Warren Buffett on Income Taxes

#4
#4
Unpopular view around these boards...ergo he is an idiot that knows nothing about business or money.
 
#7
#7
Pretty sure Buffett (or anyone for that matter) can pay more taxes if they want to.
 
#10
#10
rjd970 said:
Not the point Buffet was trying to make, IMO.
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He's doing exactly what Joe Kennedy did in advocating the end of insider trading. Hell, Kennedy even went so far as to head up the SEC, after having made fortunes via insider trading.

Buffet bent every rule imaginable while amassing his wealth, which can't be taxed. Now he's all for taxing those using taxable income to amass wealth. He's being as disingenuous as possible in this crusade he's running.

For the record, I'm not opposed to more taxes on the high earners over time, but let's quit pretending that it's anything but a depressant to the overall economy. It will fill government coffers in the near term, fo sho.
 
#11
#11
Would like to see the math here - just over 200K millionaires in the country. Just over 8,000 10 million +. How much additional revenue would come from this group with the Buffet plan (increased tax rates over 1 million).

I believe the Obama call (200K or 250K) #s would have to be considerably smaller if we adopted the the Buffet plan.

Not saying I'm against it but I wonder what the impact would be. The number of billionaires is very small - it might feel good to get more from them but how much would we get?

As an aside, I wonder what percentage of the 200,000 millionaires are athletes, actors, singer, entertainers?
 
#12
#12
volinbham said:
Would like to see the math here - just over 200K millionaires in the country. Just over 8,000 10 million +. How much additional revenue would come from this group with the Buffet plan (increased tax rates over 1 million).

I believe the Obama call (200K or 250K) #s would have to be considerably smaller if we adopted the the Buffet plan.

Not saying I'm against it but I wonder what the impact would be. The number of billionaires is very small - it might feel good to get more from them but how much would we get?

As an aside, I wonder what percentage of the 200,000 millionaires are athletes, actors, singer, entertainers?
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but the Millionaire and Billionaire labels apply to amassed wealth, which has absolutely nothing to do with taxable income. The taxable income of many of those folks is going to be similar to many of your small business owners. The number of people actually pulling down that kind of money annually is tiny.
 
#13
#13
Before the Government starts raising taxes, they need to look at their expenditures.
 
#14
#14
BigPapaVol said:
He's doing exactly what Joe Kennedy did in advocating the end of insider trading. Hell, Kennedy even went so far as to head up the SEC, after having made fortunes via insider trading.

Buffet bent every rule imaginable while amassing his wealth, which can't be taxed. Now he's all for taxing those using taxable income to amass wealth. He's being as disingenuous as possible in this crusade he's running.

For the record, I'm not opposed to more taxes on the high earners over time, but let's quit pretending that it's anything but a depressant to the overall economy. It will fill government coffers in the near term, fo sho.
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Spot on..That's my whole thing about this also, now isn't the time to tax.
 
#15
#15
Buffett, put your money where your mouth is and voluntarily pay extra taxes. Lead by example.

BTW, he always throws out that he pays a lower tax rate than his secretary. Does it mean we should raise his taxes or lower hers???
 
#16
#16
Or how about doing something about companies like Google who paid an effective tax of 5% last year?
 
#17
#17
BigPapaVol said:
but the Millionaire and Billionaire labels apply to amassed wealth, which has absolutely nothing to do with taxable income. The taxable income of many of those folks is going to be similar to many of your small business owners. The number of people actually pulling down that kind of money annually is tiny.
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This is the part that gets confusing for me. Obviously, a Wall Street exec getting paid a million dollar plus bonus would have that taxed. But what about those sitting on fortunes that gain in value, but aren't sold such as not to result in taxable income?
 
#18
#18
BigPapaVol said:
but the Millionaire and Billionaire labels apply to amassed wealth, which has absolutely nothing to do with taxable income. The taxable income of many of those folks is going to be similar to many of your small business owners. The number of people actually pulling down that kind of money annually is tiny.
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He said "those making $1 million or more". Pretty sure he is distinguishing income verses amassed wealth.
 
#19
#19
“People invest to make money, and potential taxes have never scared them off,” he said. “And to those who argue that higher rates hurt job creation, I would note that a net of nearly 40 million jobs were added between 1980 and 2000. You know what’s happened since then: lower tax rates and far lower job creation.”
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That "net" stat means nothing. See that plotted out per year verses effective tax rates would be an interesting picture. Would love to see if there is real correlation over that 20 year period with tax rates and job creation (or investment).
 
#20
#20
Doesn't Buffet give a record amount of money to charity each year? Not sure of the specifics - but the tax breaks would be huge.
 
#21
#21
KiffinKiller said:
Doesn't Buffet give a record amount of money to charity each year? Not sure of the specifics - but the tax breaks would be huge.
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Good for him and anyone else that does. If checked properly this has more bang. I'd rather it go there than be sifted through the government to be doled out to their liking.
 
#24
#24
BigPapaVol said:
but the Millionaire and Billionaire labels apply to amassed wealth, which has absolutely nothing to do with taxable income. The taxable income of many of those folks is going to be similar to many of your small business owners. The number of people actually pulling down that kind of money annually is tiny.
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I was under the impression from the article that the numbers were those households pulling in 1 million, 10 million, etc. annually in some form of income.
 
#25
#25
lawgator1 said:
This is the part that gets confusing for me. Obviously, a Wall Street exec getting paid a million dollar plus bonus would have that taxed. But what about those sitting on fortunes that gain in value, but aren't sold such as not to result in taxable income?
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If the income isn't realized then it isn't taxed - you didn't pay income tax on the increase in your home value (back in the day when those things went up) and you can't deduct losses for home value.
 
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