Buffet and Taxes

[Silat]

Well I know you righties will just continue with your mantra that the poor rich folks really need those republican tax breaks. LOL

You can make a million if you prove him wrong.

http://money.cnn.com/2007/06/26/news/newsmakers/clinton_buffett/index.htm?postversion=2007062700

[lasersailor184]

Surprising?  No, not really.  Buffet thought hard and came to one conclusion.

If there was one candidate who's vote was really for sale, it would be a clinton.

[Jackal1]

Originally posted by lasersailor184
Surprising?  No, not really.  Buffet thought hard and came to one conclusion.

If there was one candidate who's vote was really for sale, it would be a clinton.

And the prices have reached rock bottom.

[bj229r]

Buffet is a big time lib, which is funny, because if the policies he espouses had been in play the last 30 years he never would have become rich. Aside from that, most of his ASSETS are hidden from taxation---if he wants to pay more taxes, let him write a squealing check

[Silat]

Originally posted by bj229r
Buffet is a big time lib, which is funny, because if the policies he espouses had been in play the last 30 years he never would have become rich. Aside from that, most of his ASSETS are hidden from taxation---if he wants to pay more taxes, let him write a squealing check

His political party membership has nothing to do with his assertion about taxes.. You guys really ought to get away from the ManCoulter school of discussion:)
But without talking points you guys really have nada:)
The rich got a huge break. Time to fess up and admit it. They pay less then you. I pay less than you.
No its not equal.

[bj229r]

Originally posted by Silat
His political party membership has nothing to do with his assertion about taxes.. You guys really ought to get away from the ManCoulter school of discussion:)
But without talking points you guys really have nada:)
The rich got a huge break. Time to fess up and admit it. They pay less then you. I pay less than you.
No its not equal.

Ahem:

Warren Buffett’s Berkshire Hathaway recently announced its net income had surged 62% in the second quarter. Buffett, the world’s second richest man, made headlines earlier this year when he announced he would be donating the bulk of his fortune to the foundation established by the world’s first richest man, his friend, Bill Gates. Buffett has been an outspoken critic of plans to eliminate the estate tax and of supply-side economics in general.

But a review of Berkshire’s performance indicates that the very policies Buffett criticizes have played a major role in creating the fortune upon which he stands to deliver those denunciations. Berkshire Hathaway didn’t start as an investment company. It began as a typically struggling Northeastern textile firm. Buffett bought it, and when he failed to make a go of it in textiles, he shut down the plant and fired the employees.

Under the anti-growth polices of the 1970s, Berkshire generally shared the weak performance of the rest of the stock market. It wasn’t until the Reagan tax cuts that Berkshire really took off. The company also had very strong growth after President Clinton signed a capital gains tax cut in 1997. Berkshire underperformed the market during the recession of 2000-2001, took off to some degree during the partial Bush tax cut of 2001, and has done extremely well since the full implementation of the Bush cuts in 2003.


Ironies abound in Warren Buffet’s career. He is a denouncer of corporate greed who began his corporate career by firing workers, a critic of supply-side economics from which much of his wealth is derived, and a supporter of inheritance taxes which he will personally avoid by donating most of his fortune to a tax-sheltered foundation. The fact that the establishment media fail to point out these ironies is, perhaps, one of the rewards he receives for fighting the system which has served his shareholders so well

http://www.humanevents.com/article.php?id=16507

[Ripsnort]

37 billion in charitable contributions. Wonder if any Democrats out there have contributed even 10% of that to charity?

[Ripsnort]

Silat. It's a free country and it's a capitalist nation. You're free to earn billions too, but first you have to work for it.

[Captain Virgil Hilts]

So Buffet makes his fortune under the old fair system, but wants the system changed so others can't follow. Great!

[lazs2]

I have always been in favor of a consumption tax and doing away with the income tax.   I think estate taxes are evil.

silat..  are you saying that you think the rich need to pay more taxes and everyone else less or are you saying that everyone needs to pay more taxes.

I would much rather see a reduction in the size of government than any increase  in taxes on anyone.

estate taxes are downright evil.

Giving to charity is a tax break.. they are not paying taxes on that... what gates and buffet are saying is.....

"the government spends taxes badly and can't be trusted to spend my money wisely so I will circumvent the system like the peasants can't and give the money to the people that I think deserve it..."

They don't want their money to go to the government because they don't trust the way it will be spent yet... they think it is fine for the little people to pay and pay..

If they believed in the tax system for the rich they would not dodge payments with their "charity" they would pay full boat to the feds in taxes and let the wonderful government distribute it..

If they don't think their taxes will be spent well then why ask for more.

There simply is no way for a liberal to argue his way out of that conclusion.

The liberal rich dodge letting the government spend their money... they don't trust em to do it right.

In that respect...  we agree..  buffet and gates are correct in not trusting that taxes will not be simply wasted money... money that in fact... once in the hands of government... makes things worse.

surely you must see that silat?  

Or... if you think the rich pay too little... do away with the charitable contributions deduction.   I bet gates and buffet would scream like little girls then eh?

lazs

[Toad]

One again Laz provides a clear, concise evaluation of the situation.

They don't want their money to go to the government because they don't trust the way it will be spent yet... they think it is fine for the little people to pay and pay..

[bj229r]

A conservative mantra since Reagan was pres. is 'index capital gains to inflation'-- My Dad bought our house in Manassas in 1963 for $20,000. The last time I heard it was sold, went for $220,000. The typical tax system would assume $200,000 of taxable profit, which is WRONG!!! $20,000 of 1963 $ is worth about $130,000 in 2006, making for $110,000 of taxable income which never should have been exposed. Utter bs, man works his whole damn life to buy stuff with AFTER-TAX money, then the gov't tries to take THAT away when he dies.

[soda72]

Originally posted by bj229r
A conservative mantra since Reagan was pres. is 'index capital gains to inflation'-- My Dad bought our house in Manassas in 1963 for $20,000. The last time I heard it was sold, went for $220,000. The typical tax system would assume $200,000 of taxable profit, which is WRONG!!! $20,000 of 1963 $ is worth about $130,000 in 2006, making for $110,000 of taxable income which never should have been exposed. Utter bs, man works his whole damn life to buy stuff with AFTER-TAX money, then the gov't tries to take THAT away when he dies.

Not sure if this applies to your dads situation but there are some loop holes when selling a house...

Sellers age 55 or older had one other option. They could take a once-in-a-lifetime tax exemption of up to $125,000 in profits. And in all instances, there was tax paperwork (Form 2119) to fill out to show that you followed the rules.

http://www.bankrate.com/brm/news/real-estate/20041018a1.asp

[lazs2]

if these billionares really believed the crap they were spouting they would be trying to do away with the charitable deduction.

They would want the government to be the only one who redistributed wealth.


where do I pick up my million?

lazs

[Elfie]

Don't the rich folks still pay a large percentage of the total income tax while still being a very small minority?