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Old 05-30-2019, 11:24 PM
 
Location: Ruidoso, NM
5,416 posts, read 5,104,592 times
Reputation: 4457

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Quote:
Originally Posted by TaxPhd View Post
Even Obama got it wrong.
This is the Obama statement: "Warren Buffett’s secretary shouldn’t pay a higher tax rate than Warren Buffett. There is no justification for it. It is wrong that in the United States of America, a teacher or a nurse or a construction worker who earns $50,000 should pay higher tax rates than somebody pulling in $50 million."

Rates...
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Old 05-31-2019, 01:01 AM
 
Location: Portugal
5,917 posts, read 2,883,413 times
Reputation: 11308
Quote:
Originally Posted by lieqiang View Post
Bottom line though, the out of context quote usually bandied about is that Warren Buffet pays less taxes than his secretary, which is a ridiculous notion.
Quote:
Originally Posted by rruff View Post
I think you might have just made up that 2nd paragraph. I've only seen it mentioned that his tax rate is less. A hell of a lot less in fact.

Made it up? Takes all of five minutes to prove that's an utterly asinine assertion.

Quote:
Originally Posted by Threerun View Post
They don’t. Berkshire Hathaway’s CEO pays less than his Secretary.

Look it up.

The tax bill was a scam on all hard working Americans.
Quote:
Originally Posted by Ringo1 View Post
Well we know Kushner isn't contributing to that number. And Warren Buffet said his secretary paid more than he did.
Quote:
Originally Posted by Mircea View Post
That's why Buffet paid less in all taxes than his secretary did, because his secretary has a salary, while he does not.
Quote:
Originally Posted by bobsell View Post
Corporation making $100M can use one of the 50 million loopholes and oh look, they're paying zero income tax here.

What was that about Warren Buffet saying his secretary pays more taxes?

The income tax laws are written to enrich cronies.
Quote:
Originally Posted by ItIsWritten. View Post
Rich people pay very little taxes compared to the poor. Warren Buffet says his secretary pays more taxes than he does. The poor subsidize the rich
Quote:
Originally Posted by Finn_Jarber View Post
Warren Buffet says the tax system is ridiculous because he is a billionaire and pays less income taxes than his secretary.
Quote:
Originally Posted by tijlover View Post
Warren Buffet's secretary pays more taxes than her boss!
Quote:
Originally Posted by Thatsright19 View Post
Buffet saying he pays less in taxes than his secretary is nothing but a stupid sound byte not grounded in any reality.
Quote:
Originally Posted by Ira500 View Post
It was actually Warren Buffett the multi billionaire who pointed out that he paid less taxes than his secretary.
Quote:
Originally Posted by Blue biker View Post
It is funny though how even Warren Buffet says there is problem with our tax system when he pays less taxes than his secretary. Yes he does take advantage of the tax advantages he has, "carried interest", etc. but it is funny how he admits it.
I bet I could easily dig up 50 more examples just from this forum.
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Old 05-31-2019, 01:38 AM
 
6,089 posts, read 2,817,970 times
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Quote:
Originally Posted by rruff View Post
This is the Obama statement: "Warren Buffett’s secretary shouldn’t pay a higher tax rate than Warren Buffett. There is no justification for it. It is wrong that in the United States of America, a teacher or a nurse or a construction worker who earns $50,000 should pay higher tax rates than somebody pulling in $50 million."

Rates...
Thanks for the correction.

Like I said, the quoters were getting it wrong. I didn’t hear Obama’s statement, it was reported to me by students in my classes.
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Old 05-31-2019, 08:31 AM
 
Location: Ruidoso, NM
5,416 posts, read 5,104,592 times
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Quote:
Originally Posted by TaxPhd View Post
Like I said, the quoters were getting it wrong. I didn’t hear Obama’s statement, it was reported to me by students in my classes.
I wonder if people really believe he pays less in $... or they simply leave out the "rate". His asset accumulation (mostly in stocks, yes?) is ~$2B per year on average, so to believe that he pays less in absolute $ vs someone making ~$200k/yr would be incredibly silly. There is about a 10,000 to 1 difference in income here!
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Old 05-31-2019, 08:37 AM
 
Location: Ruidoso, NM
5,416 posts, read 5,104,592 times
Reputation: 4457
Quote:
Originally Posted by lieqiang View Post
I bet I could easily dig up 50 more examples just from this forum.
Amazing...

I think if people actually believe that it's $ and not the rate, then they have no concept of of how much Buffet actually makes.
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Old 05-31-2019, 08:51 AM
 
2,730 posts, read 1,747,774 times
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I think it’s pretty clear that me and several of the other people quoted there know that warren buffets tax bill isn’t actually less than his secretary. Taxes in many of those cases is obviously just using the term generally as in tax rate. His tax rate may be lower for any number of reasons, most likely because of the type of income he has versus his w2 Secretary.

And I repeat again, it’s a stupid sound byte. If warren is so sad about it, he’s free to over pay and provide the government a free loan.
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Old 05-31-2019, 09:27 AM
 
6,089 posts, read 2,817,970 times
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Quote:
Originally Posted by rruff View Post
I wonder if people really believe he pays less in $... or they simply leave out the "rate". His asset accumulation (mostly in stocks, yes?) is ~$2B per year on average, so to believe that he pays less in absolute $ vs someone making ~$200k/yr would be incredibly silly. There is about a 10,000 to 1 difference in income here!
Speaking just about the students in my classes, well over 90% fervently believed that he paid less in total tax. These discussions went on over about three semesters, and totaled in the neighborhood of 150+- students.

It resulted in some rather spirited discussions. Even after most of the students learned the difference between rate and total paid, there were still some holdouts that just weren't going to be convinced. I'm sure they believe to this day that the multi-billionaire Buffet pays less taxes than his secretary pays.
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Old 05-31-2019, 09:36 AM
 
2,730 posts, read 1,747,774 times
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But the thing is, his tax rate could be lower for any number of reasons. Maybe he makes a charitable contribution of 10% of his income and wipes out a huge part of his ETR. Ok? He didn’t pay tax per say...
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Old 05-31-2019, 09:51 AM
 
Location: Portugal
5,917 posts, read 2,883,413 times
Reputation: 11308
Quote:
Originally Posted by Thatsright19 View Post
But the thing is, his tax rate could be lower for any number of reasons. Maybe he makes a charitable contribution of 10% of his income and wipes out a huge part of his ETR. Ok? He didn’t pay tax per say...
Tax rate for earned income versus capital income.


Quote:
Originally Posted by rruff View Post
Probably over $200k/yr? If I was Warren Buffet I wouldn't cheap out on a personal assistant.
Quote:
Originally Posted by Taksan View Post
My PA is about $170k ... she heads up a team of 3 people ... I’d imagine his would be double that at least.
According to https://www.investors.com/politics/e...e-tax-returns/

"Buffett has claimed he pays his secretary just $60,000. So maybe she's adding in every other tax she pays besides her income tax, including her employer's share of Social Security and Medicare taxes. But even that won't get you up to 35.8%."
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Old 05-31-2019, 09:52 AM
 
6,089 posts, read 2,817,970 times
Reputation: 6005
All of the angst over rates is pretty silly. There are no special rates for rich people. Everyone pays the same rate on the same quantity and type of income.

Buffet's lower rate is due to a majority of his income being tax-preferred cap gains and dividends, a strategy that's available to everyone.

Heck, just invest in municipal bands and enjoy tax free income. Then you will have a lower rate than Buffet.
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