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Politics : View from the Center and Left
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To: bentway who wrote (210766)12/6/2012 8:17:43 PM
From: cosmicforce  Read Replies (1) of 543153
 
Strangely enough Rush is on about punishing the Democrat support from the likes of Buffet in retaliation for their backing of Obama. Rush says because Buffet pays himself a small salary he wouldn't be taxed. Rush actually goes on to say you'd need a wealth tax.

Message 28589302

... , in Warren Buffett's case, you could raise the income tax rate to a hundred percent and you're gonna be collecting taxes on about $120,000 of income. The rest of his income is not earned, so to speak. It's dividend, capital gains. He's got his wealth. You're going to have to institute a wealth tax to go get people like Buffett and many moguls and many executives. They've insured themselves.


My response is "So - why don't we create a wealth tax?" I have absolutely no problem with that... I even created an ad hoc one in this post [link] that seems reasonably fair in all of about 5 minutes. Congress can't do that?. (Apologies for the math, but it is only High School math). The top 10 billionaires have a combined wealth of over $300 Billion ... but even with a progressive wealth tax of 3%, that only brings in about $10 B for the top ten billionaires. Let's say with the top 100 wealthiest, we get $70 billion. And if we went after every person worth over $10 MM with a progressive wealth tax starting at 1% * Wealth, we might get to $500 billion. Even then there is just not enough there. We have to go after the rate of burn.
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