Warren Buffet needs to stfu
WSJ on Warren Buffet’s Tax Dodge:
Barney Kilgore, the man who made the Wall Street Journal into a national publication, was once asked why so many rich people favored higher taxes. That’s easy, he replied. They already have their money.
Buffet certainly isn’t going to be hurt, in any way, if Obama raises taxes on the millionaires an billionaires. Who is going to be hurt? Those “thousandaires.”
The President needs to levy his tax increase at such a lower income level because that’s where the money is. In 2009, 237,000 taxpayers reported income above $1 million and they paid $178 billion in taxes. A mere 8,274 filers reported income above $10 million, and they paid only $54 billion in taxes.
But 3.92 million reported income above $200,000 in 2009, and they paid $434 billion in taxes. To put it another way, roughly 90% of the tax filers who would pay more under Mr. Obama’s plan aren’t millionaires, and 99.99% aren’t billionaires.
Mr. Buffett says it’s only “fair” to raise his taxes, but he’s lending his credibility to raising taxes on millions of middle-class earners for whom a few extra thousand dollars in after-tax income is a big deal. Unlike Mr. Buffett, those middle-class earners aren’t rich and may earn $250,000 for only a few years of their working lives.
But, according to Obama and Buffet, they’ve made enough and they need to share that wealth.
More about those millionaires here.
In 2007, 390,000 tax filers reported adjusted gross income of $1 million or more and paid $309 billion in taxes. In 2009, there were only 237,000 such filers, a decline of 39%. Almost four of 10 millionaires vanished in two years, and the total taxes they paid in 2009 declined to $178 billion, a drop of 42%.
The loss of those millionaires accounts “for at least $130 billion” of the 2009 budget deficit in 2009.
But those left need to pay their fair share.
Those who make $1 million accounted for about 0.2% of all tax returns but paid 20.4% of income taxes in 2009. Those with adjusted gross income above $200,000 a year were just under 3% of tax filers but paid 50.1% of the $866 billion in total personal income taxes. This means the top 3% paid more than the bottom 97%.
So, the wealthy almost completely, on their own backs, support the entire government. The military, those pensions, the salaries of all those government employees, the welfare state, the educational system. But it’s not enough. And they are vilified by the left.
Over the past few months, I’ve developed a little tic. Like many tic, it’s just uncontrollable, a habitual spasm, if you will. An idiosyncrasy. Nearly every time I hear about Obama’s latest dealo, out of my mouth – uncontrollable – are the words “He’s such an asshole.”
My husband finds it amusing, and tries to tell me stuff just to hear me say it.
Well, here’s my He’s such an asshole (or HSAA) for this morning:
After pledging to send a job-creation package to Congress next month and daring Republicans to block it, President Obama offered few specifics Tuesday about the form the plan might take as he stuck to a broad outline of how to improve the economy.
I dare Obama to put his ideas on paper – not simply give some speech, which is probably how this is going to play out. And, wtf is waiting for? If he’s got such great ideas, why not put them out there RIGHT NOW? He’s got time for a bus tour and fundraisers.
We’re HURTING out here, you asshole. But, oh right. Martha’s Vineyard. He’s supposed to come up with those ideas while he’s on vacation.