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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
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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)
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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)
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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)
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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)
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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.)
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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.)
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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.)
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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
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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
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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
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To: tobyhill
Buffett can start a few businesses in places like Detroit and hire a whole bunch of people.

He can buy land, start fresh new businesses and put people back to work. He can call all of these new towns something like...Warrentown.

Sounds good....Warrentown, Illinois....would be my first choice.

Or, since US is in hock to China, why doesn't Buffett get into the action there?

“Warrenmoney” to work on the debt or deficit - whichever or both!

51 posted on 08/15/2011 10:25:50 AM PDT by hummingbird
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Buffett did this riff back in 2004 for Kerry, just doing his bit for the party so Obozo can go back to class warfare, and avoid the economy.


52 posted on 08/15/2011 12:16:45 PM PDT by Leto
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To: tobyhill

“Before we get around to calling all high income “unfair”, we had best ask the other question: If I am not ethically entitled to the income I have earned legitimately in the economy, who is more entitled? Suppose that we ignore the drainage through the whole welfare bureaucracy and assume that every dollar taxed away from me goes to the shiftless wino on the streets of Washington. Is that a “fair” transaction?”

James Buchanan


53 posted on 08/15/2011 1:38:32 PM PDT by 728b (Never cry over something that can not cry over you.)
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