Comments on: The rich respond to Obama’s “Buffett Rule” http://blogs.reuters.com/reuters-wealth/2011/09/21/the-rich-respond-to-obamas-buffett-rule/ Fri, 05 Dec 2014 11:27:18 +0000 hourly 1 http://wordpress.org/?v=4.2.5 By: commonsense10 http://blogs.reuters.com/reuters-wealth/2011/09/21/the-rich-respond-to-obamas-buffett-rule/comment-page-1/#comment-8314 Fri, 07 Oct 2011 05:54:12 +0000 http://blogs.reuters.com/reuters-money/?p=19837#comment-8314 It’s time for the “Net Worth Tax”. Income and payroll taxes attack the production of wealth, stifling growth and restricting the accumulation of wealth (“the rich get richer”), while the wealthy, such as Mr. Buffet, accumulate more.

Why not tax all wealth, instead of wealth production? It seems a very simple task to require each citizen to report an annual Net Worth statement to the IRS, detailing assets & liabilities (real-estate, stocks, bonds, mutual funds, collectibles, savings, etc. . . . including offshore bank accounts) and a simple flat tax be paid monthly to the IRS, eliminating the withholding of income, social security, and medicare payroll taxes.

This Net Worth Tax, would answer both political sides by truly “taxing the rich,” and unfettering societies’ wealth producers, creating growth like never seen before. Nay sayers will say it would be impossible to enforce accurate reporting. However, I don’t see where enforcement would be more difficult than current complicated system of reporting income and deductions. Failure to report accurately would result with similar punishments

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By: travelingmanjr http://blogs.reuters.com/reuters-wealth/2011/09/21/the-rich-respond-to-obamas-buffett-rule/comment-page-1/#comment-8201 Wed, 28 Sep 2011 05:23:45 +0000 http://blogs.reuters.com/reuters-money/?p=19837#comment-8201 What is the IRS definition for middle class? The IRS pointas out in their own statistics that 47% of Americans pay no federal tax. Please tax me at the average rate of the middle class.

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By: alconnelly http://blogs.reuters.com/reuters-wealth/2011/09/21/the-rich-respond-to-obamas-buffett-rule/comment-page-1/#comment-8147 Thu, 22 Sep 2011 18:52:25 +0000 http://blogs.reuters.com/reuters-money/?p=19837#comment-8147 Paying down the national debt should be the first priority. This means raising taxes and cutting expenses. This is not complicated. Clearly one component to cutting expenses is for the Federal government to return to the bounds of the Constitution. Now we have a government with the “spending addiction” disorder.” They all need a 12 Step Program. I understand that the disorder is easy on them since they aren’t spending their own money.

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By: SeaWa http://blogs.reuters.com/reuters-wealth/2011/09/21/the-rich-respond-to-obamas-buffett-rule/comment-page-1/#comment-8145 Thu, 22 Sep 2011 17:56:44 +0000 http://blogs.reuters.com/reuters-money/?p=19837#comment-8145 After reading this article, I wonder if the dissacociation between tea partiers and appropriately taxing wealthy and business is explained by those that park their planes on the way to St. Bart’s. Is the tea party doing their bidding? We have representatives that are really representing the interests of foreign entities, be they individuals or corporations. Do these young congressmen know that they are the worlds puppets? Or are they merely ignorant of the fact? It makes you wonder what is really going on with congress and who really controls it.

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By: FBreughel1 http://blogs.reuters.com/reuters-wealth/2011/09/21/the-rich-respond-to-obamas-buffett-rule/comment-page-1/#comment-8144 Thu, 22 Sep 2011 17:33:43 +0000 http://blogs.reuters.com/reuters-money/?p=19837#comment-8144 Pay time ! Taxes AND spending cuts.

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By: IRATESCEPTIC http://blogs.reuters.com/reuters-wealth/2011/09/21/the-rich-respond-to-obamas-buffett-rule/comment-page-1/#comment-8143 Thu, 22 Sep 2011 17:09:50 +0000 http://blogs.reuters.com/reuters-money/?p=19837#comment-8143 The USA is the richest country in the World. Nevertheless, it has over 60 million plus people living in poverty; many cannot afford acceptable medical treatment. Evidently, billionaires pay proportionally less income tax than middle class citizens. Some suggest that socialism is tantamount to accepting the devil into your home. But look at socialist, egalitarian Sweden; it has very high taxes, an excellent social security system, good medical services available to all its citizens, and 36% of those employed work for the
government. We are more than satisfied with our lot! I suggest that wealthy US citizens look outwards and see how others live and pay taxes willingly.

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By: Xadi http://blogs.reuters.com/reuters-wealth/2011/09/21/the-rich-respond-to-obamas-buffett-rule/comment-page-1/#comment-8141 Thu, 22 Sep 2011 17:06:44 +0000 http://blogs.reuters.com/reuters-money/?p=19837#comment-8141 If you want to create jobs for Americans, then scrap the piece of crap idea that giving corporations tax breaks will create jobs. How about: coporations that have out sourcing below a certain percent, or do not out source at all receive a tax break. THAT would create jobs in America. “You want your tax break? Create jobs for Americans.” That’s my piece. Have a great day folks.

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By: NobleKin http://blogs.reuters.com/reuters-wealth/2011/09/21/the-rich-respond-to-obamas-buffett-rule/comment-page-1/#comment-8140 Thu, 22 Sep 2011 16:37:09 +0000 http://blogs.reuters.com/reuters-money/?p=19837#comment-8140 Taxes are at their lowest levels in history!

Obama signed more tax cuts that have had Democrats and Republicans scratching their heads…like the Estate Tax which now exempts $5,000,000 from taxation when passed to heirs and lowered the top rate to 35%. Under Bush it was $2,000,000 and 45%.

WTF? Is Obama a double agent?

And with this, where are the jobs?

Buffet is right. Taxes need to return to a sane level and the +$1,000,000 club needs to go to the head of the line.

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By: TJR1960 http://blogs.reuters.com/reuters-wealth/2011/09/21/the-rich-respond-to-obamas-buffett-rule/comment-page-1/#comment-8137 Thu, 22 Sep 2011 15:55:15 +0000 http://blogs.reuters.com/reuters-money/?p=19837#comment-8137 “This issue is not complicated. It is not nuanced. If you care about your country, you pay taxes. If your country is in trouble, you pay more taxes.” This is a ludicrous, simplistic statement. The reason the country is in trouble is that spending is out of control. The government and its leaders are like an addict that can’t say no and can’t get themselves under control. Paying more taxes is like being an enabler. It is time for an intervention by people who actually understand economics. Stop the spending. Stop increasing taxes. Get the out of control spending addiction under control.

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By: JM1987 http://blogs.reuters.com/reuters-wealth/2011/09/21/the-rich-respond-to-obamas-buffett-rule/comment-page-1/#comment-8134 Thu, 22 Sep 2011 15:22:53 +0000 http://blogs.reuters.com/reuters-money/?p=19837#comment-8134 Higher taxes will not affect business output. Business expenses are removed from taxable income anyway! This might actually motivate some people to spend more on their business because they won’t be able to pocket as much of the profits. The less appealing hoarding cash is for business owners, the better it will be for the working public.

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