Taxing Rich 100% Won't Dent Deficit or Debt

Taxing millionaires and billionaires more – a position advocated by billionaire Warren Buffett and President Barack Obama – won’t make much of a dent in the national debt or the record federal budget deficits, a new study finds.

“Even taking every last penny from every individual making more than $10 million per year would only reduce the nation's deficit by 12 percent and the debt by 2 percent,” the non-partisan Tax Foundation’s David Logan writes.
“There's simply not enough wealth in the community of the rich to erase this country's problems by waving some magic tax wand,” said Logan.

http://www.cnsnews.com/news/article/warren-buffett-s-tax-solution-won-t-solv

 

Show me the quote where someone is saying we should tax the uber wealthy for every penny they have. No one is saying that. What we'd like is for the greedy motherfuckers to at least pony up a nickel or two more than the average Joe to support the system that made them rich in the first place.

 

So sad what some Americans have turned into, nothingness.

 

In 2007 there were 392,200 income tax returns filed showing an AGI of $1,000,000 or more; in 2009 there were only 236,900, a drop of nearly 40%.

Worse, among those showing an AGI of $10,000,000 or more the number fell from 18,394 in 2007 to 8,274 in 2009, a precipitous fall of 55%.

This class envy card is pure politics and anyone with an ounce of brain matter knows it.

 

All that shows me is that they've become better at hiding their money.

 

Perhaps you're the one with too much money?

 

The more they say shit like CaptainObvious is saying the more firms like mine become determined to hold onto their cash, moving it offshore where possible or into tangible assets but definitely not capital equipment.

We aren't going to hire another person until Barrack Obama is gone gone gone. Then we'll hire like crazy and grow like never before.

Wanna tax our income? We're deferring most of it until this idiot president is out of office. Wanna hit us for capital gains? We're deferring those gains until this idiot president is out of office.

Liberalism is dying.

The republicans will restore stability and encourage business.

We'll put coal back into our energy equation and open up onshore and offshore drilling.

Government spending will diminish and private enterprise will flourish.

Yammering socialists like CaptainObvious (lol) will have their foodstamps and welfare cut if it is determined that they are able-bodied but simply unwilling to work. Either people like him will work or they will be living outdoors and eating from dumpsters.

 

Yeah, yeah, yeah, any excuse to not hire here at home. Tell me, what was their excuse prior to the evil Obama taking office? They've been off shoring their cash and hiring for decades. All kinds of tax breaks, limited regulation and oversight during the Bushie reign of terror, and what happened? Same old shit. Millions lost their jobs while the big boyz made more green than ever.
Keep apologizing for and excusing the corporate thugs. Maybe one day you can be their House Nigga'.

 

I'll start ponying up more when the 40% of "average Joe's" who PAY NOTHING start to PAY SOMETHING!

I don't care if you only make 20k, 25k, 30k, whatever. You should have to give back something. Everyone should pay something!

Until then, STFU to all the parasites feeding off the taxpayers.

 

I disagree, I think 50% of population should always pay no income taxes, it should be written in the law and reset every few years.

I am against high taxes.

If the rich want to fight wars let them pay for it.

The poor already pay for medicare and SSI, what more do you want from them?