Why Aren't The Rich Paying 50% in Taxes?
Sign in to YouTube
Sign in to YouTube
Sign in to YouTube
Uploaded on Apr 8, 2011
Tax Day (April 18) is fast approaching, which means anxiety and night sweats for about 99 percent of taxpayers.
And bitching and moaning by those at the top of the income pyramid about how they aren't forced to pay more in taxes. Secretary of State and cattle-futures queen Hillary Clinton, super-investor Warren Buffett, and best-selling author Stephen King have all recently carped about how rich folks like them should be paying more in taxes. King recently told a Florida rally, "As a rich person, I'm paying 28 percent in taxes. What I want to ask you is, Why am I not paying 50?"
Such rhetorical questions miss the point when it comes to the country's balance sheet. The U.S. doesn't have a revenue problem or a tax-rate problem. We've got a spending problem. Since 1950, revenue from all sources has averaged around 18 percent of Gross Domestic Product, despite top tax rates that have fluctuated from over 90 percent to the high 20-percent range. So despite all efforts to jack up revenue (or reduce it), that's what the government can expect to work with. Yet spending has averaged about 20 percent of GDP - and is currently at a whopping 25 percent of GDP, a figure not seen since World War II. President Obama's budget plan forecasts spending at 23 percent of GDP over the next decade while Rep. Paul Ryan's GOP plan calls for 20.5 percent. There's your deficit right there, folks.
But King, Clinton, and Buffett can always pay more in taxes to retire federal debt held by the public. Just go to http://treasurydirect.gov and make a voluntary donation to reduce the national debt held by the public. So far in calender 2011, Treasury has pulled in an $125,000! Which means there's only about $8.99 trillion to go.
Written and produced by Meredith Bragg and Nick Gillespie. About 2 minutes.
Go to http://reason.tv for links, downloads, and other videos. Subscribe to our YouTube channel to get automatic notifications when new material goes lives.
Standard YouTube License
- 3:27 Why The Rich Pay Lower Taxesby vlogbrothers Featured 451,946
- 4:27 Stephen Moore nukes MSNBC Chris Hayes on rich liberals wanting to pay higher taxes (7/8/12)by unhappyview5479,521 views
- 28:50 Walter Williams: Up From the Projectsby ReasonTV54,693 views
- 3:01 Warren Buffet On Why U.S. Taxes Are Too Low For The Wealthyby fusion07mp4134,419 views
- 15:17 Oath Keepers: American Revolution Started Over Disarmamentby InfoPlanetWars57,878 views
- 9:33 Why the Rich don't pay taxesby Dr. Dick Pritchard31,657 views
- 4:06 Milton Friedman: Why soaking the rich won't work.by voogru323,762 views
- 7:12 Why Obamacare is "the Most Important Case" in 50 Years: Q&A with Timothy Sandefur of PLFby ReasonTV43,355 views
- 30:42 Why Democrat vs. Republican is the Wrong Way to Look at the 2012 Electionby ReasonTV10,843 views
- 4:26 Sheriff Warns of Second American Revolution over Gun Controlby djgabrielpresents237,104 views
- 1:00 Obama/Boehner's Phony Spending Cutsby catoinstitutevideo13,646 views
- 0:43 Warren Buffet - I could end the deficit in 5 minutesby Todd Feinburg236,409 views
- 11:49 MICHAEL STEINHARDT BLASTS WARREN BUFFETT 4-5-2011by traynickel12,845 views
- 7:19 Lesson 1 National Debt & Budget Deficit Explainedby BasicEconomics48,259 views
- 44:17 Revolution - American History in HD - Documentaryby Susi Meikners117,107 views
- 4:52 Warren Buffett Interview on How to Read Stocksby greatestuno492,448 views
- 11:07 Taxesby HowTheWorldWorks16,188 views
- 7:10 What Happened to the Antiwar Movement?by ReasonTV52,256 views
- 7:33 The War on Walmart: Who's afraid of cheap groceries?by ReasonTV50,609 views
- 53:05 The Tax Free Tour (VPRO, Marije Meerman)by VPROinternational96,023 views
- Loading more suggestions...