Congrats on being so smart. Hyman for president.
Warren Buffett says the super wealthy should be taxed more. Notice I said super wealthy, not your doctors and lawyers making 500k a year. I’m talking the guys making over 2 million a year.
Inflation cures?
- Thread starter Kingseve1
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Warren Buffett says the super wealthy should be taxed more. Notice I said super wealthy, not your doctors and lawyers making 500k a year. I’m talking the guys making over 2 million a year.
The problem is not that these people or companies don’t pay enough. The problem is our spending. It’s obscene and that begins with the government.
You talk about a “fair share” while the government admits that at least 200 billion in Covid money was stolen; billions worth of equipment left in Afghanistan; billions spent propping up Ukraine; and just plain old pork. “Inflation Reduction Act?” It’s absurdity.
What’s fair is to start slashing spending to the bone and to quit passing omnibus bills. When are we going to address the real problems?
I agree with most of this, but we can’t just rip all the band aids off and say sink or swim. Too much austerity would sink our propped up economy.
5 percent less spending across the board and 2 percent higher rates on the ultra rich seems like a good place to start.
I was talking about corporate taxes, not individual income.
And the super wealthy in this country already pay the VAST majority of income taxes. The real culprit is that the majority of wage earners in the United States pay NO income taxes. And further, they actually pay NEGATIVE income taxes because they get refund checks from "the government" (ie. the rest of us) in the form of tax credits. And yet, inexplicably, they're allowed to vote in Federal elections/decide how everyone else's money is spent.
(I would never want to be POTUS. Change it to benevolent dictator and we can talk)
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The answer is cutting costs. Otherwise the fools in DC will find a way to blow more than whatever they take in, regardless of the amount.
Sigh....
Three ways to reduce inflation: 1) Decrease aggregate demand or 2) Increase aggregate supply 3) Allow aggregate supply to increase more than aggregate demand.
Choking off the supply chain while spiking consumer spending was a textbook example of how to create inflation.
Arthur Laffer wants me to point out the fact that tax revenues increased after the "Trump Tax Cuts"
https://waysandmeans.house.gov/fact...gop-tax-reform-debunks-another-democrat-myth/
Speaking of "fair share"...
taxfoundation.org
In case you don't read the link, here's a significant passage:
"Because the Office of Management and Budget (OMB) classifies the refundable part of tax credits as spending, the IRS does not include it in tax share figures. The result overstates the tax burden of the bottom half of taxpayers."
Don't get your economics information from memes.
Three ways to reduce inflation: 1) Decrease aggregate demand or 2) Increase aggregate supply 3) Allow aggregate supply to increase more than aggregate demand.
Choking off the supply chain while spiking consumer spending was a textbook example of how to create inflation.
Arthur Laffer wants me to point out the fact that tax revenues increased after the "Trump Tax Cuts"
https://waysandmeans.house.gov/fact...gop-tax-reform-debunks-another-democrat-myth/
Speaking of "fair share"...
Summary of the Latest Federal Income Tax Data
New IRS federal income tax data demonstrates that the U.S. individual income tax continues to be very progressive, borne primarily by the highest income earners.
taxfoundation.org
In case you don't read the link, here's a significant passage:
"Because the Office of Management and Budget (OMB) classifies the refundable part of tax credits as spending, the IRS does not include it in tax share figures. The result overstates the tax burden of the bottom half of taxpayers."
Don't get your economics information from memes.
The ole “Warren Buffett pays less in taxes than his secretary” thing…..it’s one of my favorites.
Lols it’s such a dead giveaway of someone’s understanding….
Lols it’s such a dead giveaway of someone’s understanding….
So true. I believe it was Buffett himself that first said it. And he was talking about the tax rate, not the actual dollars paid. But ever since people assume he meant dollars when they repeat it.
The hard part with this.. everyone thinks they aren't the rich ones, and it's the people above them who should be taxed. The family making $100,000 thinks this way, same as the family making $5million. It's tricky. Where do we draw the line for what is "rich". Personally I think anything after your first billion needs to be heavily put back into society.. but there's the issue above: that's my perception of what is rich, and I'm sure if I was a billionaire I wouldn't like this.
Even so…even discussing rate….they don’t understand that he makes most his money from capital gains.
It’s a shame, and frankly irresponsible, that he said it and it turned into a snippet with an astoundingly bad lack of context. Hell it has been used to basically brainwash simple minds about raising taxes.
You must be a genius. We need to get you in Washington to tell them about the long term capital gains rate. Hahahahahahaha
The population has risen like 1.8%
The fed govt budget has risen 55%
The reality is we don't need to pay more taxes, your altruistic leaders need to learn how to balance a checkbook. They just waste money with no care bc they know they can come back to us and forceably take money from us. We have enough money to pay for all these things already. But they can't efficiently or responsibly do anything. Look how much momsy was transfered to billionaires with covid, how mixh of that momey was straight up lost? How much has been laundered thru Ukraine. It's literally trillions that could've been put to the middle class.
Ppl need to stop thinking that thr govt knows what their doing or that the money goes to what they say it does just bc they sprinkle it with feelings.
I agree, all these guys dems and pubs, are crooks and they take care of the top 1 percent and pander to everyone else. The middle class, that does all the work, pays the highest tax rates.
Raise it up on the ultra rich. I know I’m paying more for health insurance than most of those dudes
Raising taxes doesn’t accomplish much because the issue isn’t that the US Government doesn’t have enough money. Thinking that is kind of insane, imo. The US government stealing money from other citizens that aren’t you isn’t going to magically help you or make the world a better place. This country was started due to an objection to tax in tea, it was founded on unfair taxes shouldn’t exist. The federal income tax was 1% in 1913, now look at it. Just because you don’t like paying taxes and it makes you feel better to have the government steal money from other people doesn’t make you altruistic, it makes you petty and vindictive. It’s like you’re sick of the bully beating you up at school so you want him to go beat up another kid so you feel better. You’re turning on your other schoolmates when we should all be on the same page teaming up against the bully. It’s like you have Stockholm Syndrome with the government.
Honestly, there shouldn't even BE a f***ing Federal income tax.
National sales tax on new goods and services, above a cost of living threshold.
Government doesn't get the amount they're used to? Tough sh*t. Welcome to the real f***ing world, @ssholes.
National sales tax on new goods and services, above a cost of living threshold.
Government doesn't get the amount they're used to? Tough sh*t. Welcome to the real f***ing world, @ssholes.
No, it’s not a bully thing.
It’s that we have tried low taxes on wealthy and it hasn’t worked.
Funny! But, what do want, the wild ****** west with no rules and no one paying taxes, unless they are buying groceries and ****
I didn't say anything about paying no taxes. I just said that it should be a consumption tax, and not an income tax. WTF are you talking about?
So, you want us to only pay taxes on the products we purchase? That rate would have to rise significantly
Ummm, yes. It's a SALES tax. And ONLY on new goods and services. And only once a cost of living threshold is met (based on family size, income, etc.)
It puts the taxation power in the hands of, you know, the PEOPLE THAT PAY IT.
Citizens having a say in the tax policy. What a novel idea.
It puts the taxation power in the hands of, you know, the PEOPLE THAT PAY IT.
Citizens having a say in the tax policy. What a novel idea.
Would this stay at the current 6 to 9 percent on all goods purchased? Lower is some cases
Theoretically, a person could avoid paying Federal taxes altogether, if they really wanted to. If say, they're not happy with the way those criminals are behaving.
Power of the purse back where it was meant to be.
Power of the purse back where it was meant to be.
Well yea given the joint Trump Congress blowout for 2020. Not hard. Still higher by far than ever before 202.
Lot of good points and cordial discussion in this thread, thumbs up so far.
Yes, we have a spending problem, but here is the thing, a huge percentage of govt spending is on Defense, interest payments on national debt, SS and medicare. Unless you tell me how you are going to substantially adjust spending on these big ticket items, you are not really serious about at least balancing the budget, much less paying off the national debt. As to SS, only Nikki Haley and Mike Pence (I think, may be wrong) are the only two pols running for president that I have seen who have publicly stated that SS deficit must be addressed. You cannot expect young people to keep paying more and more taxes to pay for medicare and SS, there are just not enough of them, and the over 65 age group is one of the fastest growing segments of the population.
Interest on national debt almost has to be paid, otherwise risk national catastrophe. My thought is that we can tweak the tax system here and there to raise more revenue, but before I would be willing to pay more, I would expect an explanation as to how the big ticket items set forth above are going to be addressed.
Yes, we have a spending problem, but here is the thing, a huge percentage of govt spending is on Defense, interest payments on national debt, SS and medicare. Unless you tell me how you are going to substantially adjust spending on these big ticket items, you are not really serious about at least balancing the budget, much less paying off the national debt. As to SS, only Nikki Haley and Mike Pence (I think, may be wrong) are the only two pols running for president that I have seen who have publicly stated that SS deficit must be addressed. You cannot expect young people to keep paying more and more taxes to pay for medicare and SS, there are just not enough of them, and the over 65 age group is one of the fastest growing segments of the population.
Interest on national debt almost has to be paid, otherwise risk national catastrophe. My thought is that we can tweak the tax system here and there to raise more revenue, but before I would be willing to pay more, I would expect an explanation as to how the big ticket items set forth above are going to be addressed.
Biden reduced the deficit. LOL
"Marc Goldwein, senior vice president at the Committee for a Responsible Federal Budget, an organization that advocates deficit reduction, said in an interview that Biden’s claims about having personally reduced the deficit are “almost bizarro world,” a reversal of reality. The deficit would have fallen by much more “had President Biden come to office and not done anything,” he said."
https://www.cnn.com/2022/05/09/politics/fact-check-biden-deficit-reduction/index.html
To paraphrase: All Biden did was reduce the amount the deficit was going to decline by, on it's own. IOW, in true Biden form, he f***ed it up. LOL
"Marc Goldwein, senior vice president at the Committee for a Responsible Federal Budget, an organization that advocates deficit reduction, said in an interview that Biden’s claims about having personally reduced the deficit are “almost bizarro world,” a reversal of reality. The deficit would have fallen by much more “had President Biden come to office and not done anything,” he said."
https://www.cnn.com/2022/05/09/politics/fact-check-biden-deficit-reduction/index.html
To paraphrase: All Biden did was reduce the amount the deficit was going to decline by, on it's own. IOW, in true Biden form, he f***ed it up. LOL
And can we, for the love of GOD, put corporate taxes to bed? Corporate taxes are a fiction. They don't exist.
Corporate taxes = consumption tax
Corporate taxes = consumption tax
I'm not suggesting, by any means, that we defund the Federal government. Of course we have obligations.
That being said; we need a balanced budget amendment, and we need to "cut Congress' credit cards up"
That being said; we need a balanced budget amendment, and we need to "cut Congress' credit cards up"
The problem isn't taxes. It's spending. We've built in an extra 4% of GDP spending going forward vs. pre-2020. Just stop spending. When government reduces spending to 2019 levels, I'll think about adding taxes. Until then, screw Fed Gov.
| year | spend $ | % GDP | Defct % |
| 2013 | 16,665.1 | 20.7 | -4.1 |
| 2014 | 17,370.8 | 20.2 | -2.8 |
| 2015 | 18,086.1 | 20.4 | -2.4 |
| 2016 | 18,536.1 | 20.8 | -3.2 |
| 2017 | 19,245.7 | 20.7 | -3.5 |
| 2018 | 20,302.0 | 20.2 | -3.8 |
| 2019 | 21,159.2 | 21.0 | -4.6 |
| 2020 | 21,060.9 | 31.1 | -14.9 |
| 2021 | 22,654.0 | 30.1 | -12.3 |
| 2022 | 25,000.4 | 25.1 | -5.5 |
| 2023 estimate | 26,335.7 | 24.2 | -6.0 |
| 2024 estimate | 27,237.5 | 25.3 | -6.8 |
| 2025 estimate | 28,432.0 | 24.9 | -5.9 |
| 2026 estimate | 29,679.0 | 24.6 | -5.1 |
| 2027 estimate | 30,908.8 | 24.6 | -4.9 |
| 2028 estimate | 32,188.2 | 24.9 | -5.0 |
Corporations aren’t guys. Buffett is making a different point than taxing corporations. He is talking about individual income taxes. I think he is wrong, but that’s beside the point.