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Maybe some here actually think millionaires being taxed at a lower tax rate is alright for them to pay a lower tax rate than a secretary. I don't think they actually know how trhe tax code works in their favor. When you have millionaires like Gates and Buffett tell you the system is unfair you should pay attention and educate yourself. Stop worrying about the top wage earners they have done quite well and are not due from extinction.
Warren Buffett's quotes:
[LEFT]"When asked by Amanapour about the claims from the wealthy that taxing them more would cause them to spend less and send the economy more into the toilet, Buffett dismissed those claims as same-old.
"The rich are always going to say just give us more money and we'll just go out and spend more and it will trickle down to the rest of you," he said. "That has not worked for the last 10 years and I hope the American public has caught on."[/LEFT]
Obviously more than a few have not caught on.
[LEFT]
Theres an agency called the IRS. Its the law that you and I pay taxes on our income. So every time you get a paycheck do you get all of your own money? No, its taxed and you get the rest, so it was never yours, its was always theirs (Gov't) because you never see 100%, so a portion of it is your "own money".
You cant honestly believe that its theft to go to work and be allowed to keep your money.. Tell me then, since the money is always govts, what do you get for going to work and why do you continue to do it since you claim you get nothing out of the activity?
Maybe some here actually think millionaires being taxed at a lower tax rate is alright for them to pay a lower tax rate than a secretary. I don't think they actually know how trhe tax code works in their favor. When you have millionaires like Gates and Buffett tell you the system is unfair you should pay attention and educate yourself. Stop worrying about the top wage earners they have done quite well and are not due from extinction.
Warren Buffett's quotes:
"When asked by Amanapour about the claims from the wealthy that taxing them more would cause them to spend less and send the economy more into the toilet, Buffett dismissed those claims as same-old.
"The rich are always going to say just give us more money and we'll just go out and spend more and it will trickle down to the rest of you," he said. "That has not worked for the last 10 years and I hope the American public has caught on."
The secretary that you're speaking of can pay the same tax rate as the wealthy. They only need to invest their money into something that will gain value.
The dividends and capital gains that people like Buffett are paid on has already been taxed.
Warren Buffett and Bill Gates have BILLION DOLLAR foundations, which they write off. For you geniuses out there, that means that they donate money to causes that are important to THEM. They then avoid paying federal tax on those BILLIONS. Why aren't they donating those BILLIONS to the federal government?
These two guys alone can fund the unemployment extension tomorrow.
I wonder how long either of these two would pay someone to not work?
The secretary that you're speaking of can pay the same tax rate as the wealthy. They only need to invest their money into something that will gain value.
The dividends and capital gains that people like Buffett are paid on has already been taxed.
Warren Buffett and Bill Gates have BILLION DOLLAR foundations, which they write off. For you geniuses out there, that means that they donate money to causes that are important to THEM. They then avoid paying federal tax on those BILLIONS. Why aren't they donating those BILLIONS to the federal government?
These two guys alone can fund the unemployment extension tomorrow.
I wonder how long either of these two would pay someone to not work?
Do you realize how much capital a secretary would have to generate to lower her tax rate from 30% to 17%. Buffett's salary is only around $100,000 per year but his holding are enormous. When he cashes in stock he only pays 15%, that is the major reason he is taxed so low. I would guess the secretary would have to cash in over $5 Million to lower her tax rate anywhere near 17%, that's rather difficlut at $60,000 per year.
What does Buffetts donations to charity have to do with the tax brackets.
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