Emergent Futures Tumblelog

This is the Tumblelog of Paul Higgins and Sandy Teagle - Futurists from Melbourne and Brisbane in Australia. Go to Emergent Futures to see more or follow on Twitter at FuturistPaul . If you right click on the pictures, titles or links in these posts you will be able to go to the original story on the web. If you click on comments for each post you can either read what others have said or add your own comment via Disqus. If you click on the date of a post it will take you to a single post view where you can copy the web link if you want to send it to someone else. If you click on the tags it will take you to other stories from Emergent Futures with the same tag.

Stop Coddling the Super-Rich


Paul Higgins: Warren Buffet in the New York Times : Finally someone who will lose from being taxed at a higher rate advocating that it should be done and puncturing the myth about that resulting in poorer investment and job creation:

"OUR leaders have asked for “shared sacrifice.” But when they did the asking, they spared me. I checked with my mega-rich friends to learn what pain they were expecting. They, too, were left untouched.

While the poor and middle class fight for us in Afghanistan, and while most Americans struggle to make ends meet, we mega-rich continue to get our extraordinary tax breaks. Some of us are investment managers who earn billions from our daily labors but are allowed to classify our income as “carried interest,” thereby getting a bargain 15 percent tax rate. Others own stock index futures for 10 minutes and have 60 percent of their gain taxed at 15 percent, as if they’d been long-term investors.

These and other blessings are showered upon us by legislators in Washington who feel compelled to protect us, much as if we were spotted owls or some other endangered species. It’s nice to have friends in high places.

Last year my federal tax bill — the income tax I paid, as well as payroll taxes paid by me and on my behalf — was $6,938,744. That sounds like a lot of money. But what I paid was only 17.4 percent of my taxable income — and that’s actually a lower percentage than was paid by any of the other 20 people in our office. Their tax burdens ranged from 33 percent to 41 percent and averaged 36 percent……………”

Full Story: New York Times

Posted at 9:47pm and tagged with: politics, USA, economics,.

Stop Coddling the Super-Rich

Paul Higgins: Warren Buffet in the New York Times : Finally someone who will lose from being taxed at a higher rate advocating that it should be done and puncturing the myth about that resulting in poorer investment and job creation:
 
"OUR leaders have asked for “shared sacrifice.” But when they did the asking, they spared me. I checked with my mega-rich friends to learn what pain they were expecting. They, too, were left untouched.
While the poor and middle class fight for us in Afghanistan, and while most Americans struggle to make ends meet, we mega-rich continue to get our extraordinary tax breaks. Some of us are investment managers who earn billions from our daily labors but are allowed to classify our income as “carried interest,” thereby getting a bargain 15 percent tax rate. Others own stock index futures for 10 minutes and have 60 percent of their gain taxed at 15 percent, as if they’d been long-term investors.
These and other blessings are showered upon us by legislators in Washington who feel compelled to protect us, much as if we were spotted owls or some other endangered species. It’s nice to have friends in high places.
Last year my federal tax bill — the income tax I paid, as well as payroll taxes paid by me and on my behalf — was $6,938,744. That sounds like a lot of money. But what I paid was only 17.4 percent of my taxable income — and that’s actually a lower percentage than was paid by any of the other 20 people in our office. Their tax burdens ranged from 33 percent to 41 percent and averaged 36 percent……………”
Full Story: New York Times
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    This is why I love Warren Buffet, a man who knows his success is due to a system, and who feels the only right thing to...
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    Warren Buffet in the New York Times: Finally someone who will lose from being taxed at a higher rate advocating that it...
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