Warren Buffet is Right!! Raise Taxes on the Super Rich

[rsnnh12]

it doesnt have to be look at our allies Europe

Everyone in Europe is starving because the rich are hoarding food and water?

[rsnnh12]

also with the rich not helping it could be one day

The top 1% make 19% of the income and pay 38ish% of the total taxes... I'd say they are helping quite a bit

[marcojuiceman]

The top 1% make 19% of the income and pay 38ish% of the total taxes... I'd say they are helping quite a bit

again some of them pay no taxes at all. also please read http://hawaiinewsdaily.com/2011/08/1...ely-than-ever/

[marcojuiceman]

also this is how you want the US fighting over http://newsinfo.inquirer.net/41495/u...merican-unrest

[marcojuiceman]

also include this http://www.wired.com/wiredscience/20...ice-threshold/ your kids starving and the rich eating

[rsnnh12]

again some of them pay no taxes at all. also please read http://hawaiinewsdaily.com/2011/08/1...ely-than-ever/

Which rich people pay no taxes? I want a link...

And your link is fear mongering at its finest. A flash mob at a state fair means America is on the verge of civil unrest? That's just absurd.

[marcojuiceman]

Which rich people pay no taxes? I want a link... And your link is fear mongering at its finest. A flash mob at a state fair means America is on the verge of civil unrest? That's just absurd.

How is it? even the Rich dont contribute it will be civil unrest Did you see the link about the food crisis all over even the US

[rsnnh12]

How is it? even the Rich dont contribute it will be civil unrest Did you see the link about the food crisis all over even the US

You suck at answering questions

[ACoochy]

rsnnh12 step back from the computer pal, ur beginning to scare me If its not about the greater good for humanity then what is it about True, the rich work smart/hard and as a reward enjoy their material possessions which we are lead to believe are the things that bring us happiness, fulfillment and a richness in our lives that those who choose not to work do not get to enjoy.

But ALWAYS remember that if it wasnt for the millions of people who help get them to the position they are in then they wouldnt exist to begin with...And we both know the rich have access to loopholes that the common person could only wish for...

Wealth is a finite proposition and once it has reached its maximum threshold then logic dictates that things will be reset (amongst other things)...History has illustrated a clear example of this time and time again....

[marcojuiceman]

rsnnh12 step back from the computer pal, ur beginning to scare me If its not about the greater good for humanity then what is it about True, the rich work smart/hard and as a reward enjoy their material possessions which we are lead to believe are the things that bring us happiness, fulfillment and a richness in our lives that those who choose not to work do not get to enjoy. But ALWAYS remember that if it wasnt for the millions of people who help get them to the position they are in then they wouldnt exist to begin with...And we both know the rich have access to loopholes that the common person could only wish for... Wealth is a finite proposition and once it has reached its maximum threshold then logic dictates that things will be reset (amongst other things)...History has illustrated a clear example of this time and time again....

ty

[rsnnh12]

rsnnh12 step back from the computer pal, ur beginning to scare me If its not about the greater good for humanity then what is it about True, the rich work smart/hard and as a reward enjoy their material possessions which we are lead to believe are the things that bring us happiness, fulfillment and a richness in our lives that those who choose not to work do not get to enjoy.

But ALWAYS remember that if it wasnt for the millions of people who help get them to the position they are in then they wouldnt exist to begin with...And we both know the rich have access to loopholes that the common person could only wish for...

Wealth is a finite proposition and once it has reached its maximum threshold then logic dictates that things will be reset (amongst other things)...History has illustrated a clear example of this time and time again....

And if it weren't for the rich, the masses wouldn't have any of the things they take for granted... it works both ways. Everyone is dependent on one another.

I just hate the fact that so many people think its as easy as "tax the evil rich and all of our problems will be solved". Its beyond stupid. We all took part in getting the US into this mess, we should all be responsible for fixing it. That fix starts with spending. We can't be in debt without spending, right? Especially when there is a limit to our revenue, but not our spending?

[ACoochy]

And if it weren't for the rich, the masses wouldn't have any of the things they take for granted... it works both ways. Everyone is dependent on one another. I just hate the fact that so many people think its as easy as "tax the evil rich and all of our problems will be solved". Its beyond stupid. We all took part in getting the US into this mess, we should all be responsible for fixing it. That fix starts with spending. We can't be in debt without spending, right? Especially when there is a limit to our revenue, but not our spending?

Exactly (one hands take from from the other and vice versa)....And yes we are all responsible for the current state of affairs although id point out that the ones who we as voters hold to account for responsibilities of fiscal and social matters are in hold of much more power than the common man could ever dream of, hence y shouldnt the larger proportion of accountability be put upon their shoulders if its them in the first place that we as the masses allow to hold the cards? Remember rsnnh with great power comes great responsibility...

I like many others entirely agree about the concerns about what massive amounts of spending is going to reap on generations to come, especially when the money comes from artificial means.

The current lot and the lot before them have been exposed as showing little course for care because come the time when shite really hits the fan and the hard decisions are going to have to be made they wont be around to be held to account for past actions, and its this psyche that needs to be reviewed and resolved in one way or another..Its a deeply enrooted problem and theres no easy fix solution to be had.

Yes i agree the blame game is stupid. Being held to account however is something entirely different. If youve done the wrong thing by ur fellow man then y shouldnt u be made to be held to account? This is whats NOT happening at the big end of town and imo is what needs to be changed...

[rsnnh12]

To illustrate my point- the 400 richest Americans earned approximately $100 billion last year. We could tax them at a 100% tax rate, literally every penny they made, and know what our federal deficit would have been last year? About $1.2 TRILLION. We could take every cent made by the super rich, and not even take 10% off of our deficit for just last year.

Now, can someone please explain how taxing the super rich will solve anything?

[rsnnh12]

Exactly (one hands take from from the other and vice versa)....And yes we are all responsible for the current state of affairs although id point out that the ones who we as voters hold to account for responsibilities of fiscal and social matters are in hold of much more power than the common man could ever dream of, hence y shouldnt the larger proportion of accountability be put upon their shoulders if its them in the first place that we as the masses allow to hold the cards? Remember rsnnh with great power comes great responsibility...

I like many others entirely agree about the concerns about what massive amounts of spending is going to reap on generations to come, especially when the money comes from artificial means.

The current lot and the lot before them have been exposed as showing little course for care because come the time when shite really hits the fan and the hard decisions are going to have to be made they wont be around to be held to account for past actions, and its this psyche that needs to be reviewed and resolved in one way or another..Its a deeply enrooted problem and theres no easy fix solution to be had.

Yes i agree the blame game is stupid. Being held to account however is something entirely different. If youve done the wrong thing by ur fellow man then y shouldnt u be made to be held to account? This is whats NOT happening at the big end of town and imo is what needs to be changed...

I agree with basically all of this. I fully support the rich paying a bit more if it helps get us back on track, I really do. The problem I have is that just taking from them isn't close to enough. That can't be our first option, because it is a minuscule part of the problem. Ending the loopholes being used, that is a productive change. Hedge fund managers being taxed at an income rate rather than a capital gains rate, that is a productive change. Cutting massive spending from every facet of govt, that is a productive change. Just making the super rich pay more, just because? Not a productive change, at least for a first step. That should come at the end, to tidy everything up.

[ACoochy]

I agree with basically all of this. I fully support the rich paying a bit more if it helps get us back on track, I really do. The problem I have is that just taking from them isn't close to enough. That can't be our first option, because it is a minuscule part of the problem. Ending the loopholes being used, that is a productive change. Hedge fund managers being taxed at an income rate rather than a capital gains rate, that is a productive change. Cutting massive spending from every facet of govt, that is a productive change. Just making the super rich pay more, just because? Not a productive change, at least for a first step. That should come at the end, to tidy everything up.

Im with u 100% here however theres a fine line between making these people want to continue turning over $ to contribute to the economy in their own country and making it so restrictive that going offshore becomes desirable...Just look at where the HQ of SBR is located for proof of this...Im sure theyd rather have their homebase situated in the US (cant speak for them on this matter. One of the mods care to chime in here) but current laws make it too restrictive and not a productive business model...

Its that fine line that makes ths US a desirable v non nesirable place to do business is one thing that partially matters. But we both know who controls this fine line and its that stranglehold that needs to be loosened as our politicians have shown that they are more interested in other politicans losing rather than making america win...

Heres another thought...Can anyone tell me how much money is spent on sport in ur country?? All that money spent to simply satisfy the requiem of the masses seems illogical at best...Couldnt a small % of that money be re-routed to more productive means?

[RibbedTrojan]

Raising taxes on the rich will even cost more jobs that we cannot afford right now. Buffet an ******* IDIOT!!!!!!!!!!!!!!!!!

[pavyracer]

Raising taxes on the rich will even cost more jobs that we cannot afford right now. Buffet an ******* IDIOT!!!!!!!!!!!!!!!!!

Yes he is an idiot. That's why he made a 40 billion fortune. Because if idiots can do it then why can't you?

[The Madcap]

If in relative proposition to reducing our debt, raising taxes on the rich is rather meaningless. You could triple their current tax rates and it would hardly put a dent in the current debt.

That being said, the super rich like Buffet probably should pay more in taxes. The reason they don't is because Washington has proved to be completely incompetent in developing a tax code that can do this effectively without also raising the taxes paid by the middle class.

And the problem with raising tax rates is that politicians are incapable of holding onto excess revenues. Not only are they simply unable to hold onto to these revenues (like for the sake of an emergency like a natural disaster or a war), they can't even wait for those revenues to actually arrive before they have allocated them as funds for some bullshit we don't need. Politicians treat your tax dollars like gambling degenerates treat their paychecks. The money is gone before it's even in their hands.

And that's why raising taxes is a bad idea. The more we do, the more ways Congress will find ways to waste our money and get us deeper into debt. It's better just to cut/cut/cut until we've reduced gov't obligations and the debt down to 2-3% of the GDP. Hopefully by then we will have learned our lessons about artificially inflating the market place and get the government the fuk out of the way.

[bruceBRUCEbruce]

He gave away $1.93 billion for charity.

kinda ironic that something like this would be posted in this thread; he was likely advised to do that to save money on...taxes

[pavyracer]

kinda ironic that something like this would be posted in this thread; he was likely advised to do that to save money on...taxes

No he is not. In 2006 he pledged he is going to give 99% of his 40 billion future to charity. And he gives about 2 billion a year until the 99% is met. He is not trying to save taxes. He figured out he can still live on $400 million. And if I'm correct he still lives in a 40 year old $300,000 house in Omaha.

[ByeShea]

He gave away $1.93 billion for charity. Did you even give away $1.93?

He didn't give a dime away until he was 80 years old and literally the richest man on earth.

Again, if he's so generous with other people's money he should cut a check for $5 billion and set the trend instead of showboating how little he can pay in taxes.

This a$$clown is campaigning hard for Obama. And Obama is trying tell America the way to close a $4 trillion deficit (that he spent) is to tax millionaires and billionaires.

a) The proposed taxes will not even come close to closing the deficit.

b) Any one who thinks the "mega-rich", like Buffett, won't conjigger some other loopholes and not pay the levels as billed by Obama is nuts.

Want to scare these a-holes? Just say two words: "flat tax".

[rsnnh12]

No he is not. In 2006 he pledged he is going to give 99% of his 40 billion future to charity. And he gives about 2 billion a year until the 99% is met. He is not trying to save taxes. He figured out he can still live on $400 million. And if I'm correct he still lives in a 40 year old $300,000 house in Omaha.

And drives an older Lincoln I believe. Buffett is a good man. Doesn't change the fact that he has never donated more to the govt than his allotted amount at tax time... why? There's an answer...

[bruceBRUCEbruce]

No he is not. In 2006 he pledged he is going to give 99% of his 40 billion future to charity. And he gives about 2 billion a year until the 99% is met. He is not trying to save taxes. He figured out he can still live on $400 million. And if I'm correct he still lives in a 40 year old $300,000 house in Omaha.

so you figure he's not taking the deductions? Puh-lease. The naivety of some people...

[tat1980]

clinton raised taxes on the rich in 1993 and it had an immediate effect.

[d2bets]

Warren Buffet doesn't understand that billionaires like Warren Buffet allocate capital more efficiently than the government.

...And how generous of Warren Buffet to advocate stealing other people's money. What a hero.

Or maybe he thinks it's not good or wise policy that he pays a lower percentage of his income to the fed gov than his secretary does?

[pavyracer]

so you figure he's not taking the deductions? Puh-lease. The naivety of some people...

You are an idiot. You think Bill Gates and Warren Buffett with a combined net worth of $100 billion donate to charity $2 billion a year for tax deductions? You need to learn how the tax code works bubba!

[d2bets]

The top 1% make 19% of the income and pay 38ish% of the total taxes... I'd say they are helping quite a bit

We're not even talking about the top 1% here when we talk super rich. We're talking about the top .1% or less.

Specifically, hedge fund managers get away with stealing. They take all of their income (and we're talking millions) at cap gains tax rates. Paying less then joe blow working overtime to earn 75k to feed their family. It's absurd.

[d2bets]

You are an idiot. You think Bill Gates and Warren Buffett with a combined net worth of $100 billion donate to charity $2 billion a year for tax deductions? You need to learn how the tax code works bubba!

They take the deductions, of course, but they'd do it anyway. They have more money than they could ever possibly spend on themselves and their family and don't particularly just want to hand money to family and friends. They want to make a difference and fund causes they believe in. Not to denigrate their generosity, but I'd think most anyone with 20 billion and a conscience would do the same.

[bruceBRUCEbruce]

You are an idiot. You think Bill Gates and Warren Buffett with a combined net worth of $100 billion donate to charity $2 billion a year for tax deductions? You need to learn how the tax code works bubba!

I'm the idiot, but you think they aren't taking the tax deductions?

[tblues2005]

I watched Warren Buffett on PBS this morning in an interview and he made some sense. It doesn't make sense how in the world his employees pay a more percentage than he does and the reason why is capital gains on investments and that isn't even subject to payroll taxes either. That is how out of balance things are with our tax system. On Wall Street you get taxed half of if work for a living. That is what Buffett was saying here it is so messed up in that way. I really believe he is right about tax reform and how it needs to be restructured.

[d2bets]

I'm the idiot, but you think they aren't taking the tax deductions?

There is a difference between taking the tax deductions and making the donations FOR the tax deductions.

[rsnnh12]

We're not even talking about the top 1% here when we talk super rich. We're talking about the top .1% or less.

Specifically, hedge fund managers get away with stealing. They take all of their income (and we're talking millions) at cap gains tax rates. Paying less then joe blow working overtime to earn 75k to feed their family. It's absurd.

I agree about hedge fund managers being taxed like any other commission based salary. Not every one of the super rich is a hedge fund manager though...

[SBR_John]

Cut baby cut.

That slogan will sweep in the conservatives and their Tea Party wing into 2 out of the 3 branches. Folks are just tired of a bunch of talking heads spending money we don't have.

[rsnnh12]

I watched Warren Buffett on PBS this morning in an interview and he made some sense. It doesn't make sense how in the world his employees pay a more percentage than he does and the reason why is capital gains on investments and that isn't even subject to payroll taxes either. That is how out of balance things are with our tax system. On Wall Street you get taxed half of if work for a living. That is what Buffett was saying here it is so messed up in that way. I really believe he is right about tax reform and how it needs to be restructured.

The only people who have income taxed as capital gains are hedge fund managers, and I agree, that needs to change. As far as I know, no other people have income taxed at capital gains rates though

[pavyracer]

Warren Buffett who made a 40 billion fortune is an idiot but the Tea Bagger from Texas who flunked Economics 101 in college is going to become a President and save us!