Can All the Rich Folks...PLEASE STAND UP.

Did you all read Warren Buffet's op-ed for the NYT? I <3 him...genuinely I do. I am definitely a proponent of taxing the rich heavier...not merely because the U.S. is broke and our economy and deficit both need some serious help, but just off of principle man...they can afford it.

Buffet acknowledged that his effective tax rate for 2010 was 17.4%. GTFOH. That means only 17.4% of his billions went to the government. While there are middle class Americans making much less than him paying 25% or more of their income to taxes. How is this possible you ask?

Well yes, Buffet is part of the highest tax bracket (35%), however, the tax breaks for the wealthy are just that plentiful that he went from 35% of his income to actually only paying 17.4% of his income. This is expressly why rich people should have to pay higher taxes. They can afford better tax professionals, sift money into legal tax shelters, and ultimately come out on top. It makes me sick.

Now Warren argues that increasing taxes to individuals grossing more than $1million would create additional revenue for the U.S. without impacting their lifestyle. Agreed. He also argues that lower capital gains tax rates do not "increase investment," they merely give rich folks another tax break. He said, and I quote, "People invest to make money, and potential taxes have never scared them off." Agreed. He also argues that lower tax rates correlate to lower job creation. I'm not quite sure I get that one but because I love the man...AGREED.

Well two days later, guess who agreed he would be willing to pay higher taxes...THE DONALD. lol. Although he agreed he would pay higher taxes, he disagreed that Warren Buffet's philosophy will work. He argues (along with many economists) that increasing taxes on the rich will hugely affect the business climate. Wealthy businessmen will move to other countries (and take their businesses with them) to avoid the taxes. As we all know this would negatively affect the job market andddd ultimately be bad for everyone.

I get that philosophy but I wonder if THAT many wealthy businessmen would leave. I don't really think so. Lol It seems like such a hassle to pick up and do all of that just because you have to give the government $5 and you've got $5,000. But Donald says these folks are business machines, all they do is think money, and for them, that'd be enough. Of course no one is willing to call their bluff so alas we have this never ending argument on taxing the rich. Blah-se blah-se.

What do you all think?