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Old 04-06-2008, 08:36 AM
 
Location: Atlanta
738 posts, read 644,343 times
Reputation: 279

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Quote:
Originally Posted by Tesaje View Post
Ah yes, statistics. A great way to lie and misrepresent the facts.

But what percentage of the nation's income and wealth do those top 10% have? A huge percentage. I don't have the figures at hand, but it is increasingly lopsided, so don't go crying crocodile tears about how burdened they are.

Warren Buffett (2nd wealthiest person?) did a little study and found that he pays less than half in taxes as a percentage of his income than any of his staff. He claims he does nothing in particular to reduce his tax bite but that the tax law greatly favors the super rich over the middle classes. He says this is a disgrace.

Raw money paid in taxes is a red herring when the actual money earned isn't taken into account.

The reason Buffett pays less than many of his staffers is simple, legal and ethical. The majority of his income is from long-term capital gains. The income of his staffers is taxed as ordinary income. The tax treatment he receives is available to every American who owns stock, real estate or any other investment. So, stop making it sound like he gets preferential tax treatment because of his high net worth/income situation. He doesn't. It's simply that his income comes from a different source than his employees.
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Old 04-06-2008, 09:15 AM
 
Location: DC Area, for now
3,517 posts, read 12,053,898 times
Reputation: 2141
Quote:
Originally Posted by Buckhead_Broker View Post
The reason Buffett pays less than many of his staffers is simple, legal and ethical. The majority of his income is from long-term capital gains. The income of his staffers is taxed as ordinary income. The tax treatment he receives is available to every American who owns stock, real estate or any other investment. So, stop making it sound like he gets preferential tax treatment because of his high net worth/income situation. He doesn't. It's simply that his income comes from a different source than his employees.
It was Warren Buffet who made the case for his preferential treatment due to his huge income and the type of income. It was Warren Buffet who said this wasn't fair. I only reported about a story I heard on him and what he says about our tax system and the relative unfairness. So go argue with Warren Buffet, who obviously has different views and values than you do. His point was that his preferential tax treatment was not available to lower income people and to really get the advantages, you must be wealthy.
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Old 04-06-2008, 04:08 PM
 
Location: Atlanta
738 posts, read 644,343 times
Reputation: 279
Quote:
Originally Posted by Tesaje View Post
It was Warren Buffet who made the case for his preferential treatment due to his huge income and the type of income. It was Warren Buffet who said this wasn't fair. I only reported about a story I heard on him and what he says about our tax system and the relative unfairness. So go argue with Warren Buffet, who obviously has different views and values than you do. His point was that his preferential tax treatment was not available to lower income people and to really get the advantages, you must be wealthy.
. . .And that would be a problem because of what?
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Old 04-07-2008, 09:06 AM
 
Location: Marietta, GA
857 posts, read 4,473,978 times
Reputation: 809
Quote:
Originally Posted by Tesaje View Post
But what percentage of the nation's income and wealth do those top 10% have? A huge percentage. I don't have the figures at hand, but it is increasingly lopsided, so don't go crying crocodile tears about how burdened they are..
I really don't understand this wealth-envy that you and so many like you have. Just because someone is more financially successful than you, you think they need to be punished for it. Instead of being jealous of them why don't you try emulating them? Then you can enjoy a degree of success yourself and see what it feels like to have Uncle Sam sticking his hand in YOUR pocket to help fund the people who don't work as hard or as smart as you do!
I don't hate rich people the way you seem to. As a matter of fact... in every job I had ever had before I owned my own company, I worked for someone who was richer than me and was therefore able to hire me. Without entrepreneurs nobody else would have a job!
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Old 04-07-2008, 02:35 PM
 
Location: DC Area, for now
3,517 posts, read 12,053,898 times
Reputation: 2141
Quote:
Originally Posted by NorthmeetsSouth View Post
I really don't understand this wealth-envy that you and so many like you have. Just because someone is more financially successful than you, you think they need to be punished for it. Instead of being jealous of them why don't you try emulating them? Then you can enjoy a degree of success yourself and see what it feels like to have Uncle Sam sticking his hand in YOUR pocket to help fund the people who don't work as hard or as smart as you do!
I don't hate rich people the way you seem to. As a matter of fact... in every job I had ever had before I owned my own company, I worked for someone who was richer than me and was therefore able to hire me. Without entrepreneurs nobody else would have a job!
I don't hate rich people at all. If they get rich and do it legally and fairly, more power to them. What I don't much like is skewed statistics to make it seem like poor little rich kid. And very wealthy people whining about how awful it is that they have to pay taxes. All the while lobbying for more tax breaks and corporate welfare.

Apparently when someone puts out actual statistics to show the whole story instead of one little misleading stat, you interpret it as envy. I would say look to your own problems and quit attacking me. You know nothing about me or my situation and I don't appreciate your lecturing about how I should work hard. For all you know, I work harder and have a higher net worth than you do. So MYOB on my personal affairs and stick to the subject of the thread.
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Old 04-07-2008, 07:25 PM
 
Location: Atlanta
738 posts, read 644,343 times
Reputation: 279
Well, the rich do pay too much in taxes but that's an arguement for another time!
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Old 11-08-2008, 08:35 PM
 
1 posts, read 1,787 times
Reputation: 10
Wow, what's a great information! It's really pretty good. Just one thing I want to share with you which is that spending more than what we earn is the magic key to solve our debt problems. So we just need to limit our spending habits as much as we can.

---
debteliminationmethods.com
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Old 11-08-2008, 08:52 PM
 
1,369 posts, read 3,356,052 times
Reputation: 447
Quote:
Originally Posted by Buckhead_Broker View Post
OK folks, I've read these posts for about a year or so. Either it's the crowd that this forum attracts or somewhere along the path people didn't learn how to save for the future. So, what is it?

Did many of you never learn about planning for your future?

Was there just not enough income to save for the future?

Was it not important to save for the future?

Why is it that so many people facing retirement are so ill-prepared after 30-40years of working?



They live beyond their means. Especially here in Miami, a lot of 'funny money' from South America as well as financed luxury cars...
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Old 11-08-2008, 10:01 PM
 
Location: Land of Free Johnson-Weld-2016
6,473 posts, read 13,956,147 times
Reputation: 6436
I guess I kind of have to defend the rich, too. The few wealthy people I know are open-minded, very involved in the community and have worked hard to improve our state. They are also non-racist and pretty down-to-earth. As a whole, they seem to try extra hard to be open minded, giving and kind.

I also agree that anyone can get the lower tax rate on capital gains, but it's easier to make enough capital gains income if you already have a lot of money. Opening a brokerage account might be difficult for most low/moderate income people. Fidelity has tried to make that easier by waiving the 2k (or is it 5K) initial amount needed for an account if you sign up for monthly deductions. I know that may still be difficult for some people, but it's a way to tap into dividend-paying securities and possibly pay less tax on the earnings.

Having said that, I don't know any SUPER rich people. I mean 50 million dollars rich and up rich. I only see those people on TV and read about them in magazines, and I have gotten the impression that they may not be as disposed to being kind and giving. That's just my impression based on ppl like the Sultan of Brunei, the Waltons and Paris Hilton
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Old 11-08-2008, 10:02 PM
 
Location: southern california
55,668 posts, read 74,637,859 times
Reputation: 48179
love to spend other peoples money.
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