Posted on 09/25/2011 8:41:53 PM PDT by george76
Mayor Bloomberg Sunday slammed billionaire investor Warren Buffett's call for higher taxes on the super-rich, dismissing it as political theater.
"The Buffett thing is just theatrics," Hizzoner said speaking on NBC's "Meet the Press."
In August, Buffett - known as "The Oracle from Omaha" - said he forked over a little less than $7 million in taxes last year, which added up to roughly 17% of his income.
That percentage was lower than the secretaries in his office, he pointed out.
Bloomberg said Buffett's use of the figures was a bit of a smoke and mirrors game.
"If Warren Buffett made his money from ordinary income rather than capital gains his tax rate would be a lot higher than his secretaries. And in fact a very small percentage of people in this country pay a big chunk of the taxes," the billionaire mayor argued.
A following Associated Press review revealed that millionaires on average pay 29.1% of their income in taxes.
(Excerpt) Read more at nydailynews.com ...
Buffett OWES 1 BILLION DOLLARS to the IRS....Hypocrite!!!!!
That was the other time I agreed with him on something.
With the added benefit that EVERYONE pay's into the system, here legally or not."
Exactly. Everyone pays, including the underground economy, unlike the current income based system.
Why do I want to have any rates on production, capital and labor?
I'm not against consumption. Everybody consumes, not everybody earns.
Tax consumption, not earnings.
Buffett still owes a $1 billion in back taxes that he’s fighting.
Looks like he’ll be the next Treasury secretary.
"If Warren Buffett made his money from ordinary income rather than capital gains his tax rate would be a lot higher than his secretaries. And in fact a very small percentage of people in this country pay a big chunk of the taxes," the billionaire mayor argued.You've heard of class warfare? Welcome to no-class warfare. ;')
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