The Washington Times had an interesting article on this fund and how some of those who call for the “Rich” to pay more are actually part of the “Rich” themselves and should feel free to contribute to this special fund.
The Virginia “Tax Me More Fund” took in a whopping $19.36 in 2006 and in fact has contributed the amount of 0.00000005 percent of Virginia's budget since 2002, or $10,217.04
"It's amazing how people want to tax other people for every idea they have, and they are not willing to step up to the plate themselves, said Delegate M. Kirkland Cox, Colonial Heights Republican and a sponsor of the legislation that created the Virginia fund. "It's a real good way to make a point."
But this is not just limited to Virginia and in fact it seems some very wealthy people feel that that the “Rich” do not pay their fair share.
“Warren Buffet, who at $52 billion is the third richest man in the world, blasted the U.S. tax system for allowing him to pay a lower income tax rate than his secretary and his cleaning lady do. A speaker at a fundraiser for Hillary Clinton, Buffet said, "If you're in the luckiest 1 percent of humanity, you owe it to the rest of humanity to think about the other 99 percent."
“Buffet's secretary was taxed at a rate of 30 percent of the $60,000 she earned last year. Buffet, without seeking tax shelters or loopholes, paid less than 18 percent of his $46 million in income last year in tax“.
The interesting thing is that Warren fails to state that his secretary is paying “Income Tax” on the money she made at a 30% rate while he paid slightly over the 15% capital gains tax on the money he made off of “Investments”. I agree his secretary is paying too much, as most of us are, in the form of “Income” tax and this should be lowered. This would allow us workers to accumulate more wealth and also increase our investments in the world economy. Warren is just living off of the money he makes from investing a small part of his $52 billion and is paying the capital gains tax at a little over the 15% rate… Warren, please feel free to contribute to the “Tax Me More Fund” at anytime. And of that $46 million he made last year in investments, how many jobs were created, maintained, and improved from his investments and the investments of others? Tax the “Rich” more and will they not take their money elsewhere for a better returns? Will my mutual fund and 401k look elsewhere to invest if Congress decides to make the “Rich Pay Their Fair Share” and raise capital gains taxes? I am not part of the “Rich” but I am part of the “Mutual Fund” rich who pool our money together and invest in our future…
Hillary, you and Bill can make a joint contribution to the “Tax me more fund” the next time you get the urge to raise our taxes…