

New Tax Rate for Millionaires - melvinng
http://www.nytimes.com/2011/09/18/us/politics/obama-tax-plan-would-ask-more-of-millionaires.html?_r=1

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spitfire
Sigh. Buffet isn't at all a disinterested party in this matter. A tax
affecting the lower end of the rich puts a barrier to entry into the ranks of
the megarich. Lowering the cost of real estate, airplanes and businesses for
him.

Can't we all just have a flat consumption tax and be done with it? 10% would
benefit everyone (in particular retirees and savers), increase actual
collections and be simpler to administrate (you get to fire a bunch of
government employees). Increased revenue, reduced complexity, favouring
savings. That sounds like a win to me.

In particular Alexander Hamilton wrote in the federalist papers about how
these sorts of taxes were harder to raise to confiscatory levels. which 35%
certainly is.

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sunsu
Although I love the idea of a completely consumptiom based tax system, one
reason it will never happen is because: "(you get to fire a bunch of
government employees)"

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elmindreda
Uhm, no, millionaires are people who have at least one million dollars in some
form. The article is about people making at least one million dollars per
year; a much smaller group of people.

