Tax the rich, hide the swindle

Townhall.com ^ | November 25, 2007 | Paul Jacob

[ontap]

What such a move would do is transform the system from a mimicry of private pensions to a straight welfare program, taking from richer people and giving to the poorer. Any pretense that the Social Security System was one of paying our own way would go out the window.

The founders of SS knew from the beginning that it would inevitably morph into what it has become, it was never anything but a ponzi scheme.

[Alberta's Child]

What Warren Buffett has done, of course, is lump Social Security contributions (payroll taxes) with the federal income tax. Then, he complains (so to speak) that his Social Security taxes aren’t high enough. His claim makes no sense if Social Security taxes are excluded. Considering the basic federal income tax only, he pays at a higher rate than his assistants. Far more.

I beg to differ with the author of this article. What Warren Buffett has done is no different than what Congress itself has done for years (since 1969, I believe) -- i.e., treat payroll taxes as no different than other sources of tax revenue in Federal budget calculations.

This isn't to suggest that Buffett is right when he claims that "rich people" should be paying more taxes in this country. In fact, the guy is an opporunistic fraud who would probably NEVER end up paying effective tax rates as high as his employees' tax rates -- no matter how the tax code changes.

[stevem]

Brokaw immediately eggs Buffett on, asking about why there’s no outrage about this. Buffett is philosophic:

Did Brokaw ask Buffett to take out his check book and make out a check to the revenuer of his choice for that amount he thinks he underpaid over the years?

[cgbg]

"Taxing rich people" has become pure rhetoric in the modern age where rich people can move money (and themselves) around and restructure their sources of income to avoid paying high taxes.

"The rich" are not sheep that will sit still for the slaughter.

That distinction belongs to the middle class.

:-(

[sig226]

And just think, if Warren so seriously thinks the government needs more of his money, he could send them some money any time he wanted to do so. It’s not like he’s running low on the stuff.

[Ouderkirk]

Ponzi did jail time for his scheme, yet Roosevelt is revered as the one of the greatest presidents.

[econjack]

Did Brokaw ask Buffett to take out his check book and make out a check to the revenuer of his choice for that amount he thinks he underpaid over the years?

This has always been my point, too. I teach in a university and there always there bleeding heart liberals who say we need to give more to the poor, provide more opportunities, health care is a right, blah, blah, blah. I finally said: "The rich support charities, invest, create new businesses and jobs, create sources of capital, plus hundreds of other good things for society. Now, what are the things poor people do for society other than suck down the resource pool?"

If you want to help the poor, fine. Write them a check, but don't force me to do it. I'll help someone, but only if they first demonstrate that they will help themselves.

[Calvin Locke]

I believe the first recipient of an SS check had paid less than $21 into the system, but over the rest of her life, collected over $20,000.

[ReleaseTheHounds]

And just think, if Warren so seriously thinks the government needs more of his money, he could send them some money any time he wanted to do so. It’s not like he’s running low on the stuff.

And of course Warren has shifted most of his fortune to the Gates Foundation -- why? To avoid the effects of the "Death Tax" which threatens to loom its ugly head soon. But why is Warren in favor of seeing the Death Tax reinstated? Because Berkshire Hathaway is an insurance company whose primary business over the years has been selling life insurance to the wealthy in order to pay the Death Tax!

Did Brokaw bring up any of these unpleasant issues? Did Congress inquire about any of these minor points of conflict of interest?

[AmericaUnited]

But, on my side, I didn’t let myself be interviewed by Tom Brokaw and say that I should be taxed at a higher rate.

The guy is a flaming fraud since absolutely NOTHING prevents him from cutting a check to the United States Treasury for the additional tax he thinks he should be paying. Buffet knows that and the fact that he has not done so every years makes a LIAR out of him.

[tubebender]

But why is Warren in favor of seeing the Death Tax reinstated? Because Berkshire Hathaway is an insurance company whose primary business over the years has been selling life insurance to the wealthy in order to pay the Death Tax!

That is a GREAT POINT!

[NTHockey]

“Ponzi did jail time for his scheme, yet Roosevelt is revered as the one of the greatest presidents.”

I take great exception to the second part of that sentence. FDR was an avowed Socialist , bent on changing Capitalism into Communism.

He also was an abject failure in ending the Depression. After eight years in office, unemployment was HIGHER than the first year. If not for Pearl Harbor (which some claim he instigated, or at least knew about), he might have been defeated for a fourth term.

You just can’t trust the RATS - none of them.

[Kaslin]

He is indeed a fraud. What prevents him to write an extra check to the IRS. But like a typical liberal he wants everyone to pay higher taxes

[GregoryFul]

Because Berkshire Hathaway is an insurance company whose primary business over the years has been selling life insurance to the wealthy in order to pay the Death Tax!

And, another scheme, one can transfer funds to a beneficiary who would then buy a life insurance policy on his patron. When the patron died, the life insurance payout would not be taxed at all.

[The Great RJ]

Marginal tax rates for the highest income brackets during the 1950s topped out at over 90%. Note, the US economy during the 1950s grew at an abysmal rate. The reason....there was no incentive to invest as any significant gains would have been taxed away and for the wealthy their after tax income didn’t allow them to either save or invest. To his credit JFK succeeded on reducing these rates to about 77% in 1963 and started an economic boom.

[Ouderkirk]

I have always asserted with considerable facts to support my position, that FDR was one of the worst men to ever occupy the Oval Office.

His works programs and deficit spending are proven to have lengthened the depression and in many was deepened it. Threatening to pack the SCOTUS with more liberal judges in order to get his socialist paradise going. His Ponzi Scheme known as Socialist Stupidity continues to fleece its victims.

[editor-surveyor]

Warren Buffet and Bill Gates are the biggest judas goat, pied pipers of confiscatory taxes on earth.

[Grampa Dave]

The Whoreacle of Omaha continues to show his elite liberalism.

If he and Gates feel so guilty about their massive fortunes, they should give all of to the Salvation Army and go to work in their local Salvation Army to feed and clothe the poor.

[BOBTHENAILER]

A picture of Billy and the whoreacle ringing the bell?

PRICELESS