FIAF, 43 Edition

Tax-ageddon is upon us:

While House Democrats pass a purely symbolic tax plan on Thursday, Obama hints at what he wants:

The elements of a possible deal became clearer Thursday, as White House officials told reporters Mr. Obama would insist that any compromise include a one-year, $140 billion package of tax cuts and aid aimed at the poor and unemployed. The aides stopped short of saying their demands were the price for agreeing to extend Bush-era tax cuts for upper-income families.

We’ll extend the tax cuts if you give us the goodies for the unemployed? Riddle me this, though, how do you cut taxes on the poor and unemployed? They. Don’t. Pay. Taxes.

Meanwhile, last night in the Senate:

The latest from the Capitol: Earlier in the evening, Senate Republicans and Democrats appeared to be settling on a compromise that would bring four separate tax votes to the floor: two for each side. The Democratic votes would include one on the House passed bill, and one on Senator Schumer’s (D., N.Y.) bill that would extend current rates for all making up to $1 million a year.

Four votes? Well, aren’t they the over-achievers? And some Democrats are still in la-la-land:

Sen. Tom Harkin (D., Iowa) was adamant that the Democrats won’t budge.

“We draw the line, it is $250,000 — that’s it,” Harkin said.

He adds that some Senate Democrats are fine with letting the tax cuts expire. “There’s that, too. Talks have been going on about that — to let them expire and come back in January.” In that scenario, he says, Democrats “can build our own” tax policy, instead of extending Bush-era rates.

Must read of the day: David Harsanyi on the wealthy advocating for higher taxes for “the rich.”

“People at the high end, people like myself, should be paying a lot more in taxes. We have it better than we’ve ever had it,” explained Warren Buffett, who must be aware that “people like him” number somewhere in the low single digits.

But, please, go for it, Mojambo. Hand it over if you’re feeling compelled. And if your “please-tax-me- more” companion Bill Gates feels equally bonded to the virtues of federal revenue streams, he can always divert some of that foundation funding from the private sector to the IRS — where the magic really happens.

Is Warren advocating that folks that earn $250,001 are in the same boat as he? Buffett says that the Bush tax cuts should be allowed to expire for the richest Americans and the White House and the Democrats pin this figure at $250,000 and above. Remember, Harkin’s drawing the line at $250,000. People making $250,000 are not “rich”. Most of them prolly have a mortgage and kids in college and car that eat up just about all of their take home pay.

A $250,000 salary with two kids, in today’s tax world (with deductions, etc) would owe around $57,905 in Federal taxes. Here in Michigan, subtract another 4.45% and another ten grand is gone. To say nothing of the sales taxes that accumulate throughout the year. $70,000 in income taxes, and who knows how much in other forms of taxes. Compared to someone making $50,000 (with the same status) – they would pay $4,548 in Federal taxes and another $1500 in (MI) state taxes.

$70,000 versus $6,000. Yet this system is unfair? The “rich” aren’t paying enough.

(Please, someone check my math, because I don’t claim to be a taxman, I used tax calculators available on the web)

Regardless, the rich do pay more. They pay a LOT more. We already HAVE a progressive tax.

Right now, the top 1 percent of earners pay more in income tax than the bottom 90 percent (the top 20 percent pay almost all federal taxes).

Any, now it is totally time for a FIAF tune. I’m turning into a teenage fangrl for this band.*

* Their non-pussy songs, of course. Of which they have a LOT.

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5 Comments on “FIAF, 43 Edition”

  1. Hotspur Says:

    You said there would be no math.

  2. wiserbud Says:

    What’s really disgusting about Buffet’s comments is that he pays himself almost nothing for his work at BH. Less than he pays his secretary, in fact. Then he says “I pay less taxes than my secretary, so something is wrong here.”

    Yeah, what;s wrong, you devious little bastard, is that you are gaming the system to avoid paying the taxes that you should legitimately be paying, then you turn around and say we should all be paying more.

    How about you pay yourself a salary commiserate with your position, then pay the taxes you would owe on that, instead of being a fucking dishonest douche who avoids paying the taxes you should pay while telling us all to suck it up and pay more?

    I really hate this guy.

  3. xbradtc Says:

    Don’t forget that while Buffett wants to keep the estate tax, he owns about 10 life insurance companies. You know, companies that make a killing selling wealth replacement policies for High Net Worth Families that have to pay estate taxes or sell the company business?


    And fuck Buffett. He can donate all he wants to the IRS.

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