Buffett is my hero

[Denny Crane]

Wiki is where I got my info.

Forbes says there are nearly twice as many, making my suggestion nearly twice as effective in paying down the debt.

Many others place the number at twice the number Forbes uses, which would put us in great shape indeed if true. When millionaires increase, so do billionaires.

Everyone seems to agree the numbers for each will nearly double by 2020, which would mean my plan would nearly wipe out the deficit without even having to cut spending.

Since you seem to relate to rich people, you'll be elated to know their numbers are increasing at an insane rate:

http://money.cnn.com/2011/05/05/pf/millionaire_rise/index.htm

NEW YORK (CNNMoney) -- Despite the Great Recession, which wiped out $15.5 trillion in household wealth in the United States alone, the number of millionaires in this country and abroad will grow rapidly over the next decade.

In the U.S., the total number of families with a net worth of over $1 million, including real estate, will double by 2020, according to a report by the Deloitte Center for Financial Services.

http://www.chron.com/disp/story.mpl/business/7475023.html

Someone who bought a house in Silicon Valley in the 1980s for $150K is now a millionaire because his house could be sold for $1M+.

You continuously confuse wealth with income (and debt with deficits).

The data I provided says that you'd wipe out every single $billionaire in the world and in 3 years we'd still have $16T in debt and $1.5T deficits.

If you did wipe out every single $billionaire, you wouldn't get much in taxes from them since they'd be paupers, so the deficits would certainly be worse.

And those figures are world wide. They include rich oil shieks in the middle east, for example, that we can't tax or confiscate their money.

When your logic has only a little scrutiny put on it, it fails miserably.

 

[Denny Crane]

I would like to point out that rather than give his wealth to the government in the form of estate taxes when he dies, Buffett has chosen to give away his wealth through charities. Not only Buffett, but numerous other $billionaires. If they love government so much and believe in it, why would they not just hand over the money to the government when they're dead?

http://blogs.wsj.com/wealth/2010/08/04/40-billionaires-sign-the-gates-buffett-giving-pledge/

Bill Gates and Warren Buffett announced today that 40 signers, including at least 30 billionaires and other wealthy families, had officially made the Giving Pledge–a promise to give away more than half their fortunes.

The list includes a few old-money (or at least older-money) names: Barron Hilton and David Rockefeller. Still, almost all are self-made billionaires or near-billionaires.

The turnout is impressive, especially since the Gates-Buffett-sponsored pledge was just announced a month and a half ago.

 

[huevonkiller]

Someone who bought a house in Silicon Valley in the 1980s for $150K is now a millionaire because his house could be sold for $1M+.

You continuously confuse wealth with income (and debt with deficits).

The data I provided says that you'd wipe out every single $billionaire in the world and in 3 years we'd still have $16T in debt and $1.5T deficits.

If you did wipe out every single $billionaire, you wouldn't get much in taxes from them since they'd be paupers, so the deficits would certainly be worse.

And those figures are world wide. They include rich oil shieks in the middle east, for example, that we can't tax or confiscate their money.

When your logic has only a little scrutiny put on it, it fails miserably.

Ooo thanks pimp. :]

 

[blazerboy30]

So if instead all 3m millionaires paid $50,000 more (1 time only) it would accomplish the same thing without really causing ANY serious financial harm to anybody.

Or if all 400 billionaires made a one time payment of 375 million it would accomplish the same thing without really causing ANY serious financial harm to anybody.

If you combine the two we're on our way to solvency in no time and those fat cats will quickly recoup their payments through the revitalized business activity it would no doubt produce.

In the end we would have a complete economic recovery without having to raise taxes on anyone who is not already set for life.

Oh dear...

Your two scenarios add up to $150 billion each.

You think a ONE TIME payment of $300 billion puts us on our way to solvency when we have a $1.6 TRILLION yearly deficit?

I don't think you know what the difference between billion and trillion is.

This is a great example of why the typical idiot American has no grasp of how bad our situation really is.

 

[huevonkiller]

Oh dear...

Your two scenarios add up to $150 billion each.

You think a ONE TIME payment of $300 billion puts us on our way to solvency when we have a $1.6 TRILLION yearly deficit?

I don't think you know what the difference between billion and trillion is.

This is a great example of why the typical idiot American has no grasp of how bad our situation really is.

Nice ownage there yet so simple. By the way it is the poor that suffer the most when a Billionaire loses 20-40% of his net wealth.

It happened in 2008 and has been getting worse, it is called unemployment rate.

 

[Denny Crane]

http://www.cnsnews.com/news/article/warren-buffett-s-tax-solution-won-t-solv

Warren Buffett’s Taxing the Rich Won't Solve Deficit, Says Tax Foundation

(CNSNews.com) – Taxing millionaires and billionaires more – a position advocated by billionaire Warren Buffett and President Barack Obama – won’t make much of a dent in the national debt or the record federal budget deficits, a new study finds.

“Even taking every last penny from every individual making more than $10 million per year would only reduce the nation's deficit by 12 percent and the debt by 2 percent,” the non-partisan Tax Foundation’s David Logan writes.

“There's simply not enough wealth in the community of the rich to erase this country's problems by waving some magic tax wand,” said Logan.

Buffett, in an August 15 op-ed in the New York Times said it was time to stop “coddling” the wealthy and called on Congress to raise taxes on those making $1 million or more.

“But for those making more than $1 million there were 236,883 such households in 2009 I would raise rates immediately on taxable income in excess of $1 million, including, of course, dividends and capital gains. And for those who make $10 million or more there were 8,274 in 2009 I would suggest an additional increase in rate,” Buffett wrote.

“My friends and I have been coddled long enough by a billionaire-friendly Congress,” wrote Buffett.

However, according to the Tax Foundation study written by Logan, even taxing the nation’s millionaires at 50 percent – even eliminating loopholes and deductions – would only reduce the deficit by 8 percent and the national debt by 1 percent.

“[T]aking half of the yearly income from every person making between one and ten million dollars would only decrease the nation's debt by 1%,” the report said.

Taxing millionaires at an effective tax rate of 50 percent would raise only $120 billion more, according to Tax Foundation calculations based on IRS data.

Taxing those who make $10 million or more at an even higher rate, as Buffett advised, would also do little to reduce the deficit and debt.
Tax Foundation calculations indicate that taxing these individuals at an effective rate of 100 percent would only net the government $186 billion, reducing the deficit by 12 percent and the debt by an additional 2 percent.

In fact, the only way for the government to solve its fiscal issues with revenue would be to confiscate every single dollar from every single American making $200,000 or more per year, the study said.

 

[huevonkiller]

http://www.cnsnews.com/news/article/warren-buffett-s-tax-solution-won-t-solv

Warren Buffett’s Taxing the Rich Won't Solve Deficit, Says Tax Foundation

(CNSNews.com) – Taxing millionaires and billionaires more – a position advocated by billionaire Warren Buffett and President Barack Obama – won’t make much of a dent in the national debt or the record federal budget deficits, a new study finds.

“Even taking every last penny from every individual making more than $10 million per year would only reduce the nation's deficit by 12 percent and the debt by 2 percent,” the non-partisan Tax Foundation’s David Logan writes.

“There's simply not enough wealth in the community of the rich to erase this country's problems by waving some magic tax wand,” said Logan.

Buffett, in an August 15 op-ed in the New York Times said it was time to stop “coddling” the wealthy and called on Congress to raise taxes on those making $1 million or more.

“But for those making more than $1 million there were 236,883 such households in 2009 I would raise rates immediately on taxable income in excess of $1 million, including, of course, dividends and capital gains. And for those who make $10 million or more there were 8,274 in 2009 I would suggest an additional increase in rate,” Buffett wrote.

“My friends and I have been coddled long enough by a billionaire-friendly Congress,” wrote Buffett.

However, according to the Tax Foundation study written by Logan, even taxing the nation’s millionaires at 50 percent – even eliminating loopholes and deductions – would only reduce the deficit by 8 percent and the national debt by 1 percent.

“[T]aking half of the yearly income from every person making between one and ten million dollars would only decrease the nation's debt by 1%,” the report said.

Taxing millionaires at an effective tax rate of 50 percent would raise only $120 billion more, according to Tax Foundation calculations based on IRS data.

Taxing those who make $10 million or more at an even higher rate, as Buffett advised, would also do little to reduce the deficit and debt.
Tax Foundation calculations indicate that taxing these individuals at an effective rate of 100 percent would only net the government $186 billion, reducing the deficit by 12 percent and the debt by an additional 2 percent.

In fact, the only way for the government to solve its fiscal issues with revenue would be to confiscate every single dollar from every single American making $200,000 or more per year, the study said.

Dopeness.

 

[maxiep]

http://www.nationalreview.com/corner/275099/koch-responds-buffetts-call-tax-hikes-daniel-foster#

 

[BrianFromWA]

I read two comments before I started pitying people blessed with immense stupidity.

 

[Denny Crane]

More... $900 .... toilet seats.

 

[maxiep]

http://online.wsj.com/article/SB100...6516724218259688.html?mod=WSJ_Opinion_LEADTop

 

[Denny Crane]

http://www.telegraph.co.uk/finance/...n-Bank-of-America-stake-in-just-24-hours.html

Warren Buffett makes $280m profit on Bank of America stake in just 24 hours

Warren Buffett's $5bn (£3.1bn) lifeline for Bank of America has earned the Sage of Omaha a paper profit of $280m in just 24 hours.

 

[PapaG]

http://www.telegraph.co.uk/finance/...n-Bank-of-America-stake-in-just-24-hours.html

Warren Buffett makes $280m profit on Bank of America stake in just 24 hours

Warren Buffett's $5bn (£3.1bn) lifeline for Bank of America has earned the Sage of Omaha a paper profit of $280m in just 24 hours.

Announced layoffs of 3500 with more speculated, BofA stock and pensions crumble, but at least the 2nd-richest guy in the US got some pocket change while pecking at the carcass. Think Buffett's going to donate his blood money to the US treasury?

 

[BrianFromWA]

Good for Warren. He saw a place to make money legally and did so.

Now, stfu and gtfo with your hypocritical foray into politics

 

[PapaG]

Good for Warren. He saw a place to make money legally and did so.

Now, stfu and gtfo with your hypocritical foray into politics

That's somewhat up for debate. Who brokered the deal? Who tipped off Buffett that he'd get an immediate gain?

 

[maxiep]

Yeah, that Warren Buffett is a real patriot: http://taxprof.typepad.com/taxprof_blog/2011/08/warren-buffetts.html

Perhaps he could help the Treasury he wants to tax the likes of him more by dropping his dispute over BH tax bills.

 

[huevonkiller]

Yeah, that Warren Buffett is a real patriot: http://taxprof.typepad.com/taxprof_blog/2011/08/warren-buffetts.html

Perhaps he could help the Treasury he wants to tax the likes of him more by dropping his dispute over BH tax bills.

Thanks for the info. Damn he got rocked.

 

[maxiep]

http://taxprof.typepad.com/taxprof_blog/2011/08/more-on--1.html

 

[huevonkiller]

Damn what a fraud this guy is.

 

[MrJayremmie]

Its amazing how fast the right goes after someone that says something they disagree with.
Quite sad.

 

[huevonkiller]

Hey buddy, most of the country disapproves of Obama's economic policies. Nice try.

Its amazing how fast the right goes after someone that says something they disagree with.
Quite sad.

I voted for Barry in 2008, Lol what a stupid attack. Put down the talking points.

 

[MrJayremmie]

Hey buddy, most of the country disapproves of Obama's economic policies. Nice try.

What are you talking about?
I agree with this, but I don't know what relevence it serves, or why it is a "nice try".

I voted for Barry in 2008, Lol what a stupid attack. Put down the talking points.

Talking points?
How does voting for Barry have anything to do with my post?
How are you a mod?

 

[huevonkiller]

Your post was ridiculous because lefties don't have a moral high ground. Stop trying to highlight the right.

What are you talking about?
I agree with this, but I don't know what relevence it serves, or why it is a "nice try".


Talking points?
How does voting for Barry have anything to do with my post?
How are you a mod?

First I attacked your post/views, so that was a horrible example. Stop complaining it makes you look weak too.

Lastly I'm not a mod here, relax dude.

 

[PapaG]

Berkshire owes ~ $1 BILLION in back taxes and is fighting it.

This isn't an "attack", Mr. Jayremmie. This is from the public record and Berkshire's own reports. Perhaps Mr. Buffett isn't running his own companies and instead is too busy consulting the President? If so, he should fire his accountants and tax attorneys, and then write a personal check for ~$1 BILLION to the federal government, plus interest, to make up for his company's fighting of taxes the government says they owe.

The bigger story to me, though, is how incompetent is the Obama administration? Buffett was the guy they wanted leading the "tax the rich" charge?

 

[PapaG]

Your post was ridiculous because lefties don't have a moral high ground. Stop trying to highlight the right.



First I attacked your post, so that was a horrible example. Stop complaining it makes you look weak too.

Lastly I'm not a mod here, relax dude.

I'll give Buffett the benefit of the doubt and guess he isn't running his tax department. Still, this is an embarrassment, and it ruins the good name of a man who decided to put his own name behind something that his own companies are dodging.

 

[MrJayremmie]

Berkshire owes ~ $1 BILLION in back taxes and is fighting it.

This isn't an "attack", Mr. Jayremmie. This is from the public record and Berkshire's own reports. Perhaps Mr. Buffett isn't running his own companies and instead is too busy consulting the President? If so, he should fire his accountants and tax attorneys, and then write a personal check for ~$1 BILLION to the federal government, plus interest, to make up for his company's fighting of taxes the government says they owe.

The bigger story to me, though, is how incompetent is the Obama administration? Buffett was the guy they wanted leading the "tax the rich" charge?

No, its a thread that was talking about Warren Buffet that was hijacked by some on here in order to diminish his perspective and cast him in a bad light.

How does Buffet doing what all other corporations do, using loopholes and tax breaks to pay the least amount of taxes have anything to do with the fact that he is for his tax rates being raised, and paying more taxes than the people he employs because he can afford it?

 

[huevonkiller]

No, its a thread that was talking about Warren Buffet that was hijacked by some on here in order to diminish his perspective and cast him in a bad light.

He's avoiding taxes no one is making up anything. So your post is puzzling.

How does Buffet doing what all other corporations do, using loopholes and tax breaks to pay the least amount of taxes have anything to do with the fact that he is for his tax rates being raised, and paying more taxes than the people he employs because he can afford it?

He's the spokesperson for higher taxes not corporate loopholes, it makes him look like a hypocritical bitch.

 

[Denny Crane]

No, its a thread that was talking about Warren Buffet that was hijacked by some on here in order to diminish his perspective and cast him in a bad light.

How does Buffet doing what all other corporations do, using loopholes and tax breaks to pay the least amount of taxes have anything to do with the fact that he is for his tax rates being raised, and paying more taxes than the people he employs because he can afford it?

That'a a $billion in back taxes owed. The income he's suggesting he be taxed on is on the order of $20M.

"Sure, raise the taxes on my $20M, but leave me alone on the taxes on the $5B."

 

[blazerboy30]

No, its a thread that was talking about Warren Buffet that was hijacked by some on here in order to diminish his perspective and cast him in a bad light.

You're correct. Only "the right" would do something like that. Your pretend non-partisian act is so transparent it is quite amusing.

How does Buffet doing what all other corporations do, using loopholes and tax breaks to pay the least amount of taxes have anything to do with the fact that he is for his tax rates being raised, and paying more taxes than the people he employs because he can afford it?

You're confused, again. If he were actually using "loopholes" he wouldn't owe back taxes, which is what is being suggested.

 

[MrJayremmie]

You're correct. Only "the right" would do something like that. Your pretend non-partisian act is so transparent it is quite amusing.

Certainly didn't say only the right does this. I said the right doing this is sad.

And I'm not pretending anything. I attack whoever the hell I please.