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Buffett: Raise tax cutoff point to $500K
UPI ^ | Nov 26 2012 | UPI

Posted on 11/30/2012 1:36:13 PM PST by WilliamIII

Warren Buffett called Monday for the cutoff point in U.S. President Barack Obama's proposal to end the Bush-era tax cuts to increase to $500,000 from $250,000.

"I support President Obama's proposal to eliminate the Bush tax cuts for high-income taxpayers," the business magnate, investor and philanthropist wrote in an op-ed piece published in The New York Times Monday. "However, I prefer a cutoff point somewhat above $250,000 -- maybe $500,000 or so."

He also called on Congress, "right now, to enact a minimum tax on high incomes.

"I would suggest 30 percent of taxable income between $1 million and $10 million, and 35 percent on amounts above that," he wrote.

Read more: http://www.upi.com/Business_News/2012/11/26/Buffett-Raise-tax-cutoff-point-to-500K/UPI-20421353918600/#ixzz2DkBAyQSo

(Excerpt) Read more at upi.com ...


TOPICS: Extended News; Government
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If we're looking at a higher top rate, why not hit just the truly 1 percent - the folks who really make millions yearly? $250k may sound like a lot, but in expensive parts of the country it's not real wealth.
1 posted on 11/30/2012 1:36:17 PM PST by WilliamIII
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To: WilliamIII

Lets slap a 90% capitol gains tax on anyone with a net value over one billion.


2 posted on 11/30/2012 1:38:46 PM PST by skeeter
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To: WilliamIII

Ooooo...Buffett sounds like he’s getting nervous. This fits the category of “Be Careful What You Wish For”.


3 posted on 11/30/2012 1:39:13 PM PST by HarleyD
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To: WilliamIII

If we’re looking at a higher top rate, why not hit just the truly 1 percent - the folks who really make millions yearly? $250k may sound like a lot, but in expensive parts of the country it’s not real wealth.


Agreed. Warren might be on to something, here.


4 posted on 11/30/2012 1:39:13 PM PST by teflon9 (Political campaigns should follow Johnny Mercer's advice--Accentuate the positive.)
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To: WilliamIII

Let’s take advice from a guy that pays no taxes, other than dividend and capital gains. Worth as much as advice from a homeless bum, as neither are impacted.


5 posted on 11/30/2012 1:40:17 PM PST by ilgipper (Obama supporters are comprised of the uninformed & the ill-informed)
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To: WilliamIII

Warren, pay the nearly $1 billion (yes, with a ‘B’) in back taxes you owe the IRS for the past 10 years, and then you’ll have some credibility to talk about taxes.


6 posted on 11/30/2012 1:41:22 PM PST by justlurking (tagline removed, as demanded by Admin Moderator)
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To: WilliamIII

How did this become a discussion about tax rates and not spending. the Republican party is totally incompetent.


7 posted on 11/30/2012 1:41:37 PM PST by ilgipper (Obama supporters are comprised of the uninformed & the ill-informed)
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8 posted on 11/30/2012 1:42:40 PM PST by musicman (Until I see the REAL Long Form Vault BC, he's just "PRES__ENT" Obama = Without "ID")
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To: HarleyD
Ooooo...Buffett sounds like he’s getting nervous. This fits the category of “Be Careful What You Wish For”.

He's got nothing to worry about, because they tax income (aka paychecks), not wealth (where he's got his assets).

9 posted on 11/30/2012 1:43:00 PM PST by COBOL2Java (GOPe: Already prepping for their 2016 loss - Jeb Bush!)
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To: COBOL2Java

Buffett made his money, and has one foot in the grave : )


10 posted on 11/30/2012 1:45:37 PM PST by stephenjohnbanker
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To: WilliamIII

Pay your back taxes before you worry about what other people should pay, you old pervert.


11 posted on 11/30/2012 1:45:52 PM PST by E. Pluribus Unum (Labor unions are the Communist Party of the USA.)
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To: ilgipper
Let’s take advice from a guy that pays no taxes, other than dividend and capital gains.

No, at least the last time Warren make this proposal, he was talking about unearned income, too.

Of course, Warren knows very well that dividends and capital gains have already been taxed once at the corporate level before distribution to shareholders. That's just one reason for the reduced tax rates.

What Warren really wants is to raise the barrier to you getting wealthy, by making it more expensive to accumulate and reinvest investment income. It's easier to stay on top of the hill if you spray water on the sides and make it slippery for everyone trying to climb the hill.

12 posted on 11/30/2012 1:45:56 PM PST by justlurking (tagline removed, as demanded by Admin Moderator)
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To: WilliamIII

Hey 500k 1000k 250k gosh 100k tax em all. That neighbor that you used to know you know, the one with the awesome pool, the one you wanted to grow up and be like. Just take his stuff oh wait you didn’t get the pool, or etc. etc. etc. so now I’m rambling on and on. Congrats America. I’m done now, sorry.


13 posted on 11/30/2012 1:46:10 PM PST by VaRepublican (I would propagate taglines but I don't know how. But bloggers do.)
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To: HarleyD

Naaah.
Warren’s got his own situation all locked up.
He’s done everything he can to keep his money out of the goobermint’s hands, and he’s still fighting them in court.

He’s allotted his posthumous wealth to charities, depriving his beloved Savior Obama of BILLIONS. When he dies, the goobermint’s gonna have to pay HIM.


14 posted on 11/30/2012 1:47:06 PM PST by SJSAMPLE
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To: musicman

You blame the Democrats. Unfortunately, all the GOP spending under Bush — including trillion dollar wars — created massive pre-Obama deficits and gave the Democrats their talking points that we need more taxes. Obama is a bigger spendthrift than Bush, but Bush and the GOP did a lot of damage on their own. I can no longer join in posts that pin the blame on Democrats exclusively. All of the Washington Establishment is at fault - and so is the conservative movement that believes there’s such a thing as a “free war.”


15 posted on 11/30/2012 1:49:16 PM PST by WilliamIII
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To: WilliamIII
Buffett's introducing the "compromise solution".

The Dems will "soften" and propose tax only those $500,000 and higher in the next deal offering.

16 posted on 11/30/2012 1:51:46 PM PST by what's up
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To: COBOL2Java
I'm thinking in a "fair" world they'd do a Bill of Attainder on Buffet just on general principal and confiscate all his assets. Well, maybe let him have a clunker and some public housing vouchers.

Just kidding of course but still, we must have fairness.

17 posted on 11/30/2012 1:52:04 PM PST by Proud_texan (You didn't build that, Dear Leader did)
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To: WilliamIII

If, as I believe, the central socialist government resembles what was eroding Spain in 1936, then weasels like Buffet (he goes through the line and TAKES) would be one of the first to disappear.


18 posted on 11/30/2012 1:54:29 PM PST by IbJensen (Liberals are like Slinkies, good for nothing, but you smile as you push them down the stairs.)
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To: Proud_texan

In a “fair” world, of course. But in a Barakeconomy, you’ve got that little thing called crony capitalism. That’s what lets the Pelosis and the Reids and the Buffets and the Moores maintain their standard of living. Y’know: “All animals are equal; some animals are more equal than others”...


19 posted on 11/30/2012 1:58:19 PM PST by COBOL2Java (GOPe: Already prepping for their 2016 loss - Jeb Bush!)
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To: WilliamIII

Here’s an idea: let’s tax big-mouth liberals of the “ i have so much money I don’t mind paying more taxes “ type 90% of their net worth....with the option to reduce it to 75% if they promise to shut up and go away.


20 posted on 11/30/2012 1:59:05 PM PST by wny
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