Same flawed analysis for oil and taxes
Looking at one part of the whole can lead to misleading conclusions.
On taxes, big numbers are cited to demonstrate how much taxes the rich are paying. Yes, the rich pay a very large amount and percentage of US taxes. But they also receive a very large amount and percentage of US income. What matters is the net effect. Some math for fun:
50000 income X (0.25 tax rate) = 12500 (37500 after-tax)
1000000 income X (0.35 tax rate) = 350000 (650000 after-tax)
Even if we say that's fair because both earned their income, let's look at what happens when income increases. Assume a 10% increase over a couple years from salary and investments - the latter playing a much larger role for the rich guy.
0.10(50000) = 5000 X (0.25 tax rate) = 1250 (3750 increase after-tax)
0.10(1000000) = 100000 X (0.35 tax rate) = 35000 (65000 increase after- tax)
Any way you look at it, wealth keeps funneling up to the wealthiest. Dems would be happy to leave the rich alone if there wasn't such tremendous wealth inequality with millions living in poverty. This is about making things a little fairer, not creating conditions so that people don't have to work (another false claim from the right).
On oil, big numbers are cited to demonstrate how much oil we have. Yes, we have billions of barrels. But we consume billions of barrels. What matters is the net difference. I've seen a couple estimates that the world has hundreds of years of oil left, but most estimates are less than 100 years. Let's say we have 100 years left. I hope it isn't true, but what if it is. Then what? And what if we find 10 years from now we only have 10 years left? There is no reason we shouldn't start getting aggressive on renewable energy today, and plenty of reasons we should.
BTW Walleye, I wouldn't trust that cnsnews website. It's a right wing propaganda website with a sly name meant to trick people into thinking it's another well-known established news source.
Warren Buffett's Secretary
My tax example actually underestimates the rate at which wealth grows faster in higher income brackets, because it doesn't factor in the lower tax rates (15%) on capital gains and dividends. When you factor these in, with the wealthy having a much larger amount and percentage of their income taxed at lower rates, the upward concentration of wealth only accelerates further. No wonder the Bush tax cuts were widely criticized as a massive transfer of wealth to the rich.
Back in 2007, Warren Buffett said he pays less tax, as a percentage of his taxable income, than the people working in his office. To make his point, he said he would bet any Forbes 400 member $1 million (to charity) that the average federal tax rate paid by the Forbes 400 is less than the average rate of their secretaries.
Buffett also said that US government policy had accentuated a disparity of wealth that hurt the economy by stifling opportunity and motivation. And he explained he was a Democrat because Republicans are more likely to think: "I'm making $80 million a year – God must have intended me to have a lower tax rate."
That says something when even ultra wealthy people (Buffett's not the only one) disagree with the wealth inequality created by Republican taxation policies.