Bernie Sanders Releases Odd Videos Rich Men Asking for More Taxes
5th January 2018
All of which is irrelevant, because they’re asking for an increase in ordinary income tax rates, and none of them make their money as wages or other ordinary income.
The reason Warren Buffet pays a lower tax rate than his secretary is because his money comes from capital gains from the sale of stock.
If you tax a guy who’s making a million a year at 90%, he still nets $100,000; if you do the same for somebody making $100,000, he winds up with $10,000. Rich people don’t care how much the income tax rate is because they never notice it — it’s all numbers on the page to them. What it DOES do is hit the almost-millionaires; you know, the guys who, if they have some money in their pocket, might be competing with a Patriotic Millionaire for a seat at a tony restaurant or a lift ticket at Aspen or a slot at a Monaco marina.
Of course, if they REALLY WANTED TO PAY MORE TAX, they could just send a check to the IRS. I’m sure the Treasury would be happy to get it. But they never do that, do they? So it’s not just that they’re not taxed enough, it’s that EVERYBODY isn’t taxed enough. (See explanation above.)