I am sooooo on board and excited with Obama's new tax plan with the "Buffet Rule." Really... I can't stand Obama but I would LOVE to pay the same tax rate as my secretary. I'm going to start shopping for a new boat.
Paying the same tax rate as my secretary
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Pseudomind
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I have seen you post on the topic of taxes before.
I think what you really need is a better accountant.
First I am not for this additional tax proposal for "Millionaires"
So if I may, I would like to ask, since I also do not own a business, or would be able to make much use of an accountant so, why I should have to pay anywhere from 28-33 percent in taxes, while Buffett and others are paying around 16 percent or less?
I am talking personal income tax here
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CV-23
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The Red Coats need to stop spending our money like the Drunks and Junkies they are. Pigs waste less, Mike.
I have seen you post on the topic of taxes before.
I think what you really need is a better accountant.
I have seen you post on the topic of boating before.
I think what you really need is to stay at the dock.
This is the same crap you always hear from liberals. When they file their taxes, they take every deduction possible and use any loopholes they can to reduce their income taxes. Then they go around whining and crying that they really should be paying more taxes. If Buffet thinks he should be paying more taxes, why doesn't he make a large donation to help pay off some debt to China?
wastinaweigh
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Pseudo,
Because Warren Buffett chooses to tell the truth from a certain point of view. His 1040 percentage is lower than his secretary because his income is in the form of dividends from Berkshire Hathaway. The dividends are taxed at 15%. However, before they were paid to Mr. Buffett, the dividends were taxed inside Berkshire Hathaway at 35%. So, Washington actually received 50% of the monies actually earned.
What is also interesting is just whose taxes Mr. Buffett wants to raise. The people who will be most affected are S-Corp owners, who have their company's income passed directly through to their personal 1040 (although the cash to pay the taxes on that income is not automatically passed through). Raise taxes on this group, and you lower the value of their business. Guess how Buffett makes his living...he buys distressed companies including S-Corps. On the one hand, I admire the strategy, but on another level, taking advantage of an ignorant population to grab someone's business is a tactic that I am happy not to live with. Of course, with his money I suppose that he can hire a valet to comb his hair so that he does not have to look at himself in the mirror.
Practically speaking, if he actually believed the crap that comes out of his mouth, all he would have to do is put himself on the Berkshire Hathaway payroll and pay himself a salary intead of dividends. Then his tax percentage would be quite a bit higher than his employee.
Because Warren Buffett chooses to tell the truth from a certain point of view. His 1040 percentage is lower than his secretary because his income is in the form of dividends from Berkshire Hathaway. The dividends are taxed at 15%. However, before they were paid to Mr. Buffett, the dividends were taxed inside Berkshire Hathaway at 35%. So, Washington actually received 50% of the monies actually earned.
What is also interesting is just whose taxes Mr. Buffett wants to raise. The people who will be most affected are S-Corp owners, who have their company's income passed directly through to their personal 1040 (although the cash to pay the taxes on that income is not automatically passed through). Raise taxes on this group, and you lower the value of their business. Guess how Buffett makes his living...he buys distressed companies including S-Corps. On the one hand, I admire the strategy, but on another level, taking advantage of an ignorant population to grab someone's business is a tactic that I am happy not to live with. Of course, with his money I suppose that he can hire a valet to comb his hair so that he does not have to look at himself in the mirror.
Practically speaking, if he actually believed the crap that comes out of his mouth, all he would have to do is put himself on the Berkshire Hathaway payroll and pay himself a salary intead of dividends. Then his tax percentage would be quite a bit higher than his employee.
CV-23
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The US Govt has destroyed the free market system. We just paid the IRS $300,000 in taxes on a $900,000 gas well check. This is a non profit group that gives back to the community and not a single member of this group will receive a dime including me. It's extortion and don't believe they don't want us to "Drill Baby Drill".....they get 1/3 of it all and hand it out like candy. Just makes me sick and we get 1% interest on a Money market because the govt loans cash at 0%. We will invest whats left in stocks & bonds 50/50 and that's doing so so. Thanks Obummer, Mike.
floriduramax1
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One term or two...that is the question!! I sure hope we can get the masses to understand that Obummer's math skills are pure deceit! If not I fear four more and possibly some more judge appointments and should just about do us in....I hope I am wrong
Woody
Well-Known Member
The way this has been put out to the public is BS(the Buffet story)...ya man, that'll get their attention. The Dems talk about effective tax rates and include employee taxes while the Rep talk tax bracket rates and don't. All the while the secretary is being compared to the rich guy whose income is largely dividends and capital gains which has a different rate anyway. Not to mention growth in wealth itself through appreciating assests that has yet to be realized and therefore not taxed at all. This is more of the keep everyone mixed up and confused so they don't know what's going on tactics.
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Woody
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There sure are a lot of people that aren’t rich feeling bad for the those who are. Maybe you’d all feel better knowing the big boys are enjoying the lowest effective tax rates of the last 30yrs. Of course so is most everyone else…maybe that’s part of the problem?
Capital gains tax has crept lower over the years and the big boys have only had to pay 15% on long term. Of course if we go by income, ¾ of the tax returns(the little guys) filed the last couple years don’t have to pay any, zero, capitol gains tax on long term gains…maybe that’s part of the problem? OR maybe not, the intent of easing up on capital gains was to encourage investment in business, to create jobs, etc…in reality another stimulus.
So some big boys say they’re not paying enough but are criticized for using the tax code and not donating to pay down the national debt for example. A lot of people at CSR probably got a few bucks off of Making Work Pay…I wonder how many donated it back to pay down the national debt. Washington gave the working man a “tax holiday”, they collected 2% less FICA tax. Washington then borrowed more money to put into the SS Trust on our behalf increasing the national debt while doing so….any of you feel like donating that 2% back to pay down the debt?
Why criticize the big boys for doing what the tax code allows, I do it, everyone I know does it, you guys do it. Shouldn’t we be criticizing Washington for what they allow?
I may have said this before…it’s been so common to hear people say we pay to much tax, we need tax cuts. Who doesn’t like less tax. Bush gave us all tax cuts….man o man we liked him for that. But as a side effect it actually increased the amount of tax returns that don’t pay any(the bums) and yes it helped the rich guys(greedy bastards) make some more $$$. So something we totally approved of generated something we don’t. Can we keep on spending yr after yr like there’s no tomorrow? That’s what some want. Can we always expect tax cut after tax cut? That’s what some want. Hey, I got an idea, how about some common sense and something in the middle that might actually work.
I think every one should pay more tax but in reality I know the majority don’t have it to pay so that means the rich guys will have to cough up some money. I’d like to pay millions in taxes like Buffet because it would mean I’m making a sh-t load of money.:grin:
As far as Gary’s problem, he wants to pay the same tax as his secretary you know, I vote that the tightwad give her a big increase in salary to close the gap.
Capital gains tax has crept lower over the years and the big boys have only had to pay 15% on long term. Of course if we go by income, ¾ of the tax returns(the little guys) filed the last couple years don’t have to pay any, zero, capitol gains tax on long term gains…maybe that’s part of the problem? OR maybe not, the intent of easing up on capital gains was to encourage investment in business, to create jobs, etc…in reality another stimulus.
So some big boys say they’re not paying enough but are criticized for using the tax code and not donating to pay down the national debt for example. A lot of people at CSR probably got a few bucks off of Making Work Pay…I wonder how many donated it back to pay down the national debt. Washington gave the working man a “tax holiday”, they collected 2% less FICA tax. Washington then borrowed more money to put into the SS Trust on our behalf increasing the national debt while doing so….any of you feel like donating that 2% back to pay down the debt?
Why criticize the big boys for doing what the tax code allows, I do it, everyone I know does it, you guys do it. Shouldn’t we be criticizing Washington for what they allow?
I may have said this before…it’s been so common to hear people say we pay to much tax, we need tax cuts. Who doesn’t like less tax. Bush gave us all tax cuts….man o man we liked him for that. But as a side effect it actually increased the amount of tax returns that don’t pay any(the bums) and yes it helped the rich guys(greedy bastards) make some more $$$. So something we totally approved of generated something we don’t. Can we keep on spending yr after yr like there’s no tomorrow? That’s what some want. Can we always expect tax cut after tax cut? That’s what some want. Hey, I got an idea, how about some common sense and something in the middle that might actually work.
I think every one should pay more tax but in reality I know the majority don’t have it to pay so that means the rich guys will have to cough up some money. I’d like to pay millions in taxes like Buffet because it would mean I’m making a sh-t load of money.:grin:
As far as Gary’s problem, he wants to pay the same tax as his secretary you know, I vote that the tightwad give her a big increase in salary to close the gap.
I'm a Bershire Hathaway stock holder and have been for a number of years. I've even been to the annual stockholders meeting held in Omaha characterized as a "Woodstock for Investors!" His latest remarks here are truly making me think about dumping the stock because raising taxes is not good for his businesses nor most others. Someone else mentioned that his 15% cap gains/dividends tax rate is on top of the 35% he pays internally on his his business lines. BNSF and Midamerican Energy (large utility group) are both capital intensive. As such they get such tax goodies as acclerated depreciation, manufacturing credits and credits for building Wind Power farms. All of these legitimate deductions under the present tax code result in a much lower effective tax rate than 35%. As a shareholder I like to caponize him for give our Socialist in Chief a rallying cry to support his wealth redistribution jihad.:smt021
