Are rich taxed less than secretaries?

Sep 20, 2011 Full story: www.msnbc.msn.com 9

President Barack Obama makes it sound as if there are millionaires all over America paying taxes at lower rates than their secretaries.

Full Story

“It's a Brand New Day”

Since: Feb 06

New Rochelle

#1 Sep 20, 2011
Nothing new, except the increasing gap between rich and everyone else.
I recall that when Nelson Rockefeller ran for Vice President, his tax return showed that he paid less, in dollars, than his own secretary in taxes.

Yes, this is class warfare... by the wealthy against other Americans.

“Proud To Be An American”

Since: Apr 07

Location hidden

#2 Sep 20, 2011
obama uses an old geezer with more money than brains as an example to justify taxing people. If mr. buffett has no problem with taxes he can send in all he wants. Or better yet use some of the $5.5 million in extra taxes he would have pay to obama and give to his secretary, etc.

“Proud To Be An American”

Since: Apr 07

Location hidden

#3 Sep 20, 2011
Mr_Bill wrote:
Nothing new, except the increasing gap between rich and everyone else.
I recall that when Nelson Rockefeller ran for Vice President, his tax return showed that he paid less, in dollars, than his own secretary in taxes.
Yes, this is class warfare... by the wealthy against other Americans.
Yepper, mr. bill wants what does not belong to him. If you happen to be well off that's a crime in the mind of mr. bill and his ilk. They know they cannot walk up to your home and take what they want without fear of arrest. So they get obama to come through the back door with a tax scheme. The only problem for mr. bill and his sleazy ilk is they won't see a dime because it's all stays in the pocket of an obamanation. Yes It Does.
see the light

El Paso, TX

#4 Sep 20, 2011
What Dumbo fails to tell you people, is that he pays less in Capitol Gains.

“It's a Brand New Day”

Since: Feb 06

New Rochelle

#5 Sep 20, 2011
JohnInLa wrote:
obama uses an old geezer with more money than brains as an example to justify taxing people. If mr. buffett has no problem with taxes he can send in all he wants. Or better yet use some of the $5.5 million in extra taxes he would have pay to obama and give to his secretary, etc.
you missed the boat. Try harder next time.

“It's a Brand New Day”

Since: Feb 06

New Rochelle

#6 Sep 20, 2011
JohnInLa wrote:
<quoted text>Yepper, mr. bill wants what does not belong to him. If you happen to be well off that's a crime in the mind of mr. bill and his ilk. They know they cannot walk up to your home and take what they want without fear of arrest. So they get obama to come through the back door with a tax scheme. The only problem for mr. bill and his sleazy ilk is they won't see a dime because it's all stays in the pocket of an obamanation. Yes It Does.
Pure crazy talk. Fair taxes is not a scheme.

Our government is not a thief, and taxes are the price we pay to live in society.
Go move to the North Pole, or some desert island.
x-nutmegger

Phoenix, AZ

#7 Sep 20, 2011
Mr_Bill wrote:
<quoted text>
Pure crazy talk. Fair taxes is not a scheme.
Our government is not a thief, and taxes are the price we pay to live in society.
Go move to the North Pole, or some desert island.
Yes it is , it's a class warfare scheme that Obama will play hard and fast with and it will have legs , that is why he is playing it.

If he's serious about getting more revenues from the rich but not playing Dem " Class Warfare " why not a consumption ( national sales tax )?

Let's just say 5% on non-groceries , medical svc. and home utilities.
Examples :
* Poor buy used car $4000 tax =$200 ( or exempt the first $3000 on auto purchase )
* Working middle-class buy car $25,000 =$1250 tax
* Upper middle-class buys car $60,000 =$3000 tax.
* Rich buys car $90,000 =$4,500 tax.

Since the rich spend more on bling , homes , pets etc. they will pay more without LEFTY-LIB Class Warfare being brought into the fray. Plus the underground economy and many loopholes won't be such a drain on revenues.

Since: Aug 10

Atlanta, GA

#8 Sep 21, 2011
x-nutmegger wrote:
<quoted text>
Yes it is , it's a class warfare scheme that Obama will play hard and fast with and it will have legs , that is why he is playing it.
If he's serious about getting more revenues from the rich but not playing Dem " Class Warfare " why not a consumption ( national sales tax )?
Let's just say 5% on non-groceries , medical svc. and home utilities.
Examples :
* Poor buy used car $4000 tax =$200 ( or exempt the first $3000 on auto purchase )
* Working middle-class buy car $25,000 =$1250 tax
* Upper middle-class buys car $60,000 =$3000 tax.
* Rich buys car $90,000 =$4,500 tax.
Since the rich spend more on bling , homes , pets etc. they will pay more without LEFTY-LIB Class Warfare being brought into the fray. Plus the underground economy and many loopholes won't be such a drain on revenues.
This is a great idea, but it won't be 5 percent. It will be 20% or 25%. There is no way a consumption tax will be as low as 5 percent.

So let's take that $25,0000 car and add 25 percent to it. You've just tacked on another $6200. What a home? Would you EVER be able to buy one? I bought $60.00 worth of gasoline last week. With a 25 percent tax added I would have to spend an additional $15.00!!

Now maybe that might work for you because you might recoup this consumption tax by not having to pay income tax if you're in a top tax bracket. But I assure you, as someone in the tax bracket I'm in, I pay far less in income tax than I would in consumption tax. Most people in the lower and middle income brackets would end up paying more, so a consumption tax really only benefits the rich.

Be careful what you wish for. Let's not cut our nose off to spite our face.
x-nutmegger

Phoenix, AZ

#9 Sep 21, 2011
tidy catz wrote:
<quoted text>
This is a great idea, but it won't be 5 percent. It will be 20% or 25%. There is no way a consumption tax will be as low as 5 percent.
So let's take that $25,0000 car and add 25 percent to it. You've just tacked on another $6200. What a home? Would you EVER be able to buy one? I bought $60.00 worth of gasoline last week. With a 25 percent tax added I would have to spend an additional $15.00!!
Now maybe that might work for you because you might recoup this consumption tax by not having to pay income tax if you're in a top tax bracket. But I assure you, as someone in the tax bracket I'm in, I pay far less in income tax than I would in consumption tax. Most people in the lower and middle income brackets would end up paying more, so a consumption tax really only benefits the rich.
Be careful what you wish for. Let's not cut our nose off to spite our face.
Your premise is based on the pols elected to office.

As to gas you already have a Fed. consumption tax on it so you don't need a new one added as it is already in place.If you haven't noticed you are already paying a Fed consumption tax of $0.184 on gas and $0.22 on Diesel plus your paying a $0.40 a gal. price support on ethanol. The states also charge an add'l 18-23 on fuel.

I exempted groceries ,medical , utilities and gas is already covered.

In the long run we need to redo the whole tax structure as revenue neutral by changing the revenue streams from wages/income to consumption. Unless you take it to the grave with you and don't spend any I don't see how it protects the rich. Also there is a thriving underground economy of people who operate totally in cash who would end up contributing to the bottomline , example Drug Dealers and other criminal enterprises.
Plus baseline set exemptions could be used on major purchases such as home and auto.Such as $5000 for autos and $100,000 for homes.

Herman Cain's proposal would be 9-9-9.That's personal,corp and consumption.

The basic bottomline national issue differnces between Left and Right is what % of the GDP should the Feds collect in taxes ( ignoring state/local)? The Obamaites consider 25% as a minimum benchmark and the GOP ( Ryan's plan ) considers 20% the maximum.

Those are targets only as an up or down economy will effect in both directions.

Tell me when this thread is updated:

Subscribe Now Add to my Tracker

Add your comments below

Characters left: 4000

Please note by submitting this form you acknowledge that you have read the Terms of Service and the comment you are posting is in compliance with such terms. Be polite. Inappropriate posts may be removed by the moderator. Send us your feedback.

Warren Buffett Discussions

Title Updated Last By Comments
Tim Hortons Shareholders Approve Sale of Compan... Dec 21 Tim 1
Top 9 Vacation Destinations For Wall Street Geeks Nov 30 Andarz Abedini 2
Renting vs. Buying a Home: Comparing the Monthl... Nov '14 LauraHoward031 2
Kase's Tilson Sticks to Losing Bet on MagicJack... Nov '14 rogercrouch777 1
DC woman spends $35K on search for lost dog Nov '14 Maggie Gallaghers... 1
Brown's parents plan news conference Nov '14 crazy loon 1
Realities of Real Estate: High-end real estate ... Nov '14 ApePeeD 5
More from around the web