Of Cause and Effect

and the freaking’ obvious

[In GB] In the 2009-10 tax year, more than 16,000 people declared an annual income of more than £1 million to HM Revenue and Customs.

This number fell to just 6,000 after Gordon Brown introduced the new 50p[%] top rate of income tax [for those earning more than £150,000 a year] shortly before the last general election.

…Harriet Baldwin, the Conservative MP who uncovered the latest figures, said: “Labour’s ideological tax hike led to a tax cull of millionaires.

Far from raising funds, it actually cost the UK £7 billion in lost tax revenue.

…The Tories wish to freeze out-of-work benefits. The handouts usually rise in line with inflation, which has meant that the unemployed are likely to receive a higher rise than most workers can expect.

hm… Didn’t we separate from these people for some reason?

MATT LAUER, TODAY: So bottom line, would raising taxes on the wealthiest Americans have a chilling effect on hiring in this country?

WARREN BUFFETT: No, and I think would have a great effect in terms of the morale of the middle class, who have seen themselves paying high payroll taxes, income taxes. And then they watch guys like me end up paying a rate that’s below that, you know, paid by the people in my office.

The taxing will continue until morale improves.

Gotcher “comfort right here:

Employee payroll taxes are scheduled to rise nearly 50 percent in 2013 absent action by lawmakers, and there is a growing sense that both parties might be willing to let that happen.

…The White House released a report Monday detailing the negative economic impact of allowing the Bush-era tax rates to expire for middle-income Americans. It contained no mention of the payroll tax cut, which by the White House’s own estimates affects roughly 160 million Americans and saves the typical middle class family $1,000 per year.

Money has long been called “wherewithal.” The more of it you have, the more ability you have to be independent and do what you want / what you think is right for you and your family. Every tax removes some of that ability and — looked at a different way — is a governmental reduction of your hourly wage. Ask your union about that.

Also: see chart here.

16 Comments!

  1. Posted November 28, 2012 at 8:32 am |

    Listened to Larry Elder interviewing Walter Williams on the way home last evening.

    When asked about Buffet’s stance on taxing the “rich”, Williams deadpanned, “Warren is not right in the head”.

  2. rickn8or
    Posted November 28, 2012 at 9:04 am |

    Of course it didn’t work in Britain! They got the metrix system there, and drive on the wrong side of the road.

    With the black messiah in charge, it’s going to work just splendidly here.

    And if it doesn’t, why, its those eee-ville Republicans fault!

  3. SondraK, Queen of my domain
    Posted November 28, 2012 at 9:10 am |

    So when Lympians feeeeeeeeeel happy everyone’s happy!

    Trouble is, Lympians are never happy.

  4. Posted November 28, 2012 at 9:18 am |

    Normally, I’d just squash International Communism, and be done with it. I’d just crush the motherfucker and be done with it. That would be it,.

    But it needs a rolling-around-part in it. The ‘people’ need to know what they’re getting. They have to be afraid… very afraid, of what they’re getting.

    I’m doing that now. Be very afraid.

  5. Colonel Jerry USMC
    Posted November 28, 2012 at 9:43 am |

    Soooo, money is called (…wherewithal…). As long as journolists glom onto that word, to avoid having to write stories in them complicated *economic terminology* phrases(…which they never understood…); here is my suggestion.

    For 2012-2016: Delete *wherewithal* and replace with *wherewithnil*!!! Sample sentence using where. with. nil. = “Once the middle class had wherewithnil, the Federal Government came up with all sorts of ways to increase the middle class`s wherewithnil. Regrettably, that ended up, sometime between 2014 to 2016 in a shift to a more descriptive term for middle class money. It was now, WHEREWITHAMMO! After that, a new game was afoot!

  6. Posted November 28, 2012 at 10:05 am |

    ^ That made prefect snse,

  7. staghounds
    Posted November 28, 2012 at 10:26 am |

    Do NONE of our trained media or political elites have the brains/courage to hand Buffet a pen and say

    “Well write the check, Mr. Big Talker.”

  8. Claire: rebellious pink pig with car keys - and a *cause*
    Posted November 28, 2012 at 10:40 am |

    Just a feeling, here, just a guess, mind you, but I think the $$$ flows the other way with ol’ Warren…

  9. geezerette
    Posted November 28, 2012 at 11:14 am |

    They love Buffet and hate Romney. I hope I don’t win the power ball lottery I’ll be hated to. I’ll be a evil rich Republican. OHHHHH NOOOOOO!!!

  10. SondraK, Queen of my domain
    Posted November 28, 2012 at 11:15 am |

    WHEREWITHAMMO!

    Elebenty!

  11. hank
    Posted November 28, 2012 at 5:11 pm |

    Do NONE of our trained media or political elites have the brains/courage wherewithal to hand Buffet a pen and say

    “Well write the check, Mr. Big Talker.”

  12. JoeBlamedMember≠
    Posted November 28, 2012 at 7:57 pm |

    What a bunch of Kool-Aid drinking ignorant Commie bastards.

    And The ‘Lympians are always angry, even when they are getting their way.

  13. Posted November 28, 2012 at 9:44 pm |

    Screw the ‘Lympians. …. ♫ it’s the water the water the water the water, that makes Olympia Beer… ♪… so refreshing, refreshing refreshing refreshing… ♪ except that now they’ve gone and soiled and defiled even that with their filthy hippie bodies!!!

    Damn them all to Endless Hell!

    [I don’t get to use that one all that often. I sure hope I got that one right).

  14. ZZMike
    Posted November 28, 2012 at 11:12 pm |

    For a smart guy, that Buffett is downright cotton-headed. He pays a lower rate because (if he’d bother to explain it) most of his money comes in from dividends, not salary. (As if any kind of “wages” would make a difference to the #3 richest man in the world.)

    Not only that, but s’poze he pulls in $5 or $6 million in executive compensation & such a year. He could certainly afford to pay a 75% tax, leaving him with a paltry $1 million and change to eke out a meager living.

    Speaking of “the evil rich”……. howcome everybody and his cousin are makin’ bee-lines to the Powerball Lottery (currently over $500 million)? Howcome everybody and his gramma want to be one of those “stinkin’ evil rich”?

    Maybe it’s because if you win the lottery, you won’t have had to work for it……

    hank: “Well write the check, Mr. Big Talker.”

    Wouldn’t help. If they raised the “soak the rich tax” way up, it wold only find the gummint for a few days. If they confiscated the entire wealth of the top rich, it would fund the gummint for not much more than a few weeks. Then the next “100 Richest Americans” would have to get in line and hand over their stuff, which would keep the gummint going for a few more weeks (but not nearly as long).

    Well, they’ve been thinking hard about that. They’ve discovered that some of us out here have money that the gummint doesn’t have. < cue Gollum voice >”We wants it!!!!”<cut>.

    Wealth Tax

    “Yesterday’s New York Times contains an op-ed article by Daniel Altman, “To Reduce Inequality, Tax Wealth, Not Income,” that suggests replacing the income and estate tax with a wealth tax.
    . . .
    … suggests some possible rates and exemptions for a wealth tax, such as 2% of wealth over $1,000,000, 1% on wealth between $500,000 and $1,000,000, and no tax on wealth of less than $500,000.”

    The article points out that this is a really dumb idea.

  15. Merovign
    Posted November 28, 2012 at 11:53 pm |

    The one really huge obvious failure in the “let it burn” plan is the idea that anyone will learn from it.

    Seriously, leftism has been failing and lashing out in anger at peasants (lethally) for over two centuries, and it’s as popular as ever.

    “Learning-disabled” isn’t a disorder, “learning” is the disorder. The “disability” is the normal one.

  16. geezerette
    Posted November 29, 2012 at 8:26 am |

    Is there no where in this big world where the Tparty could take the constitution and start a new country ? The first law would be NO LIBS Allowed. They would be first on the list of not allowed and than go from there. Our country has been invaded by a freedom eating bacteria.