If he is so agianst the tax breaks given to the wealthy...why did he take them?

Lead by example.

I believe he gave over three billion dollars away to public charities instead. Hmm government miss-use funds, or give funds directly to those in need... He also didn't say he got tax-breaks, he said he was just in a lower bracket.

That's great...those that can give should.

That doesn't negate his taking the very tax breaks he is denouncing.

He isn't taking any tax breaks though. He is merely being taxed less, withou any tax breaks being involved...

Let's say you bought a new house in Apr. of 2010 with a household income of $35,000. The government would have given you a new home-buyers tax break of $8,000 for your taxes... Well that is a tax incentive/break. He doesn't get those at his income, he just has to pay 17.9%. All is said and done for him then. :-/

Where did you find this article?

Where did you find this article?

Article was originally published in The New York Times.

and why should a rich person pay a higher percent

because they have access to methods of increasing wealth that the "common" person does not. when is the last time anyone you know got a loan for a couple of billion dollars at 0% interest? when their investments go bad it effects everyone down the ladder but when things go bad at the bottom it does not effect the top. and when their investments go good they are the only ones that benefit.

with the easy money policy from the FRB and 0% interest rates those with excess capital have to find riskier and riskier methods to make money, this is why the derivative market is hot for the capitalists right now. this or the bond market will be the cause of the next big crash and with almost 30% of homeowners being upside down right now that will soon by 50%+ with the upcoming loss of equity in homes in the near future that is almost inevitable.

create by taking away instead of building up? that's typical leftist bullshit that doesn't work and never will.......if distribution of wealth worked then those countries wouldn't be up our ass asking for continued handouts year after year........

we NEED poor people just like we need a middle class and also uber wealthy.....when taking away more people would have more, but overall everyone would have less......liberalism is a fucking disease with eradication as the only known cure.....

The whole idea of taxing capital gains differently than income tax is ridiculous IMO...income derived from investments should be taxed as the respective salary (wages) income tax bracket.

If he is so agianst the tax breaks given to the wealthy...why did he take them?

Lead by example.

create by taking away instead of building up? that's typical leftist bullshit that doesn't work and never will.......if distribution of wealth worked then those countries wouldn't be up our ass asking for continued handouts year after year........

we NEED poor people just like we need a middle class and also uber wealthy.....when taking away more people would have more, but overall everyone would have less......liberalism is a fucking disease with eradication as the only known cure.....

Just a heads up, but you might want to steer clear of open chat if you can't spell and you don't know anything about what your posting about.

Welcome to IM!

That's great...those that can give should.

That doesn't negate his taking the very tax breaks he is denouncing.

Just a heads up, but you might want to steer clear of open chat if you can't spell and you don't know anything about what your posting about.

Welcome to IM!

Seems to me that there are a lot of regulars around here who can't spell and don't know shit about the subject they are posting about. He'll probably feel right at home.

Buffett is all about making money. Right now he's making more money because he's getting taxed less, percentage-wise. He is still going to make money regardless of how much he gets taxed because that's what he does. He's saying that people like himself should be taxed more because they can afford it and that the public perception that the super rich will just close up shop and leave is just a load of bullshit.

She'll.

Boy have penis' girls have vagina.

Yep, somebody else just pointed that out to me. Thanks for the reminder.

Would a set of bouncing tits as my avatar help?

No, but maybe looking the least bit feminine would.

Sorry...we can't all match the level of pussy achieved in your avatar.

of cose it was........no surprises there

your concept of "wealth" is not in touch with reality nor do you have any knowledge at all of the US or global banking system or it's development and how it came to dominant. I grew up next door to some of the Strawbridges, Gambles and some of the Pews. they didn't need legislation in Washington to increase their profits or bogus mathematics (CPI deception) they were true entrepreneurs.

you should also probably learn what the term liberal means in economics and capitalism because it isn't an insult. it just proves how ignorant you are on the subject of capitalism when you use it.

I completly agree. I was simply pointing out that if he really felt that way, he wouldn't still be taking the tax breaks he is denouncing.

I think he does TRULY feel that way, otherwise he wouldn't have publicly announced his desire for it to be changed... Hmm correct me if I am wrong please, yet I doubt I am.

She'll.

Boy have penis' girls have vagina.

Judging someone because they don't pay more tax than is required by law is ludicrous.

Oh dear...If my inability to spell is going to bother you that badly you might want to ignore anything I post. I can't spell...I freely admit it...deal with it or ignore it...your choice.

It's clear that...like me...you've also gone to...the William Shatner...School of Acting.

I'm not judging him. I simply expect people to back their words with actions.

Of course you are judging him. What's silly is you are judging him for paying only what the government requires him to pay in taxes. By asserting he is somehow not backing up his words by not paying more that the government requires is insane. I suspect he donates many times what he pays in taxes every year to the various worthy causes he supports financially.

Buffett is all about making money. Right now he's making more money because he's getting taxed less, percentage-wise. He is still going to make money regardless of how much he gets taxed because that's what he does. He's saying that people like himself should be taxed more because they can afford it and that the public perception that the super rich will just close up shop and leave is just a load of bullshit.

Why?

If someone believes that "A" is the correct corse of action, should they not do "A" now rather than waiting on "A" to be forced upon them by law.

He believes the tax code should be changed, and that all billionaires should pay more in taxes. The correct course of action is for the tax code to be changed, and for every billionaire to pay more. He can not change the tax code. The government has to take action.

By asserting he is somehow not backing up his words by not paying more that the government requires is insane. I suspect he donates many times what he pays in taxes every year to the various worthy causes he supports financially.

Come off it, man. It's like someone that's currently embezzling telling you not to embezzle. Yes, his message is good, but it reeks of hypocrisy.

If the capital gains was much higher, many people would not bother with it.

"many" people do not make enough enough from capital for it to even be an issue only a small percentage of the US workforce does.

the economy from the 80's that was built on investment and capital is a failure as the current GDP and constant decline of it is representative of this. if the US were to go in the direction of wanting to increase GDP and bring the economy back to life it needs to far more diversified. this low wage model based around consumption is a complete failure.

look at the data below and the column labeled capital gains

Bullshit. Expecting the rich not to take advantage of every tax break given to them is utter stupidity. He is suggesting the rules need to be changed or people like him will continue to pay far less than they could because people fear that if they have to pay too much in tax, they will take their investment money elsewhere. He is not an embezzler, he is playing by the rules and winning, because the rules are designed to give an advantage to the rich. He is only stating that by raising tax rates and requiring the mega-rich to pay more, that he and people like him will not stop investing. The fear is misguided because given the chance to make money, the mega-rich will never pass on the chance to do so because the government requires them to pay more in taxes.

My head is going to explode.

Logic is kryptonite to the right wing.

Buffet is talking about 3/10th's of one percent of the population to pay more taxes. 99.7% of Americans wont be touched.

How many of you earn $1,000,000.00 or more?

Logic is kryptonite to the right wing.

And you obviously like sucking black cock.

Oh, and you've got something on your chin.

The truth hurts, I know.

Oh and lowbrow, frustrated comebacks is another symptom.

Oh dear...If my inability to spell is going to bother you that badly you might want to ignore anything I post. I can't spell...I freely admit it...deal with it or ignore it...your choice.

Or I could go with option #3 which is to make fun of you every chance I get. I was just giving you a friendly heads up.

I'm not judging him. I simply expect people to back their words with actions.

Reader Wookie asks "How do I make a contribution to the U.S. government?"

OUR leaders have asked for “shared sacrifice.” But when they did the asking, they spared me. I checked with my mega-rich friends to learn what pain they were expecting. They, too, were left untouched.

Since 1992, the I.R.S. has compiled data from the returns of the 400 Americans reporting the largest income. In 1992, the top 400 had aggregate taxable income of $16.9 billion and paid federal taxes of 29.2 percent on that sum. In 2008, the aggregate income of the highest 400 had soared to $90.9 billion — a staggering $227.4 million on average — but the rate paid had fallen to 21.5 percent.

Warren E. Buffett is the chairman and chief executive of Berkshire Hathaway.

Gifts to the United States Government

Reader Wookie asks "How do I make a contribution to the U.S. government?"

Citizens who wish to make a general donation to the U.S. government may send contributions to a specific account called "Gifts to the United States." This account was established in 1843 to accept gifts, such as bequests, from individuals wishing to express their patriotism to the United States. Money deposited into this account is for general use by the federal government and can be available for budget needs. These contributions are considered an unconditional gift to the government. Financial gifts can be made by check or money order payable to the United States Treasury and mailed to the address below.

Gifts to the United States
U.S. Department of the Treasury
Credit Accounting Branch
3700 East-West Highway, Room 622D
Hyattsville, MD 20782

Any tax-related questions regarding these contributions should be directed to the Internal Revenue Service at (800) 829-1040.

So I've got this theory. Buy some medical supplies from govt agencies or places that the govt profits from. Sell them to people that can't legally obtain them. Narc them out. Send money to that gov't donation fund. Economy fixed. No?

Sent from my SPH-M900 using Tapatalk

OK - this article really makes my point quite clearly.

1992 - Top 400 made 16.9 billion x 29.2% = 493 Million in taxes paid

2008 - Top 400 made 90.9 billion x 21.5% = 19 BILLION in taxes paid

So ask yourself, is the goal here to generate the most tax revenue or penalize the people making the most money?????

That republican math

The first number is actually $4.93 billion, not $493 million. Compare the numbers to 2000 when our budget was balanced, not some arbitrary time where it wasn't.

That republican math

The first number is actually $4.93 billion, not $493 million. Compare the numbers to 2000 when our budget was balanced, not some arbitrary time where it wasn't.

I completly agree. I was simply pointing out that if he really felt that way, he wouldn't still be taking the tax breaks he is denouncing.

ok... sorry using my phone as a calc.

But point is the same. I guess you would rather have 4.93 billioin to balance your budget than 19 billion?

Now that is some libtard math there.

No, I would rather have $26.54 billion, which is what we would have if the asshole who ran the country back in 2000-2008 didn't slash taxes and start 2 wars for his buddies. Multiply that by 10 for each year since and that would have saved us about $200 billion, or roughly 3 times what we cut from our deficit at the beginning of the year.

the higher the tax rate the less incentive to make money. Therefore, the lower the tax revenue that comes in.

No you wouldn't have. That is the point.. the higher the tax rate the less incentive to make money. Therefore, the lower the tax revenue that comes in.

The article itself proves this basic economic pincipal.

Your reading comprehension is inversely proportional to your incredible ability to suck black dick.

I'm 100% for cutting the tax breaks to the rich. Hell, everyone needs to pay more taxes if the USA is going to get of this financial crisis.

Says the hypocritical ass that started by throwing out an insult. Go back into your mother's taint because you obliviously haven't finished developing yet.

that is nothing but bullshit supply-side mythology...there is no economic data in the world to support that statement

Just a heads up, but you might want to steer clear of open chat if you can't spell and you don't know anything about what your posting about.

Welcome to IM!

No you wouldn't have. That is the point.. the higher the tax rate the less incentive to make money. Therefore, the lower the tax revenue that comes in.

The article itself proves this basic economic pincipal.

Look dude. I'm not on this forum for political bickering or childish name calling. I'm on here to further my knowledge in bodybuilding.

Sorry you took what I said personal. I'd figure you're older than me but you clearly still have some growing up to do.

Also you might want to talk to a therapist about your fascination with the black mans genitalia.

Look dude. I'm not on this forum for political bickering or childish name calling. I'm on here to further my knowledge in bodybuilding.

Sorry you took what I said personal. I'd figure you're older than me but you clearly still have some growing up to do.

Also you might want to talk to a therapist about your fascination with the black mans genitalia.

So it's perfectly okay for you to be caustic, but when someone verbally fucks you up, you pull the moral high card? You're a loser even on the Internet. Your mother would be proud. And if you ever figure out who your father is, I'm sure he'd be proud too.

As for sucking black cock, if you, and people like, would stop sucking Obama's, we could go to don't ask don't tell. You seem like you're in a bad mood. He shot you in the eye, didn't he?

Rent in a ruffian's mind is cheap. And the market is buying.

That republican math

The first number is actually $4.93 billion, not $493 million. Compare the numbers to 2000 when our budget was balanced, not some arbitrary time where it wasn't.

Now you're trying to play the intellectual high card?

What's next? The race card?

This is entertaining.

Just call me Gambit.

That and their income hasn't exactly stagnated. If they were paying at the higher rate, we'd be taking a higher chunk out of their increased incomes.

Basic math fail.

Money itself is the incentive for me... So I have to pay 5-10 more %, that won't stop me from wanting to make 50-700% or more during that year...

Do you see yourself saying this? .... Oh wait, I can't make that extra 10 million this year because I'll have to pay 3 more percent in taxes...

Bingo! Why are people still believing this myth? It has been completely discredited by every institution on the planet.

They made more money, because they are investors who had more money to invest each and every year, because that's what investments are supposed to do.

They did not make less money on purpose to "avoid" paying taxes.

Thinik they had more money to invest because they were paying less taxes on their previous income???

People believe it because it works. The math in the article proves it as a fact.

Warren Buffet, like any structured organization, has an after tax rate of return hurdle rate. Raise taxes, less projects, investments, meet that hurdle rate and less investments are made.

When you grow up and work in real business, you will learn this.

i f'n hate poor people (generalization, not all are intolerable)

So, basically the smartest businessman in the world is saying tax me more, all so he can contract the size of his companies? Yeah, that makes sense.

it doesn't work it is complete bullshit.

there are no supply-side economists that are not talking heads for the far right. supply-side economics came forth in the 80's by "political economists". Reagan's budget chief David Stock Stockman even wrote in his book "The Triumph of Politics" that it was bullshit and nothing but a trojan horse to reduce the top tax rates for the rich.

there are no papers, no colleges or higher learning institutions in the world that have supply-side economic curriculum's. there are no mathematical models or formulas either for it's implementation in real world economics.

where are the papers and mathematical models on supply side economics out of MIT, Harvard Business or Yale? Where are they from the economist from the london school of economics (LSE)?

there aren't any...because it is not science-fact but science-fiction...

why do all of the nobel prize winning economists and nobel laureates say it's bullshit?

I think you will see, it is the richest people in the world that are the most liberal when it comes to taxes. Ususally it is 2nd generation rich that feel guilty about it.

Buffet is in the minority, he is a self made man that is saying, I can pay more. What I think he is being a bit dishonest about is that it will not impact his investment decisions. Yeah.... I am saying he is blowing smoke up congress asses to get taxes raised.

ok.. so let's go back to the late 70's early 80's please. Tx bracket over 50%, Double digit inflation, double digit employment,the Dow Jones resting around 800.

Supply side economics don't work my ass. It has just been so long since you have seen the other side, you forgot what that socialist bulshit was like or you were slightly too young to remember it.

I believe the top income tax was 80% during that time. In the 60's it was 91%. I don't think anyone is saying it needs to be that high, but republicans have said they would even consider closing the loopholes as a tax increase.

And capital gains at 15% is a joke. It takes away the incentive of creating businesses that create jobs.

I read an interview a while ago, and Ill search for it, but it was some time ago. Anyway, I think he said he has 12 people that work in his office, and he will never need any more or any less. The business that he is in involved never changes, if he hired one more they would stand around and not do anything, if he had one less, the business couldn't function.

There is never an increase or decrease in the demand for his business.

I think you will see, it is the richest people in the world that are the most liberal when it comes to taxes. Ususally it is 2nd generation rich that feel guilty about it.

Buffet is in the minority, he is a self made man that is saying, I can pay more. What I think he is being a bit dishonest about is that it will not impact his investment decisions. Yeah.... I am saying he is blowing smoke up congress asses to get taxes raised.

I pretty much agree with everything you have written. I agree it will affect business. I don't think that is a big deal, so what, pay your executives less money? If it hurts business that bad then they can move offshore and we can tariff the shit out of imports. The constitution doesn't read "We the corporations...", it reads, "We the people..." Until we make decisions based on what is good for the people and not what is good for corporate America we will never get out of this hole. When they restructure the tax code, corporations will be paying more and the rich will be paying more. We are not getting out of this mess without raising revenue, and giving all sorts of tax breaks to corporations has never worked, isn't currently working, and never will. A corporation's primary goal is profit. Profit is attained from getting the most out of paying as little as possible, which is happening now. Corporations are making record profits with fewer employees, how does this benefit our nation? It only benefits the corporation and shrinks the tax base so fewer people are paying in, how does that benefit any of us?

Now, should the people that are given free handouts do something for them? Absolutely. Instead of prisoners picking up trash alongside the roads, why not make them? Should their be a limit to what you can take? Absolutely. The solution to a broken system isn't to trash the whole thing, it should be to fix it.

Corportions are not going to pay more taxes because when they do, they will leave as you say and there won't be any tarrifs to come back to make up for it because at the end of the day, everyone like the cheap shit they get at Walmart and like paying $750 for a Plasma TV instead of $2,750.

ok.. so let's go back to the late 70's early 80's please. Tx bracket over 50%, Double digit inflation, double digit employment,the Dow Jones resting around 800.

Supply side economics don't work my ass. It has just been so long since you have seen the other side, you forgot what that socialist bulshit was like or you were slightly too young to remember it.

Due to these cuts, the majority of Americans do not pay income tax. The failure of our society is when more people are on the govt take than are paying in to the Govt. They just keep electing officials that spend more money to make their life better. Take a look at Greece to see how that works out in the end.

Do you know what income level does not pay taxes at all and how much of the population that is? Do you know why they don't pay taxes?

It is actually quite high. Did you know 51% of Americans pay no income tax.

It is actually quite high. Did you know 51% of Americans pay no income tax. I would estimate a family with kids and around $60k / year and a house pay zero income tax.

Did you know 10% of the population pays 60% of the income tax?

Really - let's get to basic here. Who hear making these arguments actually has employees working for them.

Sound off.

Are you smoking crack bro?

It is actually quite high. Did you know 51% of Americans pay no income tax. I would estimate a family with kids and around $60k / year and a house pay zero income tax.

Did you know 10% of the population pays 60% of the income tax?

Really - let's get to basic here. Who hear making these arguments actually has employees working for them.

Sound off.