Page Title
Editor's corner/ Over a cup of tea
Heidi M. Pascual*
Publisher & Editor
* 2006 Journalist of the
Year for the State of
Wisconsin (U.S.-SBA)
Publisher & Editor
* 2006 Journalist of the
Year for the State of
Wisconsin (U.S.-SBA)
Taxing the super rich and the poor
It’s amazing for me to hear a multi-billionaire ask his government to “tax” him more, because
I don’t usually hear something like that. The rich just become richer and they do all they can to
influence their government to give them more tax breaks. They pay lobbyists to do that in
Washington. But Warren Buffett, founder of Berkshire Hathaway, wrote in a recent New York
Times guest editorial that it’s time for Congress to “get serious about shared sacrifice.” He
said that last year, he only paid 17.4 percent of his taxable income, which was “actually a
lower percentage than was paid by any of the other 20 people in our office. Their tax burdens
ranged from 33 percent to 41 percent and averaged 36 percent."
Raising taxes for the super rich would definitely raise hundreds of billions for the U.S.
Treasury in the next 10 years, but its impact may or may not be felt by people like me.
Nevertheless, the concept is very good, because the super rich have more money to spare.
I understand that Buffett belongs to the less than one percent of tax-paying Americans, and
because the richest get most of their income from investments (which are taxed much lower
than the rest), they enjoy the bulk of their income any way they please. While Buffett
understandably incurred the negative attacks of the Republican Party (his father’s party) and
It’s amazing for me to hear a multi-billionaire ask his government to “tax” him more, because
I don’t usually hear something like that. The rich just become richer and they do all they can to
influence their government to give them more tax breaks. They pay lobbyists to do that in
Washington. But Warren Buffett, founder of Berkshire Hathaway, wrote in a recent New York
Times guest editorial that it’s time for Congress to “get serious about shared sacrifice.” He
said that last year, he only paid 17.4 percent of his taxable income, which was “actually a
lower percentage than was paid by any of the other 20 people in our office. Their tax burdens
ranged from 33 percent to 41 percent and averaged 36 percent."
Raising taxes for the super rich would definitely raise hundreds of billions for the U.S.
Treasury in the next 10 years, but its impact may or may not be felt by people like me.
Nevertheless, the concept is very good, because the super rich have more money to spare.
I understand that Buffett belongs to the less than one percent of tax-paying Americans, and
because the richest get most of their income from investments (which are taxed much lower
than the rest), they enjoy the bulk of their income any way they please. While Buffett
understandably incurred the negative attacks of the Republican Party (his father’s party) and
the Tea Party because of his proposal and his ongoing support for President Obama, many, like me, welcome his
offer. Washington should listen and act. But our legislators should look deeper into how tax reform could really help
alleviate the plight of the majority of our people.
As a small business owner, I have been gravely affected by the Great Recession which started in 2008. I tried with all
my might to keep my business alive, first by reducing the number of pages of my printed magazine, then by printing two
issues in one, and then in 2010, I decided to stop printing altogether and keep the online version as long as I could. It
worked; and I remain grateful to all my loyal readers, supporters, writers, and advertisers for helping me continue the
work of Asian Wisconzine magazine. Last April, like many tax-paying Americans, I filed my tax return for 2010. Tears fell
as I was looking at the bottom line. Why? I was going to pay about 30 percent of my taxable income!! Good Lord!!
In sum, I was totally cleaned out. Friends advised me to pay by installment, but I decided to go to the bank instead and
get a loan to pay my income tax in full. I’d be paying this loan for the next three years! I am very frustrated that a small
business like mine struggles like this in America. I want to pay my tax because this is where I do business; but
taxation should not kill small businesses. It is not only the super rich investors who serve as the main engine of our
economy; small businesses combined do more in terms of job creation and entrepreneurship. Killing small
businesses means more job losses for millions of Americans who depend on them.
The 2010 Census Data shows that 15 percent of Americans live in poverty, yet there is a growing movement among
offer. Washington should listen and act. But our legislators should look deeper into how tax reform could really help
alleviate the plight of the majority of our people.
As a small business owner, I have been gravely affected by the Great Recession which started in 2008. I tried with all
my might to keep my business alive, first by reducing the number of pages of my printed magazine, then by printing two
issues in one, and then in 2010, I decided to stop printing altogether and keep the online version as long as I could. It
worked; and I remain grateful to all my loyal readers, supporters, writers, and advertisers for helping me continue the
work of Asian Wisconzine magazine. Last April, like many tax-paying Americans, I filed my tax return for 2010. Tears fell
as I was looking at the bottom line. Why? I was going to pay about 30 percent of my taxable income!! Good Lord!!
In sum, I was totally cleaned out. Friends advised me to pay by installment, but I decided to go to the bank instead and
get a loan to pay my income tax in full. I’d be paying this loan for the next three years! I am very frustrated that a small
business like mine struggles like this in America. I want to pay my tax because this is where I do business; but
taxation should not kill small businesses. It is not only the super rich investors who serve as the main engine of our
economy; small businesses combined do more in terms of job creation and entrepreneurship. Killing small
businesses means more job losses for millions of Americans who depend on them.
The 2010 Census Data shows that 15 percent of Americans live in poverty, yet there is a growing movement among
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legislators in Washington to tax the poor,
the biggest lower portion of the economic
pyramid who pay absolutely “no taxes,”
so they say. They ignore the fact that even
the poorest of the poor pay other forms of
federal and local taxes. Nobody is
actually exempt from them! We should
tell our legislators to be well informed by
looking at all tax reform sources; they
should never get rid of Earned Income
Tax Credit and Child Tax Credit, because
the poor need them.
I propose that taxation be reformed with
justice in mind and compassion in our
hearts. The poor should be taxed less,
and many tax breaks for the rich
(especially on income from
investments/bonds that do not create
jobs) should be abolished.
the biggest lower portion of the economic
pyramid who pay absolutely “no taxes,”
so they say. They ignore the fact that even
the poorest of the poor pay other forms of
federal and local taxes. Nobody is
actually exempt from them! We should
tell our legislators to be well informed by
looking at all tax reform sources; they
should never get rid of Earned Income
Tax Credit and Child Tax Credit, because
the poor need them.
I propose that taxation be reformed with
justice in mind and compassion in our
hearts. The poor should be taxed less,
and many tax breaks for the rich
(especially on income from
investments/bonds that do not create
jobs) should be abolished.