Quote:
Originally Posted by Pete F.
Just when did I say nobody should be successful, I have learned that trickle down doesn't work and that paying off politicians can get you a lot better treatment.
Pass the Buffett Rule. The Buffett rule, inspired by billionaire Warren Buffett, would require millionaires to pay a minimum tax rate of 30%. This will guarantee that the wealthy will not pay a smaller share of their income in taxes than a middle-class family pays. It would raise $72 billion over 10 years.
Close the Wall Street carried interest loophole. Wealthy private equity managers use a loophole to pay the lower 23.8% capital gains tax rate on the compensation they receive for managing other people’s money. We should close this loophole so that they pay the same rate as others at their income level who receive their compensation as salary. This would raise $17 billion over 10 years.
The richest 1% pay an effective federal income tax rate of 24.7%. That is a little more than the 19.3% rate paid by someone making an average of $75,000. And 1 out of 5 millionaires pays a lower rate than someone making $50,000 to $100,000.
Conservatives claim that the estate tax is a “death tax,” wrongly implying that the tax is paid when every American dies. In fact, the tax primarily is paid by estates of multi-millionaires and billionaires. The vast majority of deaths — 99.9% — do not trigger estate taxes today.
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"Just when did I say nobody should be successful"
I said, if they were less successful, who benefits?
No one benefits.
As to the Buffet rule, the problem is we differentiate (smartly in my opinion) between income and capital gains. Capital gains involves a lot of risk, you have to incentivize people to take that risk. Ordinary income and capital gains are two very different things, and wealthy people get a lot more from capital gains.