Mayor Bloomberg slams Warren Buffett's tax claims; 'The Buffett thing is just theatrics'

DAILY NEWS ^ | September 25th 2011 | Reuven Blau

[Ann Archy]

Buffett OWES 1 BILLION DOLLARS to the IRS....Hypocrite!!!!!

[Dilbert56]

A couple of years ago the rabble wanted to hit NYC's millionaires with additional taxes. Bloomberg pointed out that something like 20,000 of NYC's 8M citizens pay the vast majority of the NYC taxes. Hitting them again would drive them away (a la Rush Limbaugh) and NYC would lose, big time.

That was the other time I agreed with him on something.

[Senator Goldwater]

"This country needs to get away from taxing production, and start taxing consumption.

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.

[Senator Goldwater]

"You make it sound as if consumption was bad or something. It is not. It’s an essential part of the economy and a free market plan would not be biased against one or the other. Otherwise you’re going to end up with a production bubble. You want to have low rates on production and consumption, capital and labor."

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.

[<1/1,000,000th%]

Buffett still owes a $1 billion in back taxes that he’s fighting.

Looks like he’ll be the next Treasury secretary.

[SunkenCiv]

Thanks george76.

"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. ;')