Warren Buffett doesn’t think it’s right that his tax rate is lower than his secretary’s.
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Warren Buffett's Tax Rate is Lower than His Secretary's
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This is why Warren Buffet, Bill Gates, T. Boon Pickens, and many other billionaires donate millions upon millions of dollars to non profits and other charity services. People see men as greedy, but these men maid their way through self interest. Instead of seeing theses men relying on greed for their success think seeing their success through trust and self-interest for knowledge success and personal freedom. It is within Warrens Buffets’s self-Interest to give his money to good things=AMERICA!
Not to mention that large wealth disparities cause life expectancy and other measures of quality of life for ALL income groups to go down (except maybe the top .0001%). GDP has no correlation with those in developed nations. (watch: Richard Wilkinson: How economic inequality harms societies).
Very long term plans (100 years or longer) are something a governments have a large advantage in carrying out because they are not individuals- they last longer than people.
@davitodude 1.3*
@davitodude It couldn’t have anything to do with the other Forbes 400 and multimillionaires who are not willing to do the same? It couldn’t have anything to do with fairness? With a 1.5tril deficit, his entire wealth would hardly make a dent.
His taxable income is insignificant compared to the income he generates through his company. If he really wanted to be taxed more than his current investment in Berkshire would be a tenth of its current size.
He’s only bragging that he pays less when the truth is if he wanted to “invest” in federal bureaucracies the government would without a doubt accept his money.
Worry not, Herman Cain’s 999 plan will save the day ! XD What a moron!
@Romansteel13 But hey, at least you have the mindset of a rich person! You pretend to be one on the internet after all. If mindset is all it took to be rich and successful you wouldn’t be some basement dwelling invalid.
@Romansteel13 LOL at how desperate you are to dig up dirt on me that you scroll through my favorites to pick out a few videos that I favorited months and months ago. I have hundreds of favorited videos and some of them are LeBron, Lupe, and Weezer videos, wow you totally owned me! You should really kill yourself if you think that is some kind of amazing insult of my intelligence. Meanwhile you’re a fucking retard who feels the need to lie on the internet about being worth $2 million.
@Romansteel13 There’s an awful lot of projection going on there. You’re incredibly cocky about what you believe when you’re just a moron who is making ridiculous claims about my mindset all because I want a more progressive tax rate than the one currently in place. There’s no one here with a more bloated sense of self confidence than you. You haven’t made any coherent arguments all you’ve done is throw ad hominem attacks.
@slobhinav
There is risk, but most of the risk pays off. Solyndra is another example of the risk. Look at the 95% of companies that are doing well under the same grant solyndra got and you will see.
@slobhinav Considering recent history, it’s hard to imagine anyone promoting central planning. The elements of gov’t programs are: inefficiency, mismanagement, refusal to adjust to new conditions, decisions based on politics not data and bankruptcy. Why would anyone want that crew telling us where to build a dam?
When DC gets involved in specifics it starts picking winners & losers (Solyndra) based on influence. Gov’t money is best when directed toward general (not specific) research.
@slobhinav
Neither, because, unlike you, I actually understand how the tax system works. So tell me, how will you tax their corporate incomes which represent the bulks of their earnings? How will you tax their foreign-domiciled corporations? How will you collect estate taxes on the billions they “donate” to tax-exempt 501’s?
You won’t. At best, you can tax them on the relatively miniscule amounts they “cash out” as personal income. He knows this; that’s why he can say “tax me.” It’s BS.
He forgets to mention that the “rich” include everyone except himself and his billionaire oligarch friends, whose respective fortunes are safely harbored in corporations and tax-exempt 501’s.
@slobhinav
“It doesn’t take an Einstein to realize that (and he would’ve agreed with Buffet).”
Argumentum Ad verecundiam, go google it. Chances are you don’t know what it means.
You are guilty of a logical fallacy.
Einstein was an adherent to Socialism Lite.
He would had hated Buffett, considering the man is worth north of 65 billion dollars.
You are a moron sir, and the only way to cure your illogical ways is via lobotomy.
@Romansteel13 LMFAO net worth of $2million?? Troll you are a fucking joke, seriously I’ve never seen a more pathetic liar than you. God you’re so useless its hilarious XD
@smb123211
nvm, that takes too long.
But you said “how does taking money from successful folks create long-term prosperity”.
I say, roads, bridges, dams, power plants, scientific research, education, health care, engineering grants.
I just don’t get your types. WITHOUT federal subsidies, the private sector CANNOT in many circumstances act.
Investing capital on their part is too damn risky. That is why these higher taxes are needed, for those ^ programs.
@smb123211
I love how you (assuming you are a Republican) Republicans have been peddling the same damn ideas for the past century and you guys still get away with it! Your ideas never work!
Whenever there has been a tax cut, America has suffered.
This tax cuts hits people in FINANCE sector. What you fail to realize is, finance actualyl has LITTLE to do with our GDP unlike the last few decades.
And btw. The rich didn’t get rich by spending.
I can use my family for example.
@smb123211
It doesn’t take an Einstein to realize that (and he would’ve agreed with Buffet).
You are talking very philosophically. And that is a major flaw in your argument. Let me throw some facts into your ass of a mouth.
1950, 1940, 1995, early 1920’s.
Those are dates of American prosperity, read up the tax codes of those days. They were very high.
late 1920’s to early 1930’s, 1960’s-1990, 2000’s. Low tax rates, deficit increases.
@smb123211
It’s no point talking to you fools.
Under Buffets plan, my household would probably be hit with some sort of tax too (we make over 350k I am sure).
This is not about ” If Buffett wants to pay more he can do so without blabbing about it”
This is NOT ABOUT THE INDIVIDUAL!! YOU IDIOT.
This is about the PEOPLE. If you’re going to be that selfish, I don’t know what kind of fool you are.
It doesn’t make sense that a poorer person pays less tax, just doesn’t.
@reinharv If you’re paying 40% then fire your accountant! The highest tax rate is 35% even if you’re one of Obama’s billionaires (folks making over $200K – lol). If Buffett wants to pay more he can do so without blabbing about it.
More to the point, how does taking money from successful folks create long-term prosperity? And unless you think D.C. has a history as a wise steward of our money, how does giving more lead to better conditions?
There is a difference between capital gains and regular income tax rate. Capital gain tax is lower, know why? Because unlike income when you work and get paid, you make an investment you can actually lose everything. Ask people who bought Lehman and Enron stocks. The lower tax rate is simply an incentive to get people to take risk and invest.
@smb123211 He just published his income tax today. His tax rate is 17%. He made 69 Million last year. My tax rate is something in excess of 40% and I am not rich.
@smb123211 You have been brainwashed.
Ok, his tax rate is lower. What’s the problem? Is there something illegal I’m missing. More to the point, will Buffett giving up money he’d use for investment, charity or job creation be good? Can you create long-term prosperity by taking from one group and giving to another?
We’re no longer an aspirational society. Once we all dreamed of working hard, making lots of money and enjoying ourselves. That’s long gone.
@grasd2
“I clearly have done the research as I’m spouting facts to back my arguments up.”
LOL.
My professor once said to me, long before you were born.
The more confident a person is, the more Ignorant they are.
He was right, and so was Charles Darwin.
“Ignorance more frequently begets confidence than does knowledge.”
You have sour grapes, you will never become Rich, so you hate Rich people.
Go read Aesops’ Fable, The Fox and the Grapes.