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    In an article published recently by the New York Times, American billionaire Warren Buffet suggested raising taxes on the wealthiest taxpayers to help reduce the country's budget deficit. In 2008, the Bush administration reduced their taxes, taxing just 2% of the richest households.

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    Wealth of ideas

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    In an article published recently by the New York Times, American billionaire Warren Buffet suggested raising taxes on the wealthiest taxpayers to help reduce the country's budget deficit. In 2008, the Bush administration reduced their taxes, taxing just 2% of the richest households.

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    559 views1 page

    Wealth of Ideas

    Uploaded by

    The London Free Press
    In an article published recently by the New York Times, American billionaire Warren Buffet suggested raising taxes on the wealthiest taxpayers to help reduce the country's budget deficit. In 2008, the Bush administration reduced their taxes, taxing just 2% of the richest households.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PDF, TXT or read online from Scribd
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    of 1

    $74

    Club ultra rich


    (in billions)
    There are 10 million millionaires in the world, nearly 3 million in the U.S.

    In an article published recently by the New York Times, American billionaire Warren Buffet suggested raising taxes on the wealthiest taxpayers to help reduce the countrys budget decit. In 2008, the Bush administration reduced their taxes, taxing just 2% of the richest households.

    Wealth of ideas
    Fortune comparative
    Laval subway extension

    IN MINUTES

    News and events visually

    30 second commercial in the Super Bowl

    $3,000,000,000

    Olympic stadium

    $1,366,730,000

    56

    $803,600,000
    Canada's military spending

    W. B UFFET

    50

    $19,000,000,000

    UN budget

    $15,000,000,000
    Fortune of Paul Desmarais

    39.5

    Net income for Hydro-Quebec in 2010

    41

    $2,515,000,000

    $4,300,000,000

    31.1

    31

    30

    26.5

    21.6

    All the songs from iTunes for 99

    27

    $3,860,000,000

    Last year, Buffet paid $6.9 million in taxes, or 17.4% of his taxable income, while 20 workers in his office paid between 33% and 41%. To restore the balance, Buffet advocates the creation of new tax bands for income above a million, and increases even higher for those earning more than $10 million.
    Lakshmi MITTAL United States Warren BUFFET United States Armancio ORTEGA Spain Eike BATISTA Brasil Christy WATSON United States Carlos SLIM MEXIQUE Bill GATES United States Bernard ARNAUD France Lawrence ELLISON United States Mukesh AMBANI India Quebec's 10 richest (2010)

    TAX ME!

    In 2010, Buffet called on the ultra-rich to bequeath more than half of their fortune to a philanthropic foundation. The signatures of Bill Gates, the former boss of Microsoft and Mark Zuckerberg, Facebook's CEO., were among the 69 that were collected.

    Wealth and inequality


    Earnings prole of the Government of Quebec in 2009-2010 Federal transfers Income from government Miscellaneous revenues Fees and Licences

    Income of the generations fund: 1%

    Income tax and property


    Distribution according to the portion of disposable income, in % (2008)
    Less than $10,000

    Will taxing the rich really help?


    Disadvantages

    23.2%
    6.6%

    4.9 16.6 30.2 21.5 12.8 14

    38.4%

    $10,000$19,000 $20,000$39,000 $40,000$59,000

    YES NO

    Senior executives of publicly traded companies enjoy preferential treatment with the exercise of stock options and capital gains (which deprives the state of at least $1 billion per year).

    Inequalities
    In 1998, 100 CEO's of the richest countries earned 104 times the average wage of a taxpayer. In 2009, the gap widened to 155 times.

    9.9%
    2.6%

    Insu cient
    In fact, there are few large fortunes in Quebec and they are taxed in the United States. Raising taxes would have very little impact on tax revenues and could contribute to capital ight abroad.

    18.3%
    Consumption taxes

    $60,000$79,000 $80,000 and more

    Danger of ight

    Sources:New York Times; Forbes; TheNews.com; Le Nouvel Observateur; Statistics Canada; MFQ; Reuters

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