Posted on 08/16/2011 8:43:59 AM PDT by 49parallel
Warren Buffett goes through his tax return, talks about capitalism, hard work and taxes, the euro threat, etc.
"Warren Buffett discusses his New York Times Op-Ed piece 'Stop Coddling the Super-Rich' which calls on Congress to increase taxes on the Super-Rich like himself."
(Excerpt) Read more at charlierose.com ...
Yo, Warren. If you wrote a check for a cool $billion I’m pretty sure the IRS wouldn’t object. Oh, and by the way, could you send me a little something next April?
He can. Anyone can. The US Treasury will accept money to retire the debt, above and beyond what you owe in taxes. Buffett should put his money where his mouth is, or shut the hell up.
Warren Buffet is the new Barry Goldwater.
Buffet and his ilk need to set an example. Sell everything you own and live on Social Security and rely on Medicare. If these limousine riding liberals did this I might listen to what they say.
So shut the F*&K Up Buffet, you senile old fool. Or give your F*$&ing billions to the government if you want to. But leave me the F*&K out of it.
“...calls on Congress to increase taxes on the Super-Rich like himself”.
####
What specifically is the rationale for “super-rich” citizens having to pay one thin dime more, for their share of the government than say, your average plumber’s apprentice?
That is, what has income or assets got to do with paying for an individual’s responsibility for the overall cost of government overhead?
Hey Warren, there isn’t enough tax money to cover gov’t spending!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Ain’t gonna happen, cousin. To increase taxes on the “Super-Rich” many in Congress would have to change the laws they use to shelter their own wealth. Buffett knows it, and is counting on the efforts of Congress for the continued sheltering of the majority of his wealth.
Imagine a 90% tax rate on union members who make more than $250K/yr, that would capture the entertainers and athletes. I’d kinda like to see that just for the entertainment value.
Wow! I don’t think ANYONE posting above even stopped to watch the interview.
Buffett regularly lobbies for higher estate taxes. He also has repeatedly bought up family businesses forced to sell because the heirs’ death-tax bill exceeded the business’s liquid assets. He owns life insurance companies that rely on the death tax in order to sell their estate-planning businesses.
Buffett made about a billion dollars off of the Wall Street bailout by investing in Goldman Sachs on the assumption Uncle Sam would bail it out. He also is planning investments in ethanol giant ADM and government-contracting leviathan General Dynamics.
The premise asserted by all liberals is that everyone can afford to pay more taxes-the “compassion” for the poor and economically disadvantaged evaporates when the IRS is pounding on your door. Proof of Obama’s lack of compassion is his suggestion that the deduction for charitable contributions be eliminated.
Buffett has also profited hugely from people’s financial fears and financial stupidity, yet going back 40 years he’s spoken many times to allay everyone’s fears and educate people on things financial. This is one of those times.
Watch the interview.
Perhaps...
...but I think that a “cap” on charitable deductions at, say, $12,000 would not harm anyone in the middle class.
At the same time, such a “cap” would stop the “elite” from deducting the full cost of their “charity galas” and other dressy parties from their gross taxable incomes.
If we need more tax revenues, why continue to subsidize the social gatherings of our self-annointed “elite”?
And please don’t get me started on the opportunities for tax-fraud that arise when a “donor” may deduct from his otherwise taxable income the full “appraised value” of a painting or a personal diary or a whatnot, which no museum would EVER have purchased at ANY price, if it had to use its OWN funds.
Also, consider this. You are Joe Smoe with $1 Billion made these past years with low taxes on the rich. Notice he only talks about Dividends and Capital gains. You could get your Dividends and Capital gains taxed at 100% and YOU WOULD STILL HAVE $1 BILLION to live the rest of your days with!!!
How about this. Ask M.r Generous Buffet that we want to tax TOTAL WORTH for everyone who has more than $100 million at 50% and watch him squirm.
This is his scam. He is the top of the heap from enjoying paying little to no taxes all these years. He sees others slowly catching up by doing the same damn thing he did all these years so he puts this nonsense out and tries to build a ceiling between him and those below him.
Oh and incidentally, if they increase taxes on Dividends, it will hit EVERYONE!
Perhaps folks should take an Economics 101 class and know he is just running a scam. The rich stay rich by not being stupid. Nothing he says is stupid FOR HIM.
If he thinks he does not pay enough in taxes, he is more than welcome to send a check to the IRS as others have stated.
Moreover, if you watch the interview you’ll see why Buffett, unlike many, many others, has real empathy and appreciation for those that are taking huge risks to preserve his and other’s ability to become extraordinarily wealthy.
He’s far from insane - he’s talking about the US having the ability to print money to meet its contractual bond obligations to avoid a large scale default, loss of confidence and seizure of American assets by China, et. al.. Printing money may not be right but it is nothing new, most nations have been doing this very thing for decades. As he said, China will get paid but they very possibly will be paid with a devaluing currency (in other words the Yuan will have to rise). Interestingly, a fear of a devaluing currency will encourage the foreign nations to buy more American goods with those dollars before the dollars depreciate. That may be good for American jobs.
He explains how the nations in the EU gave up that option to individually print currencies and so must now deal with their credit problems through other means such as asking their neighbour country to pay up for their debts. Its clear that they are also going to have to slash their deficit spending (aka “fiscal stimulus”). Fine and dandy if it works, but they are now fighting with one major self-inflicted wound if it doesn’t. And again, the rich won’t notice the change but the poor will loose their jobs and everything else they have. A bit like the Haiti economic model.
As for his wealth, he’s 80 years old and has led an extremely conservative life for decades and and has long said he was giving away most of his wealth - which he is now doing. I doubt he’d care much if the gov’t seized/taxed even 99% of it to deal with a crisis.
A scam? As is clear in the interview, the point is, he doesn’t see others catching up. He sees almost everyone else falling further and further behind. (Sort of a domestic “Shock and Awe” effect has hit the vast working population by those with the power and influence to sway tax and bailout policy. Like he said, the too-big-to-fail recipients walked away richer, not poorer for their failures at capitalism.)
Also watch the interview again before you brush him off with the ‘he could write a cheque to the IRS’ ploy. As Buffett himself says now and many decades ago, higher taxes on the super rich are pretty inconsequential and will do little to deal with American debt problems.
Let me know when you figure out why he feels they are necessary.
The truly rich and super rich can either avoid taxes or pass on the higher cost. Raises taxes on them is just a first step to raising taxes on the middle class.
Wow! What makes you think that because Buffett talks the talk, it automatically follows he walks the walk. How can someone who voted for 0bama be trusted about anything?
He speaks of a “low” tax rate on capital gains and dividends. I think the tax on capital gains is too high. Capital formation is generated from capital gains. Likewise dividends. And, the revenue generating dividends is taxed first before the dividends are paid, then again as dividend income (double taxation). That’s why dividend tax rates are relatively low. They need to be eliminated
Buffett says “The American System works.” He hasn’t noticed that 0bama and his buddies have no intention of letting the system work? Buffett says the instruments of government shouldn’t be used as weapons against the economy. He doesn’t see that that is precisely what the 0bama Administration has been doing since ’09? No! He blames the TEA Party! Huge red flag.
Buffett says the right things about reducing deficit spending - that spending is out of contol, then he negates the whole point by observing that 0bama shouldn’t greatly reduce spending now. When?
The fact that Buffett got a friendly hearing from Charlie Rose should tell you something.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.