What do you think about this argument?

It shouldn’t bother you that some people are obscenely wealthy (billionaires) because they earned it, that’s their money, and they should spend or save it however they want to. But government waste? That should really piss you off because that’s your money!

Disclaimer: I disagree with the sentiment, but at the moment I can’t seem to think of a valid rebuttal.

This page is a permanent link to the reply below and its nested replies. See all post replies »

ElwoodBlues · M

I do not think billionaires should be paying a lower tax rate than ordinary working people.

Warren Buffett and His Secretary on Their Tax Rates

Buffett's secretary since 1993, Debbie Bosanek, sat next to her boss just hours after being invited by the president to the State of the Union address, where the president made her the face of tax inequality in America.

Bosanek pays a tax rate of 35.8 percent of income, while Buffett pays a rate at 17.4 percent.

"I just feel like an average citizen. I represent the average citizen who needs a voice," said Bosanek. "Everybody in our office is paying a higher tax rate than Warren."

https://abcnews.go.com/blogs/business/2012/01/warren-buffett-and-his-secretary-talk-taxes

Buffet has proposed that every taxpayer should pay a minimum rate of 30%.

whowasthatmaskedman · 70-79, M

@ElwoodBlues Thats fair. But it gets complicated when you have multiple tax levels of state and municipal tax added on. High level consumers can pay up to 50%, and if they earn enough, thats not unreasonable.😷

ElwoodBlues · M

@whowasthatmaskedman True, but I think the Buffet numbers and proposal refer only to federal taxes. I should have specified federal above. One of Buffet's points is that some people, when discussing federal taxes, discuss only income tax neglect FICA. FICA is insignificant for billionaires, but a significant bite out of average salaries.

whowasthatmaskedman · 70-79, M

@ElwoodBlues True. This is where sales/consumption taxes are useful. With exemptions for basics like food and medications. Schemes designed specifically to avoid tax really should be stamped out.. And dont get me started on crypto.. That should attract a tax coming and going... "Just Coz"😷