He's not only a world class rich guy - He's a world class hypocrite.
Posted on 01/27/2012 11:24:04 AM PST by SeekAndFind
Instead of raising taxes on millionaires, why not lower the taxes on the rest of us?
—His point is — tax code treats his secretary unfairly—
Message to Warren: Yeah, we get that. We just disagree with you.
So instead of jacking up the rates on those who are prosperous, how about reducing the rates for people like his secretary. What is a fair rate ? A simple flat 10 or 15 % In fact 10% is a very fair number. It is good enough for God, it is more than good enough for the gov’t. Flat tax with no deductions except a certain exemption of income before tax is applied. Throw out the whole complex tax code and it would be a simple sheet of paper.
Taxes should be for revenue, not for social engineering.
Hussein and Buffett can criticize and use a lower level employee (whom Buffett could assist financially in any way he likes) as a prop, but when SOMEONE ELSE decides to analyze the fact that she owns two homes and likely makes up to $500,000 a year, well that is (ACCORDING TO HUSSEIN AND BUFFETT APPARENTLY) “ridiculous”, eh?
Got hypocrisy?
Hey Warren what would you do if Obozo put a 30% tax on all your income regardless of its source? Would you be making investments that entail risk knowing that 30% of whatever you made in capital gains would be taxed at 30% on top of the 33% federal corporate income tax that comes right off the top of a company’s profits? My bet is Buffet would be moving his money offshore in short order.
He isn’t opposed to eliminating loop holes.
Recovering_Democrat — you have it exactly right. Add to that the fact that Buffett and his organization owes a billion in back taxes and is fighting it and Buffett becomes the ultimate hypocrite. But then, what else do you expect, he is a democrat
i wonder if their son will get in-state tuition since mom and pop bought their 2nd house there in Arizona?
Blowback is a bitch, ain’t it Warren.
My version of the Buffet rule is that all Berkshire Hathaway investors pay the normal 15% capital gains tax, plus a special 65% “secretary tax”.
So, his secretary owns TWO homes, and he wants people to see her as being treated unfairly? I own zero homes, but I’m not complaining that the “Rich” do not pay enough in taxes. The argument isn’t about whether this group or that pays too much or too little. The argument is that the GOVERNMENT squanders what they take in revenue. The argument is that the GOVERNMENT places too many regulations and restrictions upon people who run small or large businesses, stiffling job creation. The argument is that the GOVERNMENT has become too wieldy, attempting to control ALL aspects of EVERYONES lives. The argument is that GOVERNMENT is the problem.
He's not only a world class rich guy - He's a world class hypocrite.
What he said.
Poor dummy, he puts his secretary in the national spotlight and cries when the light is shined on her
Is that her total tax rate or her marginal tax rate?
If it is her total tax rate and assuming she is married filing jointly with Nebraska income tax and SS+Medicare up to 106,000 and only Medicare above that, I come up with a pay of about $357,000. I ignored deductions and exemptions and any capital gains, even though she should have some. If those were included her income would have to be even higher to get to 35.8% total income and payroll taxes. I also didn't count the employer's half of social security. Either way, she is right about at the bottom edge of the eeeeeeeeeeeeeeevil top 1% of income earners, and I dislike how she is being used as a political bloody shirt comparing the income taxes paid by a 1%-er against a the capital gains of a 0.001%-er.
and then give them less....less services, less Medicare...less SS....
why doesn't Warren pay off his company's $20,000,000,000.00 tax bill, as I recall...
Buffett is such a hypocrite. He is currently fighting the IRS in court over taxes owed and he takes only a 100,000 salary. Precisely to minimize his taxes.
Basically, it's line 60 (tax) + SS+Medicare taxes paid (the full 14.2%) / line 43 (taxable income -- not AGI).
Which is to say all the huffing and puffing boils down to him not paying SS/Medicare on the 60 million in capital gains and dividends.
Well, that and the 14.2% ss/medicare tax is applied before any deductions and credits so an individual with a $100,000 salary, $14,200 in FICA taxes, $85,800 in deductions (that's a lot of kids) and $1,500 in income tax has a 110% tax rate, according to his "math".
Worth noting -- as of 2013, there's a 3.8% medicare tax on investment income in excess of $250,000.
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