Thom Hartmann: Will America survive without Shared Sacrifice?

[thomhartmann]

Run time: 05:02 https://www.youtube.com/watch?v=yZEMp8wV7-4   Posted on YouTube: August 16, 2011 By YouTube Member: TheBigPictureRT Views on YouTube: 47   Posted on DU: August 16, 2011 By DU Member: thomhartmann Views on DU: 642

 
Billionaire Warren Buffett wants to pay more taxes and thinks his mega-rich friends should too. Buffett called on Congress for "shared sacrifice" and raise taxes on people earning more than $1 million. Buffett said the wealthy are "coddled" by Congress "as if we were spotted owls or some other endangered species."

The Big Picture with Thom Hartmann on RT TV & FSTV "live" 9pm and 11pm check www.thomhartmann.com/tv for local listings

[Overseas]

1. K&R.

Thanks for continuing to report on this issue.

It is sad that things have become so skewed that Democratic legislators didn't form a firm block to let those Bush tax cuts expire on schedule.


How sad that they waited and waited until Buffet had to call out again for his taxes to be raised. Even after he had called out the class war back in 2006- http://www.nytimes.com/2006/11/26/business/yourmoney/26every.html

Mr. Buffett compiled a data sheet of the men and women who work in his office. He had each of them make a fraction; the numerator was how much they paid in federal income tax and in payroll taxes for Social Security and Medicare, and the denominator was their taxable income. The people in his office were mostly secretaries and clerks, though not all.

It turned out that Mr. Buffett, with immense income from dividends and capital gains, paid far, far less as a fraction of his income than the secretaries or the clerks or anyone else in his office. Further, in conversation it came up that Mr. Buffett doesn’t use any tax planning at all. He just pays as the Internal Revenue Code requires. “How can this be fair?” he asked of how little he pays relative to his employees. “How can this be right?”

Even though I agreed with him, I warned that whenever someone tried to raise the issue, he or she was accused of fomenting class warfare.

“There’s class warfare, all right,” Mr. Buffett said, “but it’s my class, the rich class, that’s making war, and we’re winning.”

[earcandle]

2. It isn't about sacrifice. It is about running a legitimate government with skills intact. See below

"Accounting for Government and Nonprofit Entities "
MacGraw Hill Co. 2007
Posted by earcandle in Latest Breaking News
Mon Aug 15th 2011, 08:53 PM
Earl R. Wilson; Susan C. Kattelus; Jacqueline L. Reck C)2007
Library of Congress Cataloging-in Publication Data:

IBSN-13: 978-0-07-310095-1

IBSN-10: 0-07-310095-1

Wilson, Earl R., 1939.

Jacqueline L. Reck 14th Edition (2007)


Chapter 3, pg 75; 6 Para. Heading: TAXES

" Taxes are of particular importance because (1) They
provide a large portion of the revenue of governmental units
on all levels and
(2) they are compulsory contributions to the cost of
government, whether the affected taxpayer approves or
disapproves of the taxes.

Ad valorem (based on value) property taxes area mainstay of
financing for many local governments but are not used as a
source of revenue
by many state governments or by the federal government. Ad
valorem taxes may be levied against real property and personal
property. SOme property taxes are levied on a basis other than
property values, one illustration being the tax on some kinds
of financial institutions in relation to the deposits at a
specified date. Other kinds of taxes are sales taxes, income
taxes, gross receipts taxes, death and gift taxes, and
interest and penalties on delinquent taxes."

IN OTHER WORDS>>> SEND OUT THE BILLS TO TAXPAYERS AND
START COLLECTING COMPULSORY CONTRIBUTIONS AND KICK OUT THOSE
IN GOVERNMENT THAT THINK OTHERWISE. They are being derelict in
their duties and are committing fraud by not doing the
legitimate business of running a government.  

This is from a Textbook in Government Accounting.  I am
appalled that no one is mentioning this very simple remedy. 
HELLO???