Warren Buffet - Stop Coddling The Super Rich

[stephen028]

Re: Warren Buffet - Stop Coddling The Super Rich

" I 'd love to hear your reasoning for these rich assholes to continue getting pampered".

I don't think i can make it clearer. and no permission is not granted. you'll just have to continue sodomizing the poor and immigrants. sorry.

[Erik Mitchell]

Why tax the rich? All their money trickles down to us amirite?

No? Haha

[Shpira]

Re: Warren Buffet - Stop Coddling The Super Rich

trickle-down.jpg

[clintlove]

Re: Warren Buffet - Stop Coddling The Super Rich

Do we really have to go over this again?

Year: 2011
Filing: Head of Household

Taxable Income : Tax Bracket
$0 - $12,150 : 10%
$12,150 - $46,250 : 15%
$46,250 - $119,400 : 25%
$119,400 - $193,350 : 28%
$193,350 - $379,150 : 33%
$379,150 - $above : 35%

The "rich" people democrats are trying to get the majority of Americans to hate, those 3% pay more money in taxes each year than the rest of taxpaying Americans combined. Still not enough though right? THE TOP 1% PAYS 38% OF THE TOTAL TAX REVENUE IN A YEAR!!!!!!


_________________________


Billionaire super-rich Barack Obama fundraiser Warren Buffett went on Bloomberg TV today and named three companies he's thinking of buying: Archer Daniels Midland, Exelon, and General Dynamics. All three are companies that depend on Big Government for their profits.

General Dynamics is the No. four government contractor for FY 2011.


Exelon counts top Obama aides Rahm Emanuel and David Axelrod as consultants, two top Exelon advisors are Obama fundraisers, and the company -- the country's No. 2 nuclear company -- lobbies aggressively for greenhouse gas restraints that will drive more generation to their nuclear plants.


And Archer Daniels Midland, the ethanol pioneer, is legendary in the realm of public-policy profiteering. ADM profits not only from ethanol subsidies, but also from de facto subsidies for corn syrup and from export subsidies.

So there's a pattern in Buffett's investments making money from destructive policies he supports in the name of the public interest, such as bailouts, laws driving business to ratings agencies, and the death tax.


_________________________


Warren Buffett’s at it again. He has a column in the New York Times complaining that he has been coddled by the tax code and that “rich” people should pay higher taxes.

My first instinct is to send Buffett the website where people can voluntarily pay extra money to the federal government. I’ve made this suggestion to guilt-ridden rich people in the past.
But I no longer give that advice. I’m worried he might actually do it. And even though Buffett is wildly misguided about fiscal policy, I know he will invest his money much more wisely than Barack Obama will spend it.
But Buffett goes beyond guilt-ridden rants in favor of higher taxes. He makes specific assertions that are inaccurate.

"Last year my federal tax bill — the income tax I paid, as well as payroll taxes paid by me and on my behalf — was $6,938,744. That sounds like a lot of money. But what I paid was only 17.4 percent of my taxable income — and that’s 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."

His numbers are flawed in two important ways.

1. When Buffett receives dividends and capital gains, it is true that he pays “only” 15 percent of that money on his tax return. But dividends and capital gains are both forms of double taxation. So if he wants honest effective tax rate numbers, he needs to show the 35 percent corporate tax rate.
Moreover, as I noted in a previous post, Buffett completely ignores the impact of the death tax, which will result in the federal government seizing 45 percent of his assets. To be sure, Buffett may be engaging in clever tax planning, so it is hard to know the impact on his effective tax rate, but it will be signficant.

2. Buffett also mischaracterizes the impact of the Social Security payroll tax, which is dedicated for a specific purpose. The law only imposes that tax on income up to about $107,000 per year because the tax is designed so that people “earn” a corresponding retirement benefit (which actually is tilted in favor of low-income workers).
Imposing the tax on multi-millionaire income, however, would mean sending rich people giant checks from Social Security when they retire. But nobody thinks that’s a good idea. Or you could apply the payroll tax to all income and not pay any additional benefits. But this would turn Social Security from an “earned benefit” to a redistribution program, which also is widely rejected (though the left has been warming to the idea in recent years because their hunger for more tax revenue is greater than their support for Social Security).

If we consider these two factors, Buffett’s effective tax rate almost surely is much higher than the burden on any of the people who work for him.

But this entire discussion is a good example of why we should junk the corrupt, punitive, and unfair tax code and replace it with a simple flat tax. With no double taxation and a single, low tax rate, we would know that rich people were paying the right amount, neither too much based on class-warfare tax rates nor too little based on loopholes, deduction, preferences, exemptions, shelters, and credits.

So why doesn’t Buffett endorse this approach?



_______________________


Yes this guy is kinda terrible and has an annoying nasally voice, but he make 5 very good points.

[source]


I do realize though guys, that some people's minds are made up; no matter what "facts" are presented to them. People who embrace this "hope and change" the obama administration and democratic government is feeding them, have no idea what they are accepting. They will listen and react to whatever democratic media (cnn, msnbc, ect.) tells them to. Here are a few screen captures I've taken off of msnbc over the last couple weeks.








Screenshot2011-07-26at84913AM.png














Tell me they are not trying to push hate on "rich" people in the US, ie. the people who fund, invest, and employ the rest of us. Tell me they are not racists and trying to group whites and "rich" people together. Inflicting hate to a certain race and class through mainstream media. Is this the America you want??? Cause this is what you're getting......

[res0nat0r]

Re: Warren Buffet - Stop Coddling The Super Rich

Well the people who fund, invest and employ the rest of us and there is a higher income gap than they ever have been in the history of the world. I'm pretty sure if they pay more all of the companies they run and keep us employed are not going to immediately shut their doors and put all of their employees out on the street...

Also for the whole percentage of tax revenue thing...Sure they paid more...A person paying 1% of their $100 billion in taxes is a lot less of a burden than someone paying 50% of their 100k a year right? It's all relative...

[clintlove]

Re: Warren Buffet - Stop Coddling The Super Rich

Did you look at the percentages? They pay a higher percentage of taxes than the lower income brackets. It's not just the $ amount.

Ok, so give me your opinion on how much "rich" people's taxes should increase, percentage wise. Right now it's 33-33%. How much more do you think they should pay?

[res0nat0r]

Re: Warren Buffet - Stop Coddling The Super Rich

But they aren't paying 35%.....from what the Buffett article says...

Some of us are investment managers who earn billions from our daily labors but are allowed to classify our income as “carried interest,” thereby getting a bargain 15 percent tax rate. Others own stock index futures for 10 minutes and have 60 percent of their gain taxed at 15 percent, as if they’d been long-term investors.

Since 1992, the I.R.S. has compiled data from the returns of the 400 Americans reporting the largest income. In 1992, the top 400 had aggregate taxable income of $16.9 billion and paid federal taxes of 29.2 percent on that sum. In 2008, the aggregate income of the highest 400 had soared to $90.9 billion — a staggering $227.4 million on average — but the rate paid had fallen to 21.5 percent.

[stephen028]

Re: Warren Buffet - Stop Coddling The Super Rich

"THE TOP 1% PAYS 38% OF THE TOTAL TAX REVENUE IN A YEAR!!!!!!"

this is evidence of the dispairing gap of the class system in america. this is not an indicator of rich people being overtaxed, this is an indicator of how rich the richest in this country really are. the last time the wealth was this divided was 1929.
lets's start by having the wealthiest pay what they are supposed to(remove the tax breaks). with our country going through the economic turmoil its going through(foreclosures, vanished 401k's, medicare, ((last 2 labelled entitlements, yet people pay for these services)), and for anyone to justify the wealthiest the luxury of a tax break at this time is flat immoral.

[stephen028]

Re: Warren Buffet - Stop Coddling The Super Rich

class warfare does not exist solely on the left.

[Shpira]

Re: Warren Buffet - Stop Coddling The Super Rich

Australia
Taxable income Tax on this income
$0 – $6,000 Nil
$6,001 – $37,000 15c for each $1 over $6,000
$37,001 – $80,000 $4,650 plus 30c for each $1 over $37,000
$80,001 – $180,000 $17,550 plus 37c for each $1 over $80,000

Canada

Taxable income Tax on this income
$0 – $10,320 Nil
$10,321 - $40,726 15%
$40,727 - $81,452 22%
$81,453 - $126,264 26%
Over $126,264 29%[3]
Each province adds their own tax on top of the federal tax.
Provincial / Territorial Tax Rates for 2009

USA

Marginal Tax Rate[8] Single Married Filing Jointly or Qualified Widow(er) Married Filing Separately Head of Household
10% $0 – $8,350 $0 – $16,700 $0 – $8,350 $0 – $11,950
15% $8,351– $33,950 $16,701 – $67,900 $8,351 – $33,950 $11,951 – $45,500
25% $33,951 – $82,250 $67,901 – $137,050 $33,951 – $68,525 $45,501 – $117,450
28% $82,251 – $171,550 $137,051 – $208,850 $68,525 – $104,425 $117,451 – $190,200
33% $171,551 – $372,950 $208,851 – $372,950 $104,426 – $186,475 $190,201 - $372,950
35% $372,951+ $372,951+ $186,476+ $372,951+

UK



Rate Dividend income Savings income Other income (inc employment) Band (above any personal allowance)
Lower rate N/A 10% N/A £0 - £2440
applies only if total income falls in this band
Basic rate 10% 20% 20% £0 - £37,400
Higher rate 32.5% 40% 40% over £37,400
Additional rate 42.5% 50% 50% over £150,000


Germany

Income tax

German income tax rate in 2010 as a function of taxable income

The rate of income tax in Germany ranges from 0% to 45%. The German income tax is a progressive tax, which means that the average tax rate (i.e., the ratio of tax and taxable income) increases monotonically with increasing taxable income. Moreover, the German taxation system warrants that an increase in taxable income never results in an decrease of the net income after taxation. The latter property is due to the fact that the marginal tax rate (i.e., the tax paid on one euro additional taxable income) is always below 100%.
[edit]Income tax rate in 2010

No income tax is charged on the basic allowance, which is €8,004 for unmarried persons and €16,008 for jointly assessed married couples. Beyond this threshold, the marginal tax rate increases linearly from 14% to 24% for a taxable income of €13,469 (€26,938 for married couples). In the subsequent interval up to a taxable income of €52,881 (€105,762 for married couples), the marginal tax rate increases linearly from 24% to 42%. The last change to the occurs at a taxable income of €250,730 (€501,460 for married couples) when the marginal tax rate jumps from 42% to 45%. The course of the marginal tax rate and the resulting average tax rate are depicted in the graph to the right.




Over $180,000 $54,550 plus 45c for each $1 over $180,000


Enough said...and I didn't even include Sweden, Norway and all my other favourite countries...and how many of the richest people make their living in Northern Europe and how many earn it in the US?
A brainwashed population that will drive itself into the ground never to be accused of being socialist or "un-american" as I laugh all the way to the bank...sounds harsh maybe but in about a year I will be in Chicago trading futures in the pits...and then.... I will be happy with your tax rate...

[Shpira]

Re: Warren Buffet - Stop Coddling The Super Rich

http://online.wsj.com/article/SB10001424053111904279004576526712217102264.html?m od=world_newsreel

In a call that echoes a recent message to fellow billionaires issued by U.S. tycoonWarren Buffett, Liliane Bettencourt, along with 15 other wealthy individuals, made the unusual plea for a special though "reasonable" tax.

[FM]

Re: Warren Buffet - Stop Coddling The Super Rich

he is giving away billions and already has and will continue to do more. not enough? lulz

Yea like $5B to BoA?

Hey Warren how's that investment working out for ya?

[res0nat0r]

Re: Warren Buffet - Stop Coddling The Super Rich

Yea like $5B to BoA?

Hey Warren how's that investment working out for ya?

He never claimed to be Jesus did he? He wants to make money, and I'm sure do a greater good in the long run with it than most....So he must be head to a higher standard now?

Whats with the constant criticism with billionaires who give away tons of money, yet they aren't doing enough unless they immediately this second dump 99.99% of their wealth to the market this instant, or they are shit. lulz.

[floridaorange]

Re: Warren Buffet - Stop Coddling The Super Rich

he's a businessman first and a philanthropist second, get over it.

[Shpira]

Re: Warren Buffet - Stop Coddling The Super Rich

Yea like $5B to BoA?

Hey Warren how's that investment working out for ya?

I am sure it will work out great for him just like the one in Goldman did before...15$ per second in interest is no joke.