Republicans survive Recall effort in WI, what will happen in PA, PGH? (incomes, income tax)

[UKyank]

Originally Posted by Aqua Teen Carl

Americans are upset with the man who uses his wealth to make laws to say he does not have to pay his fair share.

This begs the question of what is ones 'fair share'?

[gg]

Originally Posted by hnsq

Maybe some of us have worked hard to make more money for ourselves instead of whining about the wealthy having too much?

I started investing in stocks with $500 when I was 19 years old (all the money I had then!), and made enough to buy a home at 23.

Stop complaining about the rich and learn something from them. You know what they say...those who are too lazy to make something of themselves resort to complaining. The wealthy already carry this country's tax burden.

Firstly, you are not who I am talking about. I am talking about raising tax on the super rich. Warren Buffet tax percentage was 17 percent while most of his employees is much higher. The super rich need to have their tax raised, because the percentage isn't correct. Stop dreaming that you can relate to the super rich or you think you are one of them. Your net worth is a joke in comparison. Just read what Mr. Warren Buffet says and have a look about what he says about taxes when they were higher in the past.

Stop coddling the super-rich: Buffett - Yahoo! News (http://news.yahoo.com/stop-coddling-super-rich-buffett-084140678.html - broken link)

By the way, sure maybe we can cut spending to the point we are a third world country and our kids get horrible educations. Better pony up that money of yours on private schools, but even if your kid is lucky enough to get an education, what about the tons of kids that are in his generation running around dumb as posts. It will be an interesting life for your kid dealing with all that, but whatever. We need to raise taxes on the rich. Oh I am also living in my sixth home and three of them where within Fox Chapel Borough and I too invest and have been since I was a kid. I still am smart enough to know Warren Buffet needs to pay the same tax rate as his employees. It makes no sense.

[hnsq]

Originally Posted by h_curtis

Firstly, you are not who I am talking about. I am talking about raising tax on the super rich. Warren Buffet tax percentage was 17 percent while most of his employees is much higher. The super rich need to have their tax raised, because the percentage isn't correct. Stop dreaming that you can relate to the super rich or you think you are one of them. Your net worth is a joke in comparison. Just read what Mr. Warren Buffet says and have a look about what he says about taxes when they were higher in the past.

Stop coddling the super-rich: Buffett - Yahoo! News (http://news.yahoo.com/stop-coddling-super-rich-buffett-084140678.html - broken link)

By the way, sure maybe we can cut spending to the point we are a third world country and our kids get horrible educations. Better pony up that money of yours on private schools, but even if your kid is lucky enough to get an education, what about the tons of kids that are in his generation running around dumb as posts. It will be an interesting life for your kid dealing with all that, but whatever. We need to raise taxes on the rich. Oh I am also living in my sixth home and three of them where within Fox Chapel Borough and I too invest and have been since I was a kid. I still am smart enough to know Warren Buffet needs to pay the same tax rate as his employees. It makes no sense.

I am sorry, but whose effective tax percentage is higher than 17%? Personally? I have never paid more than 10.4% in taxes.

What tax breaks does Warren Buffett have that his employees do not? Are you possibly complaining because Buffett educated himself on tax codes and his employees did not? Isn't that the employees' fault?

[gg]

Originally Posted by hnsq

Are you possibly complaining because Buffett educated himself on tax codes and his employees did not? Isn't that the employees' fault?

Buffet does his own taxes. I can tell you have no concept of "super rich". He would have a room full of people dealing with his accounting.

Read the article. I can tell you didn't read it.

[Aqua Teen Carl]

Originally Posted by UKyank

This begs the question of what is ones 'fair share'?

Fair share should be the same tax rate that the middle class is taxed at rather than receiving tax breaks. The rich are paying the lowest tax rate since World War II and it is creating the biggest gap between the upper and lower classes in the Western World.

Whether or not you agree with that is one thing, but it is plain view that the rich are creating laws to benefit themselves when it comes to paying taxes. Why someone would defend those who would not piss on them if they were on fire is beyond me.

[hnsq]

Originally Posted by h_curtis

Buffet does his own taxes. I can tell you have no concept of "super rich". He would have a room full of people dealing with his accounting.

Read the article. I can tell you didn't read it.

Yes, I did read it. And can you respond to the rest of my post? I will repeat the question you ignored.

What tax breaks does Warren Buffett have that his employees do not? Are you possibly complaining because Buffett educated himself on tax codes and his employees did not? Isn't that the employees' fault?

[gg]

Originally Posted by hnsq

Yes, I did read it. And can you respond to the rest of my post? I will repeat the question you ignored.

What tax breaks does Warren Buffett have that his employees do not? Are you possibly complaining because Buffett educated himself on tax codes and his employees did not? Isn't that the employees' fault?

A capital gains tax rate for one. These short term computer traders should be nailed with taxes. The stock market wasn't created for that crap, it was created for common people to take some ownership of a company, hence the word "invest".

If Warren Buffet pays 17% and you are paying 10%, I am not sure what to say unless you are trading stock and pulling your cost basis out of the air, so to speak.

[ML North]

Originally Posted by hnsq

Yes, I did read it. And can you respond to the rest of my post? I will repeat the question you ignored.

What tax breaks does Warren Buffett have that his employees do not? Are you possibly complaining because Buffett educated himself on tax codes and his employees did not? Isn't that the employees' fault?

Payroll taxes are largely regressive with income. Social Security tax is normally 6.2% on the first $102,000 of income. The rate has been temporarily reduced to 4.2% for 2011. Any income above $102,000 is free from Social Security tax. So for a person earning $102,000 or less, Social Security tax will be 6.2% of income. For a person earning $1,000,000, Social Security tax will be 0.632% of income. Just one example.

[hnsq]

Originally Posted by h_curtis

A capital gains tax rate for one. These short term computer traders should be nailed with taxes. The stock market wasn't created for that crap, it was created for common people to take some ownership of a company, hence the word "invest".

If Warren Buffet pays 17% and you are paying 10%, I am not sure what to say unless you are trading stock and pulling your cost basis out of the air, so to speak.

I would suggest you spend a few hours reading into the tax code. Warren Buffett has such a high tax rate because most of his money comes from the market and not salary. No one who gets most of their money from a salary should ever pay more than about 13%.

[ML North]

Originally Posted by hnsq

I would suggest you spend a few hours reading into the tax code. Warren Buffett has such a high tax rate because most of his money comes from the market and not salary. No one who gets most of their money from a salary should ever pay more than about 13%.

You're only considering federal withholding. In Buffett's article, he is considering all federal taxes. So, 17% is the percentage of his income that is paid in all federal taxes, including Social Security and Medicare. My rate for 2010 was 19.31%. I would assume that most people would be in a similar range.