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Old 08-15-2011, 09:14 AM
 
Location: Vermont
10,800 posts, read 12,111,760 times
Reputation: 15474

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Quote:
Originally Posted by hawkeye2009 View Post
Great points. Buffet is essentially "immune" to taxes and raising the rate on "the rich" would not cost him a penny. Such tax increases would slaughter the $250K-$1 million per year "rich", who derive thier income from actual income, rather than trusts.
I've seen this claim a couple of times on this thread. What's it supposed to mean?

If you read the column you know that Warren Buffett reports that he pays about $7,000,000 a year in taxes, and he also reports the rate. He's not "immune" to taxes. In fact, he makes clear that if his tax rate were increased he would pay higher taxes.

Part of the point, though, is that even if he were required to pay higher taxes it would "cost him [much more than] a penny", but it wouldn't hurt him because he would still have way more than anyone needs to live on.

This is true of everyone in the top one or two percent of the income distribution. Their tax rate could be increased, they would pay more, and they would still have plenty.

Last edited by jackmccullough; 08-15-2011 at 09:28 AM..
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Old 08-15-2011, 09:18 AM
 
16,546 posts, read 12,106,285 times
Reputation: 4234
Quote:
Originally Posted by jackmccullough View Post
I've seen this claim a couple of times on this thread. what's it supposed to mean?

If you read the column you know that Warren Buffett reports that he pays about $7,000,000 a year in taxes, and he also reports the rate. He's not "immune" to taxes. In fact, he makes clear that if his tax rate were increased he would pay higher taxes.

Part of the point, though, is that even if he were required to pay higher taxes it would "cost him [much more than] a penny", but it wouldn't hurt him because he would still have way more than anyone needs to live on.

This is true of everyone in the top one or two percent of the income distribution. Their tax rate could be increased, they would pay more, and they would still have plenty.
Why does Buffet cheat the system if he cares so much? Why doesn't he pay himself more than 100k? He does this because reporting capital gains taxes instead of income, he pays less. He's a HUGE hypocrite on this subject.
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Old 08-15-2011, 09:22 AM
 
22,770 posts, read 27,553,244 times
Reputation: 14610
Quote:
Originally Posted by SourD View Post
Why does Buffet cheat the system if he cares so much? Why doesn't he pay himself more than 100k? He does this because reporting capital gains taxes instead of income, he pays less. He's a HUGE hypocrite on this subject.
How does Buffett cheat the system?
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Old 08-15-2011, 09:22 AM
 
Location: Long Island
27,619 posts, read 15,525,869 times
Reputation: 7513
Quote:
Originally Posted by le roi View Post
Not according to the IRS

.
link????? direct to the IRS
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Old 08-15-2011, 09:30 AM
 
Location: Vermont
10,800 posts, read 12,111,760 times
Reputation: 15474
Quote:
Originally Posted by Roadking2003 View Post
Not all savings are in a 401k.... so there is no lie.
You might consider investing some time in a course in elementary logic.

The fact that "not all savings are in a 401k", as you point out, has no bearing on the tax treatment of savings that are in a 401k, which is the post you were trying to respond to.
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Old 08-15-2011, 09:35 AM
 
Location: Vermont
10,800 posts, read 12,111,760 times
Reputation: 15474
Quote:
Originally Posted by workingclasshero View Post
uhm

buffet is a LIAR

what buffett doesnt tell you:

his "salary" is 100k.....

his secretary earns 60k and pays nothing in federal income tax
And you know this how, exactly?
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Old 08-15-2011, 09:37 AM
 
16,546 posts, read 12,106,285 times
Reputation: 4234
Quote:
Originally Posted by le roi View Post
How does Buffett cheat the system?
By claiming only 100k for salary. He does this to get out from under the income taxes that we would be paying if he didn't do this. He takes advantage of every loophole he can. Why does he do this if he thinks he should be paying more?
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Old 08-15-2011, 09:38 AM
 
4,047 posts, read 4,641,956 times
Reputation: 1326
Quote:
Originally Posted by theunbrainwashed View Post
You can raise his tax bracket to 100% and he'll STILL dodge most, if not ALL of it . Like it's been said here before, only those of modest means pay taxes. The rich and well-connected do not pay hardly any taxes no matter how high you raise them. All it takes is a good, expensive accountant and tax lawyer to write off most of your taxes. Look at GE. Made huge windfall profits and paid ZERO tax
Ya uhh... that IS the point of the article. STOP with the loopholes that the super rich use to dodge taxes! I'm unsure your point, you seem to be arguing against what you agree with.
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Old 08-15-2011, 09:39 AM
 
Location: Long Island, NY
19,776 posts, read 12,329,987 times
Reputation: 5644
Cue the tea party geniuses to let us know that Buffett, one of the most successful investors on the planet, is obviously an idiot and that "if he wants to donate extra tax dollars to the IRS he is free to do so!!!!"
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Old 08-15-2011, 09:40 AM
 
16,546 posts, read 12,106,285 times
Reputation: 4234
Quote:
Originally Posted by LogicIsYourFriend View Post
Ya uhh... that IS the point of the article. STOP with the loopholes that the super rich use to dodge taxes! I'm unsure your point, you seem to be arguing with what you agree with.
If he wants them to stop all he has to do is STOP USING THEM!!!!!! The man is a raging hypocrite.
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