"Trickle Down Economics" .... Enlighten Me. (leader, financial, elect)
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The problem is that the billionaires saying the tax rates are too low also shift their profit overseas. I have never heard Buffet or Gates speak specifically about corporate taxes, but both of them have corporate profits shifted away from the USA. At least as far as Gates is concerned, he has only said that the US corporate tax code could use some scrutiny, but that is notoriously vague.
Buffet wants his tax rate raised because he's upset that his secretary pays twice the tax rate that he does. And Buffet is no Saint, he's one the greatest financial investors of all time. But overall I believe Buffet is a good person.
(you mist click the blue words bellow the screen to watch the video.)
And Bill Gates wants his tax rate raised to lower our deficits and national debt. Perhaps both Buffet and Gates have done semi-anti-American things with their corporations, but still they want to pay their fair share of taxes.
And Bill Gates has saved so many people from dying with his charity work, that some people call him a super hero. I have no idea of what Gates is thinking, but overall I believe Gates is a honorable person.
Buffet wants his tax rate raised because he's upset that his secretary pays twice the tax rate that he does. And Buffet is no Saint, he's one the greatest financial investors of all time. But overall I believe Buffet is a good person.
The problem with Buffet's position is that he conveniently ignores his corporate tax rate when calculating his effective tax rate. What's worse is that his company, Berkshire Hathaway, owed years of back taxes to the IRS back in 2011 or 2012. Let's assume that all of Buffet's income is taxed at the capital gain rate of 15%. Berkshire Hathaway paid 29% in taxes, so that brings Buffet's tax rate up to 44%. 44% may or may not be too low, but it is definitely higher than he claims.
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And Bill Gates wants his tax rate raised to lower our deficits and national debt. Perhaps both Buffet and Gates have done semi-anti-American things with their corporations, but still they want to pay their fair share of taxes.
Do they though? Why shift profits overseas if they want to pay more in taxes? I don't have a problem with repealing the Bush tax cuts, nor do I have a problem with cutting corporate taxes, but I think actions speak louder than words.
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Also Bill Gates has saved so many people from dying with his charity work, that people call him a super hero. I have no idea of what Gates is thinking, but overall I believe Gates is a honorable person.
The problem with Buffet's position is that he conveniently ignores his corporate tax rate when calculating his effective tax rate. What's worse is that his company, Berkshire Hathaway, owed years of back taxes to the IRS back in 2011 or 2012. Let's assume that all of Buffet's income is taxed at the capital gain rate of 15%. Berkshire Hathaway paid 29% in taxes, so that brings Buffet's tax rate up to 44%. 44% may or may not be too low, but it is definitely higher than he claims.
What kind of math is this?
Taxes don't work that way. Dude pays less than the 15% thanks to miscellaneous deductions.
He pays the ordinary rates up to his first few hundred thousand dollars (which is peanuts on his income), then reaps the capital gains for everything else. That is what he is complaining about. Most moguls are paying less than 15% of their income in taxes.
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Originally Posted by lycos679
Do they though? Why shift profits overseas if they want to pay more in taxes? I don't have a problem with repealing the Bush tax cuts, nor do I have a problem with cutting corporate taxes, but I think actions speak louder than words.
Not really the point though.
See that's the problem with the ultra-rich adoration. You think because he's rich suddenly he is going to write a check to the government. It just doesn't work that way. The best he can do is lobby the representatives to pass higher taxes. The converse is usually the case, but it is nice to see Gates and Buffet advocate for the left to raise taxes on the rich. Why does the right think the rich deserve special treatment?
Buffet wants his tax rate raised because he's upset that his secretary pays twice the tax rate that he does. And Buffet is no Saint, he's one the greatest financial investors of all time. But overall I believe Buffet is a good person.
(you mist click the blue words bellow the screen to watch the video.)
How many dam times are you going to post the same old crap lies, over and over again before you read a respone from people who laugh at you for posting it?
Buffet does NOT want his taxes raised, he wants taxes raised on EVERYONE ELSE.. His money is in wealth, and we dotn tax wealth, nor does he propose to.. He also stopped paying capital gains at BRK in order to avoid taxes, fighting the IRS for the $1B+ they claim his company owes, and keeps his salary at $100K a year in order to reduce tax liabilities.
I cant believe people are this dumb.
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Originally Posted by chad3
And Bill Gates wants his tax rate raised to lower our deficits and national debt. Perhaps both Buffet and Gates have done semi-anti-American things with their corporations, but still they want to pay their fair share of taxes.
And Bill Gates has saved so many people from dying with his charity work, that some people call him a super hero. I have no idea of what Gates is thinking, but overall I believe Gates is a honorable person.
Gates couldnt be saving so many people from dying with his charity work, if that money was going to the government, could he?
The question isnt if their honorable, the question is HOW DO THEY SPEND THE SAME MONEY TWICE?
There are lots of honorable rich people who give non stop in this country, but that doesnt stop you left wing kooks froma ttacking them and somehow believing the money they earn, is the governments.
I like how after 108 posts, many of them by right-wingers, not a single defense of supply-side economics offered up. Lots of deflection, lots of trying to change the subject, lots of hand-wringing about the horrid plight of the wealthy, but that's about it.
Trickle down economics doesnt exist.. You are asking people to justify unicorns, or big foot.. Yes, its that dumb...
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Let's assume that all of Buffet's income is taxed at the capital gain rate of 15%. Berkshire Hathaway paid 29% in taxes, so that brings Buffet's tax rate up to 44%. 44% may or may not be too low, but it is definitely higher than he claims. 
