Stop coddling the super-rich, Warren Buffett says

[IR5FORMUMSIE 850]

You have to start somewhere. When we go through a budget process at work they nickel and dime everything to get their numbers.

I would also start by removing salaries for everyone in congress. They should be working for the good of the country and not for money as they do now.

HELL YES!!!! :thumbs:

[sly_wolf 199]

Factor it as a percentage of the whole and cut across the board by that amount. Should be about 1% at most.

Like any good CFO would do .... all dollars gets scrutinized.

[IR5FORMUMSIE 850]

Here's another idea...

1. Define "Super Rich"

2. Determine how much could be raised by taxing them more (assume they would not move their money where it can't be touched)

3. Cut the Federal budget that amount.

Job done.

Except we've been bleeding for years, once we get our revenue back, then we can trim the budget.

"Working stiffs" are not paying their fair share.

Maybe it's because all the jobs were sent overseas by greedy corporate types.

[sly_wolf 199]

HELL YES!!!! :thumbs:

They would fear me

[IR5FORMUMSIE 850]

Exactly. A concept lost on sly_wolf.

I say we stop coddling the "poor".

And start coddling the rich, oh wait, we're already doing that.

[slim 1,530]

The middle class pays the brunt and the topic is about the rich not paying their fair share.

See if you can find where the majority of tax money comes from. Does it come from the middle class or the rich?

[Gary and Alla 3,694]

You have to start somewhere. When we go through a budget process at work they nickel and dime everything to get their numbers.

I would also start by removing salaries for everyone in congress. They should be working for the good of the country and not for money as they do now.

When you go through a budget process at work (if it is a private business) do they first talk about how they can raise prices to their clients? I have done private industry budgets for years and we first eliminate any expenses we can and then determine what we have to charge for our services, safe in the knowledge that our competitors will have to do the same.

we also charge the same price to all our clients, regardless of their income

Edited August 15, 2011 by Gary and Alla

[slim 1,530]

When you go through a budget process at work (if it is a private business) do they first talk about how they can raise prices to their clients? I have done private industry budgets for years and we first eliminate any expenses we can and then determine what we have to charge for our services, safe in the knowledge that our competitors will have to do the same.

we also charge the same price to all our clients, regardless of their income

That's not fair!

[Gary and Alla 3,694]

Maybe it's because all the jobs were sent overseas by greedy corporate types.

To avoid taxes.

So lets tax them more and make moving overseas more attractive to additional businesses. You believe the problem with taxes is that there is not enough of them?

Cut to the chase and just tax 100% of all income for anyone above $100,000 per family. That's plenty for anyone. That will fix everything.

Edited August 15, 2011 by Gary and Alla

[IR5FORMUMSIE 850]

They would fear me

You kinda scare me, I'm just glad that I had an extra pair of underwear on hand.

[I AM NOT THAT GUY 5,715]

I am not talking about the poor. The middle class pays the brunt and the topic is about the rich not paying their fair share.

Democrats have been blurring the line between middle class and rich. Now there is only the "Super Rich", and the "Working Poor".

[IR5FORMUMSIE 850]

See if you can find where the majority of tax money comes from. Does it come from the middle class or the rich?

It bears repeating from the article that I posted earlier.

The wealthiest Americans don't carry the burden.

This is one of those oft-used canards. US Sen. Rand Paul, the tea party favorite from Kentucky, told David Letterman recently that "the wealthy do pay most of the taxes in this country."

The Internet is awash with statements that the top 1 percent pays, depending on the year, 38 percent or more than 40 percent of taxes.

It's true that the top 1 percent of wage earners paid 38 percent of the federal income taxes in 2008 (the most recent year for which data is available). But people forget that the income tax is less than half of federal taxes and only one-fifth of taxes at all levels of government.

Social Security, Medicare and unemployment insurance taxes (known as payroll taxes) are paid mostly by the bottom 90 percent of wage earners. That's because, once you reach $106,800 of income, you pay no more for Social Security, though the much smaller Medicare tax applies to all wages. Warren Buffett pays the exact same amount of Social Security taxes as someone who earns $106,800.

[mawilson 2,133]

Thats right. They are paying more than their fair share.

BS.

Here are "the rich":

Top 1% share of income: 20%

Top 1% share of income taxes: 38%

Top 5% share of income: 34.73%

Top 5% share of income taxes: 58.72%

Top 10% share of income: 45.77%

Top 10% share of income taxes: 69.94%

See, the top 10 are paying almost 70 percent of all income tax revenue, even though their share of income is only 45 percent!

And here are your "working stiffs":

Bottom 50% share of income: 12.75%

Bottom 50% share of income taxes: 2.70%

25-50% share of income: 19.86%

25-50% share of income taxes: 10.96%

10-25% share of income: 21.62%

10-25% share of income taxes: 16.40%

Which group are you in?

source

[sly_wolf 199]

When you go through a budget process at work (if it is a private business) do they first talk about how they can raise prices to their clients? I have done private industry budgets for years and we first eliminate any expenses we can and then determine what we have to charge for our services, safe in the knowledge that our competitors will have to do the same.

we also charge the same price to all our clients, regardless of their income

I have been in that line of work for 34 years. The budget process looks at sale revenue first. Once you know how much revenue you have then you target expenses. The bottom line is driven by revenues and expenses. If you dont know what your sales revenue projections are how can you begin to make any good decisions on expenses.

[mawilson 2,133]

I am not talking about the poor. The middle class pays the brunt.

Wrong - see above.