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Warren Buffett: Rich Taxed Too Little, Poor Too Much

Discussion in 'Political Discussion' started by weswelker#83, Jan 10, 2008.

  1. weswelker#83

    weswelker#83 Rookie

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    "I should pay more tax", says US billionaire Warren Buffett

    Full Story:
    http://business.timesonline.co.uk/tol/business/money/tax/article1996735.ece


    Video (11.14.07 Senate Finance Committee hearing):
    http://www.youtube.com/watch?v=QLD0p1QpcI8





    Link:
    http://ap.google.com/article/ALeqM5gGT-eaixWoP3AEKwkzIUk_9O11AQD8TFI46O0


    Warren Buffett (BIO)
    http://en.wikipedia.org/wiki/Warren_Buffett
    Last edited: Jan 10, 2008
  2. PressCoverage

    PressCoverage Banned

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    you're rich?
  3. weswelker#83

    weswelker#83 Rookie

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    I don't think i can call myself "rich" at this time . I own a house and me and my family have a decent lifestyle , i mean we are ok , but i still can't say we are rich. lol

    A "Rich" for me is someone who has at least a 6 figures number income /year ...i don't and i am far from that number.lol
    Last edited: Jan 10, 2008
  4. Stokes

    Stokes Rookie

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    The concept of "rich" or "upper class" is very easily changed to suit the needs of liberals when its time for another tax increase.

    Closing tax loopholes would do a lot of good, isn't that one advantage of a flat tax? Yes, the top tax bracket goes from paying 50% down to say 25%, but the catch is that they absolutely have to pay that 25%, rather than using some creative accounting to pay much less?
  5. BelichickFan

    BelichickFan B.O. = Fugazi PatsFans.com Supporter

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    #24 Jersey

    I posted the link already. The top 1% pays 39% of the total income tax. The top 50% pays 96% of the total.

    How much more can the top half pay when the lower half already pay almost nothing (4% of the total).
  6. weswelker#83

    weswelker#83 Rookie

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    Wait a minute now ....

    Read carefuly what Buffet said :

    Did you post it ?

    Why is the rich guy is having a break ? 17 % is inferior than 30% , right ?
    Last edited: Jan 10, 2008
  7. Real World

    Real World Moderator Staff Member

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    If Buffet says the he should pay more, then why doesn't he? He could do so when he files his return.
  8. weswelker#83

    weswelker#83 Rookie

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    The problem is they are asking only 17.7% , you can't just decide to pay what you want , Tax regulations need to be changed first.
  9. patsfan13

    patsfan13 Hall of Fame Poster PatsFans.com Supporter

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    Gee if Good ole Warren was so excited to pay taxes I suggest he stop taking deductions. Matter of fact on the tax for you can volunteer to pay wahtever you want, GO FOR IT WARREN set a good example for the rest of the rich folks....


    Wonder why he set up his foundation with Gates rather than let the gov have the money???
  10. patsfan13

    patsfan13 Hall of Fame Poster PatsFans.com Supporter

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    No sorry, check the tax form (if you file) you can pay what ever you want, no one if forcing him to take tax deductions wither.

    Just another do as I say not as I do lib..
  11. weswelker#83

    weswelker#83 Rookie

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    Well the point is that the lower class does not pay as much....
  12. maverick4

    maverick4 Banned

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    BelichickFan the point is why do the rich pay lower percentages?
    Yes they pay more money, but the tax means less to them.

    If you make 10Million/year and pay 10%, you pay 1 million and it doesn't bother you.

    If you make 50K/year and pay 30%, you pay around 16K which is way less than 1 million, but it really handicaps you.

    Do you see what I mean? I am talking about how the tax affects the poor way more than the rich. And Buffet is right that this is kind of messed up.
  13. sdaniels7114

    sdaniels7114 Rookie

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    I dunno what the final answer is; but I figure the Warren Buffets of America should pay all the taxes if that's what's best for the economy or they should pay none of the taxes if that will be more beneficial. It shouldn't be about what a particular person owes or what services they get for their money. The tax code should be based on collecting the right amount for the country to buy what it needs to buy and it should be collected in whatever way most benefits or does the least damage to our economy. What's fair or not fair is irrelevant.
  14. patsfan13

    patsfan13 Hall of Fame Poster PatsFans.com Supporter

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    The reason is the Tax code. Who do you think paid for all the tax breaks and exceptions that are in the 10,000+ pages of the tax code. That is why we all would be better off with the flat tax. Some say the rich should pay more and want a progressive tax rates. The reality is that people like Buffett don't pay anything close to what the marginal rates would suggest.

    http://www.forbes.com/2005/08/15/taxes-forbes-webcast-cx_tm_0815flatax.html
  15. PatsFanInMaine

    PatsFanInMaine Rookie

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    Once again let me post the facts about Mr. Buffet's claim about his secretary. His theory simply is not possible.

    http://www.patsfans.com/new-england-patriots/messageboard/showthread.php?t=65642

    Does anyone here want to refute the numbers or is this again another thread killer on this subject? No one making $60,000 is paying 30% in Federal taxes.
    Last edited: Jan 10, 2008
  16. BelichickFan

    BelichickFan B.O. = Fugazi PatsFans.com Supporter

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    #24 Jersey

    I was about to post what PatsFanInMaine did, the numbers being thrown around are simply wrong. Up to $97K the highest tax bracket is 28% and someone making $60K never touches 30%; it's silly.

    Why is Buffett's % low ? Well he almost certainly makes most of his money from capital gains which is taxed at a lower rate. As it should be and I hope no-one here is proposing that rate be equivalent to the rate someone would pay if that were straight income from a job.

    Without getting too much deeper into details, the fact remains that the bottom 50% of wageearners contribute basically nothing to the income tax. I'm surprised no candidate proposes eliminating the paltry 4% of the total that they pay now. What a country when 50% can pay 4% and claim they're getting screwed.
  17. weswelker#83

    weswelker#83 Rookie

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    By the end of the year , someone will shout " Buffett is a Terrorist , he should be jailed, he is the biggest criminal of the century"


    The smearing game ...
    Last edited: Jan 10, 2008
  18. BelichickFan

    BelichickFan B.O. = Fugazi PatsFans.com Supporter

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    #24 Jersey

    I'd say that would handicap you as the tax code says you should be paying about 15% without a single deduction - you'd be handicapped by being a moron.
  19. fleabassist1

    fleabassist1 Rookie

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    #12 Jersey

    No one really knows whats going on. Everyone panic! Redo the constitution! Give money to the poor! Destroy the Republicans! Destroy the Democrats! Liberals are evil! Cons are @$$holes! Pro-Life! Pro-Choice! $%#$ gays! Kill all children!

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  20. mtbykr

    mtbykr Rookie

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    #37 Jersey

    The basic problem is the tax system itself. If you have the money you can hire someone (CPA) to do your taxes and then you can use the system to your advantage. I used to do my taxes myself, then I decided to let a friend who is s CPA do them and everything changed. The fair tax is the best way to go forward IMO!

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