The Rich Say: Tax the Rich!

Nancy Folbre has a fun article in the NYT today, Raise My Taxes. She starts off as follows:

We live in a country where the most visible support for raising taxes on the rich comes from … the rich. So much for the seeming dictates of economic rationality and the logic of class war.

She goes on to point out that Reed Hastings, chief executive of Netflix, has called for an increase in the top federal marginal tax rate to 50 percent on all income over $1 million per year, and he claims this would not reduce his incentive to work. (Remind me to renew my Netflix subscription.)

And then there are the poor, many of whom pay no taxes at all, who think the estate tax should be done away with. In fact, as Folbre points out, the percentage of households with income under $30,000 complaining that federal income taxes are too high exceeds the percentage even paying federal income taxes. What a joke! But the joke is on those brain washed masses taken in by the right wing corporate media propaganda saying taxes are too high!

Warren Buffet, one of the richest of the rich, has always said his taxes are too high. In fact, to quote from Nancy’s article,

Mr. Buffett has peeved many of his fellow billionaires by giving much of his money away as well as advocating higher taxes for the rich. The man has so much class that he can talk about class war. (He explained, in 2006, that his class was winning).

She closes with this neat paragraph:

But our tax system itself confounds class interests by its complexity as well as by taxing income from labor so much more heavily than income from capital. Maybe some rich people recognize a good deal when they see one.

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  1. debi’s avatar

    Do it! I dare them! I double dog dare them!

  2. Minds Erased’s avatar

    Fuck the rich. TAX RELIGION!!!

  3. Mardé’s avatar

    Fuck the rich? That could pay off. Tax RELIGION? That could pay off too I guess.

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