Should the rich suffer an increase in taxes?
January 5th, 2011 - 1:58 am ICT by Aishwarya BhattNew York, Jan 4 (THAINDIAN NEWS) President Barack Obama has signed to extend the Bus-era tax cuts but the arguments as to whether the rich should be made to pay more in taxes rage on.
Ironically, it is not all millionaires or billionaires for that matter who supports the idea that the rich should not be taxed more. For instance, investment guru, Warren Buffet in an interview earlier with ABC in November urged that president Obama should not extend the Bush-era tax cuts.
He said that, “If anything, taxes for the lower and middle class and maybe even the upper middle class should even probably be cut further. But I think that people at the high end — people like myself — should be paying a lot more in taxes. We have it better than we’ve ever had it.”
That idea is not shared by many some other rich people though. They argue that when the rich that controls most of the jobs and other things are overtaxed, the masses and eventually the poor end up paying for it. The rich always find a way to hide his wealth.
The new tax law took effect from the New Year.
- Millionaires should pay 30 percent in taxes: Obama - Feb 22, 2012
- Obama urges Congress to pass 'Buffett Rule' for higher tax on rich - Mar 31, 2012
- US Senate rejects Obama's wealth tax proposal - Apr 17, 2012
- Warren Buffett seems to have chosen his successor - Aug 16, 2011
- Joe Biden nodded off during Obama's speech - Apr 14, 2011
- Obama argues against tax cuts for rich - Sep 09, 2010
- Obama announces long-term debt reduction plan - Apr 14, 2011
- Minority Leader John Boehner softens his position on tax cuts - Sep 13, 2010
- Obama to determine whether to extend the Bush era tax cuts or not - Dec 07, 2010
- U.S. Congress passes $858 billion tax-cut extension - Dec 18, 2010
- New York to raise taxes on the wealthy - Dec 07, 2011
- Richest 1 percent in US saw incomes triple - Oct 28, 2011
- House Republican leader open to Obama tax cut proposal - Sep 13, 2010
- Occupy Wall Street protestors plan march from NYC to DC - Nov 09, 2011
- US Congress extends tax cut, jobless benefits - Feb 18, 2012
Tags: abc, barack obama, billionaires, bush, investment guru, jobs, millionaires, new tax law, new year, rage, tax cuts, upper middle class, warren buffet