Do the Rich Have a Moral Obligation to Pay Higher Taxes?

[Bad_Daddy 2,209]

http://finance.yahoo.com/blogs/daily-ticker/rich-moral-obligation-pay-higher-taxes-jerry-brown-135940376.html

Do the wealthiest Americans have a "moral" obligation to pay higher taxes?

California Governor Jerry Brown thinks so. Under Prop. 30, the two-time Democratic governor is calling for a 3% tax hike on the state's richest 1% to help pay for the cash-strapped state's education system.

"It takes a refined theory to say to billionaires that it's easier to take three weeks of school away from kids in Los Angeles than it is to take 3% away from people who make hundreds of millions of dollars a year," said Brown in an interview with The Financial Times.

Prop. 30 calls for a sales tax increase and staggered tax increases over seven years for individuals making $250,000 and families earning $500,000 or more.

The law is up for a vote during the Nov. 6 general election and billions of dollars in education funding is at risk if the law does not pass.

To further promote Prop. 30 and appeal to religious voters, Brown cited the Bible. "Luke 12:48 says: 'For those of whom much has been given, much is required.' Those at the high end can brace themselves for seven years and lend school kids a helping hand. I appeal to their sense of loyalty and fairness," he told the FT.

In the accompanying interview, The Daily Ticker's Aaron Task and Henry Blodget discuss the rancorous and complicated debate over whether the richest Americans should bare a larger share of the tax burden in this country, especially at a time of pervasive income inequality.

"When I was governor last time, personal income was $165 billion and the top 1% earned 8% of it," said Brown of his first-term during the 1970s. "In recent times the top 1% has earned 22% of personal income, which is now $1.9 trillion."

According to an annual study by the Tax Foundation, California residents paid 11.2% of their income in state and local government taxes in 2010.

That was the fourth-highest rate in the U.S. behind New York (12.8%), New Jersey (12.4%) and Connecticut (12.3%). The national average across states was 9.9% in 2010 and unchanged from the previous year.

Recent polls show support for Prop. 30 is waning, but the law is expected to pass. Should California residents vote in support of the proposition, it could have widespread implications in other states and on the federal level.

[I AM NOT THAT GUY 5,715]

The rich do pay more taxes.

Fact check: The wealthy already pay more taxes

[Bad_Daddy 2,209]

The rich do pay more taxes.

Fact check: The wealthy already pay more taxes

According to Moonbeam they are obligated to pay for all his commie feel good programs.

[I AM NOT THAT GUY 5,715]

According to Moonbeam they are obligated to pay for all his commie feel good programs.

He can get all the money he wants from Linda Ronstadt, his main squeeze last time he was governor. She probably owes the state a lot of money for all the times Jerry called out the National Guard to sandbag her place every time it rained in Malibu Colony.

http://www.theuncool.com/journalism/rs227-linda-ronstadt/

[Bad_Daddy 2,209]

He can get all the money he wants from Linda Ronstadt, his main squeeze last time he was governor. She probably owes the state a lot of money for all the times Jerry called out the National Guard to sandbag her place every time it rained in Malibu Colony.

http://www.theuncool.com/journalism/rs227-linda-ronstadt/

I remember when they were the big item when he was running for prez.

Linda then...

And Linda now...

[I AM NOT THAT GUY 5,715]

Did you check out the price she paid for her place back in 1976? $200,000. That is about 3 times what my parents paid for a four bedroom house in the nice part of West San Fernando Valley, not that far from Malibu. At the peak of the real estate boom, my parents place was worth $800,000, and my mom was mad she had to settle for $485,000 when she sold that place about five years ago.

[Bad_Daddy 2,209]

Did you check out the price she paid for her place back in 1976? $200,000. That is about 3 times what my parents paid for a four bedroom house in the nice part of West San Fernando Valley, not that far from Malibu. At the peak of the real estate boom, my parents place was worth $800,000, and my mom was mad she had to settle for $485,000 when she sold that place about five years ago.

Then add in the royalties she gets from her music along with her Vegas shows and she's sitting pretty, although she might want to take some of that $$$$$$ of hers and look into liposuction.

[I AM NOT THAT GUY 5,715]

Then add in the royalties she gets from her music along with her Vegas shows and she's sitting pretty, although she might want to take some of that $$$$$$ of hers and look into liposuction.

She also owns two more places, one in San Francisco, and one in Tuscon.

[Obama 2012 1,714]

Do the Rich Have a Moral Obligation to Pay Higher Taxes?

If you earned your money on your own, NO.

If you're a spoiled little brat who barely worked a day in their life, YES!