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Still, I would ask the Scrooge McDucks of the world who so vehemently criticize what they consider to be counterproductive, even crippling taxation of the wealthy in the midst of historically high corporate profits and personal income, to consider this: Instead of approaching the tax reform argument from the standpoint of what an enormous percentage of the overall income taxes the top 1% pay, consider how much of the national income youve been privileged to make. In the United States, the share of total pre-tax income accruing to the top 1% has more than doubled from 10% in the 1970s to 20% today. Admit that you, and I and others in the magnificent 1% grew up in a gilded age of credit, where those who borrowed money or charged fees on expanding financial assets had a much better chance of making it to the big tent than those who used their hands for a living. Yes I know many of you money people worked hard as did I, and you survived and prospered where others did not. A fair economic system should always allow for an opportunity to succeed. Congratulations. Smoke that cigar, enjoy that Chateau Lafite 1989. But (mostly you guys) acknowledge your good fortune at having been born in the 40s, 50s or 60s, entering the male-dominated workforce 25 years later, and having had the privilege of riding a credit wave and a credit boom for the past three decades. You did not, as President Obama averred, build that, you did not create that wave. You rode it. And now its time to kick out and share some of your good fortune by paying higher taxes or reforming them to favor economic growth and labor, as opposed to corporate profits and individual gazillions. Youll still be able to attend those charity galas and demonstrate your benevolence and philanthropic character to your admiring public. Youll just have to write a little bit smaller check. Scrooge McDuck would complain but then hes swimming in it, and can afford to duck paddle to a shallower end for a while. If youre in the privileged 1%, you should be paddling right alongside and willing to support higher taxes on carried interest, and certainly capital gains readjusted to existing marginal income tax rates. Stanley Druckenmiller and Warren Buffett have recently advocated similar proposals. The era of taxing capital at lower rates than labor should now end.
Taxes are high enough.
Government needs to find a better way to spend the millions and millions it takes in.
The idea of a 'Scrooge McDuck with all that money was so much fun--...love for everybody to read this missive word-for-word, and then comment...
The idea of a 'Scrooge McDuck with all that money was so much fun--...love for everybody to read this missive word-for-word, and then comment...
--back when we were kids. This letter is from the looney left/Buffet/Soros/Krugman school of financialfantasy and so full of nonsense that exposing all the lies would take weeks and nobody would care.
I'd love for you to go though it with you one point at a time, and I'll even let you take the first point.
PIMCO | Investment Outlook - Scrooge McDucks
Still, I would ask the Scrooge McDucks of the world who so vehemently criticize what they consider to be counterproductive, even crippling taxation of the wealthy in the midst of historically high corporate profits and personal income, to consider this: Instead of approaching the tax reform argument from the standpoint of what an enormous percentage of the overall income taxes the top 1% pay, consider how much of the national income youve been privileged to make. In the United States, the share of total pre-tax income accruing to the top 1% has more than doubled from 10% in the 1970s to 20% today. Admit that you, and I and others in the magnificent 1% grew up in a gilded age of credit, where those who borrowed money or charged fees on expanding financial assets had a much better chance of making it to the big tent than those who used their hands for a living. Yes I know many of you money people worked hard as did I, and you survived and prospered where others did not. A fair economic system should always allow for an opportunity to succeed. Congratulations. Smoke that cigar, enjoy that Chateau Lafite 1989. But (mostly you guys) acknowledge your good fortune at having been born in the 40s, 50s or 60s, entering the male-dominated workforce 25 years later, and having had the privilege of riding a credit wave and a credit boom for the past three decades. You did not, as President Obama averred, build that, you did not create that wave. You rode it. And now its time to kick out and share some of your good fortune by paying higher taxes or reforming them to favor economic growth and labor, as opposed to corporate profits and individual gazillions. Youll still be able to attend those charity galas and demonstrate your benevolence and philanthropic character to your admiring public. Youll just have to write a little bit smaller check. Scrooge McDuck would complain but then hes swimming in it, and can afford to duck paddle to a shallower end for a while. If youre in the privileged 1%, you should be paddling right alongside and willing to support higher taxes on carried interest, and certainly capital gains readjusted to existing marginal income tax rates. Stanley Druckenmiller and Warren Buffett have recently advocated similar proposals. The era of taxing capital at lower rates than labor should now end.
I would love for everybody to read this missive word-for-word, and then comment.
Yeah. I know.
But it would be nice.
Druckenmiller argues that corporate profits should be taxed at a rate of 0%, then all forms of income to the individual, i.e. wages, dividends, capital gains, etc. should be taxed at a similar rate.
There is no doubt that the financial industry has skewed the tax code to its advantage. That carried interest is taxed at the same rate as capital gains is one egregious example. But because its an industry that can create billionaires in five years, they can buy politicians to retain their privilege.
Yeah, that'll show 'em. Just like cap gains taxes. Back in '08 candidtate Ob. was asked why he liked capgains taxes even if they reduced revenue. He answered saying "It's a matter of fairness".interest should be taxed
Yeah, that'll show 'em. Just like cap gains taxes. Back in '08 candidtate Ob. was asked why he liked capgains taxes even if they reduced revenue. He answered saying "It's a matter of fairness".interest should be taxed
Taxing interest reduces the money supply and that deflates the economy and that reduces revenue.
I think the terms are hiding to an extent the debate, my analogy may suck but I'll try; its like the head of a law firm being given an out on the money the firm makes that he takes a part of , there by forgoing taxes on that 'income'.
