Stop coddling the super-rich: Buffett (Obama supporter Warren Buffett admits fudging tax returns)

yahoo ^ | 8/15/2011 | By Santosh Nadgir

[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.

[RayChuang88]

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?

[PGalt]

GRRRRREAT comments BUMP!

[j.argese]

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!

[tobyhill]

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.

[Venturer]

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.

[HGSW0904]

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...)

[PMAS]

*

[SVTCobra03]

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

[jmaroneps37]

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

[Incorrigible]

Bump

[Jonty30]

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.

[God luvs America]

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/

[PBRSTREETGANG]

Yet another proclamation from "The Orifice of Obama".

[Raycpa]

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.

[Texas resident]

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.

[Pessimist]

“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.

[Melchior]

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.

[Dr. Scarpetta]

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...

[RJS1950]

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.

[mj1234]

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!.