Posted on 08/12/2016 8:07:36 PM PDT by NoLibZone
Warren Buffett says even though he and other top earners are paying higher taxes this year, he thinks he's still paying a lower rate than his secretary.
(Excerpt) Read more at money.cnn.com ...
He did. Many of the richest brk investors are friends that invested a little money. I’m sure his secretary is a multi-millionaire (and knows when to shut up.)
Has he ever paid the billion dollars in back taxes he owes?
Then their tax rates should be pretty similar.
As I recall, this was an apples to oranges comparison. His “income tax” rate was based on dividends/capital gains (as he takes no actual salary) while his secretary pays income tax. Nice to see he’s maintaining that little fiction.
Since he’s made a career out of a buy-and-hold investing strategy, he’s probably got a huge capital gains tax bill waiting for him at the pearly gates.
Of course he pays a lower rate. He also pays much more in gross taxes. He doesn’t have a job. He makes his money off capital gains and stock dividends.
His secretary is paid wages and is paid very well.
This is common. I get $1,000 less monthly in Social Security payments than a retired friend of mine. I’m worth more than him. But he made high wages, up to $250,000 a year.
I made most of my money investing, not from high wages, so I didn’t pay as much into SS as he did.
Rate talk like this is meaningless.
and I’ll bet that his secretary is also a millionaire!
Buffet makes his money on capital gains.
Not a salary.
Those of us who claim a salary get screwed. He is correct, when compared to those who make their income on capital gains.
Well, at least by %.
My capital gains are much lower than my salaried income, as is everyone elses.
If not, see your tax adviser and stop doing the short form.
Warren Buffett shook his head in approval at her middle class tax proposal.
Another reason to despise Buffet, albeit a small one, ever have one of those annoying Kirby salepersons knock at your door? To try and sell a ridiculously overpriced vacuum and offer financing with terms that would embarrass a loanshark? Kirby is a subsidiary of Berkshire Hathaway. How someone with the business expertise as Buffet would allow one of his companies to engage in such an outdated, sleazy business model is outrageous. Oh, but the excuse is these are independently owned companies. They still use his company’s name and market his products. All under his watch.
So then make out a check to the IRS they’ll take it you ####sucer #### leftists global elitist piece of $###, pretending you give a flying #### about any of us.
Makes me ####ing sick.
Jut came back from seeing “The Godfather” at a drive in. They were most sincere than you. At least Mihael knew he was a crook.
Here’s the dirty little secret: That’s what he’s paying his tax guys for. The day Warren starts paying a higher tax rate than his secretary is the day they become his former tax guys.
Buffet makes his money on capital gains.
Not a salary.
Those of us who claim a salary get screwed. He is correct, when compared to those who make their income on capital gains.
Trump’s tax plan would fix this. It’s why Trump says the hedge fund guys don’t/won’t like his plan....it captures that capital gains tax.
.....Trump’s comments were referring to the so-called “carried interest loophole” - a provision in the tax code which allows private equity and hedge fund managers pay taxes at the capital gains rate instead of the ordinary income rate.
Many fund managers are in the top income bracket, but the capital gains tax bracket is only 20 percent......
https://www.yahoo.com/news/trump-says-tax-code-letting-hedge-funds-away-155930927—sector.html?ref=gs
One time he was making this point I added up all the taxes his secretary would have to earn to pay the rate she quoted in that earlier article. It was a minimum of over $300,000 to pay that much. And that's only if she didn't have any capital gains or dividends from investments. If she got lower rates from that, her salary would have to be even higher to get to her quoted rate.
How much does Uncle Warren make, or even need? Maybe it all goes to berkshire hashaway.
I've heard it was around $100,000 salary. However, the IRS "requires" the owner to take an appropriate salary so as to not hide salary as business capital gains. I've never heard anyone hit with penalties for it, but it sounds like Buffet is violating it if as CEO he is taking a salary of less than 1/3 of his secretary.
Also consider that a lot of Berkshire Hathaway's business is life insurance, which is often sold as a hedge and shelter against taxation. Have a single flat rate with minimal exemptions and a lot of that insurance business disappears. Buffet is more than smart enough to realize that.
yeah, that’s the problem. Not with Trump, I agree with him.
The so called “loophole” in capital gains has been sold to the American people because they say you are being taxed twice. First, on your income you earned, then again when you invest that money. That’s true.
But, fund managers can claim that the % they skim off your investment also qualifies.
It should not, it is NOT their money they invested, it is other peoples money.
Now, even then, they will skirt around it by putting all of their money into a large fund, and claim that it is the corporations money. Fine, then pay the corporate tax, and pay your fair share as if you were a salesman on commission.
My salesman is a contractor, he pays his own taxes, but he doesn’t get to claim that he is helping our capital gains. It is “earned income”.
Trump is dead on.
Don’t mess with capital gains from those of us who have invested our own money (unless you are going to drop the rate), but surely those who are profiteering off of the market with no vested interest of their own, should pay up just like we do.
I am not so savvy as to understand how this is worked out, but surely someone here (maybe you) will have a good solution.
Because he’s a lying crook.
Warren Buffett can always fire his teams of CPA’s and walk on down to H&R Block... that should stop his creepy ass smugness. Or he can just send in a check... what a jerk.
This lying dog has been fighting the IRS over a billion dollar tax bill, for the last decade. Phony lying sleazeball.
Buffett can donate whatever he wants if he so chooses. It’s really quite simple:
Gifts to the United States
U.S. Department of the Treasury
Credit Accounting Branch
3700 East-West Highway, Room 622D
Hyattsville, MD 20782
Mr. Buffett, please make the check out to the United States Treasury, and be generous. It’s only fair!
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.