Buffet: Tax Wealthier Americans

[tropicsgoddess]

Now THIS I can agree on! Warren Buffet talks about how the middle class and poor are being taxed more than the wealthy and how the wealthy have been getting numerous tax breaks and how the (the wealthy) should be taxed more.

Linky!

[Andara Bledin]

There are actually several conspicuously wealthy individuals who have stated that they should be paying more in taxes and that the middle class (often where they came from) should get more breaks.

Warren Buffet says it rather more often than most because he understands that if the middle class collapses, they will take the wealthy with them. He takes a long view, whereas most tend to only look at the next couple of years or so.

^-.-^

[jackfaire]

Warren Buffet says it rather more often than most because he understands that if the middle class collapses, they will take the wealthy with them. He takes a long view, whereas most tend to only look at the next couple of years or so.

^-.-^

*facepalm* That and the fact that he has spent much of his life defending the rights of others he is genuinely one of the good guys and has repeatedly shown himself to be ethically and morally sound even if it would benefit himself not to be.

[smileyeagle1021]

Warren Buffet says it rather more often than most because he understands that if the middle class collapses, they will take the wealthy with them. He takes a long view, whereas most tend to only look at the next couple of years or so.

Not just that, but he makes a great point, people aren't going to stop trying to make money because they are taxed on it... even being taxed on the extra income, it is still more than they had before and they will still work for it.

That and I think he understands (unlike the tea party) that the wealthy have not created a single job in this country, not a single one. Oh yes, they have employed quite a few people, but they haven't created a job, it is their middle class customers that are creating the jobs. Without customers creating the demand for products or services, there are no jobs to provide those products or services.
So, he realizes, the middle class collapses and he has no customers, and no customers means his money will start to run out.

[HYHYBT]

Oh, *Warren Buffet.* I thought from the subject that there was some sort of connection between tax rates and all-you-can-eat restaurants.

[jackfaire]

Oh, *Warren Buffet.* I thought from the subject that there was some sort of connection between tax rates and all-you-can-eat restaurants.

lol I gotta confess for a second that was what I thought too.

[Andara Bledin]

The only reason my mind didn't go the same direction is because I don't usually read the thread titles unless someone brings them up.

^-.-^

[guywithashovel]

I saw this piece yesterday, and I actually thought about starting a thread on it.

Here is an article providing a counter to Buffett's remarks.

http://www.forbes.com/sites/timworst...-tax-argument/

[DrFaroohk]

Sometimes I look at all these "big" numbers, and people are like "OMG the taxes are killing me they took 50% of my income!" That's all good and well...except no one cares. No one cares you "only" have 50 million left out of the 100 million you made. I know, its just unfair. You lost 50 million. But you HAVE 50 million!

It's like anyone who's privileged in some area complaining they don't have enough...fat guy complaining about food? no one cares. Manwhore complaining he doesn't have a date tonight? He bangs 2 chicks every day! Who cares if he has an off night!?

Friend of mine, while not in the millionaire bracket, still makes a very comfortable living at something like 150K a year. I know that's not rich, but unless you live in beverly hills, you're doing pretty well. And he whines about his taxes all the time...I try to remind him that while him paying high taxes might mean he can't afford that third beach house in florida, higher taxes for ME means I can't heat my home this winter. Seriously, which is better?

[Rageaholic]

It's nice to see a billionaire actually fighting for the rights of the every day American.

[Greenday]

Sometimes I look at all these "big" numbers, and people are like "OMG the taxes are killing me they took 50% of my income!" That's all good and well...except no one cares. No one cares you "only" have 50 million left out of the 100 million you made. I know, its just unfair. You lost 50 million. But you HAVE 50 million!

I'd be willing to bet that if you had $100 million and somebody walked up to you and said that he was going to take half for the government, you wouldn't be so cool with it.

You know, I find it funny that people with so much money, if they want the government to tax them more, don't just give the government their money. It achieves the same result and even would make them look better. Except they won't because they really don't want to part ways with more money to the government than they have to. I find it to just be a lot of PR talk tbh.

[jackfaire]

You know, I find it funny that people with so much money, if they want the government to tax them more, don't just give the government their money. .

And how the hell would they do that? Donate money to politicians? Last I checked there isn't a process to hand the government money not to mention there would be no oversight your talking a blank check with no review of how it's spent.

[mikoyan29]

It's nice to see a billionaire actually fighting for the rights of the every day American.

There are some people that realize that they got to where they were with the help of other people.

[Jason]

This arguemnet is so frustrating....
Warren Buffet is taxed on Capital Gains which is less than the tax on salary.

Also, according to the IRS figures....
The top 1% pay over a third, 34.27% of all income taxes. (Up from 2003: 33.71%) The top 5% pay 54.36% of all income taxes (Up from 2002: 53.80%). The top 10% pay 65.84% (Up from 2002: 65.73%). The top 25% pay 83.88% (Down from 2002: 83.90%). The top 50% pay 96.54% (Up from 2002: 96.50%). The bottom 50%? They pay a paltry 3.46% of all income taxes (Down from 2002: 3.50%). The top 1% is paying nearly ten times the federal income taxes than the bottom 50%! And who earns what? The top 1% earns 16.77% of all income (2002: 16.12%). The top 5% earns 31.18% of all the income (2002: 30.55%). The top 10% earns 42.36% of all the income (2002: 41.77%); the top 25% earns 64.86% of all the income (2002: 64.37%) , and the top 50% earns 86.01% (2002: 85.77%) of all the income



Which means the "rich" ARE taxed more than the middle class.....

[mikoyan29]

This arguemnet is so frustrating....
Warren Buffet is taxed on Capital Gains which is less than the tax on salary.

Also, according to the IRS figures....
The top 1% pay over a third, 34.27% of all income taxes. (Up from 2003: 33.71%) The top 5% pay 54.36% of all income taxes (Up from 2002: 53.80%). The top 10% pay 65.84% (Up from 2002: 65.73%). The top 25% pay 83.88% (Down from 2002: 83.90%). The top 50% pay 96.54% (Up from 2002: 96.50%). The bottom 50%? They pay a paltry 3.46% of all income taxes (Down from 2002: 3.50%). The top 1% is paying nearly ten times the federal income taxes than the bottom 50%! And who earns what? The top 1% earns 16.77% of all income (2002: 16.12%). The top 5% earns 31.18% of all the income (2002: 30.55%). The top 10% earns 42.36% of all the income (2002: 41.77%); the top 25% earns 64.86% of all the income (2002: 64.37%) , and the top 50% earns 86.01% (2002: 85.77%) of all the income



Which means the "rich" ARE taxed more than the middle class.....

When you cherry pick your stats, yes they are. But when you start adding in the myriad of other taxes that are paid, the figures start to change a bit. For instance, the payroll tax is capped at $125,000 (or so, I don't remember the exact figures). Granted that is nominally for the Medicare/Medicaid and Social Security but it still amounts to a tax. Everybody who drives a vehicle pays gasoline taxes directly and indirectly if they use some sort of public transportation. Everybody also pays tariffs and corporate taxes indirectly as well.