Buffett is my hero

[MickZagger]

Billionaire Warren Buffett urged U.S. lawmakers Monday to raise taxes on the country's super-rich to help cut the budget deficit, saying such a move will not hurt investments.

http://www.msnbc.msn.com/id/44143776/ns/business-personal_finance/

 

[huevonkiller]

You need to calculate what the deficit is, and what it will be after this ego-stroked tax hike.

Buffett is a moron and thinks our credit should be rated AAAA.

 

[tlongII]

It will take more than higher taxes on the rich to solve our deficit problem, but Buffett is still absolutely right. The rich should pay more taxes. How they get away with paying a lower percentage of their taxable income is unconscionable in my opinion.

 

[huevonkiller]

It will take more than higher taxes on the rich to solve our deficit problem, but Buffett is still absolutely right. The rich should pay more taxes. How they get away with paying a lower percentage of their taxable income is unconscionable in my opinion.

Because they hire your ass maybe?

Btw everyone should have LOWER taxes even the poor. The government is wasting your cash in case you didn't notice.

 

[Haakzilla]

http://sportstwo.com/threads/193080-Who-Are-The-Rich-and-How-Much-Taxation-Is-Fair/page2

 

[maxiep]

Let me know when he cuts a check to the Treasury for at least 5% of his net worth, then he can talk to me about paying more. Until then, I couldn't give a shit about what he has to say. Let me know what he DOES. So far, he chooses to pay the minimum.

 

[EL PRESIDENTE]

buffet is being a puppet master here. There is something sinister going on with this all....

 

[barfo]

buffet is being a puppet master here. There is something sinister going on with this all....

Y'know, speaking of sinister, about your avatar, I just had a thought... Imagine it is coming out instead of going in.

barfo

 

[barfo]

Let me know when he cuts a check to the Treasury for at least 5% of his net worth, then he can talk to me about paying more. Until then, I couldn't give a shit about what he has to say. Let me know what he DOES. So far, he chooses to pay the minimum.

Right... and let me know when you pay LESS tax than the minimum. Then you can talk about cutting taxes. Until then, I can't take your opinions seriously.

barfo

 

[Nate4Prez]

Who Are The "Super-Rich", and How Much Taxation Is "Fair"?

 

[PapaG]

Buffet pays himself a $500k salary a year, yet is the 2nd richest man in the USA.

What's stopping him from voluntarily cutting the government a $5 billion check from his "savings"?

 

[PapaG]

I thought whoever came up with IP tracing was Zags' hero??

 

[barfo]

Buffet pays himself a $500k salary a year, yet is the 2nd richest man in the USA.

What's stopping him from voluntarily cutting the government a $5 billion check from his "savings"?

Nothing. Why is that a relevant question? There's a difference between taxes and voluntary contributions.

Suggesting that the tax rates be increased is not the same thing as saying "I would like to contribute more money irrespective of what everyone else does".

barfo

 

[PapaG]

Nothing. Why is that a relevant question? There's a difference between taxes and voluntary contributions.

Suggesting that the tax rates be increased is not the same thing as saying "I would like to contribute more money irrespective of what everyone else does".

barfo

So ... Buffet has the ability and means to voluntarily pay more in taxes, yet until he is forced to, he'll hoard his money and pay himself a joke of a salary.

kthnx

Buffet is an idiot who destroys companies' stocks and picks at the derivatives.. So is Obama for using Obama as his "rich guy" example in the NYT.

 

[SlyPokerDog]

So is Obama for using Obama as his "rich guy" example in the NYT.

I hate when Obama uses Obama.

 

[MARIS61]

Y'know, speaking of sinister, about your avatar, I just had a thought... Imagine it is coming out instead of going in.

barfo

Speaking of his avatar, what is "offee"?

 

[MARIS61]

Buffett is a notable philanthropist, having pledged to give away 99 percent of his fortune to philanthropic causes.

When one of you greedy whiners pledges to give away 99 percent of your "fortune" to philanthropic causes, then you can cast stones.

Until then, you have no credibility in this arguement.

 

[barfo]

Buffet is a moron

Buffet is an idiot

So... if he's so stupid, why aren't you guys rich? And why are both of you unable to spell his name correctly?

barfo

 

[Blaze01]

I'm curious what is defined as "super-rich"?

I don't have a ton of sympathy for people making over a million a year suddenly having to pay a little more in taxes. I don't think doing so helps economic growth\investment either....

Sure, go ahead tax them more, but Obama and the dems want to tax people making $200k, which to me is bullshit...

There is a big difference b\t someone making $200k and someone making $1 million +

But IMO this all a big farce by the dems, it isn't about the curbing the deficit, it is about solidfying bloated entitlement programs and "social justice" (ie transfering wealth via the gov't)....

 

[Denny Crane]

http://www.thesoapboxers.com/how-many-people-make-more-than-250000-per-year/

In 2009, there were 350,000 tax returns with AGI over $1M, and 8,274 tax returns with AGI over $10M.

If we got another $1M in taxes from those 8,274 people, it'd raise an additional $8B for the government. That would be something like a 10% tax hike, from 36% to 39.6%. Hell, if we got $10M in taxes from those people, it'd be $80B or enough to reduce the deficit from $1.500T to $1.420T.

If we somehow were able to get $100,000 more in taxes from each of the 350,000 who make $1M, it'd be $35B.

It is deficit reduction, but doesn't really begin to address the problem. The problem is that government is a black hole for money.

 

[blazerboy30]

Right... and let me know when you pay LESS tax than the minimum. Then you can talk about cutting taxes. Until then, I can't take your opinions seriously.

barfo

Quite possibly the dumbest, and inapplicable post on S2. Congrats.

 

[blazerboy30]

I'm curious what is defined as "super-rich"?

I don't have a ton of sympathy for people making over a million a year suddenly having to pay a little more in taxes. I don't think doing so helps economic growth\investment either....

Sure, go ahead tax them more, but Obama and the dems want to tax people making $200k, which to me is bullshit...

There is a big difference b\t someone making $200k and someone making $1 million +

But IMO this all a big farce by the dems, it isn't about the curbing the deficit, it is about solidfying bloated entitlement programs and "social justice" (ie transfering wealth via the gov't)....

I think you make too much money per year and can afford to pay more tax.

 

[blazerboy30]

http://www.thesoapboxers.com/how-many-people-make-more-than-250000-per-year/

In 2009, there were 350,000 tax returns with AGI over $1M, and 8,274 tax returns with AGI over $10M.

If we got another $1M in taxes from those 8,274 people, it'd raise an additional $8B for the government. That would be something like a 10% tax hike, from 36% to 39.6%. Hell, if we got $10M in taxes from those people, it'd be $80B or enough to reduce the deficit from $1.500T to $1.420T.

If we somehow were able to get $100,000 more in taxes from each of the 350,000 who make $1M, it'd be $35B.

It is deficit reduction, but doesn't really begin to address the problem. The problem is that government is a black hole for money.

I've done those exact calculations (basically). It is so frustrating to me that people just can't comprehend that tax increases are not going to make the slightest dent in the problem. Even if we could squeeze out another $50billion in revenue, that is 3% of the deficit for this year.

Shifting the discussion away from cutting spending and onto revenue generation is absolutely idiotic and irresponsible.

 

[maxiep]

I've done those exact calculations (basically). It is so frustrating to me that people just can't comprehend that tax increases are not going to make the slightest dent in the problem. Even if we could squeeze out another $50billion in revenue, that is 3% of the deficit for this year.

Shifting the discussion away from cutting spending and onto revenue generation is absolutely idiotic and irresponsible.

People want simple solutions and want others to pay for it. We keep hearing about "shared sacrifice", yet the only people who are demanded to sacrifice are those who can pay "just a little bit more". If Obama's view of how to grow the economy wasn't so destructive, it would be laughable.

 

[Eastoff]

http://www.thesoapboxers.com/how-many-people-make-more-than-250000-per-year/

In 2009, there were 350,000 tax returns with AGI over $1M, and 8,274 tax returns with AGI over $10M.

If we got another $1M in taxes from those 8,274 people, it'd raise an additional $8B for the government. That would be something like a 10% tax hike, from 36% to 39.6%. Hell, if we got $10M in taxes from those people, it'd be $80B or enough to reduce the deficit from $1.500T to $1.420T.

If we somehow were able to get $100,000 more in taxes from each of the 350,000 who make $1M, it'd be $35B.

It is deficit reduction, but doesn't really begin to address the problem. The problem is that government is a black hole for money.

It's funny how math works, and I agree that the taxes won't be enough. But by saying "well it's just a drop in the bucket, don't bother" is kind of silly. Is it not the same argument some say about "well don't cut this program, it's only 1B$ it's just a drop in the bucket?"

 

[blazerboy30]

It's funny how math works, and I agree that the taxes won't be enough. But by saying "well it's just a drop in the bucket, don't bother" is kind of silly. Is it not the same argument some say about "well don't cut this program, it's only 1B$ it's just a drop in the bucket?"

The point is that the discussion is being diverted away from spending cuts and towards tax increases just so the Dems can keep their bloated programs, try to have others pay for it, and kick the can down the road.

We need to keep the discussion on spending cuts because that is the ONLY way to get this mess under control, as the math shows.

 

[MARIS61]

It is so frustrating to me that people just can't comprehend that tax increases are not going to make the slightest dent in the problem.

Neither will locking up more murderers.

Sometimes you do something just because it's the right thing to do.

The economy will start up again when the corporate rich stop getting handouts, tax credits, and tax exemptions from the government. Until they think they need more money they will not have any incentive to create jobs, so they won't.

 

[maxiep]

It's funny how math works, and I agree that the taxes won't be enough. But by saying "well it's just a drop in the bucket, don't bother" is kind of silly. Is it not the same argument some say about "well don't cut this program, it's only 1B$ it's just a drop in the bucket?"

Why do you assume that increasing the taxes on the wealthy will result in increased tax revenue?

 

[maxiep]

The point is that the discussion is being diverted away from spending cuts and towards tax increases just so the Dems can keep their bloated programs, try to have others pay for it, and kick the can down the road.

We need to keep the discussion on spending cuts because that is the ONLY way to get this mess under control, as the math shows.

I'll make a deal with this government. I'm willing to restore the Clinton tax rates if we can restore the inflation-adjusted Clinton spending levels. Does anyone think the Obama Administration would take that deal?

 

[MARIS61]

http://www.thesoapboxers.com/how-many-people-make-more-than-250000-per-year/

In 2009, there were 350,000 tax returns with AGI over $1M, and 8,274 tax returns with AGI over $10M.

If we got another $1M in taxes from those 8,274 people, it'd raise an additional $8B for the government. That would be something like a 10% tax hike, from 36% to 39.6%. Hell, if we got $10M in taxes from those people, it'd be $80B or enough to reduce the deficit from $1.500T to $1.420T.

If we somehow were able to get $100,000 more in taxes from each of the 350,000 who make $1M, it'd be $35B.

It is deficit reduction, but doesn't really begin to address the problem. The problem is that government is a black hole for money.

Your use of AGI makes your arguement worthless.

There are billionaires with good accountants who have an "AGI" smaller than the average American.

Your "another $1M in taxes from those 8,274 people" is laughable too as many of them should be paying many, many multiples of that amount.