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Our politicians have been lowering the rate that the ultra rich pay for a long time. Buffet's idea is to simply reverse that trend, and not even much. The ultra rich still wouldn't be paying the rates they paid pre-WWII.
Ever wondered how much the deficit could be dropped if we raised the taxes on the top 5% income earner and cut spending?
One does not exclude the other.
but those pre and slightly post ww2 rates (70/80/90%) were before other taxes came around
an example
I earn 60k...my property tax (county and town) is 10k...that right there is 20% of my total earned income..even more when yo consider that is on top of the federal and state, and sale, and gas, taxes
we cant solve the problem with taxes..we need to cut spending
Warren Buffett said it's time to raise taxes on the 'very rich' -- and perhaps cut them for the rest of the population.
Buffett, the billionaire investor who runs Berkshire Hathaway (BRKA), said Tuesday at Fortune's Most Powerful Women Summit in Washington that the nation's tax code "has gotten distorted to a huge extent," by levying higher taxes on secretaries and janitors than on CEOs and private equity whiners.
He called, as he has in the past, for policymakers to redress that iniquity by raising taxes on the rich. Buffett said taxes will have to rise in general in coming years if we want to dig our way out of a giant budget deficit.
and most of us realize Buffett is a lib, as liberal as they come. So, because he has big bucks we are all suppose to beleive everything he says?
Well, for someone who is "a dope" he sure is doing better than you, isn't he?
He's earned his money as opposed to "inheriting" it without doing a darn thing for it. I guess you'd be happier if we went back to the Middle Ages.
Who cares if he leans to the left or the right? His opinion IS important to people who aspire to be as rich as he is, dear. If the banks and investment houses had applied his investment principles to their business dealings, we wouldn't have the "mortgage backed securities" problems that we're having, would we?
Maybe he thinks that the uber rich like himself actually do better when the middle class does well. Maybe he doesn't believe that money "trickles down". Maybe he believes that money "circulates".
Are you suggesting that wealth makes someone one smart? Look honey he is undoubtedly a great investor. He has no expertise on tax policy.
I am sure you put great credence in Meg Whitman over Jerry Brown because she has more money than him, and Carly Fiorina over Boxer.
1. I never said there is something wrong with inheriting wealth. What I said in my retort was that Buffet earned his money by using his brains and working: therefore, he is no "dope". Please pay attention to context. I'd like to kindly encourage you to read more and better material to improve your reading comprehension skills.
2. The mess that we are in is one of gargantuan proportion. If anybody is going to get serious about mitigating deficits/debt then, it stands to reason that cutting spending alone isn't sufficient to reduce the deficit/debt. We need to get our house in order. Everybody needs to pay something and serious cuts have to be made as well. Once we do that, then we can cut rates for everybody.
3. Again, if Buffet is being taxed at a lower rate, so are other people in his income bracket. Why the "protect" the uber rich mantra then? They need to contribute to the "healing process" too. If the tax system is utterly and completely messed up, then we need to fix it so that people like him do pay. However, you seem to be content with cutting taxes for people in Buffet's bracket. Which one is it?
Buffet like many of the ultra wealthy has a huge ego and makes the mistake of thinking because he is at the top in one niche that he knows everything about everything, he doesn't.
You simply aren't serious when you say everyone needs to pay something. There is a huge segment of our population that receives a wealth transfer. I suspect you do not favor doing anything about that.
No one I know suggested anything about cutting taxes.
1. I never said there is something wrong with inheriting wealth. What I said in my retort was that Buffet earned his money by using his brains and working: therefore, he is no "dope". Please pay attention to context. I'd like to kindly encourage you to read more and better material to improve your reading comprehension skills.
2. The mess that we are in is one of gargantuan proportion. If anybody is going to get serious about mitigating deficits/debt then, it stands to reason that cutting spending alone isn't sufficient to reduce the deficit/debt. We need to get our house in order. Everybody needs to pay something and serious cuts have to be made as well. Once we do that, then we can cut rates for everybody.
3. Again, if Buffet is being taxed at a lower rate, so are other people in his income bracket. Why the "protect" the uber rich mantra then? They need to contribute to the "healing process" too. If the tax system is utterly and completely messed up, then we need to fix it so that people like him do pay. However, you seem to be content with cutting taxes for people in Buffet's bracket. Which one is it?
1. Your earlier post reads as if you're a bit jealous of inherited wealth. Because, hmmm ... oh yeah, they're wealthy "without doing a darn thing for it." I'd urge you to look inside yourself to discover what is lacking in YOU that you need to covet someone else's property.
2. I actually agree with you. The 47% that pay no federal taxes need to start kicking in some cash.
3. Oh, the "healing process" ... how new-agey of you. You talk as if the wealthy don't contribute ANYTHING. Buffet does. The rich all do. 10% pay almost 70% of the bill. How much more fixing do you want?
Warren Buffett needs to donate his income and wealth to the U.S. government and stop advocating the imposing of his own views on the rest of the population.
Warren receives a low salary each year and most of his income is capital gains based, so raising income taxes won't even hurt him!
Warren needs to send in a 2nd check for his additional contribution on April 15th and leave the rest of us alone until we start demanding tax increases.
It's perfectly obvious that sustaining a tax cut to the top 2% in this fiscal environment is thoroughly stupid. The amount of small business income that would be affected by this is small. There is plenty of evidence to indicate that this additional wealth in the pockets of the ultra rich will not "trickle down" in a way that will foster the economic growth necessary to justify the foregone tax revenue right now. It's time to stop using that canard of an argument and roll back this tax break in combination with budget cuts. The other 98% of the nation gets a tax cut, and they really need it.
Not rolling back the tax break means having to find another 700 BILLION over 10 years in OTHER cuts. That's almost the size of another stimulus package. After the low-hanging waste, that means even more cuts to infrastructure, schools, etc.
When we get back to better times, the ultra rich can get their tax break back. Right now, we can't forego it. They will still remain ultra rich regardless.
It's perfectly obvious that sustaining a tax cut to the top 2% in this fiscal environment is thoroughly stupid. The amount of small business income that would be affected by this is small. There is plenty of evidence to indicate that this additional wealth in the pockets of the ultra rich will not "trickle down" in a way that will foster the economic growth necessary to justify the foregone tax revenue right now. It's time to stop using that canard of an argument and roll back this tax break in combination with budget cuts. The other 98% of the nation gets a tax cut, and they really need it.
Not rolling back the tax break means having to find another 700 BILLION over 10 years in OTHER cuts. That's almost the size of another stimulus package. After the low-hanging waste, that means even more cuts to infrastructure, schools, etc.
When we get back to better times, the ultra rich can get their tax break back. Right now, we can't forego it. They will still remain ultra rich regardless.
Interesting logic let's try this. Lets tax the poor, after all they'll still be poor.
Warren Buffett said it's time to raise taxes on the 'very rich' -- and perhaps cut them for the rest of the population.
Buffett, the billionaire investor who runs Berkshire Hathaway (BRKA), said Tuesday at Fortune's Most Powerful Women Summit in Washington that the nation's tax code "has gotten distorted to a huge extent," by levying higher taxes on secretaries and janitors than on CEOs and private equity whiners.
He called, as he has in the past, for policymakers to redress that iniquity by raising taxes on the rich. Buffett said taxes will have to rise in general in coming years if we want to dig our way out of a giant budget deficit.
No one stopping him to pay more tax. If your 1040 said you total tax is 10k, no one is stopping you write a check for $100k us US treasury.
The problem with our tax system is it is too complicate. Unless you have an army of tax attorney and tax accountants, there is no way you able to navigate the tax codes and case. Not only that, it is open up for interpretation.
To solve this problem, we need a simple flat rate for everyone. Not just for individual, a simple flat rate for both individual and entity. It will be a fix percentage of your total income/revenue, regardless how much you earn. There will be no deduction of any type. For example, a 10%. If you make $100 this year, your tax will be $10. If you make $10 billions, your tax will be $1 billion. Simple as that. There will be no confusion. No audit. Even you are right or no. Don't need to worry that taking a deduction will trigger an IRS audit.
It's perfectly obvious that sustaining a tax cut to the top 2% in this fiscal environment is thoroughly stupid. The amount of small business income that would be affected by this is small. There is plenty of evidence to indicate that this additional wealth in the pockets of the ultra rich will not "trickle down" in a way that will foster the economic growth necessary to justify the foregone tax revenue right now. It's time to stop using that canard of an argument and roll back this tax break in combination with budget cuts. The other 98% of the nation gets a tax cut, and they really need it.
Not rolling back the tax break means having to find another 700 BILLION over 10 years in OTHER cuts. That's almost the size of another stimulus package. After the low-hanging waste, that means even more cuts to infrastructure, schools, etc.
When we get back to better times, the ultra rich can get their tax break back. Right now, we can't forego it. They will still remain ultra rich regardless.
It doesn't matter if it will not trickle down. They could have save it. It is their money and they can do whatever they want with it. Why do you need to feel entitle to their money?
The problem with our deficit is not tax. We could have tax everyone 100% and it will still not save our deficit problem if the government don't control spending. For example, is it really necessary to have military bases all over the world? Do we really need department of energy? An agency that was created so 30 years ago to help the control stop the dependency of foreign oil. We were importing 50% of foreign oil when it established, now we are importing over 70%.
I can list a dozen more examples where they can just cut off spending.
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