Tax the rich: Readers respond
"The average household making $250,000 is surely not" rich, insists a reader
Tax the rich: Readers respond
Joseph N. DiStefano
Last week's item and column on rich people who think they don't pay enough taxes brought dozens of posted comments. Plus a small flood of calls and emails; excerpts:
"If these rich guys don't think that they are being taxed enough, the Treasury accepts voluntary payments," writes Philadelphia lawyer Joseph A. Ferry. "Far better that they should use this money to invest in startups and create wealth" instead of funding more "profilgate spending" by the government.
"While Warren Buffett is indeed rich, the average household making $250,000 is surely not!," insists a shy Camden County professional, who happens to make just that much, he told me via his Droid phone. "A spreadsheet of my household income proves I'm not living lavishly. Increase those (minimum high-tax incomes) to $400,000 for individuals and $500,000 for households... I'll sign on... We need to cut spending, reform entitlements... stop the class warfare... get back to a meritocracy!"
"It is refreshing to learn that (some) bsuiness owners, professional people, yes, even billionaires like Warren Buffett, do not want the dopey tax cuts for the wealthiest, dishonorably rammed through Congress by former President Bush, made permanent!... Congress should not soak the wealthy, just make them pay their fair share," writes Bryn Mawr retiree George M. Peters.
"Of course these cuts should end," writes Eliane Hodges, a retired Ambler teacher. "That we can possibly talk about cuts to Social Security, but continue tax cuts for high-income earners, illustrates how influential the rich and powerful have become."
"The trouble with what Buffett says," writes Charles Stone of Wayne, "is that the Federal Government needs an extra $1.3 trillion per year. $700 billion over ten years [the gain estimated from letting the Bush tax cuts expire for high earners] is really $70 billion a year [not counting interest]. Trouble is, where does the government get that remaining $1.23 trillion a year?"
"Messers Buffett, Magid, Weinberg, et al. do not need higher statutory rates if they want to pay additional taxes," pharmaceutical consultant Mike Morris of Blue Bell wrote. "Have them make voluntary payments for what they think is 'fair'."
I love how people think. The truth is that if the wealthy don't pay more taxes, the money is still going to be needed, and the average Joe's taxes will go up instead. If your family makes less than $250,000, which is about 98% of the country, arguing for extending the Bush tax cut for the top 2% means arguing for your own taxes to increase in the future.— CoolZanna- You'd think the wealthy actually pay taxes at the higher tax rate the way politicians are talking about it. The truth is that, after deductions, they pay less than the average middle class tax payer. As far as the shy Camden professional, the wealthy don't merit or deserve to be making what they do. Get over yourself. However, I question the $250K cut off. I wouldn't call someone making $250K wealthy. Move the cut off up to $500K and get rid of all the tax loopholes.— MikeP
