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Warren Buffet Warns That You're Going to Get a Tax Hike
PJ Media ^ | MAY 06, 2024 | Stephen Green

Posted on 05/06/2024 10:22:59 AM PDT by george76

Warren Buffett, the billionaire Oracle of Omaha, says that Washington will likely "take a larger percentage of what we own

...

Joe Biden .. won't push to extend the Trump tax cuts next year

...

if Congress fails to extend the Trump-era tax cuts, it means an average American family of four making $75,000 will get hit with a $1,500 tax increase. “Main Street businesses will face a 43.4 percent tax rate” and “working parents will suffer from a Child Tax Credit slashed in half” along with the standard deduction every taxpayer is due.

Remember Biden's promise not to raise taxes on anyone making less than $400,000? If you had a dollar for every time Biden has broken that promise, you might have enough money to pay for those tax hikes he said you wouldn't be getting.

...

IRS is still focused on the middle class... 63% of new audits targeted taxpayers with income of less than $200,000. Only a small overall share reached the very highest earners, while 80% of audits covered filers earning less than $1 million.

Biden's so-called Inflation Reduction Act included an $80 billion budget boost for the IRS, ostensibly so those new agents could focus their audits on "the rich." And yet, the WSJ story said, "the agency has been slow to shift its focus to high-income taxpayers, who make up a small share of total filings." Rich people have better accountants than the IRS does; the middle class doesn't. The IRS knows exactly which chickens are ripe for plucking.

...

Forget Buffett's warning that tax hikes are "likely" on the way. In the form of inflation, increased audits on the middle class, and the expiration of the Trump tax cuts, they're either already here or quickly coming.

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


TOPICS: Business/Economy; Extended News; Government; News/Current Events; Politics/Elections
KEYWORDS: hike; irs; raise; raisetaxes; tax; taxes; taxhike
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To: JSM_Liberty

“Because the people who wrote the bill had a certain agenda and it didn’t include middle class tax cuts.”

Do your homework before posting falsely.


21 posted on 05/06/2024 11:02:02 AM PDT by TexasGator
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To: george76

Government spending has nothing to do with tax revenue. They spend whatever they want. Why even bother with taxes?


22 posted on 05/06/2024 11:06:13 AM PDT by E. Pluribus Unum (The worst thing about censorship is █████ ██ ████ ████ ████ █ ███████ ████. FJB.)
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To: george76

Yeah, I read that already. Interesting that we hear that from the British news before our own traitorous media. Someone has got to take over who will punish people for bad behavior.


23 posted on 05/06/2024 11:10:38 AM PDT by MeneMeneTekelUpharsin (Freedom is the freedom to discipline yourself so others don't have to do it for you.)
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To: mass55th

“I didn’t have to be a billionaire to already know that Warren. Now go pay your fair share dimwit.”

Why the animosity and personal insult?

He is certainly no dimwit.


24 posted on 05/06/2024 11:11:36 AM PDT by TexasGator
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To: bigbob

“Maybe he should put some of his money where his mouth is”

He does.


25 posted on 05/06/2024 11:14:45 AM PDT by TexasGator
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To: TexasGator
"He is certainly no dimwit."

He's a billionaire who manages to have a lower tax rate than the people who work for him.

26 posted on 05/06/2024 11:15:48 AM PDT by mass55th (“Courage is being scared to death, but saddling up anyway.” ― John Wayne)
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To: mass55th

“Now go pay your fair share dimwit.”

Both Warren and his manager draw a $100,000 annual salary. Warren hasn’t had a raise for years and pays back $50k a year for personal use of company resources.


27 posted on 05/06/2024 11:17:42 AM PDT by TexasGator
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To: george76

Biden: “If you elect me, your taxes are going to be RAISED, not cut!”

https://twitter.com/TaraBull808/status/1787500025750200551


28 posted on 05/06/2024 11:18:38 AM PDT by Grampa Dave ((“Surrender often means wisely accommodating to what is beyond our control!” — Sylvia Boorstein.))
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To: mass55th

Yet he certainly paid more tax dollars than the people who worked for him. If you want to push for a flat tax, fine. But dont blame people who build businesses for using the tax codes as written to the advantage of themselves, the companies they own, AND the employees they create jobs for.


29 posted on 05/06/2024 11:19:20 AM PDT by Magnum44 (...against all enemies, foreign and domestic... )
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To: TexasGator
"Warren hasn’t had a raise for years"

Oh poor him. Most people who own companies don't take raises.

30 posted on 05/06/2024 11:21:16 AM PDT by mass55th (“Courage is being scared to death, but saddling up anyway.” ― John Wayne)
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To: Magnum44
He supported Hillary Clinton in 2016. In 2020, he said he'd vote for Michael Bloomberg for President.

Warren Buffett says 'I'm a Democrat,' and would have 'no trouble' voting for Bloomberg

31 posted on 05/06/2024 11:24:17 AM PDT by mass55th (“Courage is being scared to death, but saddling up anyway.” ― John Wayne)
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To: mass55th

“He’s a billionaire who manages to have a lower tax rate than the people who work for him.”

Show the numbers!


32 posted on 05/06/2024 11:26:34 AM PDT by TexasGator
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To: mass55th

I didnt say I liked Buffet. I dont agree with anyone advocating increased taxation. But your beef with him in your post was that he was getting some kind of tax break. I disagree. Like Trump, Buffet uses the system to its best advantage. So long as the system is as it is, I would want to do the same.


33 posted on 05/06/2024 11:29:24 AM PDT by Magnum44 (...against all enemies, foreign and domestic... )
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To: mass55th

“He’s a billionaire “

99% of his wealth is in BH shares. Tax is not due till you sell the shares. Shares pay no dividends.

BH fund taxes are 1.5% of total US corporate taxes.


34 posted on 05/06/2024 11:35:45 AM PDT by TexasGator
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To: Magnum44
"Like Trump, Buffet uses the system to its best advantage."

So then why aren't Democrats going after Buffet's tax returns, like they did Trump's?

35 posted on 05/06/2024 11:47:16 AM PDT by mass55th (“Courage is being scared to death, but saddling up anyway.” ― John Wayne)
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To: mass55th

You’ve been here since 1997 and you ask such an obvious question? You know at least a half dozen reasons for that without having to ask anyone on the forum.


36 posted on 05/06/2024 11:50:01 AM PDT by Magnum44 (...against all enemies, foreign and domestic... )
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To: Magnum44

I was being facetious.


37 posted on 05/06/2024 11:51:21 AM PDT by mass55th (“Courage is being scared to death, but saddling up anyway.” ― John Wayne)
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To: mass55th

ok


38 posted on 05/06/2024 11:52:44 AM PDT by Magnum44 (...against all enemies, foreign and domestic... )
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To: TexasGator

That’s a good question. I suspect many House RINOs would vote to extend but unless we win a few seats in the Senate, it might be too tough there. That said, Trump is the art of the deal!


39 posted on 05/06/2024 12:48:41 PM PDT by Jonny7797
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To: mass55th

... I thought you asked that rhetorically, in part for others who may be reading. Facetious works too, of course. Sometimes questions like yours work better than statements for promoting thought. Thanks


40 posted on 05/06/2024 12:49:01 PM PDT by Weirdad (Orthodox Americanism: It's what's good for the world! (Not communifascism!))
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