Saturday, May 21, 2011

Stuff My Brain Says #6

Posted as a comment concerning Warren Buffet and Bill Gates discussion on why taxes are too low for the wealthy:

These guys are a joke. If they would just take the standard deductions they would pay more in taxes, but they don't. They use all the available write-offs and loop-holes available. So, they are saying that the only way to get them to pay more in taxes is to have the government FORCE them? Hypocrites. How about just writing a bigger check, or declining any refunds?

And mathematically their argument does not work. If you take all of their wealth, not just their income but sell everything they own, and give it to the government, it wouldn't fund it for four months. THEN where do you go to get the money? It's not an income problem, it is an outgo (spending) problem. When the government consistently spends more than comes in, no amount of income will fix it.

An old saying: When your outgo exceeds your income, your upkeep becomes your downfall!

© Emittravel 2011

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