We are starting to hear more and more billionaires complain that they have too much money. Warren Buffett has stated that we need to raise taxes on the rich. Good Ole Warren has also stated that raising taxes on the rich won’t hurt the economy.
This article from Forbes.com explains:
Buffett wants Congress to eliminate the Bush tax cuts for Americans with incomes of $500,000 and up (higher than Pres. Obama’s proposal of $250,000). He also wants to impose a minimum tax rate of 30% on incomes of $1 million to $10 million, and a 35% rate on incomes above that.
Think for a moment. Why would one of the richest guys in the world want the government to take away more of his wealth?
The truth is, they don’t. Reread the paragraph again. Buffet and others like Bill Gross want to increase income taxes. Which is fine for them, because many of the ‘rich’ who are advocating higher taxes do not earn income. They earn their money through investments. So, raising income taxes will not affect them. And even if it did, Good Ole Warren has already given most of his billions to the Bill and Melinda Gates Foundation. And don’t be fooled, he didn’t do it out of the kindness of his heart, he did it to reduce his tax liability. You see, as long as a foundation gives away 5% of the value of its assets every year, the other 95% is not taxed at all. And Good Ole Warren doesn’t pay the taxes that he owes, anyway.
The end result of this pandering will be higher tax rates on people who bust their asses building their businesses, not on the uber rich. Higher tax rates will result in fewer companies being formed, fewer existing companies expanding, and thus fewer people being employed by small businesses. You see, the uber rich don’t like competition.
I have just one more question: why the hell does any level of government feel that they are entitled to one-third or more of anything that I bust my ass to get? When all they have done is get in the way, leech off of my efforts, and generally been a pain in the ass to deal with? How much more are we going to take from these parasites?
“Do not be angry with me when I tell you the truth.” — Socrates