Warren Buffett Says "Tax the Rich More"

[z9102]

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

$200,000 doesn't make someone rich.

Considering the average American makes around $50,000. $200,000 is well above average, and to many it would mean one is rich.

That being said, the wealthy in this country can deal with far higher taxation which they did in the 50's,60's,70's and 80's when the country was economically far better off.

 

[Trident1]

Considering the average American makes around $50,000. $200,000 is well above average, and to many it would mean one is rich.

That being said, the wealthy in this country can deal with far higher taxation which they did in the 50's,60's,70's and 80's when the country was economically far better off.

The tax rate was 90% or there about in the 1930s and despite the roughly 74% rate today the level of revenue never goes up.

Something like 47% of the people in the US don't even pay taxes.

 

[Straight Shooter]

The tax rate was 90% or there about in the 1930s and despite the roughly 74% rate today the level of revenue never goes up.

Something like 47% of the people in the US don't even pay taxes.

I'm so tired of people saying this. The 47 percent number is not wrong. The stimulus programs of the last two years-the first one signed by Bush, the second and larger one by Obama-have increased the number of households that receive enough of a tax credit to wipe out their federal income tax liability. But the modifiers here -federal and income-are important. Income taxes aren’t the only kind of federal taxes that people pay. There are also payroll taxes and investment taxes, among others. And, of course, people pay state and local taxes, too.

Even if the discussion is restricted to federal taxes,a vast majority of households end up paying federal taxes. CBO data suggests that, at most, about 10 percent of all households pay no net federal taxes. The number 10 is obviously a lot smaller than 47.

 

[Facetious]

This guy is worthy of praise from all of us just for being brutally honest. He says he and his billionaire buddies don't pay their fair share of taxes and ought to ante up. It's about fucking time!

I will remain very suspicious about Buffett's remarks... I think he's just shoring up his ''rich guy'' public relations issues during a time of economic instability, that's all... no more and no less.

What's the difference if the wealthiest of Americans are eventually forced to pay a higher percentage of their income to the Fedgov, the omama administration is just going to spend the new found revenue on additional irreversible government entitlement programs... they're not going to pay down any of our national debt with these monies in my estimation.

So what's to celebrate? I don't use any government entitlement programs... only under the gravest of extremes would I seek the assistance of the government.

 

[monicasilver]

Considering the average American makes around $50,000. $200,000 is well above average, and to many it would mean one is rich.

That being said, the wealthy in this country can deal with far higher taxation which they did in the 50's,60's,70's and 80's when the country was economically far better off.

It is above average. I was just making a statement that $200,000 doesn't make one rich. I know many people who make somewhere in that neighborhood and some live reasonably comfortable and some struggle to put their kids through college. I'm sure families who make $60,000 struggle harder. I can't say I have that anecdotal information.

The country was better off in the 90's economically.

I'm not against raising taxes. I think it is warranted.

On that note, it would be nice to have the plan put together before raising taxes. To have the budget cuts set when asking for higher payments.
It would also be nice to have the Bush cuts removed, budget cuts in place, then not raise individual taxes at all.

 

[D-rock]

Something like 47% of the people in the US don't even pay taxes.

Except that is completely false and a absolute myth that keeps spreading out there among apologist for the rich and elite.

 

[monicasilver]

Except that is completely false and a absolute myth that keeps spreading out there among apologist for the rich and elite.

It was already covered in a previous post and I agree with the analysis. Technical, those two postings are correct and your heart is in the right spot, but your fact isn't.

http://money.cnn.com/2009/09/30/pf/taxes/who_pays_taxes/index.htm

http://finance.yahoo.com/news/Nearly-half-of-US-households-apf-1105567323.html?x=0

http://www.nytimes.com/2010/04/14/business/economy/14leonhardt.html

 

[RichardNailder]

Fuck it! High taxes for everyone. Tax the rich, tax the poor, tax you unborn child. Just don't lie about it! Remember the saying "your paying for that pussy one way or another". I guarantee that we will all pay one way or another.

Fuck it I'm high too! :goodpost:

 

[StanScratch]

I will remain very suspicious about Buffett's remarks... I think he's just shoring up his ''rich guy'' public relations issues during a time of economic instability, that's all... no more and no less.

What's the difference if the wealthiest of Americans are eventually forced to pay a higher percentage of their income to the Fedgov, the omama administration is just going to spend the new found revenue on additional irreversible government entitlement programs... they're not going to pay down any of our national debt with these monies in my estimation.

So what's to celebrate? I don't use any government entitlement programs... only under the gravest of extremes would I seek the assistance of the government.

This would ring true, were it not for the fact that Buffett has been stating for several years now that the rich need to start putting in more of their fair share.

 

[Bearded_Menace]

This would ring true, were it not for the fact that Buffett has been stating for several years now that the rich need to start putting in more of their fair share.

:clap: Was just gonna say that. He has been saying this for years now even in times when the economy was great and America was the best country in the world for a lot of things.

 

[MikeyK]

It is above average. I was just making a statement that $200,000 doesn't make one rich. I know many people who make somewhere in that neighborhood and some live reasonably comfortable and some struggle to put their kids through college. I'm sure families who make $60,000 struggle harder. I can't say I have that anecdotal information.

If someone makes 200k a year and they are struggling they are doing something seriously wrong. Probably because they buy mansions and mercedes. There is no excuse to be "struggling" if you make 200k a year.

As you point out. Some people who make far less manage to pay their mortages and put their kids through college. So again no excuse to struggle at 200k.

 

[Hot Mega]

It is above average. I was just making a statement that $200,000 doesn't make one rich. I know many people who make somewhere in that neighborhood and some live reasonably comfortable and some struggle to put their kids through college. I'm sure families who make $60,000 struggle harder. I can't say I have that anecdotal information.

"Rich"? What exactly is 'rich'? Forget about who's version of 'rich' is accurate as that is probably tertiary to the debate. Let's partially breakdown the example of $200K in terms people can relate to.

Monthly income: Nearly $17K

Mortgage-$1,000,000 home: Appx. $6500 after 5 pct. dwn payment at .5 pct interest
.
Car Payment-$150,000 car: Appx. $2500 after 0 dwn payment.

If you're a single person, you have about $8000 in gross income left after paying on your million dollar home and $150K car.

So by some people's standards this person is not 'rich'. But most reasonable people wouldn't see any reason on earth a person with those means would have ANY trouble whatsoever paying (for example) an additional 3.8 pct. on their income derived from investments and 0 increase on their personal income of $200K.

Even if all of their income was subject to CGT...what would the rate on that be ultimately with an additional 3.8 pct.? 18.8 pct?:dunno:

 

[Hot Mega]

If someone makes 200k a year and they are struggling they are doing something seriously wrong. Probably because they buy mansions and mercedes. There is no excuse to be "struggling" if you make 200k a year.

As you point out. Some people who make far less manage to pay their mortages and put their kids through college. So again no excuse to struggle at 200k.

From what I can see if this is a couple/family making $200K their taxes are untouched by Obama's plan even on their investment income if I understand the proposed change correctly.

What I understand is it's a 3.8 pct. proposed on investment income for an individual making $200K.

So that example was moot as it would relate to proposed taxes.

I know, I know..M/S you were simply saying (I suppose in a vacuum) that it doesn't make them 'rich' but the only reason we're discussing the number is in the context of taxation.

 

[Master Roshi]

yeah Warren lets start with the mega corporations that are bigger than many countries, how about we tax them first

 

[Jagger69]

I will remain very suspicious about Buffett's remarks... I think he's just shoring up his ''rich guy'' public relations issues during a time of economic instability, that's all... no more and no less.

Wow. Of all the billionaires in the USA, Buffett has the best public image so why would he do as you suggest, Face?? What would he have to gain by making these statements otherwise if they were disingenuous?

So what's to celebrate? I don't use any government entitlement programs... only under the gravest of extremes would I seek the assistance of the government.

How can anyone justify defending the right of billionaires to not pay their fair share of taxes? That just blows my mind....unless you happen to be a billionaire, that is. I guess that's you, my conservative friend??

 

[Hypergalaxy]

http://www.thedailyshow.com/watch/t...re---warren-buffett-vs--wealthy-conservatives




http://www.thedailyshow.com/watch/t...-class-warfare---the-poor-s-free-ride-is-over

 

[D-rock]

It was already covered in a previous post and I agree with the analysis. Technical, those two postings are correct and your heart is in the right spot, but your fact isn't.

http://money.cnn.com/2009/09/30/pf/taxes/who_pays_taxes/index.htm

http://finance.yahoo.com/news/Nearly-half-of-US-households-apf-1105567323.html?x=0

http://www.nytimes.com/2010/04/14/business/economy/14leonhardt.html

No, my facts are completely right. Read his post. The last time I checked there are a lot more taxes out there than just INCOME taxes. Those taxes mean a great deal. He conveniently neglected to state that as, to be brutally honest, are you now.

Saying that a large portion of people don't pay taxes is ignorant at best and a complete lie at worse. That's why people that are among the rich, and even people that are well above average don't really pay that much more per dollar in taxes than almost anybody else.

Focusing only on income taxes is one of those deceptive things people in that position like to state because it perpetuates an absurd myth of the downtrodden rich people that have wrong done by them because they are carrying on this great burden to be exploited by all those poor people when it's so far from the case it's laughable.

 

[yes yes yes]

I will remain very suspicious about Buffett's remarks... I think he's just shoring up his ''rich guy'' public relations issues during a time of economic instability, that's all... no more and no less.

This is the first and most likely the last time I will ever agree with Facetious but in my opinion he's dead right on this. Warren Buffett is the "god father" of PR and spin.

Actions speak louder than words. If he had any real intention of paying more tax he'd have already started sending the cheques to the IRS. I'll bet he hasn't and I don't think he ever will. That's why he's richest man in the world. :2 cents:



:yesyes: :yesyes: :yesyes:

 

[Baill Inneraora]

All the folks attacking Buffet’s position, please explain to me how do you think it should be tax policy that has Warren Buffet pay taxes at a lower rate than his secretary?

 

[Trident1]

Looks like some Communist Bloc cartoon.