love to promote "Class Warfare" within the BOC.

Comparing the economic standing of your neighbor, with your personal economic circumstances (resulting in your dissatisfaction with your "stuff" or your "health") is not biblical or productive.

[KR McKay]

As a body of believer's here at RF, we need to be vigilant against the corrosive forces of the "god of this world" that would love to promote "Class Warfare" within the BOC.

Comparing the economic standing of your neighbor, with your personal economic circumstances (resulting in your dissatisfaction with your "stuff" or your "health") is not biblical or productive.

Well said, brother! After all, none of it is "OUR stuff" -- it ALL belongs to HIM!

[mattfivefour]

Excellent points, Glenn. Very true.

Satan is very sneaky. We always need to be on guard.

[Sean Osborne]

Buffett is a gas-bag lefty. He is a gadfly who often spouts he wants to be taxed at a higher tax rate, but he NEVER WRITES THE CHECK ! A true dilettante tool of SOCIAL JUSTICE!

Darn tootin' he is a gas-bag Leftist. The entire article might as well have been written Karl Marx, Vladimir Lenin or Gus Hall - TAKE YOUR PICK! - it is classic Communism 101 class warfare rubbish. It comes from the father of all lies.

And for their part the RINO-led Big-R Republicans have allowed the destruction of this Constitutional Republic to proceed apace because they are also a part of the elitist class. They serve the father of lies as well.

[GlennO]

KR said:

Well said, brother! After all, none of it is "OUR stuff" -- it ALL belongs to HIM!

[Carl]

The US has played around with income tax for years prior to the 1913 passage of the 16th Amendment to our Constitution. Which they did Christmas eve so that the public wouldn't be watching. Lincoln and Congress posed an income tax on the Union during the Civil War. Lincoln was feuding with the banking industry which wanted to finance the war. But prior to 1913 income tax was only temporary.

The real problem with the tax code is that it is progressive (on the surface). All the deductions that have been added have been through special interest groups/individuals that wanted a special break to keep their money. These deductions have been accumulating since 1913. The reason the rich get these breaks is that they are the ones that can take advantage of them more than the middle class and much more than the poor.

No one will disagree that the government needs money to do its job. Most disagreement comes from the question of what is the governments job. The rich get their way by talking to Congress, the poor get their way by who they vote for. Whereas God established a form of tax with the offerings that were included in the Pentateuch. And God made provisions that the poor's offerings could be of a lesser value. But in the final analysis the Jews were supposed to support the temple, and the temple was suppose to take care of the people spiritually. The New Testament further defines the offerings. The widow that gave her last two mites was noticed by Jesus and it was credited to her account as of more value that what the rich people offered. In Acts Ananias and Sapphira were condemned because the lied to the Holy Spirit rather than just saying that they were willing to give a part of their property to the church.

If we were to use the Godly principle for taxation there would be a flat rate income tax with deductions for the poor, and the rich would have only these same deductions.

Our real problem is that the government has spent more than it has taken in for years and years. Which they were really able to do when the gold standard was removed from the dollar. As the extra money was issued through the sale of Treasury Notes and Bonds inflation has been accumulating. This is the hidden tax that has really eroded the purchasing power of the low and middle class. This is what is causing the crushing of the lower income people. Allowing the government to create dole programs to help the poor.

Our division between classes ie the rich and the working class is the result of this eroding of purchasing power, and the programs for the poor that the government has created. As heartless as it seems the people would be better off it the government would not create these helps programs. Churches would then be able to help the truly needy and the poor people would have the incentive to improve their lot. IMHO

[GlennO]

Carl said:

Our division between classes ie the rich and the working class is the result of this eroding of purchasing power, and the programs for the poor that the government has created. As heartless as it seems the people would be better off it the government would not create these helps programs. Churches would then be able to help the truly needy and the poor people would have the incentive to improve their lot. IMHO

[YeuEmMaiMai]

our government as a whole is corrupted as they advocate as a whole the redistribution of people's wealth. Our Government has not had a Godly core for quite some time now......

[dave-o]

I hope this comment doesn't fall under the definition of conspiracy theories...

But does anyone here really understand how our money system works? I think if you did you'd realize that what you see happening is the exact opposite of an "epic fail" as Meg put it.

There is no politician, tax law change, political ideology or anything else that can 'fix' this system because it isn't broken. The Federal Reserve Act of 1913 is accomplishing exactly what it was designed to do. And not just here in the USA. With few exceptions the whole world uses the same monetary system.

To those who may not know, our money system was specifically designed to create MASSIVE debt. That's what it has done and it was impossible for it to have done anything else.

Now as to who's behind it and why... well that's the 'tin foil hat' stuff and I honestly don't care. IMHO to which I'm entitled, if you're looking for some leader who will pass laws to "fix this mess" then you're looking for the AC.

Like someone above said "it's all His anyway" so what do you care what He does with or allows to happen to His stuff? Your Father knows what you need and will NEVER fail to provide it.

In the mean time I'll bet that you're not naked, starving or homeless TODAY so remember to give thanks TODAY!

[gizmo]

It's hard to get into the mind of someone who wants to rule the world but that's exactly what the people behind the Federal Reserve had in mind when they set it up. Destroy the currencies of the world with massive debt; destroy the middle class and let everyone be slaves. The "ruling elite" really do think we're stupid. I would like to see a pro Israel president in the white house but as far as our economy goes it's too late to save it IMHO.