Stop coddling the super-rich, Warren Buffett says - PeachParts Mercedes-Benz Forum

DeliveryValve · #1 08-15-2011, 04:46 PM

Billionaire urges lawmakers to raise taxes on rich to help cut budget deficit
Reuters
8/15/2011 11:07:11 AM ET
http://www.msnbc.msn.com/id/44143776/?GT1=43001

Quote:

Billionaire Warren Buffett urged U.S. lawmakers Monday to raise taxes on the country's super-rich to help cut the budget deficit, saying such a move will not hurt investments.
"My friends and I have been coddled long enough by a billionaire-friendly Congress. It's time for our government to get serious about shared sacrifice," The 80-year-old "Oracle of Omaha" wrote in an opinion article in The New York Times.

Buffett, one of the world's richest men and chairman of conglomerate Berkshire Hathaway Inc , said his federal tax bill last year was $6,938,744.
"That sounds like a lot of money. But what I paid was only 17.4 percent of my taxable income - and that's actually a lower percentage than was paid by any of the other 20 people in our office. Their tax burdens ranged from 33 percent to 41 percent and averaged 36 percent," he said.
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Read more at http://www.msnbc.msn.com/id/44143776/?GT1=43001

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Honus · #2 08-15-2011, 05:01 PM

Mr. Buffett has been speaking out on that point for a while now. I predict that we will be hearing more of that sort of thing from business people, even those who might be the sort usually associated with the GOP. They have been quiet so far, but I bet there is a fair amount of alarm among Republican business people about how nonsensical their representatives in Congress have gotten.

75Sv1 · #3 08-15-2011, 05:38 PM

http://globalpublicsquare.blogs.cnn.com/2011/08/15/inequality-why-so-many-feel-left-behind/?hpt=wo_r1

aklim · #4 08-15-2011, 06:26 PM

Quote:

Buffett, one of the world's richest men and chairman of conglomerate Berkshire Hathaway Inc , said his federal tax bill last year was $6,938,744.
"That sounds like a lot of money. But what I paid was only 17.4 percent of my taxable income - and that's actually a lower percentage than was paid by any of the other 20 people in our office. Their tax burdens ranged from 33 percent to 41 percent and averaged 36 percent," he said.

Question. What did he really pay? If he really felt that way, did he write a bigger check than what was required or did he pay what the bill said? I have known many people that say they would pay more, volunteer more, etc, etc. Few of those people do more than talk. Is there any law that says he cannot pay more? Must he claim the deductions that lowered his bill less than others? IOW, were those deductions really necessary to claim or could he write a check for what he deems to be his said fair share?

TylerH860 · #5 08-15-2011, 06:35 PM

Obama just quoted him in his Iowa speech... He's really going after Republican political posturing.

aklim · #6 08-15-2011, 06:40 PM

Quote:

Originally Posted by TylerH860

Obama just quoted him in his Iowa speech... He's really going after Republican political posturing.

I wish Obama would quote somebody who puts his money where his mouth is. I have had what WB said quoted over and over again. Yet, for what he said, I have yet to see him carry it out.

Question remains. Is there a law prohibiting him from paying his fair share? IOW, what stops him from NOT taking any deduction and be put in a higher bracket? I know it is against the law to claim deductions to lower your tax bracket and taxes but can anyone cite me a law that says you must use your deductions?

Honus · #7 08-15-2011, 06:58 PM

Quote:

Originally Posted by aklim

I...Question remains. Is there a law prohibiting him from paying his fair share? ...

Did you read what he wrote? If so, then I wonder how you could have missed his point so completely. His message is not that Warren Buffett needs to pay more. His argument is that he and others like him need to pay more. It's really quite simple.

raymr · #8 08-15-2011, 07:14 PM

Quote:

Originally Posted by aklim

I wish Obama would quote somebody who puts his money where his mouth is. I have had what WB said quoted over and over again. Yet, for what he said, I have yet to see him carry it out.

Question remains. Is there a law prohibiting him from paying his fair share? IOW, what stops him from NOT taking any deduction and be put in a higher bracket? I know it is against the law to claim deductions to lower your tax bracket and taxes but can anyone cite me a law that says you must use your deductions?

His point is more profound when he shows how much he and his peers have actually been benefiting. But its not a smart business move to pay more than you owe. Any smart person or company will take every deduction allowed. Why wouldn't they? I think his position is: I will if they will (meaning the laws have to be changed).

aklim · #9 08-15-2011, 07:30 PM

Quote:

Originally Posted by Honus

Did you read what he wrote? If so, then I wonder how you could have missed his point so completely. His message is not that Warren Buffett needs to pay more. His argument is that he and others like him need to pay more. It's really quite simple.

And my argument is that if he really felt that way, STFU and put your money where your mouth is. Pay exactly the percentage of what you made. Take no deductions or simply give the money to the govt

aklim · #10 08-15-2011, 07:33 PM

Quote:

Originally Posted by raymr

His point is more profound when he shows how much he and his peers have actually been benefiting. But its not a smart business move to pay more than you owe. Any smart person or company will take every deduction allowed. Why wouldn't they? I think his position is: I will if they will (meaning the laws have to be changed).

Ah well, if the laws were changed, he would HAVE to pay more. My question was about where his PRINCIPLES were at. Talk is cheap or free. Action is where it is at.

How would YOU suggest we judge the sincerity of his words?

Honus · #11 08-15-2011, 08:24 PM

Quote:

Originally Posted by aklim

And my argument is that if he really felt that way, STFU and put your money where your mouth is. Pay exactly the percentage of what you made. Take no deductions or simply give the money to the govt

I'm thinking that everyone reading this understood your argument the first time you made it and I'll bet they understood it the second, third, and fourth times you made it.

elchivito · #12 08-15-2011, 08:32 PM

Quote:

Originally Posted by Honus

I'm thinking that everyone reading this understood your argument the first time you made it and I'll bet they understood it the second, third, and fourth times you made it.

I did, so pretty much anybody could, and it makes no sense. Mr. Buffet would be a fool to pay more than he's legally required. He sees the need to change tax laws. Aklim doesn't. If we can't tax the rich, we at least ought to be able to hunt and eat them.

tjts1 · #13 08-15-2011, 08:57 PM

Quote:

Originally Posted by aklim

Question. What did he really pay? If he really felt that way, did he write a bigger check than what was required or did he pay what the bill said? I have known many people that say they would pay more, volunteer more, etc, etc. Few of those people do more than talk. Is there any law that says he cannot pay more? Must he claim the deductions that lowered his bill less than others? IOW, were those deductions really necessary to claim or could he write a check for what he deems to be his said fair share?

Your reading skills could use a refresher course.

aklim · #14 08-15-2011, 09:46 PM

Quote:

Originally Posted by elchivito

Mr. Buffet would be a fool to pay more than he's legally required.

He sees the need to change tax laws. Aklim doesn't.

If we can't tax the rich, we at least ought to be able to hunt and eat them.

Perhaps so but I would show that he believes in what he says.

No, I didn't say I don't. I am saying I don't believe he is sincere and he is saying it just to make himself sound good.

Like the USSR did with the Kulaks?

aklim · #15 08-15-2011, 09:52 PM

Quote:

Originally Posted by tjts1

Your reading skills could use a refresher course.

Perhaps and perhaps not but I doubt I will believe your assessment.

Feel free to show me that he can put his money where his mouth is by paying WHAT HE FELT was his fair share. Till then, it is just words and words are worthless.

To put it so you can understand, let him show his sincerity and pay what he feels is his fair share so we can tell that he is really sincere. Till then I don't buy a word he says. I have seen too many people offer to pay for dinner till the bill comes around and then they suddenly have to go to the bathroom. Still, I would love to see an ACT of sincerity and pass on his words. At least Mother Teresa did inconvenience herself to go to 3rd world countries.