Why does anyone fight for the rich to pay less percentage in taxes than they do?

Question

Warren Buffet pays 17% of his income in taxes
My writeoffs drop me down to the 26% or so bracket

"Buffett cited himself, the third-richest person in the world, as an example. Last year, Buffett said, he was taxed at 17.7 percent on his taxable income of more than $46 million. His receptionist was taxed at about 30 percent."

craigh63 (below) I've been working since the age of 16. Thanks for the uncalled for ignorance.

gary L (below) Good suggestion.

Answer 1

That is not the point. They should pay the SAME percentage. Not 90% or more.

Answer 2

I think you've got 2 questions worked into one here.

I'm for a flat tax. Rich pay 15% (for example), poor pay 15%, etc. You do that and the rich DO pay more taxes. The poor do get to vote on how money is spent. If they vote to raise taxes it affects them. However, if they're voting to raise someone ELSES'S taxes so that they can get stuff that they want, they'll raise taxes every time.

If you're a doctor, you pay more than 17%. Most CEO's pay more than 17% as well. Buffet earns the lions share of his money through selling stocks he's owned for over a year, thus paying long term capital gains tax. This is the same rate that all of us pay when we sell a stock after a year.

This is because we've got an incredibly screwed up tax system and politicians that like to raise taxes without anyone noticing.

However, the reason I fight to protect the rich when it comes to taxes, is this. Have you ever been employed by a poor person? The rich are the ones that are the producers. They create goods and services that in turn create jobs and economic growth and opportunity. At one point in America's history there was a 92% tax on the top income earners. Think about that......

If you make $1,000,000, you would only get to keep 80,000. I know that sounds like a lot, however if you make that same $1,000,000 overseas, then you get to keep more like $900,000 of it....maybe all of it. Now you consider the risks involved..... at a 20% rate of return, you're risking 5,000,000 dollars to get an 80,000 gain. That's a .16 percent (NOT 16%) return on your money. So why would you risk 5M to make that type of return when you can drop it in a bank in switzerland, make 3 times as much, and have no risk and no tax???

The bottom line is that we want people building businesses in America, not Mexico. The more we tax the rich, the more reasons we give them to send their factories, jobs, and investments overseas.............and that's really bad for all of us.

They estimate that there is over 10 Trillion USD overseas because of the high rate of corporate tax in the US. It's a shame that we're scaring away that kind of money.

Answer 3

Lotsa people are chasing a dream of striking it rich by someday being able to grab "the brass ring" ! They are just blind to the fact that in reality, they will not get there on a 'paycheck' kind of job. But they think that if that they do get rich,they don't want to pay the taxes! Greed is what drives capitalism, not benevolence. Sure there are a few philanthropists out there,but they are not the 'norm'. When you have 50 billion dollars,what's a 100 million or two ? It would be like you or me, throwing a fiver or two into the Salvation Army kettle. Not really gonna hurt ya,or make a big difference either way. Now if somebody had 50 billion bucks,and gave most of it to charities and community projects,the world would begin to change. So taxing them at a rate that the 'common' person pays,would go a long way to level the field,and provide a better life for all.

Answer 4

I have never heard anyone "fight for the rich to pay less percentage in taxes than they do", and neither have you. Buffet lied, and you loved it because you think you can twist his lies into another mindless suicidal attack against the people who feed you.
If you really work for a living, why do you want the rich people you work for to have to pay more taxes? Don't you know that the more taxes your employer pays the less money he has to pay you? My guess is you would rather whine to the government for money than work for it. Maybe you are a union thug who uses the minimum wage issue to extort a raise, telling the lie that it is for the poor when in reality your union contract calls for you to get a raise at 3 times the rise of the minimum wage. You only fool fools...

Answer 5

Before I would get too upset about this, I would take a look at the itemization of Mr. Buffet's deductions. For the "super rich", often some of the major deductions are from large charitable donations, which can save the government in social spending, thus the donation may actually work towards saving the U.S. Government tax dollars in the long run.

While this may be true, I must agree with the inevitable conclusion that the "rich" tend to make the laws (Congress's salary, the President's salary, not to mention that most are independently wealthy before running for office). This is something that is unlikely to change, and is a sad but necessary by-product of our government and economic structure. Massive wealth redistribution or other tactics would cause more damage than good.

Answer 6

Something to do with the magical supply-side economics. Which in reality, just help the rich more than poor. The wealthier tend to buy products from the wealthy, such as private jets. The not-as-wealthy buy in the lower spectrum, which then goes back to the wealthy spectrum (Wal-Mart anyone?). True, the wealthy businesses employ people, which cycles money back down. BUT, lowering taxes on the wealthy HAS NO EFFECT ON THE LOWER SIDE ECONOMY, up to a certain percentage. And that percentage is well above the taxes that the middle pay.

Answer 7

The only reason a normal person with an average income would want the rich to pay LESS taxes is a lack of understanding of how economics work.

Answer 8

Unfortunately, the working class heroes have and always will get the shaft. There seems to still be this Reaganomic trickle down mentality, among a certain brain dead group, that if we support big business and their powers that be, that benefits will trickle down to the working class, in the form of better jobs, higher wages,& better benefits. However, that was in the 80's before corporations decided to dump on the working class and outsource their jobs. With the rising cost of gasoline, along with everything else, the lowest paid working class citizens actually are making less than they did 15 yrs ago.

Answer 9

I don't know, but I have watched videos like America: Freedom to Fascism, and the twelve hour series called "Just the Facts", and I have learned a great deal from them, and other videos on the same subject. I am therefore against income tax for ANY United States citizen, living and working in the United States. It is actually a bit more complicated than that, but I know you to be an intelligent person, and I am certain that you will be inspired to watch these films. I do hardily recommend them. *sm*

Answer 10

This is what the conservative republicans stand for. Low taxes for the rich and a higher percentage of tax for the middle income people. Plus, if inflation becomes too much, they'll just increase their own pay, they control the purse strings.

As long as the Golden Rule applies to the wealthy, we the people must enact fair tax laws and rates for all.

Answer 11

I would go for a flat tax as long as there is a "standard" deduction and no other deductions. Why? because to a person making less than 14,000 per year, a 20 dollar bill is "worth" more to them than Warren Buffet.

How about 15% flat tax with a standard deduction only?