Warren Buffett Says "Tax the Rich More"

[Trident1]

Ahhh...the irony of you saying that statement. :1orglaugh

You should remember that when something comes up that involves your duty to your fellow man and your country that involves more than just what's best for you and helping yourself.

Hey at least I honor the vets and those who currently serve.:hatsoff:

If the country needs me then I'm there.

 

[PlumpRump]

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Good points you make there.

 

[sharpshooter22]

We do not need more taxes. We need responsibility and accountability in spending.

Actually, we need both. When you're 14 trillion dollars in debt you need to cut spending and raise revenue.

 

[MikeyK]

Buffet makes sense...............Otrauma does not. You notice Buffett wants a higher tax on those who earn more than a milllion a year. Obammy wants the upper middle class decapitated with his nonsense 200K.

You've got to be kidding that you think anyone in the middle class is making 200k per year. You live in fantasy land and I would love to hear your range for what you consider middle class.

 

[PlumpRump]

You've got to be kidding that you think anyone in the middle class is making 200k per year. You live in fantasy land and I would love to hear your range for what you consider middle class.

Does 30k-40k annually count as middle class to you?

There are several small business owners (who's businesses are taxed at the individual level) who do $200k+ a year in business, thereby being taxed as "wealthy," yet have salaries in the decidedly middle class range. So, they are indeed middle class, and are adversely affected by the $200k ceiling.

 

[accountantNOT]

Does 30k-40k annually count as middle class to you?

There are several small business owners (who's businesses are taxed at the individual level) who do $200k+ a year in business, thereby being taxed as "wealthy," yet have salaries in the decidedly middle class range. So, they are indeed middle class, and are adversely affected by the $200k ceiling.

Those small business owners make up a very small number - 2% or so of that income bracket.

If you are a small business owner yourself, you would have to be a whiz running a very profitable small business to get hit with a tax increase under the plan Obama supports. You would have to report total income of more than $200,000 (or $250,000 for couples) after all your business expenses were deducted. You may remember this being a key point during the Joe the Plumber debate during the 2008 campaign when Samuel Joseph Wurzelbacher said to then candidate Obama, "I'm getting ready to buy a company that makes 250 to 280 thousand dollars a year. Your new tax plan's going to tax me more, isn't it?" Back then, the Tax Policy Center analyzed all taxpayers, of any income level, who report these types of business income. They found only about 2 percent of them would see tax increases if the government increased the rates on the top earners. So the vast majority of possible small business owners would not see a tax increase if the Bush tax cuts expire for those in the top incomes.

http://www.politifact.com/truth-o-m...led-wealthy-are-actually-small-business-owne/

 

[Hypergalaxy]

Good points you make there.

Nice maturity level you got there. When wrong insert blahs :1orglaugh

 

[MikeyK]

Does 30k-40k annually count as middle class to you?

There are several small business owners (who's businesses are taxed at the individual level) who do $200k+ a year in business, thereby being taxed as "wealthy," yet have salaries in the decidedly middle class range. So, they are indeed middle class, and are adversely affected by the $200k ceiling.

I would say lower and upper middle class range from 30k-60k. Anyone that is making over 60k a year is doing well. I would classify anyone making 200k per year as wealthy. Millionaires and billionaires are rich.

I'm not even sure what you mean actually. They are small business owners that run sole proprietorships? And they don't have a tax id for their business? Their business is taxed at the 200k level and then they are taxed again for their salary?

 

[Trident1]

You've got to be kidding that you think anyone in the middle class is making 200k per year. You live in fantasy land and I would love to hear your range for what you consider middle class.

200K are small business owners, the entrepreneurial middle class. Middle class can go anywhere from 47,000-250k

Upper Middle Class
Median Middle Class
Working Class

The level of education also influences income.

 

[nylo]

Considering the fact that most of the rich only pay 15% tax rate and some even less. Buffet is exactly right, it won't kill these people to shell out some more money in taxes. This is what many of these conservatives or the tea-baggers refuse to accept is that during WWII the super rich tax rate was 88%, afterward it dropped to 70% until that scumbag Reagan dropped it to 50% and then after that it dropped again. However, when Clinton and the first Bush were in office they raised the tax rate on the super rich and balanced the budget.

 

[MikeyK]

200K are small business owners, the entrepreneurial middle class. Middle class can go anywhere from 47,000-250k

Upper Middle Class
Median Middle Class
Working Class

The level of education also influences income.

Your figures are just insane. Middle class is 47k-250k per year to you? That's really just ridiculous.

 

[Straight Shooter]

200K are small business owners, the entrepreneurial middle class. Middle class can go anywhere from 47,000-250k

Upper Middle Class
Median Middle Class
Working Class

The level of education also influences income.

Less than 2 percent of tax returns reporting small-business income are filed by taxpayers in the top two income brackets-individuals earning more than about $170,000 a year and families earning more than about $210,000 a year.

And just as most small businesses aren't owned by people in the top income brackets, most people in the top income brackets don't rely mainly on small-business income: According to the Tax Policy Center, such proceeds make up a majority of income for about 40 percent of households in the top income bracket and a third of households in the second-highest bracket.

 

[PlumpRump]

I would say lower and upper middle class range from 30k-60k. Anyone that is making over 60k a year is doing well. I would classify anyone making 200k per year as wealthy. Millionaires and billionaires are rich.

I'm not even sure what you mean actually. They are small business owners that run sole proprietorships? And they don't have a tax id for their business? Their business is taxed at the 200k level and then they are taxed again for their salary?

Yes, as a matter of fact, several small businesses are structured as sole proprietorships, as that is one way to avoid the double-taxation a company and its shareholders incur with a C Corp. structure.

Those small business owners make up a very small number - 2% or so of that income bracket...

OK, so you're implying that we should tell this alleged 2% to go fuck themselves, by adopting an attitude that you have 2 options if you fall into this category. 1st option: Go screw. You're a small enough percentage (allegedly) of the business community that it doesn't matter to us if you suffer or, your 2nd option: Intentionally limit your financial successes as a business. Simply put, don't make so much money.

So you have a group of entrepreneurs that make a gross, professional profit, of 200k+ annually, yet given net profits after accounting for overhead, etc, make a decidedly minimum wage personally, and these people somehow don't deserve the label "middle class?" What category do these people fall into, then? They aren't poor, and they certainly aren't rich, but by your standards, they aren't middle class either?

How does this attitude make sense?

 

[PlumpRump]

Nice maturity level you got there. When wrong insert blahs :1orglaugh

Regardless of their stated, alleged, actual or perceived motivations for joining, appreciating the sacrifices of the servicemen and women of this country will NEVER be wrong, no matter what your warped mind tells you.

 

[monicasilver]

If Buffett wants to give his money away, I think he should.

$200,000 doesn't make someone rich.

 

[MikeyK]

Yes, as a matter of fact, several small businesses are structured as sole proprietorships, as that is one way to avoid the double-taxation a company and its shareholders incur with a C Corp. structure.



OK, so you're implying that we should tell this alleged 2% to go fuck themselves, by adopting an attitude that you have 2 options if you fall into this category. 1st option: Go screw. You're a small enough percentage (allegedly) of the business community that it doesn't matter to us if you suffer or, your 2nd option: Intentionally limit your financial successes as a business. Simply put, don't make so much money.

So you have a group of entrepreneurs that make a gross, professional profit, of 200k+ annually, yet given net profits after accounting for overhead, etc, make a decidedly minimum wage personally, and these people somehow don't deserve the label "middle class?" What category do these people fall into, then? They aren't poor, and they certainly aren't rich, but by your standards, they aren't middle class either?

How does this attitude make sense?

Something isn't right here. At first glance I would simply accuse these 2% of being poor business owners. If their sole proprietorship makes 200k+ they will obviously fall into that tax bracket but they have many legitimate tax deductions they can use. They can deduct all operating expenses including any salaries or contracted work. So again I can't be sure what you mean exactly because every business is different but it sounds like the people you are talking about simply don't understand they have deductions coming their way.

 

[Hot Mega]

$200,000 doesn't make someone rich.

Whoever said it did?:dunno:

But the average American likely believes or accepts that a single person making $200K can stand a microscopic 3.8 pct. tax increase on his/her INVESTMENT INCOME (as opposed to the implication of it being on their personal income).

That is what you were alluding to, right?:o

 

[Trident1]

$200,000 doesn't make someone rich.

Indeed.

 

[luis1972]

really wise....
:clap::clap::clap::clap::clap:

 

[Hypergalaxy]

Regardless of their stated, alleged, actual or perceived motivations for joining, appreciating the sacrifices of the servicemen and women of this country will NEVER be wrong, no matter what your warped mind tells you.

Never said sacrifices werent appreciated I said they didnt have to be made. End of Convo.