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That's quite easy to answer -- but instead of me answering, Warren Buffett will. Take it away Warren:
As Warren said, the mega rich have gotten lower capital gains taxes over the years, which were 39.9% in the mid-1970s. The same is true for upper-income ordinary income tax rates. So it is no surprise that their income has shot up as less is taken each year in taxes.
FAIL.. Warren Buffet doesnt usually pay capital gains taxes. He acknowledges that he avoids taxes by buying, and HOLDING.. Thats why he's a billionaire, and why he donated all of his wealth upon his death.
Thats also why BRK stopped paying dividens..
You never know what the hell you're talking about.
Recent studies done by the US Census Bureau indicate that the middle half of household incomes falls between $25K and $75K in the USA. Over the past two decades, the number of households in those brackets decreased by 3.9%, from 48.2% to 44.3%. During the same time period, however, the number of households with incomes below $25,000 decreased 3.5%, from 28.7% to 25.2%, while the number of households with incomes above $75,000 increased over 7%, from 23.2% to 30.4%.
PLUS, the CBO enters with their confirmation...
Quote:
...income inequality has mainly gone up and down with the stock market since the late 1980s, with no discernible long-term trend.
This CBO report does confirm one ongoing trend: greater redistribution through the tax code. Progressivity of federal income taxes is at a record high. Effective income tax rates have gone negative for the bottom 40 percent of households and are approaching zero for the 20 percent of households considered the “middle class.”In contrast, tax rates on the top 1 percent of households have remained high at about 21 percent. As a result, the share of income taxes paid by the top 1 percent has increased dramatically since 1979, reaching 38.7 percent in 2009. The top 20 percent of households now pay more than 94 percent of income taxes, roughly matching the record high set in 2008.
FAIL.. Warren Buffet doesnt usually pay capital gains taxes. He acknowledges that he avoids taxes by buying, and HOLDING.. Thats why he's a billionaire, and why he donated all of his wealth upon his death.
Thats also why BRK stopped paying dividens..
You never know what the hell you're talking about.
Then why did he have to pay $6M in taxes at a 17% rate?
Then why did he have to pay $6M in taxes at a 17% rate?
A 17% actual effective federal income tax rate you say?
Let's look at the latest ACTUAL average effective federal income tax rates by income group, published by the IRS:
Top 0.1%: 22.84%
Top 1%: 23.39%
Top 5%: 20.64%
And then a HUGE effective tax rate drop-off below the top 5%...
Top 5-10%: 11.98%
Top 10-25%: 8.70%
Top 25-50%: 6.01% (middle class)
Bottom 50%: 2.37% Summary of Latest Federal Income Tax Data
Looks like Buffett is STILL paying nearly 3 times the tax rate the middle class pays, even WITH all the supposed tax advantages you claim he has.
In a letter to Republican Rep. Tim Huelskamp Tuesday, Buffett revealed that his adjusted gross income last year was $62,855,038 and that his taxable income was $39,814,784. Buffett said he paid $15,300 in payroll taxes.
Buffett also said his federal income tax bill came to $6,923,494, or 17.4% of his taxable income -- two points he revealed in a New York Times op-ed in August urging Congress to tax the wealthy more.
In a letter to Republican Rep. Tim Huelskamp Tuesday, Buffett revealed that his adjusted gross income last year was $62,855,038 and that his taxable income was $39,814,784. Buffett said he paid $15,300 in payroll taxes.
Buffett also said his federal income tax bill came to $6,923,494, or 17.4% of his taxable income -- two points he revealed in a New York Times op-ed in August urging Congress to tax the wealthy more.
He paid 11% of his gross income.
Fine. So, when pghquest says:
Quote:
Originally Posted by pghquest
FAIL.. Warren Buffet doesnt usually pay capital gains taxes. He acknowledges that he avoids taxes by buying, and HOLDING.. Thats why he's a billionaire, and why he donated all of his wealth upon his death.
Thats also why BRK stopped paying dividens..
You never know what the hell you're talking about.
How is it that Buffett has an income of $62,855,038 and pays $6.9M in taxes, if he never sells any stock?
Fine. So, when pghquest says:How is it that Buffett has an income of $62,855,038 and pays $6.9M in taxes, if he never sells any stock?
I'm not here to answer for him. It wasn't my argument so I do not know what he was basing his statements off of.
I don't think our positions are even the same.
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