Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

Stop coddling the super-rich: Buffett (Obama supporter Warren Buffett admits fudging tax returns)
yahoo ^ | 8/15/2011 | By Santosh Nadgir

Posted on 08/15/2011 3:53:55 AM PDT by tobyhill

Billionaire Warren Buffett urged lawmakers to raise taxes on the country's super-rich to help cut the budget deficit, saying such a move will not hurt investments.

"My friends and I have been coddled long enough by a billionaire-friendly Congress. It's time for our government to get serious about shared sacrifice," The 80-year-old "Oracle of Omaha" wrote in an opinion article in The New York Times.

Buffett, one of the world's richest men and chairman of conglomerate Berkshire Hathaway Inc , said his federal tax bill last year was $6,938,744.

"That sounds like a lot of money. But what I paid was only 17.4 percent of my taxable income - and that's actually a lower percentage than was paid by any of the other 20 people in our office. Their tax burdens ranged from 33 percent to 41 percent and averaged 36 percent," he said.

(Excerpt) Read more at news.yahoo.com ...


TOPICS: Extended News; News/Current Events
KEYWORDS: buffett; taxes; taxtherich; warrenbuffett
Navigation: use the links below to view more comments.
first 1-5051-53 next last

1 posted on 08/15/2011 3:54:00 AM PDT by tobyhill
[ Post Reply | Private Reply | View Replies]

To: tobyhill

When I see a video of Buffet writing an extra check to the US Treasury over and above what the law says he owes, then I will pay attention to what he says.

Until then...


2 posted on 08/15/2011 3:57:06 AM PDT by abb ("What ISN'T in the news is often more important than what IS." Ed Biersmith, 1942 -)
[ Post Reply | Private Reply | To 1 | View Replies]

To: tobyhill
Buffett is so lame. Listening to him talk is more tiresome that mowing grass. It's also less interesting. If he thinks he underpaid his taxes, just send a check in for the additional amount he owes.

If he thinks the problems with our elected gentry is they don't collect enough taxes, then he is getting senile.

3 posted on 08/15/2011 4:01:58 AM PDT by stevem
[ Post Reply | Private Reply | To 1 | View Replies]

To: tobyhill

6-million in taxes???? Warren needs to fire his accountants and use the same ones as General Electric.


4 posted on 08/15/2011 4:05:11 AM PDT by radioone (Don’t let the media pick our nominee)
[ Post Reply | Private Reply | To 1 | View Replies]

To: tobyhill
Just write a FREAKING CHECK you old fool!!! NOTHING is stopping you!!!

Hey Hypocrite.....you gave your billions to Gates for a SLUSH FUND...A TAX FREE SLUSH FUND!! STFU!

5 posted on 08/15/2011 4:05:15 AM PDT by Ann Archy (Abortion is the Human Sacrifice to the god of Convenience.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: tobyhill
You're absolutely right, Mr. Buffet, it is time for shared sacrifice. It's time for federal pay to be reduced, for benefits to come in alignment with the actual compensation scales, and for all the zillion perks of Congress to come crashing down.

It is time for the private jet set to be dialed back - we can start with the congress who thinks that this nation's air assets are their private limos. We can start with retirement plans for congressmen and other appointed officials. We can start with trimming federal vacations to just two weeks a year.

It's time the millionaires and billionaires in Congress shared some of the people's sacrifice. Oh, and to make Warren happy, a nice space on the tax return where he can put down any amount of self-tax he desires to give to the federal government.

Set federal pay scales to equivalent salaries of our nation's armed forces. Eliminate all benefits for elected and appointed officials. Require congress to maintain their households in their home states and districts, rather than moving their whole families to Washington DC. It is a public service, not a career. It's about time that congress stop looting the people's money and embezzling it for their favored peons.

And, heck, tax Warren Buffet half of his assets.

6 posted on 08/15/2011 4:06:22 AM PDT by kingu (Everything starts with slashing the size and scope of the federal government.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: All

He just needs to stop taking deductions and “pay his fair share”.


7 posted on 08/15/2011 4:06:44 AM PDT by tobyhill (Real Spending Cuts Don't Require Increasing The Debt)
[ Post Reply | Private Reply | To 1 | View Replies]

To: abb
Ditto on your sentiment.

Buffet made his billions by paying as little tax as possible, now he wants to close the door behind himself. If he's paying 17% or so that tells me that most of his money is in the form of capital gains and dividends, and that he has the best legal and tax minds working to see that that's all he pays. He's also a huge supporter of the death tax and 0bamacare because he's heavily invested in life insurance and gap insurance. The rich use life insurance to pay off the death tax and keep their estates intact. No death tax no real need for life insurance on a large scale.

So the when MSM tries to make Buffet to be this generous individual, interested in fairness, just remember, he didn't become the worlds # 1 investor by worrying about "fairness".

8 posted on 08/15/2011 4:07:46 AM PDT by YankeeReb
[ Post Reply | Private Reply | To 2 | View Replies]

To: tobyhill

It sounds like a lot of the people in his office are going to be above the $250k threshold to get their taxes raised on the first cut also.


9 posted on 08/15/2011 4:12:58 AM PDT by gusopol3
[ Post Reply | Private Reply | To 1 | View Replies]

To: YankeeReb
Buffet made his billions by paying as little tax as possible, now he wants to close the door behind himself.

Andrew Carnegie was the same. He earned his money during a time when there was no income taxes. But, after he made his bundle, he testified before Congress in support of the Income Tax. Typical Liberal.

At least Carnegie donated a lot of his money to charity (Carnegie libraries, etc.). Maybe at least Buffett could donate his estate to the US Treasury...

10 posted on 08/15/2011 4:14:37 AM PDT by Cowboy Bob (Greed + Envy = Liberalism)
[ Post Reply | Private Reply | To 8 | View Replies]

To: abb
The rich want as much taxes on the rich as possible. That way all the "little people" from the upper middle class will stay down in their suburbs, not have any chance of BECOMING rich and be their annoying new neighbors.

Remember, taxes are on INCOME not what sits as capital in banks or other property. The rich already have their stash and it is the upper middle class being PREVENTED from getting their stash through taxation.

11 posted on 08/15/2011 4:17:42 AM PDT by USCG SimTech (Honored to serve since '71)
[ Post Reply | Private Reply | To 2 | View Replies]

To: tobyhill
Okeedokie... IRS... take every penny this MF’er has... take his homes, cars, businesses, vacation homes, artwork, jewelry... Congress... pass a law whereby the Fed seizes all assets of billionaires leaving them with 50 million dollars max... see if this billionaire communist pervert likes “rough sex” more than “coddling”. I have always despised buffet... and for that fact his butt buddy gates. Take his crap too!

LLS

12 posted on 08/15/2011 4:18:05 AM PDT by LibLieSlayer (Certified Al Palin Hobbit Terrorist)
[ Post Reply | Private Reply | To 1 | View Replies]

To: tobyhill
It seems to me the GOP should end this silliness by proposing a "Buffett Tax". This would be a niche in the capital gains tax rate aimed at rich speculators who use capital gains for income, not investment. It could be indexed for inflation to eliminate the problem we now have with the AMT.

This wouldn't bring in much revenue, but it would shut up the sanctimonious rich democRats.

13 posted on 08/15/2011 4:18:13 AM PDT by norwaypinesavage (Galileo: In science, the authority of a thousand is not worth the humble reasoning of one individual)
[ Post Reply | Private Reply | To 1 | View Replies]

To: abb

If he were really serious, he’d want his wealth taxed, not his income.

I’d be willing to bet the moment congress passed such a tax law, his entire wealth would suddenly be out the country.


14 posted on 08/15/2011 4:18:20 AM PDT by Jonty30
[ Post Reply | Private Reply | To 2 | View Replies]

To: tobyhill

Buffet is a tool. He’s advocating for increasing the super rich because he makes his money helping the super rich park their fortunes in tax-protected vehicles like life insurance and trusts. The more taxes levied upon the wealthy, the more they seek shelter and the more Buffet profits. If he was truly seeking fairness, he’d be advocating a fair Federal sales tax.


15 posted on 08/15/2011 4:18:26 AM PDT by liberalh8ter
[ Post Reply | Private Reply | To 1 | View Replies]

To: tobyhill

Senility?


16 posted on 08/15/2011 4:24:06 AM PDT by traditional1 ("Don't gotsta worry 'bout no mo'gage, don't gotsta worry 'bout no gas; Obama gonna take care o' me!)
[ Post Reply | Private Reply | To 1 | View Replies]

To: tobyhill

To show how generous and fair minded he is, I suggest to him that he select what he thinks his tax rate should be, pay it, and then pay all of his previous yearly incomes at the highest rate, too.

If he feels he is being under-taxed currently, then he must have been under-taxed for years and years previously.


17 posted on 08/15/2011 4:24:46 AM PDT by Right Wing Assault (Dick Obama is more inexperienced now than he was before he was elected.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: tobyhill

I do not mind paying taxes. I mind sending the money to be wasted in DC. By the way. The super rich do not pay taxes, they collect taxes.


18 posted on 08/15/2011 4:27:09 AM PDT by HChampagne (I DO NOT TR)
[ Post Reply | Private Reply | To 1 | View Replies]

To: tobyhill
Mr. Buffett, may I call you Warren? Anyway, Warren! If you feel the need to commit other people's money for taxes, please, by all means, send the amount YOU think YOU should send and then YOU send billions more!

You no longer are the Oracle of Omaha. You now, sir, are the

FOSSIL OF OH-MAHA!

19 posted on 08/15/2011 4:32:29 AM PDT by Bushbacker1 (I miss President Bush greatly! Palin in 2012! 2012 - The End Of An Error! (Oathkeeper))
[ Post Reply | Private Reply | To 1 | View Replies]

To: tobyhill

If you’re paying $6,938,744 in taxes and it’s only 17& of your taxable income, you must be doing something right.


20 posted on 08/15/2011 4:41:33 AM PDT by luvbach1 (Stop the destruction in 2012 or continue the decline)
[ Post Reply | Private Reply | To 1 | View Replies]

To: tobyhill
Warren, if you want to get a MUCH wider tax base, the first place to start is to gut the current income tax system and at minimum start all over again with a no-loophole single-rate income tax--the Steve Forbes income tax plan.

Why? Because it offers these advantages:

1. US$13,000 per adult in a two-adult household, US$20,000 for a single adult head of household and US$9,000 per child initial income exemption for earned income (paycheck and pension income).
2. Low, flat income tax rate of around 17.5% above that exemption.
3. No more including bank account interest, capital gains and stock dividend payments towards earned income.
4. A tax form so simple that for most personal taxpayers it would be simpler than the IRS 1040 EZ form used now. Business tax filings will be vastly simpler, too.
5. With no more complicated tax forms to deal with, yearly tax compliance costs is US$75 billion, NOT US$300 billion it is now. That means US$225 BILLION per year freed up for more productive economic activities.
6. Millions of jobs, thousands of factories and hundreds of corporate headquarters return to the USA under better tax circumstances, promptly lowering the unemployment rate.
7. Most of that US$14 TRILLION in American-owned assets now sitting in offshore financial centers for tax avoidance reasons return, properly recapitalizing our banks so they could lend out money for business loans and lines of credit, not to mention helping substantially cutting the Federal deficit itself!
8. Best of all, by eliminating almost every tax loophole except the initial household income exemption, we eliminate the most insidious form of corruption in Washington, DC--the constant lobbying for tax loopholes by half the lobbyists in DC and the Federal government using the tax code to favor or punish almost anybody.

So what are we waiting for?

21 posted on 08/15/2011 4:42:05 AM PDT by RayChuang88 (FairTax: America's economic cure)
[ Post Reply | Private Reply | To 1 | View Replies]

To: tobyhill; All

GRRRRREAT comments BUMP!


22 posted on 08/15/2011 4:43:01 AM PDT by PGalt
[ Post Reply | Private Reply | To 1 | View Replies]

To: tobyhill; All

He and his “Billionaire Buds” can pay as much as they damn well please and they know it. But per typical of these liberal tightwads, they ain’t paying unless they know everybody else is going to pay.
I’m to the point when the next jackass like this opens his/her piehole, Uncle Sam will confiscate his wealth down to the last penny and see how he likes locusts and wild honey!


23 posted on 08/15/2011 4:45:24 AM PDT by j.argese (You may think you've won the day, in the end you will surely lose the important race.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: luvbach1

and if he wants to “pay his fair share” then he shouldn’t take all the deductions and pay the 35% bracket his income shows he’s in.


24 posted on 08/15/2011 4:49:03 AM PDT by tobyhill (Real Spending Cuts Don't Require Increasing The Debt)
[ Post Reply | Private Reply | To 20 | View Replies]

To: tobyhill

I wonder what he pays his tax attorney’s and accountants?

This guy is a hypocrit of the first water.

I want to pay more he cries,while paying tax attorney’s and accountants to see that he pays less. Hypocrit hell!! He is a lying SOB. Start taking his frigging money and see how loud he screams.

And then we have the Massachusetts gigolo who wants to raise tax’s and hides his damned boat so he doesn’t have to.
Liars all of them.


25 posted on 08/15/2011 4:59:15 AM PDT by Venturer
[ Post Reply | Private Reply | To 24 | View Replies]

To: tobyhill

It chaps my backside when he spouts this nonsense.

He’s comparing income tax rates to what he is actually taxed on: capital gains. Warren Buffet’s money does NOT come from salary; it comes from investments. I imagine a significant number of those investments came from after-tax dollars, in which case, he’s already paid the income tax on those dollars, and is paying a further tax on the money he earns from the gains/interest of those dollars.

Then he points to people paying 30%+. That would be in income tax....and frankly, it’s got to be some other taxes as well unless the people in his office are complete buffoons and making an @#$load of money.
Not to mention that they would have to be taking nothing more than the standard deduction with no dependents etc.

But does our stellar media call him on the discrepancy? Nope! They cheer him on: isn’t it disgusting that he pays less in income tax??? (pulling my hair out...)


26 posted on 08/15/2011 5:01:26 AM PDT by HGSW0904
[ Post Reply | Private Reply | To 1 | View Replies]

To: tobyhill

*


27 posted on 08/15/2011 5:05:08 AM PDT by PMAS
[ Post Reply | Private Reply | To 1 | View Replies]

To: tobyhill

Reduce the size of fedgov by 85%, enact a 15% income tax with no deductions and abolish all other taxes. Starve the Beast.


28 posted on 08/15/2011 5:07:45 AM PDT by SVTCobra03 (You can never have enough friends, horsepower or ammunition.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: tobyhill

He said these things while wearing his special silk knee pads and a button saying “Please don’t call me Mr. Potter.”


29 posted on 08/15/2011 5:12:01 AM PDT by jmaroneps37 (Conservatism is truth. Liberalism is lies.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: tobyhill

Bump


30 posted on 08/15/2011 5:20:20 AM PDT by Incorrigible (If I lead, follow me; If I pause, push me; If I retreat, kill me.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: RayChuang88

I know a father who made his familes shareholders in the business. He gave enough shares to each child and his wife, so that they wouldn’t pay taxes and he was able to cut his taxes in half as a result.


31 posted on 08/15/2011 5:41:00 AM PDT by Jonty30
[ Post Reply | Private Reply | To 21 | View Replies]

To: tobyhill; All

of course obama is going to coddle the super rich- they love his failed ass...

The Rich Support McCain, the Super-Rich Support Obama 10/13/2008

http://blogs.wsj.com/wealth/2008/10/13/the-rich-support-mccain-the-super-rich-support-obama/


32 posted on 08/15/2011 5:48:43 AM PDT by God luvs America (63.5million pay no federal income tax then vote demoKrat)
[ Post Reply | Private Reply | To 1 | View Replies]

To: tobyhill
Yet another proclamation from "The Orifice of Obama".
33 posted on 08/15/2011 5:50:26 AM PDT by PBRSTREETGANG
[ Post Reply | Private Reply | To 1 | View Replies]

To: Cowboy Bob
At least Carnegie donated a lot of his money to charity

Those charities were the method used to maintain their wealth and avoid income tax.

34 posted on 08/15/2011 5:54:11 AM PDT by Raycpa
[ Post Reply | Private Reply | To 10 | View Replies]

To: tobyhill

Buffet is rich but not smart.

If the feds go after the uber wealthy, they will leave the country. Except for dimrat politicians. They have their stash tied up in foundations and such to avoid taxes and still live a lavish lifestyle.

Bill Clinton is a prime example.
Guess Buffet has done the same. Won’t affect him.


35 posted on 08/15/2011 6:02:27 AM PDT by Texas resident (Hunkered Down)
[ Post Reply | Private Reply | To 1 | View Replies]

To: tobyhill

“Their tax burdens ranged from 33 percent to 41 percent and averaged 36 percent,” he said.”

Maybe he should ask them if they think they should be taxed more too.


36 posted on 08/15/2011 6:03:04 AM PDT by Pessimist
[ Post Reply | Private Reply | To 1 | View Replies]

To: tobyhill

In the thirties and I believe even into the forties there was a wise multi-millionaire investor named Bernard Baruch who advised and cautioned such people as FDR and Winston Churchill. He was known to those who knew him as a “wise” old man who sought no publicity. Now Buffett is the new Baruch for the New Age. He is perfect for our time. He is the antithesis of the wise old man. He is a blowhard.


37 posted on 08/15/2011 6:16:14 AM PDT by Melchior
[ Post Reply | Private Reply | To 1 | View Replies]

To: Ann Archy
Just write a FREAKING CHECK you old fool!!! NOTHING is stopping you!!!

Exactly...

Warren Buffet could do a lot of good with his money. For instance, Detroit's school system is desperate for help.

etc...

38 posted on 08/15/2011 6:31:59 AM PDT by Dr. Scarpetta
[ Post Reply | Private Reply | To 5 | View Replies]

To: tobyhill

Hey you old fool, start by sending all of that money you funneled to obama and democrats to the treasury. I’ve believed for years that his mythology long ago overran his genius in finances. It will be interesting to see what happens to his empire and stock values when he croaks.

I live in the Omaha area and have been thinking lately of parading a sign in front of his home urging him to give me some of the money he sends to der Fuehrer. I can put it to much better use and can really stimulate the local economy with it.


39 posted on 08/15/2011 6:46:25 AM PDT by RJS1950 (The democrats are the "enemies foreign and domestic" cited in the federal oath)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Venturer

I agree

Why don’t we just arrest Buffett- and his family-
throw them all in the Gulag.. look at all the
$billions we can get back..

Oh wait- he thought he would be exempt -because he loves O’bummer.

One other thing from this article...notice how ALL
his EMPLOYEES are paying a higher Percentage AND
MAKING BILLIONS! LESS!.


40 posted on 08/15/2011 6:52:57 AM PDT by mj1234
[ Post Reply | Private Reply | To 25 | View Replies]

To: tobyhill

Why doesnt Buffett just fire his CPA’s and lawyers and take the standard deduction?


41 posted on 08/15/2011 6:54:06 AM PDT by silverleaf (All that is necessary for evil to succeed, is that good men do nothing)
[ Post Reply | Private Reply | To 1 | View Replies]

To: All

lets see: Buffet SELLS death tax INSURANCE.

buffett does NOT write and extra “tax me more” voluntary check.

buffett has a trust which is set up for when he dies to avoid the death tax AND a good chunk goes to pro-abotion causes.

he should stick to fixing his own downgrade.


42 posted on 08/15/2011 6:57:07 AM PDT by longtermmemmory (VOTE! http://www.senate.gov and http://www.house.gov)
[ Post Reply | Private Reply | To 1 | View Replies]

To: All

lets see: Buffet SELLS death tax INSURANCE.

buffett does NOT write and extra “tax me more” voluntary check.

buffett has a trust which is set up for when he dies to avoid the death tax AND a good chunk goes to pro-abotion causes.

he should stick to fixing his own downgrade.


43 posted on 08/15/2011 6:57:07 AM PDT by longtermmemmory (VOTE! http://www.senate.gov and http://www.house.gov)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Jonty30

buffet’s defenition of wealth is the fact that anyone can “rent” a boat or fly somewhere.

he has an IMPUTED wealth vision.


44 posted on 08/15/2011 7:00:28 AM PDT by longtermmemmory (VOTE! http://www.senate.gov and http://www.house.gov)
[ Post Reply | Private Reply | To 14 | View Replies]

To: HChampagne

“The super rich do not pay taxes, they collect taxes.”

Excellent, a new tagline


45 posted on 08/15/2011 7:01:42 AM PDT by silverleaf (The super rich do not pay taxes, they collect taxes.)
[ Post Reply | Private Reply | To 18 | View Replies]

To: HChampagne

“The super rich do not pay taxes, they collect taxes.”

Excellent, a new tagline


46 posted on 08/15/2011 7:01:55 AM PDT by silverleaf (The super rich do not pay taxes, they collect taxes.)
[ Post Reply | Private Reply | To 18 | View Replies]

To: tobyhill

Doesn’t Buffet invest tons of his stash in tax-free municipal bonds? No wonder he doesn’t care about the federal tax rates.

Like others have said on this thread, what is stopping him, Bill Gates, and other billionaire rats from writing a huge check to the government if they feel they are undertaxed?

The top 1% earn 20% of the income in America, yet they pay 40% of the federal income taxes. Their taxes should be CUT by 50%. Earn 20% of the income, pay 20% of the federal income taxes.

Giving more money to the federal government is like giving booze to an alcoholic. Both are a bad idea and encourage bad behavior.


47 posted on 08/15/2011 7:11:02 AM PDT by july4thfreedomfoundation (Obama inherited a mild recession from George W. Bush and turned it into a major depression.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: tobyhill
Instead of whining about not paying enough taxes, why doesn't he just go out and buy something to stimulate the economy instead of having the money laundered in Washington? Do something like the Carnegie libraries of a century ago. That would be his part of putting people to work instead of flushing it away on failed social policies.
48 posted on 08/15/2011 7:20:14 AM PDT by crusty old prospector
[ Post Reply | Private Reply | To 1 | View Replies]

To: tobyhill
Talk about a rank Hypocrite, Buffett is the King here.
An analysis of Buffett’s tax's a few years back showed he paid an effective rate of about 18%.
Most of these rich guys like Buffett invest a lot their wealth in Tax Free Bonds, nothing wrong with that it does lower your tax rate.
But when a disingenuous idiot like this calls for more taxes on himself and his buddies you can bet he still won't pay any greater rate and that the real tax increase will fall on the Middle-Class.
49 posted on 08/15/2011 8:31:06 AM PDT by Captain Peter Blood
[ Post Reply | Private Reply | To 1 | View Replies]

To: tobyhill
Buffet is an old guy. He is trying to atone for his tax “unfairness.”

Maybe he is trying to get to heaven by cleaning things up before he “goes.” Wonder what his rich pals think of his idea. Probably: "STFU YOU IDIOT!" I wouldn't be surprised if this is another Buffet scam for after he shuffles off.

50 posted on 08/15/2011 9:57:33 AM PDT by hummingbird
[ Post Reply | Private Reply | To 1 | View Replies]


Navigation: use the links below to view more comments.
first 1-5051-53 next last

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson