Tax the Rich: An animated fairy tale

December 02, 2012 By: seeta Category: Anti-Racism, Civil Rights, Consumer Rights, Economic Terrorism

Tax the Rich!

November 26, 2012 By: nancy a heitzeg Category: 2012 Election, Consumer Rights, Economic Development, Economic Terrorism, Workers' Rights

Norquist Tax Pledge Begins to Crumble

A Minimum Tax for the Wealthy by Warren E. Buffet

The group’s [the Forbe’s 400] average income in 2009 was $202 million — which works out to a “wage” of $97,000 per hour, based on a 40-hour workweek. (I’m assuming they’re paid during lunch hours.) Yet more than a quarter of these ultrawealthy paid less than 15 percent of their take in combined federal income and payroll taxes. Half of this crew paid less than 20 percent. And — brace yourself — a few actually paid nothing.

This outrage points to the necessity for more than a simple revision in upper-end tax rates, though that’s the place to start. I support President Obama’s proposal to eliminate the Bush tax cuts for high-income taxpayers. However, I prefer a cutoff point somewhat above $250,000 — maybe $500,000 or so.