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I can assure you after spending many years pricing products for my company, that taxes go directly into the price. If our taxes were reduced, we would instantly reduce prices so that our products would be more competitive.
I can't speak for most companies, but I suspect your statements are incorrect across the board and higher corporate taxes always result in higher prices.
And many many companies pay no dividend....
Sounds like you sold a product with inelastic demand.
In any event, let's say you're right that EVERY SINGLE corporation will raise prices on its goods -- would that not be offset by every single worker having more money to spend, by not having to pay wage taxes?
However, there is absolutely no chance of this tax happening as long as talk radio and Fox news continue to warp the minds of middle class Americans. .....
Good ! Maybe I'll start watching Fox news if that will prevent a new wealth tax....
If opposing new taxes makes one have a "warped mind", then count me in.
What is stopping Buffett from mailing the government an extra check every year, if he feels this way? Why do we have to legislate this?
...because not every wealthy person has the empathy, common sense and sense of patriotoism that Buffet does. People should naturally want to give back to the country that enabled them to reach their financial status. Their tax dollars would be invested in education, infrastructure, innovation, healthcare, etc...all things that would keep the nation competitve in ways that would enable the future generations to have their chance at success.
Bit alas, some of the greedy pigs have figured out a way to take their wealth with them when they drop dead and do not feel compelled to leave something behind.
Capital gains doesn't just affect seniors, it affects anyone who has to sell their house in less than 2 years- job loss, relocation, new baby etc. If you have made a profit on your house, you pay capital gains.
My husband and I bought a townhouse in a city when we first got married. We had to move within the first year, and we sold our townhouse for 15% more than we had paid for it, and sold it by owner, so no realtor fees to deduct. This was not long after the change of 1997, and I didn't realize their was a change. We bought a more expensive house so I didn't think we would owe any taxes. Until we had our taxes done that year and had to pay 28% on our "gain" from our house sale. Which we had rolled into our new house. Luckily we had the money, but a lot of people would not have.
I agree on a tax on consumption. National VAT on everything but food. You can buy clothes second hand at thrifts, consignment, so I don't have a problem with tax on clothes. Add a luxury tax on purchases of high end vehicles, boats, etc. (over $100K for vehicles, etc.) That ensures everyone is paying taxes.
He representative of no one but himself.... by a huge margin unimaginable to pretty much everyone.
He is not the eqivalent of your local pharma CEO or even Steven Spielberg let alone the guy who owns the local Dunkin Donuts franchise.
As the 2nd rishest man, he is deep in politics and quid pro quo. He will always be on the side that is in power. As such he will shill for the Dems and promote class warfare.
Being so rich you might think Obama would sidle up to him and ask for a few pointers. Instead of all the advice WB might give Obama on the economy WB is trying to sell higher taxes??? Higher taxes to support wasteful spending, legal and illegal waste and inefficiency????
WB should be calling for a move to stop the government waste. You would have to be an idiot or on the payroll to suggest taking more tax money from any segment of the population is a solution.
The tax code needs to be burned and a flat tax imposed! A flat tax sensibley written. How can you trust administration after administration that has simplified the tax code? By whose standards? Now you want to give these irresponsible bureaucrats more money???????
The current tax code is payback for political supporters. Good luck getting that changed. Until that happens the monofilament string hanging from your wallet is you being played for a fish.
As Obama says everyone should pay their fair share...so let the half of the country not paying taxes pay up.
...because not every wealthy person has the empathy, common sense and sense of patriotoism that Buffet does. People should naturally want to give back to the country that enabled them to reach their financial status. Their tax dollars would be invested in education, infrastructure, innovation, healthcare, etc...all things that would keep the nation competitve in ways that would enable the future generations to have their chance at success.
Bit alas, some of the greedy pigs have figured out a way to take their wealth with them when they drop dead and do not feel compelled to leave something behind.
So what is the problem with letting people be selfish, if they want to do so?
Why should the government start legislating morality?
What is stopping Buffett from mailing the government an extra check every year, if he feels this way? Why do we have to legislate this?
If you don't legislate it, he doesn't gain any benefit from it.
Quote:
Originally Posted by hawkeye2009
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.
If Buffet wants to give more to the government, he and the other "super rich" are perfectly able to do so on their own. Why don't they?
Buffet is no different than Monsanto, Con-Agra, Cargil, Perdue or Tyson.
"Let's enact these wonderful EPA regulations to protect people and the environment" knowing full-well that they will be "grand-fathered" or exempted from complying with the very same rules and regulations they write, but it will drive all of their competition out of business, which are the small and medium sized farms.
I assure you Buffet doesn't do anything were he does not profit handsomely, if not tomorrow then in the near-future.
Quote:
Originally Posted by InformedConsent
Most definitely, YES!
Look at the millions they've trapped in poverty with their dependency-enabling social welfare programs, and the inner-city kids they trap in the horrible public schools because they refuse to allow school vouchers that empower students to go to the school of their choice.
Liberals are ALL ABOUT maintaining a permanent underclass, and keeping certain people in their 'place.' It's disgusting!
If the minority Republicans in the House and Senate had their way back in 1964, there would have been a WPA style program instead of Johnson's Grotesque Society that created a perpetual Welfare Class.
The difference is that the Republican's WPA-style program would have empowered Blacks, and they would eventually own their own businesses and start being successful and then when they went to their accountants and asked, "Where's all my money going?" and the accountants said "taxes" then the Blacks would have started voting Republican, much to the chagrin of the Democrats.
Quote:
Originally Posted by workingclasshero
I find it fasinating that liberals cant get enough...
I don't. They thrive on OPM (Other People's Money) to fund their fantasies.
raise taxes cut spending...best of both worlds IMO.
There is NOTHING stopping him from giving all his assets to the gument. He has more $$$ than he and his offspring could spend in 10 lifetimes. You can bet your bottom $ that he has an army of lawyers/accountants that take care of him and his...senility is sad state of mind.
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WB saying what Obama wants to hear for advantage
