Read more at NetRightDaily.com: http://netrightdaily.com/2011/08/warren-buffett’s-taxing-hypocrisy/#ixzz1WTZKf0J3
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Blog: Warren Buffett’s taxing hypocrisy
- Thread starter mandym
- Start date
Read more at NetRightDaily.com: http://netrightdaily.com/2011/08/warren-buffett’s-taxing-hypocrisy/#ixzz1WTZKf0J3
I'd encourage everyone to read Mr Buffet's original piece in the WSJ. (Sorry I don't have the link right now) it is a good one with a unique perspective. He makes a case for taxing all people equally.
There are just way too many loopholes in the tax code right now. Though I disagree about taxing higher income earners more simply because they made more (percentage wise here) we do need to make sure everyone is paying their share.
Thus, again, I say why not a simple flat tax rate of 10% with no deductions? Makes sense to me.
There are just way too many loopholes in the tax code right now. Though I disagree about taxing higher income earners more simply because they made more (percentage wise here) we do need to make sure everyone is paying their share.
Thus, again, I say why not a simple flat tax rate of 10% with no deductions? Makes sense to me.
I disagree, taxing income is a terrible way to effect the economy. Tax on the spending only
He has a team of accountants that find and exploit every loophole. If he really wants to pay more taxes, all he has to do is tell his accountants to ignore any loopholes and file a simpler return with no deductions. He is a hypocrite.
I know the World loves Matt. 7:1 and I know the manor, in which, they use it is incorrect but I believe a quick read is due, in this case, for some. When you toss out those hypocrite titles, are you judging by the same standard you wish to be judged by? With this labeling you have established that president except you, truly, repent of it now.
Personally, Mr. Obama, the illegal President of the USA has already promised to assured my early death, Iḿ one of those totally disabled vets he hates so much. As for the Tax situation, God has placed Obama in the position to punish His Wayward Children and he is in the process of doing so. And in the end of it all, flat tax or user tax, I don´t care but it is time the elected cowards get off their buts and solve the problem.
Personally, Mr. Obama, the illegal President of the USA has already promised to assured my early death, Iḿ one of those totally disabled vets he hates so much. As for the Tax situation, God has placed Obama in the position to punish His Wayward Children and he is in the process of doing so. And in the end of it all, flat tax or user tax, I don´t care but it is time the elected cowards get off their buts and solve the problem.
:thumbs: :thumbsup: :thumbs: Yes, 1% tax on all electronic transactions
FR7 Baptist
Active Member
He has done nothing hypocritical. He wants the same rules to apply to everyone, not him paying extra money out of the goodness of his own heart.
Bingo! A national sales tax in lieu of no income taxes is the way to go. This way EVERY person living in the US is paying their fair share, including illegals which takes away a major incentive for being illegal in the first place.
No he does not want the same rules to apply to everyone.
Like Animal Farm he wants some rules to apply to some people more than others - like some people pay more in taxes while some others pay nothing.
When you finish school and get a full time job that puts you in a taxpaying bracket your view of taxes will no doubt change.
FR7 Baptist
Active Member
I did pay federal income taxes last year.
Your feelings at the 33% or 35% bracket will be different than at the 10% bracket. :smilewinkgrin:
FR7 Baptist
Active Member
I doubt it. If I'm in those brackets I'll have a lot more money than I do now. :thumbs:
<Sigh> Here we go again.
Warren Buffett's personal income IS SEPARATE FROM HIS COMPANY'S INCOME. He doesn't mind if his PERSONAL INCOME taxes are raised, but of course he wants to lower the amount of taxes his company pays. His company has a fiduciary responsibility to its shareholders to make a maximum return on its income. It's not hypocrisy.
Furthermore, Buffett makes most of his money via capital gains, which has a maximum tax rate of 20%, far lower than the 35% bracket his personal income tax bracket. This is the tax rate that Buffett argues should be raised for he and other millionaires, and not necessarily the W-2 wage tax rate.
Hey is anyone surprised this guy thinks he knows better than everyone else? Man you're predictable.
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I believe that he owns over 30% of the company - so there seems to be quite a substantial benefit to him if the company pays less taxes.
And yes, that would make him a hypocrit.
What did I say that was incorrect?
Sure there's a benefit to him, but it's not a direct linkage.
Buffett has argued that personal tax rates should be raised on those making more than $1M. Not sure, but I don't think he's ever suggested that corporate rates should be raised. And since he has a responsibility to shareholders, he's not being hypocritical for trying to reduce corporate taxes. In effect he is saying, "reduce my corporate taxes but go ahead and raise my personal taxes."
>Thus, again, I say why not a simple flat tax rate of 10% with no deductions? Makes sense to me.
Boggles my mind that some people can't understand there is a world of difference in the thought processes and the economic situation between the people who spend 90% of their annual income on routine living expenses and those who don't know HOW to spend 90% of their annual income and carry forward 80% of their total wealth every year.
Boggles my mind that some people can't understand there is a world of difference in the thought processes and the economic situation between the people who spend 90% of their annual income on routine living expenses and those who don't know HOW to spend 90% of their annual income and carry forward 80% of their total wealth every year.