Buffett: Raise tax cutoff point to $500K

UPI ^ | Nov 26 2012 | UPI

[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

[hinckley buzzard]

...the conservative movement that believes there’s such a thing as a “free war.”

Hmm. You're not really from around here, are you.

[griswold3]

Isn’t all of his assets already distributed to ‘non-profits’ run by his heirs?
Uncle Warren should just pay the taxes he already owes. Tell his minions to give up the fight with the IRS and cut the check NOW. Otherwise, STFU!

[ltc8k6]

Because it would be an even smaller drop in the bucket than the $250K deal? :-)

[cynwoody]

If we're looking at a higher top rate, why not hit just the truly 1 percent - the folks who really make millions yearly?

Good thing you are not John Boehner, not that he's going to do any better.

I am reminded of a quote from Sir Winston:

Churchill: Madam, would you sleep with me for five million pounds?
Socialite: My goodness, Mr. Churchill... Well, I suppose... we would have to discuss terms, of course...
Churchill: Would you sleep with me for five pounds?
Socialite: Mr. Churchill, what kind of woman do you think I am?!
Churchill: Madam, we've already established that. Now we are haggling about the price.

As soon as you concede the legitimacy of class warfare, you lose! You are not conservative! The libtards' game is to get us to accept a millionaire's tax, and then to keep redefining "millionaire" downwards.

Taxes should be low and flat. Period.

[ilgipper]

Yep. You are correct, he is also asking for a minimum tax that everyone pays. Also correct that his motivation is to create a barrier so no one else can grow enough wealth to compete with him and his company heirs. I am not sure how this guy became the world expert on tax policy, as if he is not a direct beneficiary.

[Rashputin]

They've already played the millionaire's tax game once, it's called the income tax. Go back and read the propaganda the media were spewing at the time. It was intended to get money from the millionaires who didn't pay anything and therefore weren't contributing their “fair share”.

[Kansas58]

Warren is in the tax shelter business.

Life insurance remains one of the best tax shelters around, and Warren is deep into the insurance business.

[castowell]

I concede that during the Bush era spending went up sharply ($1.8T in 2001 to $3T in 2008)and both parties are at fault. But your suggestion that Obama is a spindthrift is not true. There weren’t pre-massive deficits either, especially compared to today.

http://en.wikipedia.org/wiki/File:CBO_-_Revenues_and_Outlays_as_percent_GDP.png

[OKRA2012]

If anything, the people making 500k and above should see additional tax cuts as it is their spending and investing that fuels the economy.

[VaRepublican]

dang, been werking pretty well of late. think I’ll hold on to my dolla.

[bert]

and........... decrease the standard deduction. It’s basic fairness

[Georgia Girl 2]

When did Warren Buffet get elected to office. Warren, sit down and STFU!!

[Liberty Wins]

Raise taxes, kill jobs.

[liberty or death]

Totally with a capital T. The Republican party is useless especially on the federal level. They are beaten housewives who shoot the people trying to save them.

[Mister Da]

If Congress took Buffett’s suggestions, what would Buffett do with his income? He'd move it around to avoid the new taxes, just as every other person affected by these laws would do.

No doubt Buffett has reasons for promoting higher taxes for the wealthy, but my guess is that it is not he that needs to pay more taxes, but the other guy. Liberals always believe the other guy, not themselves, are not paying enough taxes. It's part of their "blame everybody else" philosophy. Obama is an expert.

[teflon9]

“and........... decrease the standard deduction. It’s basic fairness”

---

Terrible idea. That would hurt lower income non-itemizers who don’t have any real investments.

[X-spurt]

BINGO...... that is what’ll make WB jump back.

I respect him as an investor, but he’s so damned transparent with this “income tax” horse doo. The guy takes ALL his income as Cap Gains to evade his rightful income tax.

[editor-surveyor]

Buffo’s wealth is out of reach of our tax code, so he can shoot off his mouth all day.

[Red Dog #1]

You know, it would be very tempting to propose a 5%/per year take on the wealth (not income) of billionaires. Buffet would be whining like a little girl.

[scannell]

Buffet’s plan is a self-serving scam. Buffet doesn’t pay a lower income tax rate because Dividends and Cap. Gains are taxed at 15%. Berkshire doesn’t pay dividends and Buffet claims the ideal stock holding period is “forever.” No dividends and no capital gains.

He has set up his estate to go to a trust and hence will avoid ALL Estate Taxes, but he realized that he could “trickle” some of those gifts over his “living” years and would be a deduction against his otherwise taxable income cutting the “effective” rate in half.

It doesn’t matter what you do to the highest tax rates (his secretary is deep in 6 figures) she will always pay twice his tax rate.

Buffet avoids most income tax, pays no dividend tax, pays no Capital Gains tax, set to avoid all estate tax.

Buffet argues for higher estate taxes not because he will pay any (he won’t) but because it will cause tax planners to have to by more tax free life insurance to settle estate tax bill for others. If Berkshire-Hathaway is anything, it is a giant Insurance Company.

If you propose to eliminate what is called the Appreciated Capital Gain deduction and require taxes to be paid on the untaxed portion HE WILL CROAK.....