Some billionaires ok with higher tax rates

According to The Daily Beast, some of America’s well-known billionaires would be just fine if their tax liability were increased.

Aside from Zuckerberg, several other prominent billionaires and wealthy Americans have spoken out in favor of greater taxation, characterizing their support as a democratic responsibility and a duty of the successful. No one has been more outspoken than Warren Buffett. “I think that people at the high end, people like myself, should be paying a lot more in taxes. We have it better than we’ve ever had it,” Buffett has said.

I don’t doubt there are some wealthy people who would have no issues with higher taxes.  After all, they can spare a few more bucks for the good of the nation, right?  Though they say they’d pay more in taxes, their accountants say otherwise.  I think there are some shenanigans being played here.

These billionaires (and millionaires, and hundred-thousandaires, etc.) all retain expensive tax accountants every year to exploit tax “loopholes” (i.e. legal tax deductions) to ensure the minimal amount of tax liability, thus paying as little as possible to Uncle Sam.  Surely they know they are not required to utilize every tax deduction.  They can pay as much as they want to the government by not taking every deduction for which they qualify.

Why do they feel compelled to force their sense of political generosity on the rest of the American population?  If they don’t think they pay enough in taxes, or that they should pay more, then put up or shut up.  Start paying more.  No one forces them to deduct business lunches, mortgage interest, company vehicles, etc.  They do that on their own, and they can stop on their own.  The government doesn’t twist anyone’s arm to take deductions.

Put your money where your mouth is, and forego the deductions, show a little patriotism.  Or is it only patriotic then you are forced to pay more taxes?

Comments

  1. These people are cons. They can self-tax all the like. The IRS will gladly cash their checks.

    Buffett has profited greatly from buying businesses on the cheap when families couldn’t afford to pay estate taxes and had to sell out. He isn’t as altruistic as he sounds.

  2. Terrance H. says:

    I’m pretty sure the tax bracket for the rich, like Buffet, goes down to people making $250,000.

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