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Thread: Why The Rich Like High Taxes

  1. #1

    Thumbs down Why The Rich Like High Taxes


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  3. #2
    Quote Originally Posted by Matt Collins View Post

    I agree with most of that except the title is misleading. Nobody like high taxes on themselves.

  4. #3
    In keeping with my general principle, I won't watch the unsummarized video (why don't you summarize Collins?).

    Here's a reason (maybe mentioned in the video, maybe not) that certain rich folk might in fact like higher (or at least more complicated) taxes. Depending on how the tax is structured, it might create a barrier to entry for smaller competitors. Even a progressive tax can do this insofar as the compliance cost is fixed, or at least isn't completely proportional to profit. E.G. Exxon owes $30 billion tax and pays $100 million (0.33% of the tax bill) to tax attorneys, while Podunk Oil Co. owes $3 million in tax and pays $100 thousand (3.33%) to tax attorneys.
    Last edited by r3volution 3.0; 09-15-2020 at 09:22 PM.
    "Democracy is the theory that the common people know what they want, and deserve to get it good and hard."

    -H. L. Mencken

  5. #4
    Quote Originally Posted by r3volution 3.0 View Post
    In keeping with my general principle, I won't watch the unsummarized video (why don't you summarize Collins?).

    Here's a reason (maybe mentioned in the video, maybe not) that certain rich folk might in fact like higher (or at least more complicated) taxes. Depending on how the tax is structured, it might create a barrier to entry for smaller competitors. Even a progressive tax can do this insofar as the compliance cost is fixed, or at least isn't completely proportional to profit. E.G. Exxon owes $30 billion tax and pays $100 million (0.33% of the tax bill) to tax attorneys, while Podunk Oil Co. owes $3 million in tax and pays $100 thousand (3.33%) to tax attorneys.
    The video didn't actually say the rich liked high taxes despite the title. It basically said exorbitant taxes on the wealthy in the the post-WWII period made it more likely Congress would pass loopholes so they didn't have to pay as much in taxes because of their loopholes. Not super relevant in 2020.

    More interesting would have been to examine why Warren Buffett wants more taxes. He isn't lobbying for loopholes. He genuinely wants to pay more. I spent some time the last few weeks reading about wealth inequality. Read the Equal is Unfair book by Yaron Brook. Economics Facts and Fallacies by Thomas Sowell. And working my way through a couple of Tom Woods episodes. What sparked it was watching the Piketty movie on Netflix, which I thought was absolute garbage but is like the best reviewed movie I have ever seen. I have reached the conclusion that Warren supports higher taxes purely as a self defense mechanism. He thinks the perception of inequality (even from buffoons on this site) will create class warfare so I think he sees paying higher taxes is a preemptive strike.

  6. #5
    Quote Originally Posted by Krugminator2 View Post
    The video didn't actually say the rich liked high taxes despite the title. It basically said exorbitant taxes on the wealthy in the the post-WWII period made it more likely Congress would pass loopholes so they didn't have to pay as much in taxes because of their loopholes. Not super relevant in 2020.

    More interesting would have been to examine why Warren Buffett wants more taxes. He isn't lobbying for loopholes. He genuinely wants to pay more. I spent some time the last few weeks reading about wealth inequality. Read the Equal is Unfair book by Yaron Brook. Economics Facts and Fallacies by Thomas Sowell. And working my way through a couple of Tom Woods episodes. What sparked it was watching the Piketty movie on Netflix, which I thought was absolute garbage but is like the best reviewed movie I have ever seen. I have reached the conclusion that Warren supports higher taxes purely as a self defense mechanism. He thinks the perception of inequality (even from buffoons on this site) will create class warfare so I think he sees paying higher taxes is a preemptive strike.
    I believe people openly supporting higher tax are frauds and the enemy of america . They can pay more now if they like.

  7. #6
    Quote Originally Posted by Krugminator2 View Post
    The video didn't actually say the rich liked high taxes despite the title. It basically said exorbitant taxes on the wealthy in the the post-WWII period made it more likely Congress would pass loopholes so they didn't have to pay as much in taxes because of their loopholes. Not super relevant in 2020.

    More interesting would have been to examine why Warren Buffett wants more taxes. He isn't lobbying for loopholes. He genuinely wants to pay more. I spent some time the last few weeks reading about wealth inequality. Read the Equal is Unfair book by Yaron Brook. Economics Facts and Fallacies by Thomas Sowell. And working my way through a couple of Tom Woods episodes. What sparked it was watching the Piketty movie on Netflix, which I thought was absolute garbage but is like the best reviewed movie I have ever seen. I have reached the conclusion that Warren supports higher taxes purely as a self defense mechanism. He thinks the perception of inequality (even from buffoons on this site) will create class warfare so I think he sees paying higher taxes is a preemptive strike.
    I'm sure that's a motivating factor.

    Jeff Gundlach has been saying things along those lines for years.
    "Democracy is the theory that the common people know what they want, and deserve to get it good and hard."

    -H. L. Mencken



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