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Old 08-15-2011, 07:55 AM
 
22,770 posts, read 27,556,130 times
Reputation: 14610

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Quote:
Originally Posted by Roadking2003 View Post
CONSUMERS pay all corporate income taxes.
No they don't.

Companies divest their profits to shareholders, and compensate management and workers. Consumers will sometimes have to pay higher prices for goods made by companies who cannot eat the cost of the tax, but in many cases it will result in lower profits for a corporation. Fortunately, profits are at record highs.

This will be offset from the consumer's perspective, by the lower wage tax, enabled by extra revenues from a corporate income tax.
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Old 08-15-2011, 07:57 AM
 
8,049 posts, read 9,381,781 times
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So sick of Buffett and his slippery "facts". Sigh.

From the article linked below ...

Quote:
During Monday night's national address, President Obama recited the Buffet line that millionaires and billionaires pay lower tax rates than their secretaries. Democrats in Congress routinely cite Mr. Buffett's tax confessions as irrefutable evidence that tax rates on the very rich are too low and the system is unfair. And the system would be unfair, if Mr. Buffett's tax facts were the whole truth. But they aren't.
Stephen Moore: Warren Buffett Is Wrong on Taxes - WSJ.com
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Old 08-15-2011, 08:00 AM
 
73,436 posts, read 34,179,346 times
Reputation: 10206
Even Obama's former chief economic advisor, Christina Romer, knows that raising taxes would negatively impact the economy...
Quote:
tax increase of 1% of GDP lowers real GDP by almost 3%
http://emlab.berkeley.edu/users/drom...ERJune2010.pdf

Want to kill GDP? Simple... just increase taxes.
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Old 08-15-2011, 08:02 AM
 
22,770 posts, read 27,556,130 times
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Quote:
Originally Posted by Chuckity View Post
So sick of Buffett and his slippery "facts". Sigh.

From the article linked below ...



Stephen Moore: Warren Buffett Is Wrong on Taxes - WSJ.com
Quote:
Mr. Buffett owns about one-quarter of his investment company Berkshire Hathaway, and his shares are worth about $38 billion. This wealth is mostly stored in what are technically called "unrealized capital gains." Eventually when those gains are converted into income, he will pay a capital gains tax. Even so, in 2008 Berkshire paid $3 billion in corporate taxes. And since Mr. Buffett is the principal owner, he shoulders a big share of that tax.
He's saying that Warren Buffett pays taxes via Berkshire Hathaway, which is absurd.

Quote:
The real tax rate on corporate income paid to individuals through capital gains and dividends is not 15%. It is closer to 45% once you count the tax on corporate profits.
First off, the effective corporate tax rate is 13%, not the full 35% that the WSJ pretends to be reality.

Seond, it's such a stupid analogy... it's like saying that an employee of a firm is being taxed, because his employer is, too. It's a stretch of logic.
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Old 08-15-2011, 08:04 AM
 
16,546 posts, read 12,107,501 times
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Quote:
Originally Posted by le roi View Post
He's saying that Warren Buffett pays taxes via Berkshire Hathaway, which is absurd.
Buffet hardly pays any taxes, that's why he's a raging hypocrite. If he was so concerned he wouldn't cheat the system like he does.
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Old 08-15-2011, 08:06 AM
 
12,210 posts, read 14,685,988 times
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Quote:
Originally Posted by SourD View Post
Buffet hardly pays any taxes, that's why he's a raging hypocrite. If he was so concerned he wouldn't cheat the system like he does.
He doesn't cheat the system, he use the loopholes that the government gives him.
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Old 08-15-2011, 08:06 AM
 
22,770 posts, read 27,556,130 times
Reputation: 14610
Quote:
Originally Posted by SourD View Post
Buffet hardly pays any taxes, that's why he's a raging hypocrite. If he was so concerned he wouldn't cheat the system like he does.
How does he cheat the system?
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Old 08-15-2011, 08:07 AM
 
Location: Long Island
27,625 posts, read 15,527,888 times
Reputation: 7516
Quote:
Originally Posted by le roi View Post
How can it be a "tax haven", if it has this evil "wealth tax" that will supposedly "drive away all the rich people" ?



Are you suggesting that the rich in the Netherlands are exempt from the wealth tax?



Where do you see that Norway's billionaires don't pay the wealth tax?

I note you forgot to mention Switzerland, another well-known haven of foreign capital.


LOL

despite the fact that I've advocated abolishing taxes on wages.... Oh I dunno... in about 2 dozen threads.
1. what is their wealth tax......less than 2% on 'wealth of 3 million or HIGHER

2. define wealth.........is the elderly couple struggling to get by on their ss checks wealthy because the house they bought in 1960 for 5k is now "worth" 500k.............is the average middleclass RETIRIE wealthy because their "NET WORTH" is around a million or two, because they CONTRIBUTED to their 401k for the last 40 years(they say you NEED at least 2 million to retire to maintain a MIDDLECLASS lifestyle)...............................(((Say a 35yrold would retire in 30 years (at 65 ), they would need about $3.05-4.575 million. That is assuming they have no Social Security or any other steady annuities or pensions for supplimental income.))).........(((some calcs have lower amounts...$50,000/year lifestyle = $1.55 Million retirement savings))) ......also remember inflation continues to DEVALUE the dollar, so the number will always be going up because the BUYING POWER of the dollar decreases
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Old 08-15-2011, 08:10 AM
 
Location: Long Island
27,625 posts, read 15,527,888 times
Reputation: 7516
Quote:
Originally Posted by dman72 View Post
You're an anti-tax ideologue and your rhetoric proves it.

We have a government, we need to fund it, taxation levels should move back to where they were in the past. No one is suggesting any tax rates that haven't been seen in the last 20 years, but the rhetoric from you guys makes it sounds like the government is going to seize 90% of what every upper middle class person makes. I still don't get how a 2% increase on TAXABLE INCOME over 250K is a socialist seizure of wealth. Your hyperbole is that of a crazy narrow minded idealogue and it's killing our country more than the evil socialist Obamao ever could because so many stupid people are buying into it who have nothing to gain from holding those views.
Quote:
We have a government, we need to fund it,
and if we removed loopholes and taxed EVERYONE at the same LOW rate of 10%-15% we would have MORE revenue than we have now

Quote:
still don't get how a 2% increase on TAXABLE INCOME over 250K is a socialist seizure of wealth
because you are talking about the ANTI liberal (liberty..freedom..equality) THING OF discrimination...WHY RAISE TAXES ON JUST ONE GROUP...WHY MUST THE PROTAX, HEAVY SPEND LIBERALS BE SO discriminatory
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Old 08-15-2011, 08:10 AM
 
22,770 posts, read 27,556,130 times
Reputation: 14610
Quote:
Originally Posted by workingclasshero View Post
define wealth
the annual produce of the land and labour of the society

Quote:
.........is the elderly couple struggling to get by on their ss checks wealthy because the house they bought in 1960 for 5k is now "worth" 500k.............is the average middleclass RETIRIE wealthy because their "NET WORTH" is around a million or two, because they CONTRIBUTED to their 401k for the last 40 years(they say you NEED at least 2 million to retire to maintain a MIDDLECLASS lifestyle)...............................(((Say a 35yrold would retire in 30 years (at 65 ), they would need about $3.05-4.575 million. That is assuming they have no Social Security or any other steady annuities or pensions for supplimental income.))).........(((some calcs have lower amounts...$50,000/year lifestyle = $1.55 Million retirement savings))) ......also remember inflation continues to DEVALUE the dollar, so the number will always be going up because the BUYING POWER of the dollar decreases
to some degree we're all wealthy.
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