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Old 05-31-2019, 10:12 AM
 
Location: Ruidoso, NM
5,416 posts, read 5,108,922 times
Reputation: 4458

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Quote:
Originally Posted by Thatsright19 View Post
And I repeat again, itís a stupid sound byte. If warren is so sad about it, heís free to over pay and provide the government a free loan.
Surely you aren't one of those people who believes that taxes should be voluntary...
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Old 05-31-2019, 10:15 AM
 
2,736 posts, read 1,753,605 times
Reputation: 5962
Quote:
Originally Posted by rruff View Post
Surely you aren't one of those people who believes that taxes should be voluntary...
Do you have reading comprehension problems?

No, Iím tired of warren trying to be relatable to the little guy and that he actually cares. He fake complains his taxes are so low and him and his buddies should pay more. Well, if he means it, thereís nothing stopping him. Send a voluntary check in and have another feel good media peice about how awesome he is.
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Old 05-31-2019, 10:30 AM
 
Location: Ruidoso, NM
5,416 posts, read 5,108,922 times
Reputation: 4458
Quote:
Originally Posted by TaxPhd View Post
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.
Except for that one niggling fact that the great majority of people are not born with significant capital, and must earn a wage... on which they are taxed at a higher rate than the mega rich with their billions$. And finding isolated cases of people starting with modest means and "hitting it big" doesn't mean jack. Anybody can get rich winning the lotto also, but of course very few actually can.

The engine of prosperity is productivity. I wouldn't care if the mega rich were investing that wealth in invention and industry and infrastructure, but since the tax rates were reduced ~40 years ago the opposite has happened. The disparity has resulted in depressed consumer wages and demand, which necessarily depresses production. So the rich primarily inflate assets like RE and the stock market.
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Old 05-31-2019, 10:37 AM
 
Location: Ruidoso, NM
5,416 posts, read 5,108,922 times
Reputation: 4458
Quote:
Originally Posted by Thatsright19 View Post
He fake complains his taxes are so low and him and his buddies should pay more. Well, if he means it, thereís nothing stopping him.
Apparently you can't conceive of someone supporting a policy that costs him $$$? It actually gives a person a lot more cred. There is nothing "fake" about it.

Buffet is probably smart enough to realize that the laws that have allowed him (and others) to become mega billionaires are damaging to the overall prosperity of the country. Giving up his money won't make a damn bit of difference, but changing the law will.
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Old 05-31-2019, 10:55 AM
 
4,544 posts, read 4,728,739 times
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Quote:
Originally Posted by rruff View Post
Except for that one niggling fact that the great majority of people are not born with significant capital, and must earn a wage... on which they are taxed at a higher rate than the mega rich with their billions$. And finding isolated cases of people starting with modest means and "hitting it big" doesn't mean jack. Anybody can get rich winning the lotto also, but of course very few actually can.

The engine of prosperity is productivity. I wouldn't care if the mega rich were investing that wealth in invention and industry and infrastructure, but since the tax rates were reduced ~40 years ago the opposite has happened. The disparity has resulted in depressed consumer wages and demand, which necessarily depresses production. So the rich primarily inflate assets like RE and the stock market.
But much of that money has already been taxed. If you owned 20 grocery stores and you paid corporate income taxes on the profit of those stores would you also expect to get taxed again for putting the remainder in your bank account? That's literally what happens with dividends already. Like was said earlier you can do the same thing. I spend way less than we earn and invest the difference in both retirement accounts and brokerage accounts. Sure I'll never be as rich as WB, but I don't need to be.
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Old 05-31-2019, 11:08 AM
 
2,736 posts, read 1,753,605 times
Reputation: 5962
Quote:
Originally Posted by rruff View Post
Apparently you can't conceive of someone supporting a policy that costs him $$$? It actually gives a person a lot more cred. There is nothing "fake" about it.

Buffet is probably smart enough to realize that the laws that have allowed him (and others) to become mega billionaires are damaging to the overall prosperity of the country. Giving up his money won't make a damn bit of difference, but changing the law will.
Right. For one thing, the laws didnít make him rich. Or any billionaire.


Yeah, itís also damaging when Buffet partners up with corporate raiders like 3G and destroys companies like Kraft and Heinz with ZBB. Maybe old warren could have his secretary do a back of the napkin calculation to figure out the effective tax rate the xx,xxx employees he and the Brazilian boys sent to the gutter are paying?

But then again, he doesnít want to be the change he wants to see in the world. He wants a useless media peice.

Anywho, itís not like the rich have money sitting in some big vault. Itís invested out in the economy and already aiding in economic prosperity. I donít see the need for some incompetent government to take it and allocate it in their own way less efficiently. They already had one swing at it. They can try to get at it again when that wealth creates more profit yet again.

Last edited by Thatsright19; 05-31-2019 at 12:05 PM..
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Old 05-31-2019, 01:10 PM
 
Location: On the road
5,937 posts, read 2,891,210 times
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Quote:
Originally Posted by TaxPhd View Post
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.
Can confirm. We're hardly mega-rich and our fed income tax rate is 0%, we pay a bit to reconcile with ACA but it's pretty much a wash. God Bless America, good BBQ, Dusty Rhodes, and free refills on water.
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Old 05-31-2019, 08:19 PM
 
Location: Ruidoso, NM
5,416 posts, read 5,108,922 times
Reputation: 4458
Quote:
Originally Posted by Thatsright19 View Post
Itís invested out in the economy and already aiding in economic prosperity.
It's inflating assets. That isn't an "investment" that increases living standards, it just puts more $$$ in their accounts. Dollars which by necessity must be extracted from the productive economy.

Our economy used to run really well. Taxes on the rich were very high, foreign trade was nil, and investment (real investment in productivity) and living standards skyrocketed.
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Old 05-31-2019, 08:31 PM
 
Location: Ruidoso, NM
5,416 posts, read 5,108,922 times
Reputation: 4458
Quote:
Originally Posted by mizzourah2006 View Post
If you owned 20 grocery stores and you paid corporate income taxes on the profit of those stores would you also expect to get taxed again for putting the remainder in your bank account?
If you don't like being a C-Corp, why not an S-Corp?

At any rate, when corporate and income taxes on the rich were high we had a very strong economy. Much better than the last 40 years. We fought 3 big wars and actually paid for them. Real median income tripled in 45 years. We invested in massive amounts of infrastructure and productive capacity.

Quote:
I spend way less than we earn and invest the difference in both retirement accounts and brokerage accounts. Sure I'll never be as rich as WB, but I don't need to be.
I always have as well and I'm set for life, but we aren't talking about me (or you). For most people even if they save a substantial chunk of their earnings, their investments won't amount to anything but a decent (and maybe a little early) retirement. Unless they are lucky.
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Old 06-01-2019, 02:21 AM
 
Location: Silicon Valley
3,612 posts, read 1,628,097 times
Reputation: 6132
What is income...and the heart of all of these questions is always a seemingly easy answer from people that have one source of incoming cash flows.

Frankly, the worst way to get income (but easiest way to open finances for the major buys most people make in a lifetime) is to work for W-2 wages. When people talk about their gross wage, they're talking about something that's make believe. If I had a job that had $100K of gross wages....how much do I actually get to keep? People fool themselves into thinking it's some sort of annuity, but those days are gone. You have costs associated with earning that job. You have to buy clothes and hygiene for the workplace, you need a reliable car, gas and insurance, you need to be trained and licensed in something.

It's the only place where you have to pay full boat. It's also why it's afforded protections.

Everything else gets messy fast. However the more you own the means to wealthy production, the more you can steer when you want to pay something. So your best loophole is really to convert your job into a business that provides a trade. You gain some advantages....but you lose the security and protections surrounding a job.
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