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  1. #1
    Atomic Punk
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    12.16.17 @ 08:36 PM
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    Default Warren Buffett: Stop coddling the super-rich

    http://news.yahoo.com/stop-coddling-...084140678.html

    (Reuters) - Billionaire Warren Buffett urged lawmakers to raise taxes on the country's super-rich to help cut the budget deficit, saying such a move will not hurt investments.

    "My friends and I have been coddled long enough by a billionaire-friendly Congress. It's time for our government to get serious about shared sacrifice," The 80-year-old "Oracle of Omaha" wrote in an opinion article in The New York Times.

    Buffett, one of the world's richest men and chairman of conglomerate Berkshire Hathaway Inc , said his federal tax bill last year 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," he said.

    Lawmakers engaged in a partisan battle over spending and taxes for more than three months before agreeing on August 2 to raise the $14.3 trillion U.S. debt ceiling, avoiding a U.S. default.

    "Americans are rapidly losing faith in the ability of Congress to deal with our country's fiscal problems. Only action that is immediate, real and very substantial will prevent that doubt from morphing into hopelessness," Buffett said.

    Buffett said higher taxes for the rich will not discourage investment.

    "I have worked with investors for 60 years and I have yet to see anyone - not even when capital gains rates were 39.9 percent in 1976-77 - shy away from a sensible investment because of the tax rate on the potential gain," he said

    "People invest to make money, and potential taxes have never scared them off."

    (Reporting by Santosh Nadgir; Editing by David Holmes)

  2. #2
    Eruption gabby gabbster's Avatar
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    12.01.17 @ 09:52 AM
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    Noooo... they are the job creators! Look at all those American jobs created due to tax cuts since 2001!

  3. #3
    Sinner's Swing! Bullwinkle's Avatar
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    Coddling. Whatever. When do we get to take them outside and shoot them?



    Except Buffett. He's cool.







    Don't read this.

  4. #4
    Good Enough
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    12.14.17 @ 12:39 PM
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    I've got no problem with people making as much money as they can...legally of course, without ripping off other people...but if the average person pays around 35% income tax, then the super rich should too. It's only fair. For Buffet to pay 6.9 mil in taxes, that's a drop in the bucket for a guy like him. He should be paying his fair share.

  5. #5
    Sinner's Swing!
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    11.25.17 @ 09:06 AM
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    Good for him for speaking up! I'm sure there's plenty of folks of his financial caliber goin' "Shut up man!!!!!!!!"
    I've always liked Buffet. He never forgot the little guy, and isn't afraid to say what he feels.
    We need more guys like that in politics too. Someone who inspires, and puts faith back in governance.

  6. #6
    Hang 'Em High sickman's Avatar
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    12.16.17 @ 02:06 PM
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    Problem is it seems that if you make more than 250k a year you are lumped in with the rich. That always seems to be the magic cut off number. When Obama was running for pres he would always say he wouldn't raise taxes on people that made less than 250k a year. The is a big difference between Buffet and a small business owner that makes 250k a year.
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  7. #7
    Forum Frontman It's Mike's Avatar
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    12.16.17 @ 08:01 PM
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    Quote Originally Posted by sickman View Post
    Problem is it seems that if you make more than 250k a year you are lumped in with the rich. That always seems to be the magic cut off number. When Obama was running for pres he would always say he wouldn't raise taxes on people that made less than 250k a year. The is a big difference between Buffet and a small business owner that makes 250k a year.

    the problem is that the line will also be a made up number, some people think 100K is "rich", some say 250K, one guy on the radio called in and said 60K is rich. I think the best way to handle this is a relatively low flat tax that kicks in at a pretty high number and then loads of consumption taxes.

  8. #8
    Atomic Punk Dave's Dreidel's Avatar
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    12.16.17 @ 06:36 AM
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    As a CPA, one thing I have always hated about the US marginal income tax code is that is assumes that the cost of living is the same everywhere in the country.

    Some guy making $250K in New York City is not rich.

    Some guy making $250K in Bon Temps Louisiana owns the fucking town and everybody in it. To tax them the same is ludicrous.

    I make a good portion of my living off of the tax code, but no one has been able to convince me that one low flat rate that everyone pays, individual and corporte, without exemptions and deductions is not the way to go.

    If they get rid of the tax code, CPA's can actually spend more time doing what we were originally intended for, finding fraud.
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  9. #9
    Good Enough pal1800's Avatar
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    06.02.16 @ 09:13 AM
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    Nothing is stopping anyone who is in favor of paying more taxes from doing so. Just write the check and send it to the feds. So, step up to the plate or continue being a hypocrite.

  10. #10
    Gird your loins Daisy Hill's Avatar
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    12.16.17 @ 07:41 PM
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    Default

    Quote Originally Posted by Dave's Dreidel View Post
    As a CPA, one thing I have always hated about the US marginal income tax code is that is assumes that the cost of living is the same everywhere in the country.

    Some guy making $250K in New York City is not rich.

    Some guy making $250K in Bon Temps Louisiana owns the fucking town and everybody in it. To tax them the same is ludicrous.

    I make a good portion of my living off of the tax code, but no one has been able to convince me that one low flat rate that everyone pays, individual and corporte, without exemptions and deductions is not the way to go.

    If they get rid of the tax code, CPA's can actually spend more time doing what we were originally intended for, finding fraud.
    that's the thing...one mans "wealthy" is another's "getting by

    but the problem with that is that the cost of living in say Pacific Palisades, or the hamptons is ridiculous compared to, South Bend Indiana. So how could you ome up with a number that takes into account the cost of living where you are? if they did that, wouldn't it make sense to leave your home town and move to Beverly Hills for the tax break?

    a simplified tax code and one rate which automatically charges the wealthy more it the only thing that makes sense

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  11. #11
    Atomic Punk lovemachine97(Version 2)'s Avatar
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    12.16.17 @ 08:34 PM
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    Quote Originally Posted by pal1800 View Post
    Nothing is stopping anyone who is in favor of paying more taxes from doing so. Just write the check and send it to the feds. So, step up to the plate or continue being a hypocrite.
    I'll even help: http://www.fms.treas.gov/faq/moretopics_gifts.html

    We've somehow made this shift, led by Vice President Biden, that patriotism is being forced to give up a larger part of your property to the government, but voluntarily doing so is not only not patriotic, it's not an option.

    If Buffet was serious about this, he would lead by example and instead ask his fellow rich to give gifts to the government.

    Look, here's exactly why a "compromise" with high taxes doesn't make any sense:

    If we taxed all who make $250,000/year at 100%, we would get $1.4 trillion. This could run the government for 141 days. Since that doesn't do it, now we have to go after more. Profits from the Fortune 500 companies total nearly $400 billion. Profits being synonymous with theft and greed, we need to take that too. This would get us through another 40 days. Well, we need more, so now what? America has $400 billionaires worth a total of $1.3 trillion. We'll have to tax 100% of their entire wealth, getting us through almost the end of August. Well, now what? We have to go after everyone else.

    Besides, over the last 60 years, we've averaged spending 2% more than revenue as a percentage of GDP.

    Spending is the problem.

    In the meantime, Mr. Buffet. Feel free to pay more.

  12. #12
    Atomic Punk Little Dreamer's Avatar
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    12.15.17 @ 11:35 PM
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    Rich people need to be taxed more. They probably will be as well. That's the way they proceed in most other countries around the world. But politicians who are saying "no new tax" as their inflexible mantra need to be defeated. The only way out is by a combination of new FAIR taxes and reduced spending. Mainly defense spending, I might add.
    Little Dreamer

  13. #13
    Atomic Punk lovemachine97(Version 2)'s Avatar
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    Quote Originally Posted by Little Dreamer View Post
    Rich people need to be taxed more. They probably will be as well. That's the way they proceed in most other countries around the world. But politicians who are saying "no new tax" as their inflexible mantra need to be defeated. The only way out is by a combination of new FAIR taxes and reduced spending. Mainly defense spending, I might add.
    The Greeks have higher income tax than we do across the board. So does Spain. So does Italy. So does Portugal. These countries are teetering on bankruptcy. Is the problem taxes (taxes are higher in each country than they were here under Clinton) or spending?

    What should be noted as far as Buffet goes is that he profits from taxes he supports. He supports a high inheritance tax, but he also buys up businesses that heirs are forced to sell due to the high taxes. Life insurance companies he owns rely on a high inheritance tax to sell their policies.

    He also profits from government spending. He made billions on the bailouts by investing in Goldman Sachs prior to the bailout. Buffet is planning to buy Archer Daniels Midland, Exelon, and General Dynamics--companies that rely heavily on subsidies.

    So while he says he should pay more out of his right hand, he's profiting off of it in his left hand.

  14. #14
    Baluchitherium
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    Default

    I heart Warren Buffett.

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  15. #15
    Baluchitherium
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    I think Warren's gonna have an "accident" soon.

 

 

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