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VIDEO

Financial Guru: Americans Have No Right to Steal My Income

'Just because they vote for it'

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by Dain Fitzgerald

Staff Writer t

Peter Schiff / Image: kultakaivos.info

In an unadulterated burst of libertarian sentiment, finance commentator Peter Schiff told CNBC that his fellow Americans have no stinkin' right to his income.

Real Clear Politics reports that the free market enthusiast and Ron Paul supporter told the network, "I don't care what the majority voted to do - they don't have a right to steal my money just because they vote for it."

Confessing to being among the nation's top 2% of income earners, Schiff warned of what he believes to be the dire consequences of higher taxes on the wealthy, a plan the President is wont to push through in discussions of the fiscal cliff.

"You know what the wealthy are going to do?" Schiff asked, rhetorically. "They're going to invest more abroad, they're not going to work as hard, they're not going to pay as much in taxes, and they're not going to employ as many people."

Via Real Clear Politics.
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Do you agree with Schiff that Americans have no right to vote away the income of others?

Comments (view in Forum)

  • o
    Republican5001
    !
    I agree. The democrats have no right to tax just the wealthy since EVERYONE is already paying taxes. Might as well call it a Republican tax. How about we tax the elderly, disabled and dead beats who are not paying taxes? Why do they get the free pass? They are still here using infrastructure and enjoying their freedoms like me. Why shouldn't they have to kick in to reap the benefit of American freedoms?

    Just more democrat socialist communism.
  • Denizen_Kate
    !
    Wow, where to begin?

    1) Allowing the Bush tax cuts to expire only for those households with incomes in excess of $250k, and only increasing their income tax rate on the portion of their income that is in excess of $250k, is not "taxing the wealthy" is it simply retaining a small tax break for the rest of us.
    2) The elderly and disabled are not deadbeats, and often get a free pass because they have little to no income. You can't tax nothing.
    3) PLEASE snag a dictionary and look up socialism and communism. They are NOT the same thing.
  • PNWest
    !
    @LucyJ No we don't. We have a democratically elected President with a mandate to raise taxes on the rich. Don't like it? Too bad.
  • PoliticalSpice
    !
    @republican5001 why are You using all that socialist infastructure anyway? Highways and bridges built by tax money re-distrubuted in to form of govt contracts in a socialist scheme to redistribute wealth by creating jobs and building roads and bridges in a socialistic manner, for free for anyone to use. It's an outrage. I'm shocked you would sully yourself by using such infastructure. Nect thing I know you'll start using a public library. No, wait, they got books. Guess its safe to bet you won't go there...

  • View all 67 replies >

  • texas_cutie75
    !
    Topix is just all over the place on articles today. That is something I have been thinking about, if we push the elite too much, they can and will "take their toys and go" elsewhere. I am apprehensive about the fiscal cliff.
  • PNWest
    !
    The top marginal tax rate between the depression and the the 1980s was never less than 70% and was 91% for a large part of it. During this time America dug itself out of the great depression, fought and won a world war and built the largest middle class in the history of the world. Since 1980 while we lowered the tax rate over and over again we have seen the decimation of the middle class and an increase in poverty as well as a widening gap between the ultra-rich and the rest of us. To think that these rich guys will take their money and leave is nothing but a bluff. The USA never saw significant expatriating when the tax rate was 91%. Why would anybody think it would happen when the tax rate was 39%. They argue that they are the job creators but after a decade of tax give-a-ways to the rich where are the jobs? They didn't create any. They just kept the money for themselves. Now is the time to take it back in the form of a tax structure that benefits the 98% instead of the 2%.
  • kirbstomp1
    !
    @PNWest - well versed. Im glad someone else knows history. As a libertarian I believe in less government in general but government is good in many ways on small scale. Also this debt has alot to attribute to war and an aging society that isn't dying, so social security and medicare are racking up too. taxes and closing of loopholes and useless agencies are the only thing that's going to help our debt. I don't want my generation and my kids generations to suffer due to older America not wanting fix the problem they started.

  • View all 16 replies >

  • DARSB
    !
    I always have a moment of glee when a Ronulan gets huffy over taxes. It's like religious fundies who only read the parts of the Bible they agree with. The Constitution empowers taxation. That's quite a long way from "theft."
  • Ashstop
    !
    I bet you'd be singing a different tune if you were already paying more than anyone else and when they want more they decide to get it from you!! Tax you 39%? Others 0%?
  • u
    ctc
    !
    Guess some could say that the rich have been stealing from the 98% with each tax cut or new loophole over the past 50 years.
  • Fishbone345
    !
    @Ashstop With all the loopholes that accountants can and will exploit for their clients, the fact you think they pay more than those that make less is laughable at best.
  • methinks
    !
    @DARSB Your tax rate on your EARNED Income will be higher than income from investments. Forgot to mention that? Romney already paid the higher rate when he earned that money that he invested in other companies to be more successful.

  • View all 21 replies >

  • u
    ScottCX
    !
    Funny that you mention 100% ; that is EXACTLY what Obama Sr said was a justified tax rate on the elite and industry. do you think it is a mere coincidence that health care, the largest private industry in the nation, was the first thing he seized?
  • VeryLameduck
    !
    Yep. Stay to your own and get yer own. If you haven't figured-out how to make money, that's not my problem either. Cut spending, fix the budget but those who think this veiled Robin Hood approach will work are just playing into Obama's class warfare agenda. He wants to polarize our country. I don't feel I should have to pay more because making some arbitrary number of $250K is somehow okay. Where's te data backing that up? I'll expatriate if this continues, and so will people far far "richer" than my meager income. I don't drive five cars or live in a mansion; I thought Capitalism would be rewarded instea of punished...I voted for Romney and while he might not have been a "better President"...he wouldn't be trying to rob me.
  • Fishbone345
    !
    ".he wouldn't be trying to rob me. "
    Oh really? And just where is it that you think the checks to companies like Lockheed Martin, Boeing, Northrop Grumann, General Dynamics, Raytheon come from? Does Congress walk out to magic trees and pick money off them for these Contracting giants?
    Get real. He would have eventually stolen just as much, the only difference is where it would go and whose pockets it would have lined.
  • kirbstomp1
    !
    It sounds like an idea, but that's roughly 6 million people. where are they going to find jobs? Those islands can't support people agriculturally or economically. Prices on the island would skyrocket to Japanese levels. Lol
  • WilliamWallace
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    @kirbstomp1 My point is what is going to happen when the 2% take their toys and go home. Push hard enough and you guys will find out.
  • Fishbone345
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    Likely the 2% would find themselves being robbed at gunpoint by thugs with less scruples about killing than the Federal Government. I highly doubt they go anywhere.
    Much like all the clowns that talked about moving to Canada, reality set in and they realized how stupid they sounded. It will in this case too. Empty threats.
  • kirbstomp1
    !
    @WilliamWallace - I know, I was just being critical. I don't agree with higher taxes whatsoever. But close these loopholes and reform agencies and programs. I don't think alot will move just because we still are the most powerful economic country. Yes China is still behind. a lot of those 2 percent also only make 250k a year as a family. That's not enough to establish yourself in a country and be financially secure. I could see the top .01 percent packing their bags though.

  • View all 6 replies >

  • Dan_Tien
    !
    I don't think that American citizens voting has anything to do with it. Do you think that taxing income was put on the ballot in the first place?

    16th Amendment to the Constitution

    The Congress shall have power to lay and collect taxes on incomes, from whatever source derived, without apportionment among the several States, and without regard to any census or enumeration.

    Funny how people trumpet the Constitution until it covers things they don't like.
  • o
    vigilant
    !
    Your contention is erroneous. The term "income" is (and has always been) defined as "gain or profit from employing capital or labor, or both" (repeated in all 7 Supreme Court decisions that considered it (Stratton's Independence v. Howbert, 231 US 399 (1913); Doyle v. Mitchell Bros. Co., 247 US 179 (1918); Southern Pac Co. v. Lowe, 247 U.S. 330 (1918); Eisner v. Macomber, 252 U.S. 189; Goodrich v. Edwards, 255 U.S. 527 (1921); Merchants’ Loan & Trust Co. v. Smietanka, 255 U.S. 509 (1921), Commissioner v. Glenshaw Glass Co., 348 U.S. 426, 429-30 (1955)). 4. The Supreme Court also determined that the gains derived from the employment of labor are strictly the ‘income’ of the company employing the labor (Stratton's Independence v. Howbert, supra). That's 7 Supreme Court decisions against your uninformed and misguided opinion, Dan. You loose.
  • mimi57
    !
    No, they have no right to over tax the rich...and he's right, they can move and take their business anywhere they
    want ...there is nothing more 'portable' than an millionaire. Over tax the rich, they will leave and take their business with them, so, how does that help this country?...
  • VeryLameduck
    !
    You're 100% right...as a member of this "2%" I'm definitely considering moving my business to tax-friendlier land, and if I have to renounce my citizenship, I'll do it. Suppose even 1/4 of the 2% feels like I do...how much of a budgetary loss would this country have when some other country will welcome those leaving with open arms (and lower taxes as an incentive)? I agree with Peter Schiff: voters can't have my (insert topic) just because they "voted on it" (a vote, another myth of our system.)
  • mimi57
    !
    @VeryLameduck I think that will be the new 'trend'. Hard working people who have made a good life for themselves and their families should not be punished for it...many will leave , take their business w/ them
    and their money, and though we all know the middle class will get hit anyway, they will just get hit harder...
    I wonder how long the mid-income will be able to carry the rest of the country?...Not long, then what?
  • Fishbone345
    !
    "so, how does that help this country?"
    If we'd go back to the system in place before 1913, and cut spending, we'd be just fine. They could take their crap and go, and no one would miss them.

  • View all 40 replies >

  • scotta
    !
    Yes I feel the same way. The government or the poor people. Everybody has the same chances. You just got to want bad enough. Work hard save you can be in the 2%
  • u
    ctc
    !
    Didn't see him or any of the other 2%ers complaning when TAX CUTS were voted on and passed in the previous decade.
  • MRMacrum
    !
    Right has nothing to do with it. If it is the law, he will only be able to whine. His money will still go into the US Treasury. And if what he is saying is true about the rich and how they will leave. Good riddance. Your presence has not been much of a help this last decade or so.
  • Neo_NtheMatrix
    !
    Good, let's get rid of the rich. They are evil, heinous people anyway. If people weren't rich then no one would be poor. Hello socialism, let's welcome universal poverty for all.
  • LGRepublican
    !
    Someone has to pay for all those government programs liberals love so much and it sure as hell isn't going to be the 47%. Maybe instead of hating on the rich, you should be encouraging MORE people to become rich.....
  • MRMacrum
    !
    @LGRepublican And Neo - You two are a hoot. That's right. Let the rich leave who think they are being taken. I will bet you there are not that many.
  • Neo_NtheMatrix
    !
    "You know what the wealthy are going to do?" Schiff asked, rhetorically. "They're going to invest more abroad, they're not going to work as hard, they're not going to pay as much in taxes, and they're not going to employ as many people."

    I wish liberals could understand this. We are headed for a long term disaster in this country if we can't motivate people to produce.
  • u
    Calfarm
    !
    No. What he is saying is that America has no loyalty to the individuals that have lived the American dream of becoming prosperous. They will be demonized for doing what everyone else wants to do, but hasn't. To that extent, they will leave when they will be robbed of their wealth by those that either choose not to work and who will not accept responsibility for their own shortcomings.
  • Zazziness
    !
    @Calfarm Asking people to pay their fair share of taxes is not demonizing them or punishing them or stealing from them.
  • u
    Calfarm
    !
    Everyone likes to talk about fair share. What the hell is fair share other than a liberal talking point. Please explain your definition of fair. Because if it is not at the same rate as your's it is definitely not fair. Just because they applied themselves and made more, does not mean they should pay more of a percentage than you do.
  • Zazziness
    !
    @Calfarm Let's see... Romney paid 17% tax last year. My family paid closer to 33%. In what universe is that fair, eh?
  • u
    Calfarm
    !
    The difference is in the type of taxes that everyone pays. Romney already paid his income tax on the money he invests with at a rate more similar to what your family is paying. The 17% rate would probably be for capital gains, which is about the same rate you would be paying if you had capital gains as well.

  • View all 6 replies >

  • kirbstomp1
    !
    Would you rather the people vote.....or the government just make it whatever percentage they want and if you don't pay they throw your sorry butt in jail. I'll stick to the people voting. I do agree with libertarian values but I also agree that every citizen should pay taxes to better their home (America). No interstate, no police or fire fighters, no government buildings, nothing. Complete anarchy would reside and you would be owned by corporations which would create their own governments to rule over you and me. Taxes are good if our government knew how to manage a little better than third graders. And used the funds to better our society, rather than divy it out to each other.
  • Zazziness
    !
    I liked your post. You know what's interesting about anarchy? Among humans it only lasts about five seconds. We just aren't built like wolverines, despite conservative thought that says we are. In the presence of anarchy, humans immediately begin to "get organized." Whoever is the biggest headknocker takes over and starts imposing his own order on society. I've found most people who advocate anarchy either haven't thought about that or they are bullies who want the brief chaos of anarchy because it unseats the established powerful and leaves room for new ones to advance.
  • o
    NO-BAMA
    !
    Absolutely agree. The jealous "takers" of society need to have some self respect for themselves and try to actually earn something. Why should someone who has worked hard and become a success have to pay for the leeches that believe they are owed a living? I get my money and possessions by working and earning them. A lot of people do it. Its a simple concept.
    This guys statement has been said plenty of times throughout this whole "issue". The libs don't want to believe it so they just dismiss it and still attack the wealthy. Once the wealthy move their assets overseas, who will Barry and the rest of the "compassionate" libs go after to obtain their Utopia? Everyone else that's left here, that's who.
    ISNT BARRYS "CHANGE" JUST FANTASTIC?
    "....You can't strengthen the poor by weakening the rich..." - Abraham Lincoln
  • ST_Louie_Sue
    !
    He is so right. If you @ssholes want things, get a job and make your own money. But keep you grubby mitts off other peoples things including their money. THOU SHALL NOT STEAL. Ever hear of it?(No of course not. It's part of that religion thing, magic man in the sky and all.)
  • Fishbone345
    !
    "If you @ssholes want things, get a job and make your own money. But keep you grubby mitts off other peoples things including their money."
    You are right. Now can I get my money back? I don't want it going to companies like Boeing, Northrop Grumann and Lockheed Martin.
    If you can pick not to give money to supposed "lazy people". Then I can pick not to give my money to f*%ing crooks in bed with politicians in DC, selling our military over priced hardware because they pad the wallet linings of the people that vote on paying them.
  • Zazziness
    !
    The Jewish society from which that commandment comes also had built in social safety nets and a firm set of morals which said aiding your community were essential duties for everyone.
  • ST_Louie_Sue
    !
    @Fishbone345 "I don't want it going to companies like Boeing, Northrop Grumann and Lockheed Martin. Then I can pick not to give my money to f*%ing crooks in bed with politicians in DC, selling our military over priced hardware because they pad the wallet linings of the people that vote on paying them". I couldn't agree more. Both sides play that game.

    I should not be supporting "lazy people". I have hard enough time paying my own bills. At 62, widowed and a cancer survivor I still have to bust my ass every day. Why shouldn't a 30 year old?

  • View all 18 replies >

  • o
    Stratton
    !
    Wow, you fundamentally don't understand how investing works. If Schiff made money investing other people's money, that means those people made money because of Schiff's "gambling". Thus, there is no debt to be paid.
  • bsking
    !
    absolutely. what the Democrats want a democracy, in other words mob rule which is what they have now.
    soon the wealthy like this guy says Schiff, will just put their money somewhere else... and the takers won't be able to grab any of it. but then again it will not fuel economy either. either way a Bama gets what he wants... America on its knees before its enemies.
  • u
    crusader
    !
    I have supported the fairtax since I first starting studying it and other tax reform proposals. I laugh when others say that it would not produce enough revenue to operate the government. I say, no what we do now does not produce enough to operate the government!
  • Fitz
    !
    @crusader lol, true. It would also be harder to manipulate. Eliminate pandering with other peoples money by federal politicians. I was sold on it years ago
  • FollowTheMoney
    !
    I've been a supporter of a flat tax for years. The same percentage of income for every one. The only problem I have with the fair tax is the lower income people spend every dime they make living, thus paying tax on all their money. While the higher income people don't have to spend all their money to live, Thus avoiding taxes at will.

    Yes, I understand the prebate clause, but that just leaves the professional politician something to manipulate in to political capital.

    however, anything is better than the current tax code.
  • u
    crusader
    !
    @Fitz yes, someone once tried to tell me that it would create more tax fraud as it would be a high sales tax rate. It could create some buyt it would prevent far more than it could create. The current tax code is only there to be manipulated to get votes and create a false since of class warfare, which is why it was originally passed into law.
  • Fitz
    !
    @FollowTheMoney either of the two would be better than what we currently have. The proponents of the fair tax claim how it would bring manufacturing back, lowering unemployment and create a tax haven here at home. As far as the working poor, they live payday to payday anyway, really nothing would change for them that I can see.

  • View all 7 replies >

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