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Warren Buffet's latest on Taxing the Rich
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poopsnack



Joined: 15 Jan 2004
Posts: 2839
Location: Mid West
Warren Buffet's latest on Taxing the Rich  Reply with quote  

Buffett to Congress: Don't 'coddle' me
By Aaron Smith

Billionaire Warren Buffett believes that rich Americans should pay higher taxes and that it won't hurt the job market.

Billionaire Warren Buffett believes that rich Americans should pay higher taxes and that it won't hurt the job market.

NEW YORK (CNNMoney) -- Billionaire investor Warren Buffett, saying he doesn't want to be "coddled" by Congress, says that wealthier Americans should pay higher taxes, and that higher taxes do not dampen job growth.

Buffett, chief executive of Berkshire Hathaway (BRKA, Fortune 500), wrote in an op-ed piece published Monday in The New York Times that taxes should be raised on Americans who make at least $1 million per year.


"While the poor and middle class fight for us in Afghanistan, and while most Americans struggle to make ends meet, we mega-rich continue to get our extraordinary tax breaks," wrote Buffett, who has mentioned in past interviews that the rich should pay higher taxes.

The philanthropist said that his 2010 federal tax bill, including income and payroll taxes, was $6,938,744.

"That sounds like a lot of money," wrote the Omaha, Neb.-based billionaire. "But what I paid was only 17.4% of my taxable income - and that's actually a lower percentage than was paid by any of the other 20 people in our office."

He added that some investment managers were taxed only 15% on billions of dollars in income. He compared that to the middle class, with its income tax bracket of up to 25%.
0:00 / 2:15 Buffett: Tax cuts for all but the rich

He said that 40 million jobs were created between 1980 and 2000, when the tax rate for the rich was higher than it is now. "You know what's happened since then: lower tax rates and far lower job creation," he wrote.

Buffett proposed that Congress impose a higher tax rate on millionaires, and an even higher tax rate on those making at least $10 million per year.

"My friends and I have been coddled long enough by a billionaire-friendly Congress," he wrote. "It's time for our government to get serious about shared sacrifice."
Will free trade create or kill U.S. jobs?

Buffett, a Wall Street guru who has made billions during his 60 years of investing, has pledged to donate 99% of his wealth to charity.

In a recent interview with Fortune, Buffett said he still believes the United States is an AAA-rated nation, despite the recent Standard & Poor's downgrade of the credit rating. He said he also continuing to buy stocks, because recent market volatility has created lots of deals.


17.4%? Goddamn! i love that quote about Afghanistan.
Post Mon Aug 15, 2011 2:45 pm
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xGasPricesx



Joined: 23 May 2008
Posts: 1505
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And here's a history of tax rates for comparison: http://www.businessinsider.com/history-of-tax-rates
Post Mon Aug 15, 2011 5:22 pm
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anomaly
Loserface


Joined: 22 May 2008
Posts: 2577
Location: DFW, TX
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and here's a picture of a grilled cheese sandwich

Post Tue Aug 16, 2011 7:41 am
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xGasPricesx



Joined: 23 May 2008
Posts: 1505
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That's one delicious looking grilled cheese.
Post Tue Aug 16, 2011 3:38 pm
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Alan Hague



Joined: 05 Sep 2008
Posts: 621
Location: http://askthedead.bandcamp.com
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The historical data so overwhelmingly points to the necessity of taxing the rich to help sustain the economy (you know, funding things) that it takes a truly breathtaking level of ignorance to be able to claim the opposite.

Or you just have to be a liar.

Either way, it's still completely insane to me how the Democrats, with the presidency and a majority in both chambers of Congress, were unable (unwilling?) to end the Bush tax cuts. The numbers show indisputably that those cuts benefit the wealthiest Americans and hurt low income-earners...and we're still stuck in the worst recession this country has seen in 8 decades, where any sort of populist rhetoric on the part of any politician will get him poll numbers...and they didn't have either the intelligence or the spine to end the fucking tax cuts!

In any case, my go to site for economic analysis/research is the Economic Policy Institute (I've plugged it here before and will definitely continue to do so): www.epi.org It's the single best site I've seen for making clear sense of all things economic.
Post Wed Aug 17, 2011 11:44 am
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Captiv8



Joined: 25 Aug 2006
Posts: 8501
Location: Third Coast
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It's like America fears some sort of (perceived) devolution into a European mentality that favors higher taxes across the board for greater social services. Inevitably some politician plays the socialism-dominoes-into-communism card, and then the whole system rolls back to square one. I don't know much about economics, it's true, but it makes sense to me that taxation should be proportionate to income. The more you make, the more you have to give. But the ethos of a free market and the self-made man is both unrealistic and detrimental for most Americans: those that can partake in capital ventures already have money that they are ultra stingy with and refuse to give it up for the benefit of the nation as a whole. When that mentality is applied to governmental spending and taxation it creates this cyclic process where the many changes hands but rarely, if ever, goes toward the people that need it most. Clearly the opposite is typically true, where the majority of the money remains with the upper 5% because of selfishness, myopic viewpoints, and plain avarice. Furthermore, the idea that Americans need to be taxed less so that they may take home a greater amount of money skirts the broader issue of whether or not wages are commensurate with the cost of living, inflation, and the utter inability of most people to actually save something up for the future. I know it's an oversimplification to say "don't lower taxes; raise them and pay people more" but I have to believe there's a lot of truth in that statement. Companies need to realize that they need to find a balance between net revenues and a market that has enough money to actually buy their service or product. Politicians need to be humbled by 1) term limits and 2) an eradication of lobbyists. I don't see any of them taking a pay cut or worrying about retirement. There are too many distractions that cloud many a politician's true motives, objectives, and responsibilities in a nominally democratic society. There is something perverse about public servants being paid like royalty and acting with what is, for all intents and purposes, indemnity. If a politician cheats on his wife he's a bastard and has to make public apologies so he can maybe keep his position. But if he cheats the people he represents directly, indirectly, or out of ignorance he's just a cog in the bureaucratic machine, and that is, to put it mildly, bullshit. Prioritize the political mindset before the usage of funds.
Post Wed Aug 17, 2011 3:34 pm
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jakethesnake
guy who cried about wrestling being real


Joined: 03 Feb 2006
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Location: airstrip one
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Holy fuck did you guys look at that chart. In the 1950 the tax rate for top income was over 90%. Where were the depressions then? Everyone had a Cadillac, and if they didn't they had a Pontiac.
Post Thu Aug 18, 2011 1:28 pm
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leifkolt



Joined: 01 May 2009
Posts: 293
Location: Where good people go to die.
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Says a lot about our countries government when we get more good ideas and general concern for the country from people outside of the 3 branches than those we put in office trustingly to help us recover and advance. All these ball-less deuche bags in congress/senate/localgov are much to concerned with getting re-elected to do anything truly helpful.
Post Thu Aug 18, 2011 3:37 pm
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