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Old 02-10-2012, 11:11am   #1
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Default If it was true that the rich and business were job creators, we'd be drowning in jobs

Venture capitalist and entrepreneur Nick Hanauer has stern words for millionaires -- it's time to pay your fair share of taxes.

The self-made millionaire, who sold his Internet media company aQuantive to Microsoft for $6.4 billion, tells Henry Blodget in the above video that he supports changes to the tax code.

"People in the top 1 percent are paying historically low tax rates," he says. "That's simply an unsustainable way to run a capitalistic society."

Hanauer admits he paid an 11 percent tax rate on an eight-figure income in 2010. He's one of several millionaires speaking out against what he feels is an outdated system that disproportionately benefits the rich at the country's -- and the middle class's -- expense.

An analysis conducted by the nonpartisan Congressional Research Service in October found that nearly a quarter of millionaires (or 94,500 taxpayers) pay a lower tax rate than 10.4 million moderate-income taxpayers. CRS defines "moderate-income" households as those earning below $100,000 annually.

President Obama has urged Congress to pass the so-called "Buffett rule" named after billionaire investor Warren Buffett. In his State of the Union address last month, Obama said "if you make more than $1 million a year, you should not pay less than 30 percent in taxes."

Buffett has been an unequivocal proponent of changing the tax code, widely publicizing that his long-time secretary pays a higher tax rate than he does. Buffett announced that he paid $7 million in taxes in 2010 — or 17.4 percent of his taxable income. According to the Congressional Budget Office, the richest 0.01 percent of Americans paid a combined 17.5 percent in individual income and payroll taxes in 2005. IRS data shows that 1,470 households paid zero federal income tax in 2009 despite reporting an income of more than $1 million. The Urban-Brookings Tax Policy Center projects that the average overall federal tax rate for 2011 will be 18.8%.

Capital gains, dividends and "carried interest" are taxed at a 15 percent rate. Hedge fund managers and private equity titans pay the 15 percent rate because their income comes from investor fees, not salaries. The AP reports federal taxes are at 60-year lows and federal tax receipts will be equal to 14.8 percent of GDP, the lowest level since President Harry Truman was in office. The federal budget deficit could reach a record $1.5 trillion this year because of smaller revenue and increased spending.

Hanauer says keeping taxes low on the country's wealthiest won't boost economic growth or lower the nation's 8.3 percent jobless rate. The economy prospers when the middle class consumes goods, he argues, and businesses will be destroyed if the government cuts programs for the middle class.

"We are systematically destroying our customer base in this country by undercutting the middle class," he says. "If it was true that the rich and business were job creators, we'd be drowning in jobs today."

Video here - Millionaire Investor Calls for Higher Taxes on the Rich | Daily Ticker - Yahoo! Finance
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Old 02-10-2012, 11:23am   #2
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joecoool started a thread that was nothing more than a copy/paste from some online libtard without anything even close to a thought of his own?!?

No fkn way.
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Old 02-10-2012, 11:49am   #3
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joecoool started a thread that was nothing more than a copy/paste from some online libtard without anything even close to a thought of his own?!?

No fkn way.
RedLS1GTO completely ignored the subject of a thread and replied just to insult the poster?

No fkn way.
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Old 02-10-2012, 11:53am   #4
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Originally Posted by Joecooool View Post
RedLS1GTO completely ignored the subject of a thread and replied just to insult the poster?

No fkn way.

I apologize for insulting your efforts and the time it must have taken to hit copy, paste, submit.
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Old 02-10-2012, 1:26pm   #5
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Originally Posted by Joecooool View Post
RedLS1GTO completely ignored the subject of a thread and replied just to insult the poster?

No fkn way.

RedLS1GTO is completely 100% correct, the poster needs to be insulted daily and them given a Ben Gay enema to help stimulate his socialist brain.
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Old 02-10-2012, 1:33pm   #6
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i investigated starting a company last year, one man wood shop. on my own property, in my own shop, with my own tools. not going to borrow a dime from anyone. after some checking around, i found that the cash upfront costs demanded by the county were more than i wanted to pay. add in the various quarterly reporting requirements, the added tax filings, the very slim net income that i would be making after paying all these extra costs and taxes (the tax man would end up getting more than me), and i decided that it just was not worth my time and effort.

yeah, some might deem me 'rich', but if i'm going to put that much effort into something, my reward should be the largest pile, i shouldn't have to sweat most of the day to make government happy.
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Old 02-10-2012, 2:31pm   #7
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Originally Posted by R.Zaragoza View Post
RedLS1GTO is completely 100% correct, the poster needs to be insulted daily ...
To be fair, there was absolutely nothing insulting about my post. It was simply a very obviously rhetorical way of making a 100% fact based observation.

He started a thread which was nothing more than a cut/paste from somewhere else without even a shread of original thought from him. There is no exaggeration or falsity in that comment.

The "no fkn way" part was simply clarifying the rhetorical nature of my comment, which given that there were already multiple posts of exact same thoughtless copy/paste nature on the first page should have already been pretty obvious.

If someone points out ANY innacuracy or exaggeration in what I just said, I will gladly retract my comment.
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Old 02-10-2012, 2:34pm   #8
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i investigated starting a company last year, one man wood shop. on my own property, in my own shop, with my own tools. not going to borrow a dime from anyone.
You should be ashamed of your selfishness.
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Old 02-10-2012, 2:43pm   #9
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You should be ashamed of your selfishness.
umm....no.



but i see no point in toiling most of the day for someone else's benefit. i have other income, so any extra i would have earned would be taxed at the next marginal rate.

FICA - 15.2%
fed - 25%
state - 5%
county sales tax - 8.2%

total - 53.4% at least, plus down time filling out all the forms for them. yeah, that's working time that i don't get paid for.

screw it. i'll just structure things to break even, or i can give things away, and when i'm done in the shop for the day, i'm done for the day.
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Old 02-10-2012, 2:49pm   #10
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If it was true that the rich and business were job creators, we'd be drowning in jobs
As for the original article, I need to make sure I am reading this correctly. According to this guy, businesses aren't job creators. Do I have that right?

Other than of course the ever expanding government, who exactly IS a job creator?


...now on to the rich.

I'm picking a billionaire at random. Arthur Blank. (Picked because I just saw something about him on ESPN).

Let's ask a simple question. Who has created more jobs?

A.) Evil billionaire Arthur
B.) The entire lower 50% of income earners in America COMBINED

My personal guess is that Arthur wins.
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Old 02-10-2012, 2:51pm   #11
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Interesting that the thread title and the article have absolutely nothing to do with each other.

I was looking forward to seeing someone try to justify the thread title, cause it's one of the single dumbest ones I've ever seen.
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Old 02-10-2012, 2:52pm   #12
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Originally Posted by RedLS1GTO View Post
As for the original article, I need to make sure I am reading this correctly. According to this guy, businesses aren't job creators. Do I have that right?

Other than of course the ever expanding government, who exactly IS a job creator?


...now on to the rich.

I'm picking a billionaire at random. Arthur Blank. (Picked because I just saw something about him on ESPN).

Let's ask a simple question. Who has created more jobs?

A.) Evil billionaire Arthur
B.) The entire lower 50% of income earners in America COMBINED

My personal guess is that Arthur wins.
If only Sam Walton and his family could have found a way to create a single job...
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Old 02-10-2012, 2:59pm   #13
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Interesting that the thread title and the article have absolutely nothing to do with each other.

I was looking forward to seeing someone try to justify the thread title, cause it's one of the single dumbest ones I've ever seen.
Well......

Consider the source.
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Old 02-10-2012, 3:00pm   #14
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If only Sam Walton and his family could have found a way to create a single job...
Damn that evil, greedy, rich, SOB.

Everything his family has should clearly be taken for the enlightened ones to be able to distribute as they see fit.
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Old 02-10-2012, 8:40pm   #15
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Warren Buffett kills me.

He's made his billions and set up all his relatives, know he wants to F everybody that come behind him.

He can kiss my ass.

Eye of needle, Warren.
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