Monday, March 07, 2011

More wealthy calling for more taxes

Bill Gross, a founder of PIMCO, an account management services company, added his voice to those of Warren Buffett and Bill Gates that the wealthy should pay more taxes.

"Add PIMCO founder Bill Gross to the list of wealthy Americans who think they aren't being taxed enough, already.  'Of course we should' pay higher taxes, Gross says. 'Higher income groups have enjoyed an enormous privilege ever since the Reagan tax cuts...and actually ever since Kennedy began the process back in the ‘60s.'"

See "Bill Gross: 'Of course' the Wealthy Should Pay Higher Taxes, Corporations Too", Tech Ticker, 2011-03-07.

Nowhere in the interview did he mention any rationale besides that they can pay more.  I wish he had mentioned all the services of a civil society that make it possible for the wealthy to become wealthy.

Maybe some clever economist or accountant could come up with a cost-benefit ratio to show that those who can afford to pay more should pay more taxes; if they pay less taxes they will get less benefit from a civil society.  Maybe even their overall costs will go up because they pay less taxes.