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Mayor Bloomberg slams Warren Buffett's tax claims; 'The Buffett thing is just theatrics'
DAILY NEWS ^ | September 25th 2011 | Reuven Blau

Posted on 09/25/2011 8:41:53 PM PDT by george76

Mayor Bloomberg Sunday slammed billionaire investor Warren Buffett's call for higher taxes on the super-rich, dismissing it as political theater.

"The Buffett thing is just theatrics," Hizzoner said speaking on NBC's "Meet the Press."

In August, Buffett - known as "The Oracle from Omaha" - said he forked over a little less than $7 million in taxes last year, which added up to roughly 17% of his income.

That percentage was lower than the secretaries in his office, he pointed out.

Bloomberg said Buffett's use of the figures was a bit of a smoke and mirrors game.

"If Warren Buffett made his money from ordinary income rather than capital gains his tax rate would be a lot higher than his secretaries. And in fact a very small percentage of people in this country pay a big chunk of the taxes," the billionaire mayor argued.

A following Associated Press review revealed that millionaires on average pay 29.1% of their income in taxes.

(Excerpt) Read more at nydailynews.com ...


TOPICS: Business/Economy; Extended News; News/Current Events; Politics/Elections; US: District of Columbia; US: Nebraska; US: New York
KEYWORDS: bloomberg; buffett; pipsqueak; taxes; warrenbuffett

1 posted on 09/25/2011 8:41:56 PM PDT by george76
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To: george76

Wow, something I agree with Bloomberg on.


2 posted on 09/25/2011 8:44:53 PM PDT by yup2394871293
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To: yup2394871293

“Wow, something I agree with Bloomberg on.”

Me too and the agreements are few and far between.


3 posted on 09/25/2011 8:46:42 PM PDT by Parley Baer
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To: yup2394871293; All

Hell I agree with him too.


4 posted on 09/25/2011 8:48:19 PM PDT by KevinDavis (What has Ron Paul done in Congress??)
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To: george76

“And in fact a very small percentage of people in this country pay a big chunk of the taxes,” the billionaire mayor argued. “

It also means if a few decide to move, say adios US govt. The tax base should be more diversified.


5 posted on 09/25/2011 8:52:29 PM PDT by ari-freedom (Cain all the way)
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To: ari-freedom

Yes, I am gob-smacked that such clear reality would escape Bloomberg’s pie-hole.

Huh.....

Is it possible that he isn’t as arse-ignorant as he seems?


6 posted on 09/25/2011 8:56:34 PM PDT by JoenTX (Don't Tread on Me)
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To: george76

Taxing income, any income whatsoever, is ridiculous anyway.

Go with a sales tax. If you buy something, you pay a tax. If you earn something, its yours.

This country needs to get away from taxing production, and start taxing consumption.

Not one or the other.


7 posted on 09/25/2011 8:58:02 PM PDT by Senator Goldwater
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To: JoenTX
Is it possible that he isn’t as arse-ignorant as he seems?

You want pictures with circles and arrows and a paragraph on the back of each one or will a one word answer suffice?

8 posted on 09/25/2011 8:59:56 PM PDT by going hot (Happiness is a momma deuce)
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To: george76

This may have been theatrics, but the song and dance Bloomie’s been doing over there at the Gracie Mansion has been downright shameful.

No mayor with an ounce of red American blood would have allowed, much less forced, the building of the 9/11 mosk. He’s a putz no matter which way you slice it.


9 posted on 09/25/2011 9:02:43 PM PDT by MichaelCorleone (Those who love liberty love Sarah)
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To: george76
Mayor Bloomberg Sunday slammed billionaire investor Warren Buffett's call for higher taxes on the super-rich, dismissing it as political theater.

I agree, but you are both self serving dopes. Go away Bloomie.

10 posted on 09/25/2011 9:11:39 PM PDT by Lazlo in PA (Now living in a newly minted Red State.)
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To: george76
Americans for Limited Government President Bill Wilson notes, the company openly admits that it owes back taxes since as long ago as 2002.

“We anticipate that we will resolve all adjustments proposed by the US Internal Revenue Service (“IRS”) for the 2002 through 2004 tax years … within the next 12 months,” the firm’s annual report says.

It also cites outstanding tax issues for 2005 through 2009.

11 posted on 09/25/2011 9:14:12 PM PDT by Chode (American Hedonist - *DTOM* -ww- NO Pity for the LAZY)
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To: going hot

No pics needed.

I just generally assume he a statist who occasionally lets reality cross his lips before he recants it.

NY-MSM doing it’s part all along the way, I understand.


12 posted on 09/25/2011 9:15:43 PM PDT by JoenTX (Don't Tread on Me)
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To: george76

I don’t understand why he should open his yap at this time and tell the truth. Schumer was probably on the phone within minutes telling him to STFU and go along with Obumonomics. Just makes me distrust him even more.


13 posted on 09/25/2011 9:58:49 PM PDT by bossmechanic (If all else fails, hit it with a hammer)
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To: george76

Which is why Obama’s campaign is doomed to fail not just in Congress but among the people. You can’t be so blatantly dishonest and expect to garner support. If Obama and Buffet were honest they would say they want to increase Capital Gains taxes... but to compare someone making money from Capital Gains to someone making income is unfair.

Of course, I am for not taxing any form of income, but that’s a different matter. The Mayor is right - they are playing at cheap political theatrics and not talking straight to the people about what they want and how or why they want it.


14 posted on 09/25/2011 10:04:14 PM PDT by monkeyshine
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To: MichaelCorleone

I like that. A “Putz no matter how you slice it”.


15 posted on 09/25/2011 10:22:35 PM PDT by Jan Hus
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To: Senator Goldwater
Taxing income, any income whatsoever, is ridiculous anyway.

Go with a sales tax. If you buy something, you pay a tax. If you earn something, its yours.

This country needs to get away from taxing production, and start taxing consumption.

Not one or the other.

I agree. Unfortunately, it's a concept many FReepers fail to understand.

(Added benefit: IRS employees, accountants, and lawyers will have to look for substantive employment.)

16 posted on 09/25/2011 10:30:46 PM PDT by Cobra64 (Common sense isn't common anymore.)
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To: Jan Hus

Nah, Putz it too nice a term, they are both a couple of Schmeckels!


17 posted on 09/25/2011 10:31:55 PM PDT by vette6387 (Enough Already!)
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To: Senator Goldwater

“This country needs to get away from taxing production, and start taxing consumption.

Not one or the other.”

You make it sound as if consumption was bad or something. It is not. It’s an essential part of the economy and a free market plan would not be biased against one or the other. Otherwise you’re going to end up with a production bubble. You want to have low rates on production and consumption, capital and labor.


18 posted on 09/26/2011 12:48:28 AM PDT by ari-freedom (Cain all the way)
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To: george76; All

Everyone knows it is donkey dung, but the Hussein worshipping media continue to allow their tin god express his lie without much refutation.

If this were Bush, EVERY campaign event would be expressed like this: “Bush, whose so-called fair tax scheme has been repeatedly called a hoax by economists, went to Seattle today....”


19 posted on 09/26/2011 1:49:16 AM PDT by Recovering_Democrat
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To: Senator Goldwater
This country needs to get away from taxing production, and start taxing consumption.

With the added benefit that EVERYONE pay's into the system, here legally or not.

20 posted on 09/26/2011 2:58:38 AM PDT by Paradox (Democrats on Obama, They can't deny him, He is them.)
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To: Chode

Buffett OWES 1 BILLION DOLLARS to the IRS....Hypocrite!!!!!


21 posted on 09/26/2011 3:57:02 AM PDT by Ann Archy ( ABORTION...the HUMAN Sacrifice to the god of Convenience.)
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To: george76
A couple of years ago the rabble wanted to hit NYC's millionaires with additional taxes. Bloomberg pointed out that something like 20,000 of NYC's 8M citizens pay the vast majority of the NYC taxes. Hitting them again would drive them away (a la Rush Limbaugh) and NYC would lose, big time.

That was the other time I agreed with him on something.

22 posted on 09/26/2011 5:17:54 AM PDT by Dilbert56 (Harry Reid, D-Nev.: "We're going to pick up Senate seats as a result of this war.")
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To: Paradox
"This country needs to get away from taxing production, and start taxing consumption.

With the added benefit that EVERYONE pay's into the system, here legally or not."

Exactly. Everyone pays, including the underground economy, unlike the current income based system.

23 posted on 09/26/2011 9:13:16 AM PDT by Senator Goldwater
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To: ari-freedom
"You make it sound as if consumption was bad or something. It is not. It’s an essential part of the economy and a free market plan would not be biased against one or the other. Otherwise you’re going to end up with a production bubble. You want to have low rates on production and consumption, capital and labor."

Why do I want to have any rates on production, capital and labor?

I'm not against consumption. Everybody consumes, not everybody earns.

Tax consumption, not earnings.

24 posted on 09/26/2011 9:15:13 AM PDT by Senator Goldwater
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To: george76

Buffett still owes a $1 billion in back taxes that he’s fighting.

Looks like he’ll be the next Treasury secretary.


25 posted on 09/26/2011 9:25:02 AM PDT by <1/1,000,000th%
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To: AdmSmith; AnonymousConservative; Berosus; bigheadfred; Bockscar; ColdOne; Convert from ECUSA; ...

Thanks george76.
"If Warren Buffett made his money from ordinary income rather than capital gains his tax rate would be a lot higher than his secretaries. And in fact a very small percentage of people in this country pay a big chunk of the taxes," the billionaire mayor argued.
You've heard of class warfare? Welcome to no-class warfare. ;')


26 posted on 09/27/2011 7:06:57 PM PDT by SunkenCiv (It's never a bad time to FReep this link -- https://secure.freerepublic.com/donate/)
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