In an August 15 op-ed in the New York Times, Warren Buffet wrote it was time to stop “coddling” the wealthy and called on Congress to raise taxes on those making $1 million or more.
“But for those making more than $1 million there were 236,883 such households in 2009 I would raise rates immediately on taxable income in excess of $1 million, including, of course, dividends and capital gains. And for those who make $10 million or more there were 8,274 in 2009 I would suggest an additional increase in rate,” Buffett wrote.
“My friends and I have been coddled long enough by a billionaire-friendly Congress,” wrote Buffett. "“It’s time for our government to get serious about shared sacrifice.”
President Obama's current proposal includes raising taxes on those making over $200,000 a year.
So...
...you have an American billionaire proposing tax increases on those Americans making more than $1 million a year, and the American president proposing tax increases on those Americans making more than $200,000 per year.
Here's a pic of the President awarding Buffet, who many believe will be the next Treasury Secretary, the Medal of Freedom earlier this year:
http://www.cnsnews.com/sites/default/files/imagecache/medium/images/Buffet%20and%20obama.jpg
Billionaire Buffet contributes tens of thousands of dollars to Obama's political campaigns and to scores of other Democrats, too...
...he contributes $0 dollars to any other political parties.
While it is easy to hang a medal around the neck of a billionaire and offer him political appointment to prompt more money to get you and yours elected...
...it is impossible to hang false financial numbers around the truth to deceive the American people.
Our total debt is just short of $55 trillion right now, and it grows larger as we breathe ( US Total Debt includes household, business, financial institution, and state, local, and federal government debt).
Our national debt is currently over $14.6 trillion, and it grows larger as we breathe (US National Public Debt Outstanding represents the face amount or principle amount of marketable and non-marketable securities currently outstanding).
Our current deficit is a little over $1.4 trillion, and it grows larger as we breathe.
The debt is the overall amount owed, while the deficit is the yearly amount we've spent over the yearly amount of revenue available to spend.
So, here's the relevant numbers to consider:
$55 trillion total debt ($175,914 per American citizen; $667,648 per American family )
$14.6 trillion national debt ($46,900 per citizen; $130,700 per taxpayer)
$1.4 trillion budget deficit (revenue = $2.2 trillion - spending = $3.6 trillion)
Proposal: Americans earning $200,000 a year and more subject to tax increases
Here's the problem:
The very richest - 8,274 Americans - make $10 million or more per year; taxing these citizens at 50% - even closing all loopholes and deductions - would garner $120 billion in additional revenue, decreasing the national debt 1% and lightening the deficit by 8%...
...and if socialists tax those 8,274 Americans 100% of their income, the net to government would be $186 billion, reducing the national debt by 2 percent and the deficit by an additional 12 percent.
The total debt, being so humungous, wouldn't be practically effected at all.
If the socialists tax every American who makes $200,000 and above per year 100% on that income - including doing away with all deductions/exemptions, meaning everything they make, the government takes - it will equal approximately $1.53 trillion...
...enough to cover government's overspending this budget year.
If that was done, America would have a $0 deficit, $13.1 trillion in national debt, $53.6 trillion in total debt, and every American making $200,000 and more a year would be literally penniless - forever.
Of course, if the President and Congress simply wouldn't spend $1.4 trillion more than we have in revenue, our deficit would be $0, our national debt would be $13.1 trillion, our total debt would be $53.6 trillion, and Americans earning $200,000 and more a year would still be paying the majority of taxes.
Americans who earn $200,000 a year and over pay more than 50% of all America's personal income tax revenue already...
...how much higher than 50+% do socialists want to steal from these "rich" Americans so they can simply continue to criminally spend it?
The truth is, since even the most draconian socialist increase in taxation isn't enough to practically address our financial problems, the increase in that revenue will simply be spent on increasing current programs and funding new ones...
...with the automatic result of making our debt and deficit issues that much worse.
Consider a few other financial facts as your grasp the hopelessness in truly understanding there is no way to raise a fraction of the revenue needed by taxation to "cover" the decades of criminality the American people have allowed their representatives to commit upon them:
$3.6 trillion ($11,705 per citizen) is the current yearly interest that must be paid on our total debt, and that grows as we breathe.
$115.2 trillion ($1,028,798 per taxpayer) is the current amount of US Unfunded Liabilities, and it grows as we breathe.
By 2025, not even 14 years from now, it is projected America's revenue will only be enough to cover Social Security, Medicare, Defense, and Interest costs...
...that's it - nothing else will be provided for.
And if you understand basic compounding interest theory, you at least have a grasp of exponential compounding interest and can guess for yourself how soon America will be able to afford its debt Interest payment...
...that's it, and nothing else at all.
The magnitude of drastic financial change that must be made in this country for simple financial survival is unfathomable to the overwhelming majority of Americans...
...Buffet and Obama betray any allegiance to this great, sovereign nation and its citizenry by their disingenuousness.
[Disclaimer: not a c&p; numbers were gathered from various sources]
“But for those making more than $1 million there were 236,883 such households in 2009 I would raise rates immediately on taxable income in excess of $1 million, including, of course, dividends and capital gains. And for those who make $10 million or more there were 8,274 in 2009 I would suggest an additional increase in rate,” Buffett wrote.
“My friends and I have been coddled long enough by a billionaire-friendly Congress,” wrote Buffett. "“It’s time for our government to get serious about shared sacrifice.”
President Obama's current proposal includes raising taxes on those making over $200,000 a year.
So...
...you have an American billionaire proposing tax increases on those Americans making more than $1 million a year, and the American president proposing tax increases on those Americans making more than $200,000 per year.
Here's a pic of the President awarding Buffet, who many believe will be the next Treasury Secretary, the Medal of Freedom earlier this year:
http://www.cnsnews.com/sites/default/files/imagecache/medium/images/Buffet%20and%20obama.jpg
Billionaire Buffet contributes tens of thousands of dollars to Obama's political campaigns and to scores of other Democrats, too...
...he contributes $0 dollars to any other political parties.
While it is easy to hang a medal around the neck of a billionaire and offer him political appointment to prompt more money to get you and yours elected...
...it is impossible to hang false financial numbers around the truth to deceive the American people.
Our total debt is just short of $55 trillion right now, and it grows larger as we breathe ( US Total Debt includes household, business, financial institution, and state, local, and federal government debt).
Our national debt is currently over $14.6 trillion, and it grows larger as we breathe (US National Public Debt Outstanding represents the face amount or principle amount of marketable and non-marketable securities currently outstanding).
Our current deficit is a little over $1.4 trillion, and it grows larger as we breathe.
The debt is the overall amount owed, while the deficit is the yearly amount we've spent over the yearly amount of revenue available to spend.
So, here's the relevant numbers to consider:
$55 trillion total debt ($175,914 per American citizen; $667,648 per American family )
$14.6 trillion national debt ($46,900 per citizen; $130,700 per taxpayer)
$1.4 trillion budget deficit (revenue = $2.2 trillion - spending = $3.6 trillion)
Proposal: Americans earning $200,000 a year and more subject to tax increases
Here's the problem:
The very richest - 8,274 Americans - make $10 million or more per year; taxing these citizens at 50% - even closing all loopholes and deductions - would garner $120 billion in additional revenue, decreasing the national debt 1% and lightening the deficit by 8%...
...and if socialists tax those 8,274 Americans 100% of their income, the net to government would be $186 billion, reducing the national debt by 2 percent and the deficit by an additional 12 percent.
The total debt, being so humungous, wouldn't be practically effected at all.
If the socialists tax every American who makes $200,000 and above per year 100% on that income - including doing away with all deductions/exemptions, meaning everything they make, the government takes - it will equal approximately $1.53 trillion...
...enough to cover government's overspending this budget year.
If that was done, America would have a $0 deficit, $13.1 trillion in national debt, $53.6 trillion in total debt, and every American making $200,000 and more a year would be literally penniless - forever.
Of course, if the President and Congress simply wouldn't spend $1.4 trillion more than we have in revenue, our deficit would be $0, our national debt would be $13.1 trillion, our total debt would be $53.6 trillion, and Americans earning $200,000 and more a year would still be paying the majority of taxes.
Americans who earn $200,000 a year and over pay more than 50% of all America's personal income tax revenue already...
...how much higher than 50+% do socialists want to steal from these "rich" Americans so they can simply continue to criminally spend it?
The truth is, since even the most draconian socialist increase in taxation isn't enough to practically address our financial problems, the increase in that revenue will simply be spent on increasing current programs and funding new ones...
...with the automatic result of making our debt and deficit issues that much worse.
Consider a few other financial facts as your grasp the hopelessness in truly understanding there is no way to raise a fraction of the revenue needed by taxation to "cover" the decades of criminality the American people have allowed their representatives to commit upon them:
$3.6 trillion ($11,705 per citizen) is the current yearly interest that must be paid on our total debt, and that grows as we breathe.
$115.2 trillion ($1,028,798 per taxpayer) is the current amount of US Unfunded Liabilities, and it grows as we breathe.
By 2025, not even 14 years from now, it is projected America's revenue will only be enough to cover Social Security, Medicare, Defense, and Interest costs...
...that's it - nothing else will be provided for.
And if you understand basic compounding interest theory, you at least have a grasp of exponential compounding interest and can guess for yourself how soon America will be able to afford its debt Interest payment...
...that's it, and nothing else at all.
The magnitude of drastic financial change that must be made in this country for simple financial survival is unfathomable to the overwhelming majority of Americans...
...Buffet and Obama betray any allegiance to this great, sovereign nation and its citizenry by their disingenuousness.
[Disclaimer: not a c&p; numbers were gathered from various sources]
