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Tax Cuts For the Wealthy

Do You Think Rich People Should Be Taxed More?

America's richest man, Warren Buffett, thinks the uber wealthy should be taxed more. And yes, he's even including himself. Buffett's statement comes as the tax cuts for the wealthy are about to expire or be renewed come December.

The billionaire investor tells ABC, "The rich are always going to say that, you know, just give us more money and we’ll go out and spend more and then it will all trickle down to the rest of you. But that has not worked the last 10 years, and I hope the American public is catching on.”

Do you agree with Buffett — should uber wealthy be taxed more so that more tax benefits can be given to people who earn lower wages?

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1955nurse 1955nurse 5 years
OF COURSE they should pay more - It's INCOME tax you fools! They obviously have MORE INCOME, so they should pay more INCOME tax! This country wouldn't BE in the shape it is if the rich did their due diligence and paid their fair share of taxes. But since most of our elected officials are rich themselves, ...... get it?!?!?! They vote themselves a raise every new term, AND make sure they get ALL the tax breaks they can swallow!
mrsld mrsld 5 years
Steph- The uber rich are not the ones overusing the systems. That would be the poor and middle class. The uber rich tend to have fewer children and pay to put them in private schools. I think that everyone should pay the same percentage. NO loopholes. but more importantly I agree with Noodle, the government need to stop overspending and wasting money.
vabeachbum vabeachbum 5 years
I don't think it would help that much. People who are wealthy got that way by finding tax loopholes. For example wealthy folks who own their own business can put almost anything in the "business expense" category. When tax time comes, any income that was invested back in the business isn't taxable. So if you have a huge house with a home office, part of your mortgage payment is a business expense. Use your SUV to run around and meet clients? Business expense. That's how rich people got rich... in a lot of cases it's because they know how to cheat the system. Changing the tax laws isn't going to change that. And, as others said, nothing is going to change until the government stops spending money like it's going out of style. Taxing the rich won't fix the economy.
stephley stephley 5 years
The rich often get and stay that way by using (sometimes burdening) resources that belong to and are maintained by all Americans through taxes: roads, schools, etc., so it's only reasonable that they are taxed at a rate that reflects that extra usage. I don't think anyone's saying tax the rich as a solution to government over-spending (though if you look at who benefits monetarily from U.S. wars, it's the rich) - but rather as a correction to the problems created by too generous tax cuts a decade ago.
tigr3bianca tigr3bianca 5 years
The super rich were taxed heavily for most of America's history. We only recently lowered the percentage. I don't think it would hurt to let the percentage go back to where it was pre-Reagan. We also need more tax brackets for the rich, so only the truly super wealthy have to pay a larger percentage. I don't think that taxing the rich more is the only way to fix the economy.
tigr3bianca tigr3bianca 5 years
The super rich were taxed heavily for most of America's history. We only recently lowered the percentage. I don't think it would hurt to let the percentage go back to where it was pre-Reagan. We also need more tax brackets for the rich, so only the truly super wealthy have to pay a larger percentage.I don't think that taxing the rich more is the only way to fix the economy.
itsallabouttheg itsallabouttheg 5 years
how exactly would help to cure chronic overspending by the government? i think it is easy for the masses go along with taxes that don't apply to us, but maybe one day they will. afterall, isn't that the american dream?if mr. buffett and others like him would like to pay more, they should ask that there be a mechanism to make a "donation" on top of their usual income tax.
itsallabouttheg itsallabouttheg 5 years
how exactly would help to cure chronic overspending by the government? i think it is easy for the masses go along with taxes that don't apply to us, but maybe one day they will. afterall, isn't that the american dream? if mr. buffett and others like him would like to pay more, they should ask that there be a mechanism to make a "donation" on top of their usual income tax.
imLissy imLissy 5 years
they should all be paying the same percentile of their income as I am. Rich people have fancy accountants that find loopholes and stuff. Cut down on that garbage and it should be enough.What the government needs to do is stop spending our money like there's an infinite amount of it, because there really isn't.
imLissy imLissy 5 years
they should all be paying the same percentile of their income as I am. Rich people have fancy accountants that find loopholes and stuff. Cut down on that garbage and it should be enough. What the government needs to do is stop spending our money like there's an infinite amount of it, because there really isn't.
le-romantique le-romantique 5 years
To an extent I don't think they should... some of them work(ed) really hard to get where they are, a heavy tax is like punishment to them. But if its like a lottery win or an inheritance, I find that to be a different story... I said no, but I'm really indifferent because I'm not uber-wealthy but I'm not dirt poor either...
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