PIMCO founder Bill Gross: I'm a dirty stinkin' communist

[^_^ 5,021]

Add PIMCO founder Bill Gross to the list of wealthy Americans who think they aren't being taxed enough, already.

"Of course we should" pay higher taxes, Gross says. "Higher income groups have enjoyed an enormous privilege ever since the Reagan tax cuts...and actually ever since Kennedy began the process back in the ‘60s."

Gross admits it's difficult to know what constitutes "wealthy" in America or what federal income tax rate serves as a disincentive to those at the top of the food chain. "But I don't think it's 36%," he says. "I think high-income earners would work well into the 50% tax rate. That would certainly help balance the books going forward."

In addition to tax hikes on the wealthy, "let's raise corporate taxes too," the famed bond fund manager says, a view that runs in direct opposition to the current discussions in Washington.

"Corporations complain and complain and complain and have got the Obama administration suggesting there should be some corporate tax reform," Gross notes. But at just 1% of GDP, corporate taxes are "historically low."

Gross goes on to accuse corporations of "holding governments basically hostage" by threatening to move to another state, or country, if taxes go up. "That's faulty logic and should be tested by politicians going forward. "

http://finance.yahoo.com/tech-ticker/bill-gross-%22of-course%22-the-wealthy-should-pay-higher-taxes-corporations-too-535998.html

[I AM NOT THAT GUY 5,715]

His account has informed Mr. Gross, of course, that the US Treasury does accept voluntary contributions to reduce the deficit.

[one...two...tree 2,762]

His account has informed Mr. Gross, of course, that the US Treasury does accept voluntary contributions to reduce the deficit.

You want taxes to be voluntary?

[Ban Hammer 13,484]

That would certainly help balance the books going forward."

he sounds like a vj moderator.

[I AM NOT THAT GUY 5,715]

You want taxes to be voluntary?

Why should we have to force so many good hearted and successful liberals to give up their extra cash, something those on the right seem to do freely? The only difference being the most conservative folks seem to find charities on their own, and the left can't.

[one...two...tree 2,762]

Why should we have to force so many good hearted and successful liberals to give up their extra cash, something those on the right seem to do freely? The only difference being the most conservative folks seem to find charities on their own, and the left can't.

Taxes aren't charity, kemosabe.

[I AM NOT THAT GUY 5,715]

Taxes aren't charity, kemosabe.

Glad you finally realized that.

[one...two...tree 2,762]

Glad you finally realized that.

Whatever services government provides for it's citizens are not charities. A national defense is no more a charity than public libraries or even food stamps.

[I AM NOT THAT GUY 5,715]

Whatever services government provides for it's citizens are not charities. A national defense is no more a charity than public libraries or even food stamps.

So, paying taxes won't give you points for the afterlife? Glad we agree on that.

[one...two...tree 2,762]

So, paying taxes won't give you points for the afterlife? Glad we agree on that.

So, having progressive taxes are not a redistribution of wealth, kemosabe.

[I AM NOT THAT GUY 5,715]

So, having progressive taxes are not a redistribution of wealth, kemosabe.

Just saying that doesn't make it true. If taxes can't be levied on a strictly fee for service basis, then they are taking money from one group, and spending on another group, or outright giving the money to folks that didn't earn it. That is the definition of redistribution of wealth.

[ready4ONE 5,400]

Just saying that doesn't make it true. If taxes can't be levied on a strictly fee for service basis, then they are taking money from one group, and spending on another group, or outright giving the money to folks that didn't earn it. That is the definition of redistribution of wealth.

And of course skewing the playing field at the behest of lobbyists so the wealthy can continue to "earn" more and more at the expense of the poor and middle classes, to say nothing of assisting in tossing the government debt load into a cocked hat, also fits the definition of wealth redistribution.

[one...two...tree 2,762]

Just saying that doesn't make it true. If taxes can't be levied on a strictly fee for service basis, then they are taking money from one group, and spending on another group, or outright giving the money to folks that didn't earn it. That is the definition of redistribution of wealth.

You're not paying taxes strictly as fees for service, but that's the kind of mindset that old folks in retirement communities like Sunwest, AZ have where they don't believe their tax money should go towards public schools.

More accurately, taxes are a cost to you for living in the society that you do. Driving by a courthouse that you know you'll never need the services of and feeling bitter that your tax money went, not only to its construction, but for upkeep and staffing, is a very cynical and simplistic understanding of why you pay taxes in the first place.

[I AM NOT THAT GUY 5,715]

And of course skewing the playing field at the behest of lobbyists so the wealthy can continue to "earn" more and more at the expense of the poor and middle classes, to say nothing of assisting in tossing the government debt load into a cocked hat, also fits the definition of wealth redistribution.

Life ain't fair. Get over it. But yeah, government shouldn't be picking winners and losers: Period.

You're not paying taxes strictly as fees for service, but that's the kind of mindset that old folks in retirement communities like Sunwest, AZ have where they don't believe their tax money should go towards public schools.

More accurately, taxes are a cost to you for living in the society that you do. Driving by a courthouse that you know you'll never need the services of and feeling bitter that your tax money went, not only to its construction, but for upkeep and staffing, is a very cynical and simplistic understanding of why you pay taxes in the first place .

Stop it! You are killing me!

Edited March 8, 2011 by Some Old Guy

[one...two...tree 2,762]

Stop it! You are killing me!

Old age cynicism is the real killer. It must be depressing to go through the day, embittered over having to pay taxes for things you'll never directly benefit from.