Posted on 11/26/2012 9:23:44 AM PST by LucianOfSamasota
In a New York Times editorial printed on Monday, Buffett suggested Congress move immediately to implement minimum taxes of 30 percent on incomes of $1 million to $10 million and 35 percent above that.
"A plain and simple rule like that will block the efforts of lobbyists, lawyers and contribution-hungry legislators to keep the ultra rich paying rates well below those incurred by people with income just a tiny fraction of ours," Buffett wrote.
"Only a minimum tax on very high incomes will prevent the stated tax rate from being eviscerated by these warriors for the wealthy," he added.
The new push is in keeping with the one he made in the same newspaper in August 2011, in which he decried the "coddling" of the super-rich. He used himself and his secretary as an example, noting that her tax rate was much higher than his even though her income was just a tiny fraction of what he made.
"Warren Buffett's secretary" became a political meme following that editorial, and the said secretary, Debbie Bosanek, was ultimately a guest of President Barack Obama at this year's State of the Union address.
The 2011 editorial spurred Obama to seek the implementation of what he called the "Buffett Rule," which set a 30 percent tax rate on millionaires. Opponents said it would stifle spending by the job-creating well-to-do, a notion Buffett ridiculed in the new editorial.
(Excerpt) Read more at reuters.com ...
Also, assets/net worth are not taxed. Now that Buffet has built his personal stash, he merely cuts the rungs off the ladder behind him
If he REALLY thinks the rich have been under-taxed, he should kick in 35% of his existing fortune. Hypocrite.
We’ve had one for, what?, 20 years?
Pay your own “fair share” of taxes first, you Communist SOB.
Okay, folks, repeat after me:
Income tax is a tax on GETTING rich, not on BEING rich.
IIRC, if gubmint took 100% of the wealth of people making
1 million+, it would run the gubmint for what...3 months?
Is he talking about replacing the current Alternative Minimum Tax?
Would his replacement be indexed for inflation, as the AMT was not?
Exactly. Anybody guess what the base tax rate is sans deductions?
How about getting rid of the deduction industries?
How about a 70% tax on Hollywood idiots?
What you said. I am soooo sick of this Marxist "progressive" income tax garbage.
Dear Mr. Buffett:
Shuffett.
After Buffet pays the six billion he owes the IRS, then he might have credibility.
What the Hell was the Alternative Minimum Tax for?
First of all, Warren, call off the lawyers that are challenging a $2 BILLION (?) tax bill you owe to the government for the past 10 years. Dont lecture those who PAID their 2002-2008 taxes, Warren.
http://taxprof.typepad.com/taxprof_blog/2011/08/warren-buffetts.html
Second of all, you are not advocating for a wealth tax, are you? Wealth well-sheltered is what sustains your luxurious lifestyle, Income taxes are for working peasants who have to eat some of the seed corn. I would enjoy watching barry and the IRS find your wealth and take 30% of it- what say you? Why not just give it up?
We know you take a “salary” of $100,000 out of your wealth, so get real or shut up
Warren Buffett is trying to chase high earners out of the country. He, and the kenyan, think the USA doesn’t need their capital or their businesses. Or perhaps high axes on wealthy people will be shortly followed by severe exchange controls. If there is even a hint of that indigenous capital will disappear immediately, electronically gone to sunnier climes.
Unemployment can only increase until the government starts a true policy of full employment such as the USSR had.
I think he is proposing imposing a flat 30% tax on these people. In effect there would be one tax code for them and another tax code for everyone else.
Seems this would run afoul of the equal protection clause.
BINGO! That's why the rich love socialism, it keeps out their competition.
Bump
I think he is proposing imposing a flat 30% tax on these people. In effect there would be one tax code for them and another tax code for everyone else.
Seems this would run afoul of the equal protection clause.
If that leftist freak Buffet really wants to pay more of his money to the US Treasury, NOTHING AT ALL stops him from writing a check and dropping it in the mail.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.