Warren Buffett, one of the richest people in the history of the world, made $12.7 BILLION in 2013. Thats about 37 million dollars per day, and thats over $1.5 million per hour. Hes paid $6 Million in federal income taxes, yes MILLION. His federal income tax obligation is fulfilled in less than 6 hours. If my Social Security disability claim were taxed at the same rate as Mr Buffett, Id be paying about a nickel yearly. If your income is about the average for a US citizen, you know what your federal income tax obligation would be? 25 cents!!! This is the problem with our tax system. Were given the illusion that the poor pay nothing (which is true, people with little to no income have a low burden), people in the middle pay between 20-30% of their total income, and the wealthiest have the highest rates on income over $250,000. But if you can afford a whole team of accountants that know how to apply deductions that have been created in the law by lobbies you have hired, then your effective tax burden can often be as little as what a homeless person pays in liquor taxes on wine. This issue isnt about a small, family owned business or virtually all people that are self-employed. Its not about medical practices, law offices, plumbing, or electrician businesses. This has to do investment bankers, executives of huge corporations, hedge fund managers, and venture capitalists, who can literally set one million dollars on fire, and make that money back in less than a couple of hours, maybe sooner if they make the right phone call. Our tax system is broken (so are plenty of other things), and because money rules politics, its going to remain that way. Nothings going to change as long as elected officials spend more time fundraising as opposed to altering less successful laws or abolishing the failed ones. I urge everyone to get involved, because were all effected by it. Thanks for reading.
Posted on: Fri, 28 Mar 2014 17:41:35 +0000
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