January 4, 2010
This post will be short, sweet (maybe), and to the point, but first I must say I am not in favor of “taxing the rich” to the tune of 70 percent and higher, as some would suggest. However, on the opposite side of the coin, I most certainly am not in favor of the wealthy paying a lesser percentage of their income than I do, which most currently achieve under many different guises.
Even at today’s tax rate for millionaires (35 percent), I challenge anyone to produce a millionaire who actually paid that much. Hell, the IRS is actually decreasing the number of millionaires they audit. Warren Buffet paid less than 18 percent. The same tax rate applies to corporations, but they pay an average of only 23 percent.
Thorstein Veblen (pen name), a PhD student, has written his case for the millionaires surtax. All we ever hear is how taxing the wealthy will destroy our economy and ultimately decrease the tax base. But Veblen brings it all back into reality in a way anyone can understand, and I challenge you to successfully argue him down. The article is very well written and should be read by everyone — at least in my opinion. So I’m just posting the link in this post and in my “Important Links” page. Enjoy — or not!
Cynical Synapse
// Jan 4, 2010 at 12:58 PM
I agree 100%.