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Millionaires: Raise Our Taxes To Address Poverty, Fix Roads (go.com)
jones_supa writes from an article on ABCNews: More than 40 millionaires, including members of the Rockefeller and Disney families, are asking to have their taxes raised to help address poverty and rebuild failing infrastructure. The millionaires wrote a letter to Democratic Gov. Andrew Cuomo and top New York lawmakers proposing new, higher tax rates for the top 1% of earners in the state. The letter says that additional revenue would help addressing child poverty, homelessness and aging bridges, tunnels, water pipes and roads. "As New Yorkers who have contributed to and benefited from the economic vibrancy of our state, we have both the ability and the responsibility to pay our fair share," the letter states. "We can well afford to pay our current taxes, and we can afford to pay even more." The tax plan, known as the one-percent tax plan, was worked out in conjunction with the Fiscal Policy Institute, a left-leaning economic think tank.
Just treat all income the same. Wages, dividends and capital gains should all be taxed as regular income. Where do you think the 1% make most of their money? Hint: it's not from their paycheck.
Here you go:
https://www.fms.treas.gov/faq/...
Even tax return has a box right near the end that says "contribute extra to US/state treasury".
Use it.
^that. I don't know why these stories never read as "millionaires have used existing mechanisms to voluntarily pay more in taxes". Somehow it never quite reads like that.
Hi. Your argument is incredibly stupid. As a society, you need to determine what is important and then come together as a group to get it done. Saying "oh, if you feel it is important, pay for it, if you don't then you don't have to" falls apart rather quickly. Infrastructure is a common good that all of society should pay for and those who lack the moral compass to realize that they should help pay for it should not be let off the hook. Ultimately, a donation system is not going to pay for our roads...
Competition is why. Think about it. If `everyone` has to pay, the playing field is level. This is what Warren Buffet has been explaining tirelessly for decades. So yeah, this question goes in the "answered a long time ago" bucket.
Samsung took back my unlocked bootloader because Google wants me to rent movies. They're both evil.
Wrong. they need everyone to pay more so that they can contribute more without giving their competition an advantage. They want to pay more AND they want to maintain a level playing field AND they don't want to be sued by stock holders.
Samsung took back my unlocked bootloader because Google wants me to rent movies. They're both evil.
They are not hypocrites.
It is not fundamentally hypocritical to follow the rules as they exist and simultaneously advocate that the rules be changed. This fallacy is what gets trotted out on Fox every time Warren Buffet says the same thing.
It's like calling someone a hypocrite if they advocate for pot legalization, but don't smoke up. There's nothing hypocritical about this position at all.
Given they're trying to speak on behalf of many others that like as not don't feel as they do, it seems disingenuous. Besides, nothing is stopping them from giving more if they really feel that strongly about it.
Nothing disingenuous with stating your own opinion that you'd be ok with higher taxes. The operating assumption of most politicians, especially in the GOP, is that "TAXES ARE EVIL!", so if you remind them that not everyone feels that way (at least if taxes are going to a good purpose), that's your right as a citizen. Feel free to disagree and write your own letter, but in the case of these millionaires, they wanted to point out that the assumption that all rich people don't want tax increases is wrong.
While you can write a check to the Treasury if you really felt like it, its a bit moot if there isn't an accompanying budget. What is preferable is that a tax rate is set that funds a certain budget with a set of priorities, so you know for sure that the law requires your extra tax money go to pay for education, roads, etc., rather than going into a US Treasury slush fund that is used for who knows what, including probably tax rebates for corporations that don't need them. The letter is not just asking for tax increases, but asking for a budget that prioritizes these services and raises taxes as a way to pay for it.
It seems not one poster here considered that they see they are capable of paying more and not being harmed BUT they know they can't solve all of those problems unless their fellow millionaires who are equally capable of paying but not equally willing kick in their part.
40 millionaires opening their checkbooks and paying some extra tax won't solve large problems.
But if all millionaires do, that adds up to a lot more. This is a stunt by 40 millionaires to suggest that this is what should be done.
There's nothing hypocritical about it.
Barely anybody in this country ends up paying the inheritance tax, it doesn't exist as a revenue stream.
The whole point of it is to prevent landed gentry, the government doesn't care if you pay it to them or give it out to foundations, the end result is the exact same thing.
You are very misguided....
From Google: The top 10 percent pays 53.3 percent of all federal taxes. When looking at just federal income taxes, they pay 68 percent of the burden. The top 1 percent pays 24 percent of all federal taxes compared to 35 percent of all federal income taxes.
Of course, in the US the top 1% own 40% of the countries wealth, and the top 10% own somewhere around 80%.
Stephan
The multiple comments of 'they could donate if they wanted to' demonstrates a fundamental ignorance of how important it is for society to work together to achieve goals. No wonder America is so messed up.
Laws are rules for the court, but merely a bottom bar to hit for life. Think beyond laws in your actions always.
He is dodging inheritance taxes by transferring money
That is still only an example of following the rules as they currently exist. And it is still not hypocritical to advocate different rules while following those in place.
Wrong. It is absolutely hypocritical to act against one's publicly professed ideals and goals. He says one thing, does something else, its hypocritical. That it is legal or common changes nothing.
So if I'm a Brit who advocates to change to right-hand traffic, but still drive on the left while the law has not changed, I am hypocritical?
Stephan
From Google: The top 10 percent pays 53.3 percent of all federal taxes. When looking at just federal income taxes, they pay 68 percent of the burden. The top 1 percent pays 24 percent of all federal taxes compared to 35 percent of all federal income taxes.
While it's true that taxation is indeed progressive, and that, generally speaking, higher earners pay progressively larger shares of the tax burden, this isn't necessarily an insightful observation.
Let's look at your first claim: the top 10 percent pays 53.3% of all federal taxes. This seems to suggest that they pay more than "their share" of taxes, right? Well, there's not sufficient data in your post to come to that conclusion. To demonstrate, consider this thought problem. If the top 10 percent makes 90 percent of the income (they don't, but hypothetically, if they did), an entirely flat non-progressive system of taxation would have them paying 90% of the federal tax burden. Not 10%. So, what we need to know is what percentage of income goes to the top 10%. If it were 53.3% of the income, then we'd have an effectively flat non-progressive system of taxation. If it's greater than 53.3%, we'd actually have a regressive tax system. If it's less than 53.3%, then we'd have a progressive system. In reality, based on a cursory web search, it seems that the top 10% make roughly 30% of the income. This suggests that we do indeed have a progressive system of taxation, and that the rich pay more than "their share" of taxes. However, your post did not contain sufficient data to support such a conclusion. Furthermore, it may have exaggerated the degree to which our tax system is progressive.
Disclaimer: This is a single look into a single data point, and taxation is a complex issue. Our tax code is progressive, but not progressive enough to prevent unchecked growth in wealth stratification.
Chuuch. Preach. Tabernacle.