White House White Board: The Buffett Rule

In this installment of the White House White Board, Deputy Director of the National Economic Council, Brian Deese, talks about the "Buffett Rule"

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  News & Politics

[SecretsToRs]

I think it's funny you take that into consideration, 18% of someones money is still 18% of that money to them. Do you think it's more of a struggle for the person making 30k a year to pay 16% of their taxes, or the guy making 110 million to pay 30% and have 77 million left over.

[alex sullivan]

oh no! now the uber wealthy only make $90,000,000 a year...my heart truly goes out to them. I mean how can they survive with only 90 million dollars year.

[HQTUD]

lets see you give up 20MM in taxes :)

[HQTUD]

19.8 million is still more than 40K, 19K, and 8K. We should all be taxed at the SAME percentage rate. the UBER rich will still pay WAY more than anyone else.

[HQTUD]

I am with you on this! Why aren't we all just paying the SAME tax percentage???

[HQTUD]

Why isn't everyone taxed at the SAME rate??????? No matter how much you earn, you always pay X%? This way you aren't being punished for making more money - yet, you still pay more DOLLARS (not %) than everyone else. Fair for all?

[Jessica Kautzer]

If the person who makes 110 Mil. pays even 19% of their income to the Federal Government, They are still paying about 1000 times more than the guy who makes 105K. 19% of EARNED income is still 19% of EARNED income regardless of level of income.

[laurasIs2c]

Government doesn't have to have its costs constantly rising does it? Being that SS has only gained money and can pay its bills unless the greedy bastards keep giving the money to their friends, its fine.

So is it the war machine vendors that demand we keep going into debt to pay them off? If that is the case we are no better off than any little government that has to pay off war thugs to keep from becoming a police state.

[barnmaddo]

Why do they pay so little in taxes? They should be paying 38% on all taxable income over $388,000.

I think the difference is total income vs. taxable income, and income vs. long term capital gains. By donating much of their total income to charities their taxable income becomes insignificant. Then they use their long term capital gains (which is taxed at 15%) for spending money.