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Stop coddling the super-rich: Buffett
(Reuters) - Billionaire Warren Buffett urged U.S. lawmakers 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.
Lawmakers engaged in a partisan battle over spending and taxes for more than three months before agreeing on August 2 to raise the $14.3 trillion U.S. debt ceiling, avoiding a U.S. default.
"Americans are rapidly losing faith in the ability of Congress to deal with our country's fiscal problems. Only action that is immediate, real and very substantial will prevent that doubt from morphing into hopelessness," Buffett said.
Buffett said higher taxes for the rich will not discourage investment.
"I have worked with investors for 60 years and I have yet to see anyone - not even when capital gains rates were 39.9 percent in 1976-77 - shy away from a sensible investment because of the tax rate on the potential gain," he said
"People invest to make money, and potential taxes have never scared them off."
ARTICLE:
http://www.reuters.com/article/2011/08/15/us-buffett-tax-idUSTRE77E13V20110815
"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.
Lawmakers engaged in a partisan battle over spending and taxes for more than three months before agreeing on August 2 to raise the $14.3 trillion U.S. debt ceiling, avoiding a U.S. default.
"Americans are rapidly losing faith in the ability of Congress to deal with our country's fiscal problems. Only action that is immediate, real and very substantial will prevent that doubt from morphing into hopelessness," Buffett said.
Buffett said higher taxes for the rich will not discourage investment.
"I have worked with investors for 60 years and I have yet to see anyone - not even when capital gains rates were 39.9 percent in 1976-77 - shy away from a sensible investment because of the tax rate on the potential gain," he said
"People invest to make money, and potential taxes have never scared them off."
ARTICLE:
http://www.reuters.com/article/2011/08/15/us-buffett-tax-idUSTRE77E13V20110815
"not for the gov't to take a redistribute to the lazy f*cks that don't work and choose to drive around in $100 cars, with $3000 rims."
So do we the "Middle class" that do get screwed while we work just as hard as you and NO HELP FROM THE GOVERNMENT fall in the "lazy f*ucks category? Cus the Middle class are the ones that will benefit!!!! after all we ARE the ones footing most of the bill right now!!
So do we the "Middle class" that do get screwed while we work just as hard as you and NO HELP FROM THE GOVERNMENT fall in the "lazy f*ucks category? Cus the Middle class are the ones that will benefit!!!! after all we ARE the ones footing most of the bill right now!!
Half of this country pay NO taxes at all .........
I keep telling teko & MrsP that very same thing... go ahead and raise my taxes and that of the "wealthy". I GUARANTEE that you'll be hitting me up for another tax hike within 6 months.
Make EVERYONE pay 12% income tax, no matter how much or how little you make, and this country wouldn't have a debt problem for very long.
*Can't WAIT to see how that comment goes over!
"Make poor folks pay taxes? The hell you say!!! They's poor. They's can't afford to pay taxes. Even tho they's don't pay taxes, they's DESERVE to get money back from the gubment".
I can hear teko & MrsP now...
Make EVERYONE pay 12% income tax, no matter how much or how little you make, and this country wouldn't have a debt problem for very long.
*Can't WAIT to see how that comment goes over!
"Make poor folks pay taxes? The hell you say!!! They's poor. They's can't afford to pay taxes. Even tho they's don't pay taxes, they's DESERVE to get money back from the gubment".
I can hear teko & MrsP now...
Everyone should all give the same percentage. The problem is not that the people are not giving enough. The problem is the WASTE. Its always about waste.
They will never have enough money.
They will never have enough money.
MrsP:
The $200K+ I make a year is all spent, before I even make it, and I FOR SURE do not live beyond my means. I'm planning for my future, and as such, have multiple rental properties, investments, etc. I'm not saying this to brag, just to point out that just because one makes $200K+/yr, it doesn't mean they're rich and live beyond their means. I SAVE, SAVE, SAVE every penny that I can muster, and sock it away for my future. I don't go out to eat a lot (maybe once or twice a month, if that). I don't have a lot of fancy clothes (buy nice/buy once). I don't have a lot of fancy TV's and electronics. I don't go on vacation a lot. All my money goes into investments, 401K, money-market account, all for my future. Saying that I "can afford to pay a lil extra" is a bit obtuse, don't you think? That being said, I COULD choose to not save, and I could live like a freaking KING, and travel all the time, and have lots of fancy cars and electronics and stuff, but I choose not to. I drive a 1996 Lexus ES300 for example, not a new fancy car. Don't get me wrong, it's a nice car, but my point is that there are those that look at me funny and ask why I don't drive a NEW car, and my answer is simple... "I'll be retired by 48. Can you say the same?" I know you didn't mean anything PERSONAL in your comment, and I'm not "calling you out" or slamming you for what you said, just pointing out that not everyone that makes $200K+ as an individual is RICH. I am doing well, and I live well, and I want for nothing (except someone to share it with). All the "extra" is for ME and MY FUTURE... not for the gov't to take a redistribute to the lazy f*cks that don't work and choose to drive around in $100 cars, with $3000 rims.
Teko:
I'm not even sure what to say about your "Without the oil in the core of the earth will the earth burn up" comment. Listen, you've SLAMMED me plenty of times for the stuff that I say, and I'm doing my best to refrain from doing the same thing to you, as that's not 'The Way of the Right' (it's more of a Democrat thing to kick someone while they're down), so I'll say this... petroleum that is drilled & removed from the earth under our feet has ZERO to do with lubricating the core of the earth. I can understand your thought process and why you might think that, as oil is used in internal-combustion engines to lubricate components and what'not, so I follow what you're thinking. But I assure you... we can "Drill Baby, DRILL!!!" all we want, and the earth will be just fine. We're going to run out one day, but the earth beneath our feet will not suffer any negative impact, except that there won't be any oil left. Now, there are the dire threats of "global warming" that's a byproduct of burning fossil-fuel/hydrocarbon based fuels/petrochemicals, but you'll have to hit Al Gore up to get information on that aspect of the negative impact.
Sorry to be so long-winded MrsP & teko. I doubt anyone except for you 2 will even read all of that, and maybe not even you 2!!!
The $200K+ I make a year is all spent, before I even make it, and I FOR SURE do not live beyond my means. I'm planning for my future, and as such, have multiple rental properties, investments, etc. I'm not saying this to brag, just to point out that just because one makes $200K+/yr, it doesn't mean they're rich and live beyond their means. I SAVE, SAVE, SAVE every penny that I can muster, and sock it away for my future. I don't go out to eat a lot (maybe once or twice a month, if that). I don't have a lot of fancy clothes (buy nice/buy once). I don't have a lot of fancy TV's and electronics. I don't go on vacation a lot. All my money goes into investments, 401K, money-market account, all for my future. Saying that I "can afford to pay a lil extra" is a bit obtuse, don't you think? That being said, I COULD choose to not save, and I could live like a freaking KING, and travel all the time, and have lots of fancy cars and electronics and stuff, but I choose not to. I drive a 1996 Lexus ES300 for example, not a new fancy car. Don't get me wrong, it's a nice car, but my point is that there are those that look at me funny and ask why I don't drive a NEW car, and my answer is simple... "I'll be retired by 48. Can you say the same?" I know you didn't mean anything PERSONAL in your comment, and I'm not "calling you out" or slamming you for what you said, just pointing out that not everyone that makes $200K+ as an individual is RICH. I am doing well, and I live well, and I want for nothing (except someone to share it with). All the "extra" is for ME and MY FUTURE... not for the gov't to take a redistribute to the lazy f*cks that don't work and choose to drive around in $100 cars, with $3000 rims.
Teko:
I'm not even sure what to say about your "Without the oil in the core of the earth will the earth burn up" comment. Listen, you've SLAMMED me plenty of times for the stuff that I say, and I'm doing my best to refrain from doing the same thing to you, as that's not 'The Way of the Right' (it's more of a Democrat thing to kick someone while they're down), so I'll say this... petroleum that is drilled & removed from the earth under our feet has ZERO to do with lubricating the core of the earth. I can understand your thought process and why you might think that, as oil is used in internal-combustion engines to lubricate components and what'not, so I follow what you're thinking. But I assure you... we can "Drill Baby, DRILL!!!" all we want, and the earth will be just fine. We're going to run out one day, but the earth beneath our feet will not suffer any negative impact, except that there won't be any oil left. Now, there are the dire threats of "global warming" that's a byproduct of burning fossil-fuel/hydrocarbon based fuels/petrochemicals, but you'll have to hit Al Gore up to get information on that aspect of the negative impact.
Sorry to be so long-winded MrsP & teko. I doubt anyone except for you 2 will even read all of that, and maybe not even you 2!!!
Lot out there now brice debunking Gore and that theory of Climate warming and whether its manmade or not think you are right thats a whole other thing lol.Drill Baby Drill look at all the jobs ..and I am talking about off shore drilling .
Personally, if I made twice what I am making now, I'd expect to be paying more in taxes. But the beautiful things is, with my current lifestyle... I'd have the ability to save some money. What a novel idea, the ability to save money. Not a possibility at my ranch.
As for oil being a coolant... it's flammable so introducing it to any heat source would be a bad idea. I've always seen oil as a lubricant. We use water, coolant/antifreeze and fans to keep car motors cooler. (Just replaced a fan in the Subaru... without it, the car over heated...) Going further into the global warning thing, sheesh... might be a topic for another thread. I think I lot of it is fabricated. There is science that either side uses to gain inertia for what could be seen as special interest groups.
As for oil being a coolant... it's flammable so introducing it to any heat source would be a bad idea. I've always seen oil as a lubricant. We use water, coolant/antifreeze and fans to keep car motors cooler. (Just replaced a fan in the Subaru... without it, the car over heated...) Going further into the global warning thing, sheesh... might be a topic for another thread. I think I lot of it is fabricated. There is science that either side uses to gain inertia for what could be seen as special interest groups.
I have always wondered what would ultimately happen when we kept drilling the oil out of the earth. Has anyone ever stopped to think about the consequences of that act alone? I always thought that oil was a coolant, sort of like for air conditioning. Without the oil in the core of the earth will the earth burn up? Each year it is getting warmer and warmer in places that were never that warm before. I am curious to see if anyone knows this. Has oil been drilled out of Texas or the parts of the country where it has been really really hot? Change of topic I know and find myself wondering these things. Does anyone here know?
The figures are $200,000.00 Single Filer and $250,000.00 Joint Filers...Even if you don't consider this rich and you are blessed enough to make this kind of salary annually, A majority of the American People that are "Middle Class" and a majority of small business don't make this much money Annually. If you are a single person making $200,000.00 annually IMO Yes you can afford to pay a lil extra. Unless you live beyond your means. I know I wouldn't mind if I did. JUST MY OPINION. PLS DON'T CHEW ME UP AND SPIT ME OUT FOR MY OPINION.........
well we have given Brazil billions to help them drill for oil and the Obama told them we would buy that oil from them.....wont let us drill for our own oil ...and gives our money away all around the world ....
I'm not sure my paycheck can stand MORE taxes being taken out.
I'm going to have to drop my 401K percentage if they start taking much more out, and I'm not going to be happy about that.
I'm not sure why we, the hard-working general public, has to be punished in order to supply the not-so-hard-working public, with things like (insert crappy entitlement program HERE)...
Not to mention having to repay the debt, which really hasn't really benefited us much. Yeah, the money was spent on "us", but what do we have to show for it?
If you're going to start (2) wars and cost us TRILLIONS of dollars, at least get some oil & gas in return, to help fund the wars that were waged...
Seriously... why DIDN'T we take oil from the Iraqi's in order to fund the war(s) over there? Why would that have been so bad? We spent TRILLIONS of dollars to "help" them and they owe us. Pay us back with oil.
Seems fair to me.
I'm going to have to drop my 401K percentage if they start taking much more out, and I'm not going to be happy about that.
I'm not sure why we, the hard-working general public, has to be punished in order to supply the not-so-hard-working public, with things like (insert crappy entitlement program HERE)...
Not to mention having to repay the debt, which really hasn't really benefited us much. Yeah, the money was spent on "us", but what do we have to show for it?
If you're going to start (2) wars and cost us TRILLIONS of dollars, at least get some oil & gas in return, to help fund the wars that were waged...
Seriously... why DIDN'T we take oil from the Iraqi's in order to fund the war(s) over there? Why would that have been so bad? We spent TRILLIONS of dollars to "help" them and they owe us. Pay us back with oil.
Seems fair to me.
check out endoftheamericandream.com/.../tax-the-rich-14-facts-you-may-want...
I think the tax covers anyone earning $200-250.000 a year ..check it out ..its not just the super rich...
I think they're talking about the SOOPER, DOOPER wealthy... not us pee-on's making $200K/yr.
Now, if they ARE talking about those making $200K+/yr, I think a lot of us here on this board might have something to say about that, because I sure as sht don't consider myself "wealthy" by any stretch of the imagination, and I'm North of there.
Hopefully they're defining "wealthy" as the Millionair/Billionair club.
Now, if they ARE talking about those making $200K+/yr, I think a lot of us here on this board might have something to say about that, because I sure as sht don't consider myself "wealthy" by any stretch of the imagination, and I'm North of there.
Hopefully they're defining "wealthy" as the Millionair/Billionair club.
I think it depends what you call the wealthy I think anyone who earns over $200.000 gets socked and wont that slam the small business's ...no I do not like redistribution of wealth at all ..
The Republican controlled Congress.
Fire ALL OF THEM, and start from scratch.
Fire ALL OF THEM, and start from scratch.
I totally agree -- it seems to be only Congress who is against raising taxes....
As I've been saying... get rid of the tax breaks for the wealthy.
Step #1: Raise taxes on the wealthy.
Step #2: Reduce spending.
~So endeth the lesson~
Step #1: Raise taxes on the wealthy.
Step #2: Reduce spending.
~So endeth the lesson~
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