Thread: Warren Buffett: I 'Should Be Paying A Lot More In Taxes'

Then why doesn't he and these other socialist billionaires stop paying themselves thru capital gains and dividends to avoid paying full personal income tax? Sounds like what he really means is that you and I should be paying a lot more in taxes.

Originally Posted by GearsMcGilf

Then why doesn't he and these other socialist billionaires stop paying themselves thru capital gains and dividends to avoid paying full personal income tax? Sounds like what he really means is that you and I should be paying a lot more in taxes.

this right here. Buffet pays taxes on his salary which he ensures is unbelievably low compared to what his actual take home is? that guy works the system like all other billionairres.

Originally Posted by bio-chem

this right here. Buffet pays taxes on his salary which he ensures is unbelievably low compared to what his actual take home is? that guy works the system like all other billionairres.

And that's the way it will always be. They will always be loopholes. Buffett has the money to pay people to find those loopholes. The only way to regulate his business is to:

A) regulate everybody the same way. i.e tax dividends more and raise captial gain taxes

B) appoint a government official to watch all Buffett's business's to make sure that he is taxed properly.

i didn't read the whole article... not gonna ream buffett too much b/c he lives a relativly simple life compared to most billionaires. i maybe missing the point of the article but im sure if he felt that way he could give a little more to charity. i for one could use a few bucks...

Originally Posted by bio-chem

this right here. Buffet pays taxes on his salary which he ensures is unbelievably low compared to what his actual take home is? that guy works the system like all other billionairres.

So then the logical thing is to keep cutting their taxes because they work the system so well.... And that trickle down, importers love it.....

Originally Posted by maniclion

So then the logical thing is to keep cutting their taxes because they work the system so well.... And that trickle down, importers love it.....

what you don't believe in supply-side economics!

but it's been working so well for the past 30-40 years

Originally Posted by LAM

what you don't believe in supply-side economics!

but it's been working so well for the past 30-40 years

I work in the solar supply industry believe me trying to become a wealthy economy on this side is a desperate move....we're lucky we have a manufacturing parent company...

You know he's said and done this kind of shit other places and thats when the dollar falls bottoms out and then you will be fucked but the money game he plays people don't understand or catch on until its to late .. the guy is way smarter than most..just saying

Originally Posted by Dark Geared God

You know he's said and done this kind of shit other places and thats when the dollar falls bottoms out and then you will be fucked but the money game he plays people don't understand or catch on until its to late .. the guy is way smarter than most..just saying

This man is a financial wizard, I think that's what our country needs is someone who understands money in larger sums than a few hundred million...we should have these guys form a Billionaire Brain Trust and set them on building a plan to help us rebuild our economy....

I have more money than I can spend. I'm one rich mother fucker

Originally Posted by ROID

I have more money than I can spend. I'm one rich mother fucker

See, I told you, you were Christian Dior's kid!

So if these billionaires think they are being under taxed, why don't they just add in an extra 5% or 9% that they think they should be giving to the feds and send in the check?

Tax yourself if you think it's such a great idea. Nothing is stopping them. Pretty sure the gov't isn't going to send back the money. Also agree with gears and bio-chem. These guys will always have the best tax lawyers and accountants to set them up to be in the situation where they will have to pay the least amount of taxes possible. Call them "loopholes", but they are legal and they were put there for a reason.

So Buffet and the others are all just a bunch of hypocrites giving lip service. Anyone who believes that these guys (Buffet, et.al.) really think they should pay more in taxes is foolish. I will believe it when I see them handing over checks paying an extra 5% more than what their accountants worked out they should pay. Convince me with actions, not hollow words.

well when you (warren) pays himself 10k a year as head of his corp taxes will be lower than most.because he own's a high % of the money he invests so sure it sounds good that he wants to pay more but its not as much as it sounds..(tax shelters) just a thought

Originally Posted by Dark Geared God

well when you (warren) pays himself 10k a year as head of his corp taxes will be lower than most.because he own's a high % of the money he invests so sure it sounds good that he wants to pay more but its not as much as it sounds..(tax shelters) just a thought

yup. When I had my own business (corp), I paid myself like $15k/yr. I paid many of my expenses through the company (legally), and I lived pretty well.

Warren plays the game better then anybody. Who also donated a lot of his winnings to charity. The guy is the best there is when it's comes to making money. You can't fault him for that. It's not his fault that he isn't taxed more. He is not doing anything illegal. I have read books about Buffett. The guy busted his ass to get where he is at. He had more money at 14 years old then I do now.

Originally Posted by maniclion

So then the logical thing is to keep cutting their taxes because they work the system so well.... And that trickle down, importers love it.....

Well yea.

If you cut their taxes to 0%, then that should eliminate all known loopholes! It's a great plan.

Who ever said that the ultra rich should get a tax cut? The point is that so much $ is being wasted by the govt as it stands. So, why not hold the govt accountable for the spending and force them to balance the budget on the current amount of tax revenue being brought into the coffers right now? Once that is done, then we can talk about feeding the pig more if necessary. Don't kid yourself. You'd have to be out of your friggin gourde to think that any of the additional revenue from a tax increase will actually go towards reducing the debt and deficit. They will just find new places to spend it.

We don't have a tax problem, we have a spending problem. Why libs can't get this thru their fucking thick skulls is beyond me. EX: We already have Medicare and Medicaid. Those two programs are there to ensure that all Americans, regardless of whether they can afford insurance or not, are covered. So, wtf did we just pass a $2 trillion healthcare disaster of a bill on top of those two programs that are already insolvent? Yes, the problem is that the rich aren't quite being soaked enough. THe democrats know that this is a disaster. But, they also know how stupid their base is, so they just keep playing the race card and the class warfare card and, as always, the answer is that we're just not soaking the rich enough. We don't need to cut anything, let those evil rich pay for our govt's incompetency! After all, they're responsible for all of your problems.

The answer is to leave the tax brackets exactly where they are and balance the fucking budget. As it stands now, the govt could not possibly raise taxes high enough to pay off the debt or to close the deficit in the coming decades. The borrowing & spend mentality has to stop. We can't afford to finance anymore political campaigns under the guise of economic stimulus. So, call your Congressman and urge him to put pressure on the whitehouse to release the remaining 55-60% of the $787 billion so that we can finish stimulating the economy before 2012. Just my 2 ccs.

Originally Posted by bmw

yup. When I had my own business (corp), I paid myself like $15k/yr. I paid many of my expenses through the company (legally), and I lived pretty well.

And its a tax write off ..spot on

Originally Posted by GearsMcGilf

Who ever said that the ultra rich should get a tax cut? The point is that so much $ is being wasted by the govt as it stands. So, why not hold the govt accountable for the spending and force them to balance the budget on the current amount of tax revenue being brought into the coffers right now? Once that is done, then we can talk about feeding the pig more if necessary. Don't kid yourself. You'd have to be out of your friggin gourde to think that any of the additional revenue from a tax increase will actually go towards reducing the debt and deficit. They will just find new places to spend it.

We don't have a tax problem, we have a spending problem. Why libs can't get this thru their fucking thick skulls is beyond me. EX: We already have Medicare and Medicaid. Those two programs are there to ensure that all Americans, regardless of whether they can afford insurance or not, are covered. So, wtf did we just pass a $2 trillion healthcare disaster of a bill on top of those two programs that are already insolvent? Yes, the problem is that the rich aren't quite being soaked enough. THe democrats know that this is a disaster. But, they also know how stupid their base is, so they just keep playing the race card and the class warfare card and, as always, the answer is that we're just not soaking the rich enough. We don't need to cut anything, let those evil rich pay for our govt's incompetency! After all, they're responsible for all of your problems.

Where can i get sum that govt cheese that good shit. used to buy that cheap off them injuns(indians)

Originally Posted by Dark Geared God

Where can i get sum that govt cheese that good shit. used to buy that cheap off them injuns(indians)

But, you're colored ain't you? I thought y'all was sposed to get it for free? J/k

Buffett can start by paying my taxes. Put your money where your mouth is Warren!

Originally Posted by GearsMcGilf

But, you're colored ain't you? I thought y'all was sposed to get it for free? J/k

lol your all right my knigg

Originally Posted by bmw

Tax yourself if you think it's such a great idea. Nothing is stopping them. Pretty sure the gov't isn't going to send back the money. Also agree with gears and bio-chem. These guys will always have the best tax lawyers and accountants to set them up to be in the situation where they will have to pay the least amount of taxes possible. Call them "loopholes", but they are legal and they were put there for a reason.
.

the education jobs and medicaid assistance act signed into law during the summer closed a lot of these loopholes.

Originally Posted by Doublebase

And that's the way it will always be. They will always be loopholes. Buffett has the money to pay people to find those loopholes. The only way to regulate his business is to:

A) regulate everybody the same way. i.e tax dividends more and raise captial gain taxes

B) appoint a government official to watch all Buffett's business's to make sure that he is taxed properly.

its not really a loophole...its just that capital gains are taxed much much less than gross wages/income. This means that people who can afford to have large incomes comes from capital gains pay less (15%) in taxes.

If you make a 100K in income you pay 28% in income tax (not married)
If you make 100k in capital gains you pay 15% in tax...and if that 100k is your main income or only income you just saved 13k via tax shelter.

Most people that make their income off capital gains fall into 3 categories:

1. banks and institutional investors
2. wealthy or rich people who have a large enough pool of investing capital that they can yield 5%-10% returns and live very comfortably (millionaire plus club)
3. day traders...unfortunately day traders get the shaft though, b/c their "short term" investment yields fall under a different tax structure and they must pay out 36% from that 100k. Every day trader I know, is not wealthy...some are rich

We already have Medicare and Medicaid.

Everyone? Even the middle class?

Originally Posted by bmw

yup. When I had my own business (corp), I paid myself like $15k/yr. I paid many of my expenses through the company (legally), and I lived pretty well.

My old boss pretty much killed the system, he brought himself a nice brand "company car" Lexus....all of the bosses racked up.

Originally Posted by min0 lee

Everyone? Even the middle class?

Nope. We have private insurance thank god. The new healthcare bill is going to ^ the cost of that unfortunately.

Originally Posted by GearsMcGilf

Nope. We have private insurance thank god. The new healthcare bill is going to ^ the cost of that unfortunately.

how do you figure? you do realize that it is mainly the "administrative" costs in health-care that are causing most of the premium increases. that is another term of increased payroll for the heads of insurance companies.

Healthcare costs have risen at the rate of 7x the rate of inflation in the past 30-40 years, that must be Obama's fault to. No need to regulate this market, only 50% of the personnel bankruptcies in 2009 were from medical costs incurred by the under-insured.

The "True" Cost of Health-Care Reform is below:
Congressional Budget Office - Health Care