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Wealthy Europeans back Warren Buffett's call for higher taxes on the rich
pMSNBC ^ | 8/30/11 | Staff

Posted on 08/30/2011 5:12:23 AM PDT by AT7Saluki

Wealthy people across Europe are following in billionaire Warren Buffett's footsteps by calling for higher taxes on the rich.

In Germany, a group of 50 people, called "The Wealthy for a Capital Levy," have urged Chancellor Angela Merkel to make people like them pay more in taxes and "stop the gap between rich and poor getting even bigger," The Guardian newspaper reported Tuesday.

In France, 16 of the country's wealthiest people, including billionaire L'Oreal heiress Lilliane Bettencourt and oil company Total's chief executive Christophe de Margerie signed a petition calling for wealthy people to make a "special contribution" to the government's finances.

(Excerpt) Read more at msnbc.msn.com ...


TOPICS: News/Current Events
KEYWORDS: buffett; european; wealthy
have urged Chancellor Angela Merkel to make people like them pay more in taxes

They have no self-discipline so require the govt to "make" them pay more?
1 posted on 08/30/2011 5:12:28 AM PDT by AT7Saluki
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To: AT7Saluki

 

Try this one on for size and read past the first couple sentences and paragraphs:

It’s like a bunch of rich guys running around acting altruistic and claiming the death tax should be reinstated or at higher levels.

What they don’t tell you is their holdings include companies who profit from estate planning, income shelter, etc.

If the government has no death tax it is a direct competition to the insurance companies, law firms, Wall Street, etc.

Without the death tax there is no need for their services and such stringent estate planning.

Here is an excellent video explaining Warren Buffet and Berkshire-Hathaway. Get a cup of coffee and watch it. You will see the scheme explained and then you will get it.

Also note what companies he has acquired, how and why:

Why This Superrich Guy Likes High Taxes
http://www.xtranormal.com/watch/8035391/

Warren Buffett Benefited From Death Tax
http://www.humanevents.com/article.php?id=15951

Wanna know why Buffet pushed for TARP bailout?
Suffice it to say Berkshire owned stock in some largest receipents of TARP valued at $13 billion around that time.

Here is the funny part:
Buffett increased his bank holdings in September, while he was arguing in the media that Congress should approve the bailout to prevent the collapse of the global financial system.

TARP was approved in October of that year, just one month later!

It’s good to be king!

He actually said “if he didn’t think the government was going to act(in a way that would positive and accretive to hihis holding) he wouldn’t have been doing anything that week”. (paraphrased)

For more read here:
http://www.mcclatchydc.com/2009/04/05/65496/buffett-champion-of-bailout-is.html

BofA in April 2009 was around $4 per share and is now trading at $13.80 per share as of 3/02/2001

Wells Fargo in April of 2009 was around $11 per share and is now trading at around $31 per share.

How about US Bancorp trading at around $14 per share in April 2009 and now trading at about $26 per share.

Goldman Sachs Group trading at some $51 dollars per share has now zoomed to above $160 per share.

How about those poor folks at American Express trading at just above $10 per share in 2009 and now they are trading at about $45 per share?

Bottom line: We, the schmuck taxpayer, paid to enhance the holdings of companies like Berkshire and investors in Berkshire.


2 posted on 08/30/2011 5:14:02 AM PDT by Vendome (Don't take life so seriously, you won't live through it anyway)
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To: AT7Saluki

I’m sure if they wanted to pay more they could.
Any way what does a bunch of euros have to do
with our tax system.


3 posted on 08/30/2011 5:14:54 AM PDT by tet68 ( " We would not die in that man's company, that fears his fellowship to die with us...." Henry V.)
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To: AT7Saluki

...we can use some of Obama’s stash he gave us to quiet them before they get a piece of thee cake.


4 posted on 08/30/2011 5:15:15 AM PDT by Doogle ((USAF.68-73..8th TFW Ubon Thailand..never store a threat you should have eliminated))
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To: AT7Saluki; Libloather
Meanwhile:

Warren Buffett's Company Hasn't Paid All Taxes Owed In Years, Media Mum

http://newsbusters.org/blogs/noel-sheppard/2011/08/29/warren-buffetts-company-hasnt-paid-taxes-years-media-mum#ixzz1WVuHEJcm
5 posted on 08/30/2011 5:16:33 AM PDT by AT7Saluki (No cejar, no ceder)
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To: AT7Saluki
In Germany, a group of 50 people, called "The Wealthy for a Capital Levy," have urged Chancellor Angela Merkel to make people like them pay more in taxes and "stop the gap between rich and poor getting even bigger," The Guardian newspaper reported Tuesday.

If you're rich and feel you're undertaxed, there's nothing stopping you from writing a check to the government in the amount you feel you still owe.

6 posted on 08/30/2011 5:20:05 AM PDT by Yo-Yo (Is the /sarc tag really necessary?)
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To: AT7Saluki

Wealthy Europeans...all 18 of ‘em.


7 posted on 08/30/2011 5:22:20 AM PDT by riri
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To: AT7Saluki

I have to wonder, REALLY wonder what these elitists would say or do if instead of being taxed on ‘reportable’ income they were taxed on ‘total wealth’. That would include all holdings of cash on hand, property, Patents and projected income from patents, Intellectual property and a whole bunch more I can’t think of right off the top of my head.

I bet you the farm they would be screaming at the top of their lungs over unfair taxation.

In other words, I got mine, and I want yours too, is what I see coming from them.


8 posted on 08/30/2011 5:24:30 AM PDT by The Working Man
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To: Vendome
BofA in April 2009 was around $4 per share and is now trading at $13.80 per share as of 3/02/2001 [sic, should be 2011]

Wells Fargo in April of 2009 was around $11 per share and is now trading at around $31 per share.

How about US Bancorp trading at around $14 per share in April 2009 and now trading at about $26 per share.

Goldman Sachs Group trading at some $51 dollars per share has now zoomed to above $160 per share.

How about those poor folks at American Express trading at just above $10 per share in 2009 and now they are trading at about $45 per share?

Bottom line: We, the schmuck taxpayer, paid to enhance the holdings of companies like Berkshire and investors in Berkshire.

And of course don't forget Ford, which was trading at $1.58 per share on February 20, 2009, then after they took the government bailout closed at $18.79 on January 27, 2011.

Oh wait, Ford didn't take a bailout...

9 posted on 08/30/2011 5:27:33 AM PDT by Yo-Yo (Is the /sarc tag really necessary?)
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To: The Working Man
In other words, I got mine, and I want yours too, is what I see coming from them.

Plus a whole lot of "I've got mine and I like the idea of only a few of us having as much as me, else I won't be as special"

10 posted on 08/30/2011 5:30:54 AM PDT by riri
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To: AT7Saluki
Let's modify Tuco's Law a little bit for this: "If you want to pay, pay. Don't talk about other people doing it."
11 posted on 08/30/2011 5:39:41 AM PDT by NonValueAdded (So much stress was put on Bush's Fault that it finally let go, magnitude 6)
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To: AT7Saluki

“Warren Buffett’s Company Hasn’t Paid All Taxes Owed In Years, Media Mum”

It is so Hypocritical. One one hand Buffet wants higher taxes. On the other hand Berkshire Hathaway and the IRS are arguing over some deductions (AKA “loopholes”).


12 posted on 08/30/2011 5:45:47 AM PDT by radioone ("2012 can't come soon enough")
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To: AT7Saluki

What these idiots don’t realize is that the entitled class is still going to hate them even if they pay 90% of their income in tax.


13 posted on 08/30/2011 5:49:51 AM PDT by Opinionated Blowhard ("When the people find they can vote themselves money, that will herald the end of the republic.")
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To: AT7Saluki

Idiots. What they really want is for the government to make other people pay; if all they really wanted was for the government to make them pay more, they could simply write a check for the balance of their wealth to the government and be done with it.


14 posted on 08/30/2011 5:51:43 AM PDT by Oceander (The phrase "good enough for government work" is not meant as a compliment)
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To: AT7Saluki

make people like them pay more in taxes

I see! Government by Roman Legion. A form
of government that Hermann the Liberator and
his forces, chose to reject in 9 BC. The
Battle of the Teutoberg Forest saved nothern
Germany and Scandinavia from Roman Law, in
contrast to common law, and thus brought common
Law to Anglo Saxon England, and later to this
country. All to be destroyed along with the
documents of Liberty as our government was
reduced to Roman Law post 1789, 1860, or 1913
depending on your view of American history.


15 posted on 08/30/2011 5:52:07 AM PDT by wita
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To: AT7Saluki

Misery enjoys company.


16 posted on 08/30/2011 5:52:38 AM PDT by G Larry (I dream of a day when a man is judged by the content of his character)
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To: Vendome

Bottom line: We, the schmuck taxpayer, paid to enhance the holdings of companies like Berkshire and investors in Berkshire.

Not willingly I can assure you.

In defense of Warren Buffet, he is a democrat and would
naturally go along with government action that fit his
philosophy, be it economic or political.


17 posted on 08/30/2011 5:58:31 AM PDT by wita
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To: Yo-Yo

Wait!

Ford took a bailout? /s /s /s /s/s//s/s/s/s/s

They must make crappy cars.....

Of course, I have never driven any other car than a Ford.


18 posted on 08/30/2011 6:01:41 AM PDT by Vendome (Don't take life so seriously, you won't live through it anyway)
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To: The Working Man

A tax on total wealth is one way to do it. I rather like the idea of encouraging savings, tough. I’d argue for changing the tax system to one based on expenditures and make only churches excempt from it. My guess is we’d have some of these people living luxurious lifestyles squirming a bit.

I wonder how many of these so-concerned citizens might have a “come to Jesus” moment...


19 posted on 08/30/2011 6:14:55 AM PDT by CaspersGh0sts
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To: AT7Saluki

What infuriates is the contradictions of the media when discussing “the rich” with respect to taxation. It starts with the handwringing about “fair shares” and dishonest, greedy rich people getting there on the backs of poor people. However, as soon as the filthy, scheming rich people declare their loyalty to (il)liberal principles, they become thoughtful, credible advocates for “change”.


20 posted on 08/30/2011 6:28:33 AM PDT by Mr. Bird
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To: The Working Man
I have to wonder, REALLY wonder what these elitists would say or do if instead of being taxed on ‘reportable’ income they were taxed on ‘total wealth’.

That was my thought exactly. Why go socialist when you can go all out communist?

After all, who needs a billion dollars. I'm sure they could get by on a hundred million.

21 posted on 08/30/2011 6:30:16 AM PDT by seowulf ("If you write a whole line of zeroes, it's still---nothing"...Kira Alexandrovna Argounova)
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To: AT7Saluki

If he wants to pay more in taxes, he could always fire his battery of accountants.


22 posted on 08/30/2011 6:32:18 AM PDT by Tzimisce (Never forget that the American Revolution began when the British tried to disarm the colonists.)
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To: AT7Saluki

Someone should do an expose on the tax collection regime in Germany. No one escapes!
The really rich live in Switzerland. Wonder why?

Warren Buffet is the judas goat for the collectivists. Wonder what he’s been promised?


23 posted on 08/30/2011 6:46:40 AM PDT by griswold3 (Character is Destiny)
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The wealthy already have their full bank accounts that can no longer be taxed as income. So of course those CURRENTLY RICH want higher taxes on those gaining income toward becoming rich. They want to keep the “little people” and riff-raff out of their neighborhoods. No middle class come-up-in’s invited to the riches parties.


24 posted on 08/30/2011 7:07:00 AM PDT by USCG SimTech (Honored to serve since '71)
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To: Yo-Yo

Ted TurNer, J.Fonda, Nancy Peelosi, Mike Moore, are silent on this. Pee on you peons.


25 posted on 08/30/2011 8:56:49 AM PDT by Waco (Nominate Palin or forget 2012 you lost)
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To: AT7Saluki

I once heard Paul Harvey say that the average poor person in the U.S. had a higher standard of living than the average European. Nothing has changed.


26 posted on 08/30/2011 9:01:38 AM PDT by Waco (Nominate Palin or forget 2012 you lost)
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To: riri

The answer for these wealthy hypocrites is a wealth tax, not higher marginal tax rates. Let’s apply the current highest marginal income tax rate to their net worth every year.

Per Forbes, the friend of the masses Mr. Buffet, has a net worth of $45 billion in 2011. The top federal income tax bracket is 35%. Let Mr. Buffett pay 35% on his $45 billion or $15.75 billion. After all, it would only be “fair” from the progressive perspective. The next year he can pay 35% on his remaining $29.25 billion. After a few years he can become a common man!

High marginal income tax rates only serve to raise the bar on hard workers trying to accumulate wealth resulting in fewer new wealthy people and preserving the economic power of the existing wealthy. Start taxing the existing wealthy on their net worth and you’ll hear Mr. Buffett, Mr. Gates, the Kennedy heirs, Mr. and Mrs. Kerry, Miss Winfrey, the Clintons, and even King Barack sing a different tune.


27 posted on 08/30/2011 11:27:11 AM PDT by Soul of the South (When times are tough the tough get going.)
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