Okay, So Who or What, EXACTLY, is Preventing Them From Paying More in Taxes?

The drive-by media is making a big deal about statements from Obama and Warren Buffet recently.

Both, said they should be paying more in taxes than they are. Obama went on to talk about how if he is elected he will push to increase taxes.

Isn’t it noble for them to say the government should take more of their money? Isn’t that just so, so, progressive? Which is just another word for socialist.
So, what is stopping them?

They both could forgo the tax deductions they are currently enjoying. Obama could quit deducting the amount flowing into his Senate retirement account each month. They both could voluntarily write checks to the US Treasury to pay down the national debt.

But they aren’t.

That makes them hypocrites.

If you don’t think you are paying enough, pay more. I certainly won’t try to stop you.

And to be fair to Buffet his comment was not exactly the same as Obama’s. Buffet has given away more money than most people can imagine and he is not seeking a position of power with the stated intention of using the police power of government to take more from working Americans.

Obama on the other hand is playing the class warfare card. He is trying to pit the rich against the poor in an attempt to buy votes.

See, the simple fact of life is there are far more poor people than rich people and as long as you can get the poor to vote to raid the treasury for their own benefit you can gain and retain power if you pander to their greed.

I’m really curious how much more Obama thinks he should be paying in taxes each year and even more curious why he is not forgoing enough deductions to make that happen.

Alas, Obama doesn’t really think he is paying too little, he is looking at your wallet. He thinks you are paying too little and he intends to fix that.

About the Author

Tim

Tim Owensby is the publisher of the Field Guide for Investors. He has been an active investor since 1984 and enjoys seeing other achieve their investing goals.

7 Responses to “ Okay, So Who or What, EXACTLY, is Preventing Them From Paying More in Taxes? ”

  1. You and your kind have been draining the life out of the working people since time began. The rich should pay more, they must pay more they deserve to pay more to help those on the lower end of soceity. If I had my way, we would go back to the really progressive income tax we saw in the 50’s. Then you scum who are living leeches would have to pay upwards of 90% of your ill gotten gains in taxes.

  2. Dez, I sense you are an underachiever and envious of others success.

    Tim is right. Senator Obama isn’t concerned that he is paying too little in tax, he wants more out of everyone else’s paycheck to pay for vote buying scams.

    Maybe you dropped out of school and are stuck in a low paying job without much hope for advancement. If that is the case, it isn’t the fault of those who chose a different path to achieve great success.

  3. Obama is running for presidential too prematurely. He lacks the real understanding of taxes but with time, he’ll ultimately understand.

    If he runs for president in 15 or so years, chances are good that I’ll vote for him. That is assuming he doesn’t change into a untrustworthy politician……

  4. If you guys are going to bash Obama’s and Buffet’s comments, you should at the very least tell the whole story…Buffet said that he pays the least in SS Tax of anyone in his office…and he is the second richest man in America…There is definately something wrong with that…

    I also find it interesting that you have nothing to say about the AMT which will hit more working people this year (unless they put another bandaid on it) because it was not indexed for inflation.

    And no I am not undereducated, or an underachiever and I would not mind paying more taxes IF the money will go to help those who are less fortunate than me to have something when they retire…

    By the way, SS Tax will help people who have WORKED all of their lives, and contributed to SS all of their lives. They are not asking for a handout, they are asking for THEIR MONEY, and they deserve for it to be there.

    Where is your Patriotism when it comes to helping your fellow Americans? I guess your brand of Patriotism only extends to things that will not cost you any money.

  5. Actually, Warren Buffet said he pays a smaller percentage of his income in taxes than the receptionist answering the phones. The reason he does is primarily because of deferred compensation. If he thinks his taxes are too low he can easily fix it and pay whatever he considers the appropriately higher amount.

    Sen. Obama was talking about Social Security.

    Brian, have you ever sat down and caclulated what your ROI on those SS taxes you are paying will be. That is assuming you live long enough to actually collect. If it was a private account you could leave it to your heirs but if you die and have no spouse or minor children your ROI is a 100% loss. Considering you didn’t seem to know that I suspect you might be under-educated. What public school did you attend?

  6. If you had to actually sit down and calculate the ROI on your SS to figure out that you could do better investing on your own, then maybe your education is the one that is suspect. You should ask for a refund.

    I don’t actually believe that SS will be around for me so calculating my ROI on that money is a moot point. I just consider it another tax, and I am fine with my other arrangements for retirement income.

    However there are other people out there for whom their only income in “retirement” is Social Security. Those are the people that I am concerned about, and yes I do actually give a crap about people who are less fortunate than myself, as I stated in my original post.

    Finally, both the comments of Obama and Buffet were aimed at solving a problem. Each of them individually increasing there tax contributions will not solve the problem, so this persistent comment about them contributing more on an individual basis is again moot.

    P.S.
    I have attended both Public and Private schools; you get out what you put in either case. However, judging by the fact that our current Commander-in-Chief can barely put a sentence together, I would simply say that Private school “educated” people do not impress me.

  7. Two points…

    First, you then agree with that Sen. Obama isn’t really concerned with the taxes he pays, but the taxes everyone else pays. It is typical socialist thinking.

    Second, you have obviously bought into the fortunate/unfortunate myth.

    I am not more fortunate than those you euphamistically call “unfortunate”. I worked my ass off to get where I am and I don’t need to government becoming an ever increasing leech on my hard work to redistribute income to people who failed to plan.

    You might want to read up on social security a little and learn about why it was started and the purpose for which it was created.

    Also, judging by your ROI comment, then you are obviously fully in favor of private accounts. That way, those “unfortunate” people you talk about aren’t dependent upon government. But dependent is EXACTLY what Obama and other socialists like the Clintons wants the ignorant voters to be.

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