tag:blogger.com,1999:blog-5465015914589377788.post1564131704032083506..comments2024-02-17T11:07:06.232-05:00Comments on Michael James on Money: Millionaires Aren’t What They Used to BeMichael Jameshttp://www.blogger.com/profile/10362529610470788243noreply@blogger.comBlogger9125tag:blogger.com,1999:blog-5465015914589377788.post-35544368862979214382011-09-21T22:17:20.345-04:002011-09-21T22:17:20.345-04:00Thanks for catching that ... I meant to refer to t...Thanks for catching that ... I meant to refer to the middle class in the middle/upper tax brackets. On that subject, how much are we really gaining by taxing the working poor? Someone making $10/h will likely pay less than $2000/year in income taxes. Just something to ponder.Chris Bnoreply@blogger.comtag:blogger.com,1999:blog-5465015914589377788.post-87341898232619991382011-09-20T21:36:53.519-04:002011-09-20T21:36:53.519-04:00@James: You're right. I meant that Warren Bu...@James: You're right. I meant that Warren Buffett agreed with everything Chris B said after the first sentence. Buffett wants to see the very rich pay at least the same percentage as working people. This is very different from having all people pay a flat tax.Michael Jameshttps://www.blogger.com/profile/10362529610470788243noreply@blogger.comtag:blogger.com,1999:blog-5465015914589377788.post-7926682885493189592011-09-20T21:16:01.250-04:002011-09-20T21:16:01.250-04:00Michael,
Warren Buffet is not proposing a flat t...Michael, <br /><br />Warren Buffet is not proposing a flat tax on everyone. He is saying that the system is broken when he can find loopholes that allow him to pay a lower percentage of his income. <br /><br />@ Chris,<br /><br />How do you propose that someone making minimum wage can pay 35% of their income? Would you be in favour of raising minimum wage by about 50%?Jameshttps://www.blogger.com/profile/13830014087653506818noreply@blogger.comtag:blogger.com,1999:blog-5465015914589377788.post-37376048949224291332011-09-20T20:53:13.996-04:002011-09-20T20:53:13.996-04:00@Chris B: Warren Buffett agrees with you.@Chris B: Warren Buffett agrees with you.Michael Jameshttps://www.blogger.com/profile/10362529610470788243noreply@blogger.comtag:blogger.com,1999:blog-5465015914589377788.post-28844971578776340382011-09-20T20:43:52.125-04:002011-09-20T20:43:52.125-04:00I think it's more than fair that everyone pay ...I think it's more than fair that everyone pay the same percentage of taxes. 35% of a million is quite a lot to pay in taxes, but the 65% you get to keep (PER YEAR) is more than most people's net worth. There will be no tears shed here for the 'poor' rich folks.Chris Bnoreply@blogger.comtag:blogger.com,1999:blog-5465015914589377788.post-19239891161487264642011-09-20T12:11:50.561-04:002011-09-20T12:11:50.561-04:00@Dale and @James: In his op-ed piece, Buffett exp...@Dale and @James: In his op-ed piece, Buffett explained that he pays less than 20% tax on his income, but most workers of modest means pay somewhere around 35%. The question at issue is whether the tax rate on very high income earners should be raised to bring it closer to the tax rate of typical workers. Increasing it even further is a separate question.Michael Jameshttps://www.blogger.com/profile/10362529610470788243noreply@blogger.comtag:blogger.com,1999:blog-5465015914589377788.post-41146707569582787982011-09-20T11:44:42.523-04:002011-09-20T11:44:42.523-04:00I have no problem with progressive taxation. The i...I have no problem with progressive taxation. The idea that one who has had success in a system is expected to contribute more to that system seems to make sense. Plus, there are an increasing number of ways for wealthy people to shelter their incomes/reduce their incomes. And in fairness, the poor don't have any more money to contribute and I would argue that the middle class is heading in that direction. <br /><br />Obviously I don't want to pay taxes but I realize that the government and services have to be funded from somewhere. I would also support raising the GST (even though it is a flat tax) back to 7%. <br /><br />Another question, would you support a lower tax rate but have capital gains and dividends count as income?Jameshttps://www.blogger.com/profile/13830014087653506818noreply@blogger.comtag:blogger.com,1999:blog-5465015914589377788.post-25075410529292208902011-09-20T08:26:58.720-04:002011-09-20T08:26:58.720-04:00@James: Perhaps this is what you meant, but the q...@James: Perhaps this is what you meant, but the question is whether million dollar earners should be paying more than they pay now so that their tax rate isn't so much lower than the tax rate paid by working people with modest incomes.Michael Jameshttps://www.blogger.com/profile/10362529610470788243noreply@blogger.comtag:blogger.com,1999:blog-5465015914589377788.post-57637565484067667792011-09-20T00:54:18.694-04:002011-09-20T00:54:18.694-04:00Question is, if you manage to earn $1 000 000.00 p...Question is, if you manage to earn $1 000 000.00 per year through employment and investments, should you pay higher taxes?<br /><br />I often find it interesting that the "Buffet" tax is considered class warfare, but what isn't discussed is how program and spending cuts is class warfare waged against the lower and middle class. The net result of both is a lower standard of living for the affected group.Jameshttps://www.blogger.com/profile/13830014087653506818noreply@blogger.com