Quote:
Originally Posted by ijusluvit
Please tell me it was a simple oversight that you didn't include something like this...
* Do we have the resolve to follow the suggestions of billionaires like Buffett and Gates and revise the tax code so that the top 2-5% of the population pays more? A start would be to return their tax liability to what it was only twenty years ago. Progress would be to apply VATs which would compare to those applied in other countries. More progress would be to close those loopholes available only to the superrich. etc., etc., etc.
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Not an oversight at all. If you've read my many posts on fiscal reform in the past, I've always said that balancing the budget and beginning to reduce the national debt cannot be accomplished with spending cuts alone. Revenues (taxes) will also have to increase. The only question is
where to increase taxes.
Our current personal income tax table shows rates that are historically low. So I see increases in personal tax rates as a distinct possibility. Who should pay more? Certainly the wealthiest Americans should be at the top of the list. Funny thing is--if you ask them, I've yet to hear even one say that they shouldn't wouldn't or be unwilling to pay more in income taxes. And they consistently say that increased taxes would not alter their investment or spending one iota.
Just as an aside--I may be awfully dumb, but my personal income tax rate was higher than Warren Buffett's last year.