Skip to comments.Mr. Buffett, Stop Coddling Congress
Posted on 08/15/2011 11:33:25 AM PDT by jacjmm
Mr. Warren Buffett wrote a column for the New York Times today in which he argues that he and others in his situation should pay more taxes. There are several problems with his argument:
1. He argues that he and others don't have to pay FICA "taxes". Yes, there is an income cap on FICA contributions, however, FICA was not called a "tax" until recently. FICA is the amount that you pay for your own social security retirement. At one time, it went into a trust fund or a "lock box" as Al Gore called it, payable only for social security benefits. There was a cap, because the wealthy were thought to have enough money when they retired so they would not need to contribute additional money to Social Security for their own retirement. Social Security was never meant to be a welfare program. Furthermore, companies, including those owned or invested in by Mr. Buffett match each employee's FICA contribution, yet, unlike the employee, they do not get benefits in the future for that contribution. So what happened to the trust fund or lock box? Congress has long since spent it and replaced the funds with IOUs to future generations. Its the spending that is the problem.
2. If the government confiscated ALL of the taxable income of the top 1% of wealthy Americans, it would not even cover the DEFICIT for one year, never mind the national debt. Its the spending that is the problem...
(Excerpt) Read more at bayleyhazenblog.blogspot.com ...
The last thing the federal government needs is MORE MONEY...
Mr. Buffets secret which you can find blasted all over the Internet is one of his famous quotations:
"Our favorite holding period is forever You only pay income taxes at any rate on realized appreciation. An investment with a holding period of forever incurs a capital gains tax of 0%, while all along the holder can be getting wealthy from appreciation."
Thats the real reason Mr. Buffet does not pay a lot of income taxes.
The rich don't live pay check to paycheck.
Liberals want to be able to increase spending based on tax revenue projections.
Gifts to the United States U.S. Department of the Treasury Credit Accounting Branch 3700 East-West Highway, Room 622D Hyattsville, MD 20782
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