I confess, I am a bit surprised.
http://www.washingtonpost.com/wp-dyn/con...43_pf.html

Quote:A group of liberals got together Tuesday and proved that they, too, can have a tax rebellion. But theirs is a little bit different: They want to pay more taxes.

"I'm in favor of higher taxes on people like me," declared Eric Schoenberg, who is sitting on an investment banking fortune. He complained about "my absurdly low tax rates."

Of course the hypocrisy is still there

Quote:Still, the millionaires on the call get credit for putting (some of) their money where their mouths are. They are among 50 families with net assets of more than $1 million to take a "tax fairness" pledge -- donating the amount they saved from Bush tax cuts to organizations fighting for the repeal of the Bush tax cuts.

They didn't donate to the treasury, which is allegedly their cause.

Hmm. BDS is class-blind.

SInce when has the government refused to take excess taxes? Once again, people who want to spend other people's money

Both Bill Gates and Warren Buffet have said the same thing... they think they are taxed at too low of a percentage (after all the loopholes, of course).

(04-07-2010 02:50 PM)mlb Wrote:  Both Bill Gates and Warren Buffet have said the same thing... they think they are taxed at too low of a percentage (after all the loopholes, of course).

No one is forcing them to take the loopholes.

(04-07-2010 02:05 PM)DrTorch Wrote:  

Quote:Still, the millionaires on the call get credit for putting (some of) their money where their mouths are. They are among 50 families with net assets of more than $1 million to take a "tax fairness" pledge -- donating the amount they saved from Bush tax cuts to organizations fighting for the repeal of the Bush tax cuts.

They didn't donate to the treasury, which is allegedly their cause.

I bet they then take a tax deduction for giving to a charity

(04-07-2010 02:52 PM)DrTorch Wrote:  

(04-07-2010 02:50 PM)mlb Wrote:  Both Bill Gates and Warren Buffet have said the same thing... they think they are taxed at too low of a percentage (after all the loopholes, of course).

No one is forcing them to take the loopholes.

True... I'm just saying that it seems many of the "mega-rich" believe that the tax code is unfair.

(04-08-2010 09:18 AM)mlb Wrote:  

(04-07-2010 02:52 PM)DrTorch Wrote:  

(04-07-2010 02:50 PM)mlb Wrote:  Both Bill Gates and Warren Buffet have said the same thing... they think they are taxed at too low of a percentage (after all the loopholes, of course).

No one is forcing them to take the loopholes.

True... I'm just saying that it seems many of the "mega-rich" believe that the tax code is unfair.

On the surface. If they do nothing, their faux concern is just that.

The reason the mega-rich like higher tax rates is because they have their own little club and they don't want too many riff-raff joining it. You probably can't tax Bill Gates poor. But you can tax the next Bill Gates enough to keep him from ever getting there.

(04-08-2010 09:32 AM)Owl 69/70/75 Wrote:  The reason the mega-rich like higher tax rates is because they have their own little club and they don't want too many riff-raff joining it. You probably can't tax Bill Gates poor. But you can tax the next Bill Gates enough to keep him from ever getting there.

Conspiracy theory at its best...

(04-08-2010 09:49 AM)mlb Wrote:  

(04-08-2010 09:32 AM)Owl 69/70/75 Wrote:  The reason the mega-rich like higher tax rates is because they have their own little club and they don't want too many riff-raff joining it. You probably can't tax Bill Gates poor. But you can tax the next Bill Gates enough to keep him from ever getting there.

Conspiracy theory at its best...

Nice attempt at marginalization, but...

Nope, you're wrong.

(04-08-2010 09:32 AM)Owl 69/70/75 Wrote:  The reason the mega-rich like higher tax rates is because they have their own little club and they don't want too many riff-raff joining it. You probably can't tax Bill Gates poor. But you can tax the next Bill Gates enough to keep him from ever getting there.

Yeah, barrier to entry. Happens in corporate settings all the time.

(04-08-2010 09:51 AM)Owl 69/70/75 Wrote:  Nice attempt at marginalization, but...

Nope, you're wrong.

Where is your proof? For Warren Buffett, he makes money based on others getting rich (as in, buying companies on their way up, like Microsoft). He would want people with money to help him make more money.

As far as Bill Gates goes, he has invested in other technology companies and paid billions for software companies. He has made those people rich as well.

Lastly, both of them have given or have set up trusts to give huge money to charitable interests at their death. Neither of them are giving their kids so much money that they never have to work or do anything with their life. I think that dispels any rumors that they don't want others to get rich. When it comes to Warren Buffett, he is on the record that he pays less in taxes (based on income percentage) than his secretary who makes $50K a year does. If that isn't a travesty, I don't know what is.

(04-08-2010 09:59 AM)mlb Wrote:  

(04-08-2010 09:51 AM)Owl 69/70/75 Wrote:  Nice attempt at marginalization, but...

Nope, you're wrong.

Where is your proof? For Warren Buffett, he makes money based on others getting rich (as in, buying companies on their way up, like Microsoft). He would want people with money to help him make more money.

As far as Bill Gates goes, he has invested in other technology companies and paid billions for software companies. He has made those people rich as well.

Lastly, both of them have given or have set up trusts to give huge money to charitable interests at their death. Neither of them are giving their kids so much money that they never have to work or do anything with their life. I think that dispels any rumors that they don't want others to get rich. When it comes to Warren Buffett, he is on the record that he pays less in taxes (based on income percentage) than his secretary who makes $50K a year does. If that isn't a travesty, I don't know what is.

Again, Buffett doesn't have to have an army of accountants taking advantage of all the loopholes. I'll wager he's responsible for many of the loopholes on the books. Oh, hell, no need to wager. He is responsible. He doesn't have to pay whatever small percentage that he pays in. If he deems 50, 60, 70, 99% his fair share, he can cut a check to Uncle Sam.

(04-08-2010 09:59 AM)mlb Wrote:  Where is your proof? For Warren Buffett, he makes money based on others getting rich (as in, buying companies on their way up, like Microsoft). He would want people with money to help him make more money.
As far as Bill Gates goes, he has invested in other technology companies and paid billions for software companies. He has made those people rich as well.
Lastly, both of them have given or have set up trusts to give huge money to charitable interests at their death. Neither of them are giving their kids so much money that they never have to work or do anything with their life. I think that dispels any rumors that they don't want others to get rich. When it comes to Warren Buffett, he is on the record that he pays less in taxes (based on income percentage) than his secretary who makes $50K a year does. If that isn't a travesty, I don't know what is.

Warren Buffett's big thing is the estate/death tax. Why? Because he has made his money buying up small companies for pennies on the dollar. Why? Because daddy died and there was no cash to pay the estate/death tax. So Buffet comes to the rescue with a lowball offer that pays off Uncle Sam. Take the tax away, and he has a lot fewer willing sellers.

Both of them are building companies not to make others rich but to make themselves rich. It's impossible to do that without making others rich along the way, but I don't believe that's their primary motivation. You can believe that if you want to, but I don't. Note that while they are making people wealthy in the process, they aren't making any of them as wealthy as Bill Gates or Warren Buffett. What it does suggest is that those on the right are correct in saying that tax and regulatory policies to foster development and growth of small businesses is the best way to grow the economy and create wealth.

As for the charitable contributions, I think that more nearly supports my point. If they really think that giving more money to the government is a good idea, why are they giving their money to everyone BUT the government?

(04-08-2010 11:17 AM)Owl 69/70/75 Wrote:  Warren Buffett's big thing is the estate/death tax. Why? Because he has made his money buying up small companies for pennies on the dollar. Why? Because daddy died and there was no cash to pay the estate/death tax. So Buffet comes to the rescue with a lowball offer that pays off Uncle Sam. Take the tax away, and he has a lot fewer willing sellers.

He'll even sell daddy insurance while he's alive to pay the taxes after death. He's making money off others wealth in life and death. You buy his insurance now or he takes your business later.

(04-08-2010 11:17 AM)Owl 69/70/75 Wrote:  As for the charitable contributions, I think that more nearly supports my point. If they really think that giving more money to the government is a good idea, why are they giving their money to everyone BUT the government?

Pretty simple... they can tell a charity where the money is to be spent, they can't do that with the federal government.

The arguement here is that in many cases (if not most), the mega-rich are able to get out of paying taxes now. They argue that they should pay more but don't because of loopholes. Close those out... go to the fair tax/VAT, etc., and the tax collections go up because the people who do make the most get taxed. I'm all for the national sales tax because I think the people who consume the most should pay the most tax.

Charities don't ask me how they may spend my money. Granted, I don't give millions and I'm sure they would take my calls if I did. But I pretty sure the federal government knows were most of the money comes from and listens to there "donors" just like charities: you give a little, you get ignored, give a lot, your phone calls are returned.

(04-08-2010 09:49 AM)mlb Wrote:  

(04-08-2010 09:32 AM)Owl 69/70/75 Wrote:  The reason the mega-rich like higher tax rates is because they have their own little club and they don't want too many riff-raff joining it. You probably can't tax Bill Gates poor. But you can tax the next Bill Gates enough to keep him from ever getting there.

Conspiracy theory at its best...

Most people I know who make more than 300k but less than $1mm are taxed at a gross rate of 30% or more. Ross Perot was recently taxed at 19% while his secretary was taxed at 28%. I bet Steve Jobs is taxed at even less than that.

Whether that is the REASON is perhaps speculation, but it is entirely accurate that most tax increases don't really impact the TRULY rich as much as those just below them... so the impact is exactly right.