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Why would anyone care what Warren buffet thinks? The super rich won't be affected much no matter what happens. To me his opinion on the matter doesn't matter that much.
Why would anyone care what Warren buffet thinks? The super rich won't be affected much no matter what happens. To me his opinion on the matter doesn't matter that much.
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Good point Although I do think there is some value in listening to someone who isn't going to be helped/hurt no matter what happens. They're more likely to be less emotional and objective about the situation. The hard part is that at his level, it's hard to know whether there is a hidden agenda, and if so, what it is.
You claim the U.S. doesn't make anything anymore. When it is demonstrated how silly and easily refuted this claim is by the US having 11 million workers manufacturing things, you are suddenly interested only in employment totals?
"The US remained the world's biggest manufacturing nation by output last year, but is poised to relinquish this slot in 2011 to China - thus ending a 110-year run as the number one country in factory production.... Last year, the US created 19.9 per cent of world manufacturing output, compared with 18.6 per cent for China, with the US staying ahead despite a steep fall in factory production due to the global recession."
Kinda puts your claim that the U.S. doesn't make anything anymore in perspective doesn't it? We'll be sure to let you know when we are discussing total employees as opposed to whether the US makes anything, Genius.
Thousands of businesses, HUGE businesses and factories (even Ford plants) have moved overseas and into Mexico to avoid paying taxes and high regulation. Those jobs are never coming back.
America doesnt make things anymore, an economy that doesnt make things is doomed to failure.
But hey keep living in your fairy-land of taxing the rich will make everything better...
P.S. Rich people are NOT stupid, they arent going to simply hand the federal Government their money..
Maybe THOSE particular jobs will never come back, but by creating a good environment to do business, other companies will grow or develop in their place.
Right now as a country I see us as leaving a lot of money laying on the table. We are not at our full potential.
Look at states like Maryland and New York that impose punitive taxes on the wealthy and what do they do? Move to a state like Florida.
The more you push people the more they push back. The more rules you have the more people find a way around them.
The economic problems in the 70's had little to do with the high marginal rates, these rates were in place since the great depression. Furthermore lowering the rates did nothing for the economy, in fact, the economy, at least for the common man, was better in the 50~70's than it was in the 80's to today.
Nice slippery slope, but the US had high marginal rates for 50 years and the US never turned into a socialist, much less, communist state.
In what sense is it theirs? As you get higher and higher on the income scale, one's income starts to be more about what one owns rather than what one does. People should be rewarded for doing, not merely owning.
I don't think the "common man" had it any better. I'd rather live now than then. My parents have plenty of stories to tell from the 1970's with high prices, low wages, crazy inflation, high interest rates, etc.
Lowering rates boomed the economy in the 1980's and quadtripled tax revenues to the government. Government not turning socialist? I'd say they did with the stupid "Great Society" and their housing programs and rules that lead eventually to the housing boom and bust in recent times.
I'd say whatever you earn is yours. I don't think anyone is entitled to your fruits of your labor. And if you say they are, then what pious person or government entity can rightfully say so?? Once you start placing claims on other peoples wealth there is no end to it. Witness the USSR.
Buffet says, "guys like us" should be taxed more. Guys like Warren Buffet are not those making $250,000. Most millionaires are not "guys like Buffet."
If someone with only one billion dollars gave away 99%, he'd have ten million dollars left. That's $10,000,000. A lot of zeros. If the super-rich feel like they have more than their share, they are free to give some away (as Buffet is encouraging billionaires to do).
I don't think the "common man" had it any better. I'd rather live now than then. My parents have plenty of stories to tell from the 1970's with high prices, low wages, crazy inflation, high interest rates, etc.
Woah woah woah! I was almost convinced previous generation had a perfect life. What is this outlying data point?
Buffet says, "guys like us" should be taxed more. Guys like Warren Buffet are not those making $250,000. Most millionaires are not "guys like Buffet."
If someone with only one billion dollars gave away 99%, he'd have ten million dollars left. That's $10,000,000. A lot of zeros. If the super-rich feel like they have more than their share, they are free to give some away (as Buffet is encouraging billionaires to do).
Yeah I'd say if you really want to pay more then send a check to the US government or something else, but don't wag the finger at me and demand I do the same.
There is nothing to stop these people from contributing more.
I think most people would be surprised that many extremely wealthy people drive Ford Explorers and wear regular clothes. In my experience the flashy ones are the trustafarians or hollywood types. And a lot of those flashy people have high incomes and almost no real wealth because they spend every penny they earn on high living.
China has a 25% corporate income tax rate, ours is what, around 39%, so it's hard to believe cutting our corporate tax rate to 25% would spur growth like China. In other words, I don't believe corporate taxes really has much to do with companies leaving the US. Several other countries have corporate tax rates above the US and they are doing much better economically than we are.
I think most people would be surprised that many extremely wealthy people drive Ford Explorers and wear regular clothes. In my experience the flashy ones are the trustafarians or hollywood types. And a lot of those flashy people have high incomes and almost no real wealth because they spend every penny they earn on high living.
Definitely agree.
I once had a coworker who drove a newer BMW, wore really expensive sunglasses, etc. but he was the one always calculating whether payday would come before a weekend/holiday or whether it would post to his account before his rent came due on the 1st of the month.
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Although I do think there is some value in listening to someone who isn't going to be helped/hurt no matter what happens. They're more likely to be less emotional and objective about the situation. The hard part is that at his level, it's hard to know whether there is a hidden agenda, and if so, what it is.
