The (Very) Rich Get (Much) Richer: Opinion
Even if all the incomes of all the billionaires were taxed at 100%, these billionaires would still be getting wealthier much faster than anyone else in society. This is why I continue to regularly point out in my commentaries that it is never possible to construct a fair tax system based on income taxation.
Inevitably, income taxation makes those on the bottom much poorer, while allowing the Top-1% to accumulate (and hoard) wealth at a rate which would have made the kings and queens of the Middle Ages envious.
The only possible fair form of taxation is wealth taxation, specifically a flat wealth tax. Everyone pays the same rate, and no one (including the billionaires) is able to hide the vast majority of their wealth from the Tax Man.
Thus when Warren Buffett says "tax the (incomes of the) millionaires," he doesn't say this because he wants to start paying his "fair share" of taxes. He says this so that he (and his oligarch buddies) can continue to avoid paying their fair share.Note that Bloomberg makes it clear the oligarchs aren't satisfied with getting only 15% wealthier in one year. In 2013 they want an "advantage" for themselves. This presents two, obvious questions for readers. How much richer do these oligarchs think they are entitled to become in 2013? How much richer do the oligarchs think the Little People are entitled to become in 2013? What makes the second question even more pertinent than the first is that the Little People (the Working Poor) didn't get 15% wealthier in 2012. In fact, on average they all got significantly poorer. For example, the U.S. standard of living (for the Little People) has fallen by more than 50% over the past 40 years. Indeed, the precise reason why all of the debt-saturated economies of the West are on the verge of implosion is because these Vampire Billionaires have blood-sucked us dry. And in referring to our massive debts this brings us to the fiction in the Bloomberg article. Bloomberg refers to its list of oligarchs as "the richest people in the world," yet even its own research indicates this is a farcical classification. In its sub-title, "Hidden Billionaires," Bloomberg discloses that 54 of these Oligarchs were "discovered" in 2012 alone. They didn't become billionaires last year, but rather their vast wealth-hoards were only identified for the first time last year.
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