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Peter Schiff responds to Elizabeth Warren on producersYouTubeSep. 22, 2011 |
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 Warren says "the rest of us" pay for services such as police, government schools, and firemen, but Schiff points out that it's business that not only pays the majority of those taxes, it employs the people who are also paying (at gunpoint, if necessary) those taxes. Schiff also points out that wealthy business owners typically pay 40 to 50% of their wealth in taxes (federal income tax + state income tax + property taxes + social secuirty & medicare taxes). If 50% isn't a high enough rate, how high a rate would Warren advocate? Regarding how government protects us from "bands of marauders", Schiff points out that wealthy businessmen such as himself could hire their own private army of firemen and police offers for far, far less that what the government requires business owners to pay in taxes. 
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