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Warren Buffett calls for a minimum tax on the wealthy
Reuters ^ | Nov 26, 2012 | Ben Berkowitz

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 ...


TOPICS: Business/Economy; Government
KEYWORDS: beffet; buffet
Buffets whole business model is based on exploiting capital gains income tax rates. So this ruling affects him how?

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.

1 posted on 11/26/2012 9:23:47 AM PST by LucianOfSamasota
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To: LucianOfSamasota

We’ve had one for, what?, 20 years?


2 posted on 11/26/2012 9:25:22 AM PST by DManA
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To: LucianOfSamasota

Pay your own “fair share” of taxes first, you Communist SOB.


3 posted on 11/26/2012 9:25:49 AM PST by E. Pluribus Unum (Labor unions are the Communist Party of the USA.)
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To: LucianOfSamasota

Okay, folks, repeat after me:

Income tax is a tax on GETTING rich, not on BEING rich.


4 posted on 11/26/2012 9:26:52 AM PST by ZirconEncrustedTweezers (Democrats are evil. Republicans are stupid.)
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To: LucianOfSamasota

IIRC, if gubmint took 100% of the wealth of people making
1 million+, it would run the gubmint for what...3 months?


5 posted on 11/26/2012 9:27:12 AM PST by TurboZamboni (Looting the future to bribe the present)
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To: LucianOfSamasota

Is he talking about replacing the current Alternative Minimum Tax?

Would his replacement be indexed for inflation, as the AMT was not?


6 posted on 11/26/2012 9:29:02 AM PST by jdege
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To: LucianOfSamasota

Exactly. Anybody guess what the base tax rate is sans deductions?

How about getting rid of the deduction industries?


7 posted on 11/26/2012 9:29:59 AM PST by Usagi_yo
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To: LucianOfSamasota

How about a 70% tax on Hollywood idiots?


8 posted on 11/26/2012 9:30:22 AM PST by jersey117
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To: E. Pluribus Unum
Pay your own “fair share” of taxes first, you Communist SOB.

What you said. I am soooo sick of this Marxist "progressive" income tax garbage.

9 posted on 11/26/2012 9:30:35 AM PST by Marathoner (Our forefathers would be shooting by now.)
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To: LucianOfSamasota

Dear Mr. Buffett:

Shuffett.


10 posted on 11/26/2012 9:30:35 AM PST by Arthur McGowan (If you're FOR sticking scissors in a baby girl's neck and sucking out her brains, you are PRO-WOMAN!)
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To: LucianOfSamasota

After Buffet pays the six billion he owes the IRS, then he might have credibility.


11 posted on 11/26/2012 9:34:37 AM PST by svcw (Why is one cell on another planet considered life, and in the womb it is not.)
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To: LucianOfSamasota

What the Hell was the Alternative Minimum Tax for?


12 posted on 11/26/2012 9:35:12 AM PST by dfwgator
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To: LucianOfSamasota

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


13 posted on 11/26/2012 9:36:19 AM PST by silverleaf (Age Takes a Toll: Please Have Exact Change)
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To: LucianOfSamasota

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.


14 posted on 11/26/2012 9:37:37 AM PST by arthurus (Read Hazlitt's Economics In One Lesson ONLINE www.fee.org/library/books/economics-in-one-lesson)
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To: jdege

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.


15 posted on 11/26/2012 9:37:44 AM PST by DManA
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To: ZirconEncrustedTweezers
Income tax is a tax on GETTING rich, not on BEING rich.

BINGO! That's why the rich love socialism, it keeps out their competition.

16 posted on 11/26/2012 9:38:00 AM PST by dfwgator
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To: LucianOfSamasota

Bump


17 posted on 11/26/2012 9:38:24 AM PST by lowbridge (Joe Biden: "Look, the Taliban per se is not our enemy.")
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To: jdege

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.


18 posted on 11/26/2012 9:39:18 AM PST by DManA
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To: LucianOfSamasota

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.


19 posted on 11/26/2012 9:40:06 AM PST by ArrogantBustard (Western Civilization is Aborting, Buggering, and Contracepting itself out of existence.)
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To: LucianOfSamasota
@fredthompson Michael Moore open letter asks of Obama "that 2nd term not resemble your 1st". Man... Michael's taking Hostess bankruptcy REALLY hard.
20 posted on 11/26/2012 9:41:52 AM PST by Berlin_Freeper (There goes the dominoes...)
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To: DManA

Since 1969, or 43 years.


21 posted on 11/26/2012 9:42:13 AM PST by Mikey_1962 (Obama: The Affirmative Action President.)
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To: LucianOfSamasota
OK, Warren, how about a 50% annual wealth tax on everyone with assets of over $1 million dollars? And since government knows best, it should be allowed to shoot any wealthy person who objects without a hearing - since their unfair hoarding of wealth is already a deliberate and felonious attempt to starve the masses.

You, Gates, Trump, the Kennedys, John Kerry, the UAW pension funds...step forward and prepare to hand it over. :)

22 posted on 11/26/2012 9:42:31 AM PST by Mr. Jeeves (CTRL-GALT-DELETE)
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To: LucianOfSamasota
So, Warren, should insurance benefits be taxed thus eliminating the tax advantage provided by a lot of the companies you own and thus killing their business models? Warren? Could you please speak up over the crickets chirping in the background?

The two big "dodges" are tax free municipal bonds and capital gains. The first is really just a subsidy to the cities and states issuing them. If they weren't tax free then the localities issuing them would have to pay the market rate for borrowing rather than the market rate minus the top tax rate. Those who invest in them would end up netting the same amount.

The second "dodge" is capital gains. The lower rate is a combination of social policy promoting investment over consumption and a half-assed way to adjust for inflation. Personally I would rather have a consumption tax instead of an income tax to eliminate the social engineering push for investment. And if you do keep an income tax, minimize the rates and progressivity and explicitly tax capital gains only above the inflation rate. If you just keep up with inflation then you owe nothing.

23 posted on 11/26/2012 9:49:10 AM PST by KarlInOhio (Big Bird is a brood parasite: laid in our nest 43 years ago and we are still feeding him.)
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To: ArrogantBustard
Berkshire Hathaway, the eighth-largest public company in the world according to Forbes, openly admits to still owing taxes for years 2002 through 2004 and 2005 through 2009, according to the New York Post. The company says it expects to "resolve all adjustments proposed by the US Internal Revenue Service" within the next year.

From presidential primary debate on 4/16/08:

Charles Gibson: "...And in each instance, when the rate dropped, revenues from the tax increased. The government took in more money. And in the 1980s, when the tax was increased to 28%, the revenues went down. So why raise it at all, especially given the fact that 100 million people in this country own stock and would be affected"?

Obama: "Well. Charlie, what I've said is that I would look at raising the capital gain tax for purposes of fairness".

24 posted on 11/26/2012 9:50:26 AM PST by TurboZamboni (Looting the future to bribe the present)
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To: LucianOfSamasota

Uhh, wouldn’t be a tax CUT for those with incomes in the highest income tax bracket?


25 posted on 11/26/2012 9:50:46 AM PST by CSM (Keeper of the Dave Ramsey Ping list. FReepmail me if you want your beeber stuned.)
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To: jersey117

How about a 70% tax on Hollywood idiots?

Wouldn’t help much. I say get rid of all deductions. The only thing you can do is put exemptions of children on your employment tax and nobody has to do taxes in April. Everyone just pays what they take from the pay check and that is it. Business owners can do the same thing.


26 posted on 11/26/2012 9:53:23 AM PST by napscoordinator (GOP Candidate 2020 - "Bloomberg 2020 - We vote for whatever crap the GOP puts in front of us.")
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To: LucianOfSamasota

hmmmm......he sure is a dependable liberal fop....... I’m trying to figure this out... Is there a live boy or a dead girl in his past.


27 posted on 11/26/2012 9:58:37 AM PST by Dick Vomer (democrats are like flies, whatever they don't eat they sh#t on.)
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To: LucianOfSamasota

Warren, shut up and just write a big check already!

Such a whiner!


28 posted on 11/26/2012 10:03:36 AM PST by exit82 ("The Taliban is on the inside of the building" E. Nordstrom 10-10-12)
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To: LucianOfSamasota

List of Warren Buffet’s companies, spend accordingly

Acme Brick Company
Applied Underwriters
Ben Bridge Jeweler
Benjamin Moore & Co.
Berkshire Hathaway Group
Berkshire Hathaway Homestate Companies
BoatU.S.
Borsheims Fine Jewelry
Brooks
Buffalo NEWS, Buffalo NY
BNSF
Business Wire
Central States Indemnity Company
Clayton Homes
CORT Business Services
CTB Inc.
Fechheimer Brothers Company
FlightSafety
Forest River
Fruit of the Loom Companies
Garan Incorporated
Gateway Underwriters Agency
GEICO Auto Insurance
General Re
Helzberg Diamonds
H.H. Brown Shoe Group
HomeServices of America
International Dairy Queen, Inc.
Iscar Metalworking Companies
Johns Manville
Jordan’s Furniture
Justin Brands
Larson-Juhl
Lubrizol Corporation
Marmon Holdings, Inc.
McLane Company
Medical Protective
MidAmerican Energy Holdings Company
MiTek Inc.
National Indemnity Company
Nebraska Furniture Mart
NetJets®
Omaha World-Herald
The Pampered Chef®
Precision Steel Warehouse, Inc.
RC Willey Home Furnishings
Richline Group
Scott Fetzer Companies
See’s Candies
Shaw Industries
Star Furniture
TTI, Inc.
United States Liability Insurance Group
XTRA Corporation


29 posted on 11/26/2012 10:20:43 AM PST by PMAS (All that is necessary for the triumph of evil is that good men do nothing)
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To: Berlin_Freeper
Image Hosted by ImageShack.us

30 posted on 11/26/2012 10:31:00 AM PST by TurboZamboni (Looting the future to bribe the present)
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To: LucianOfSamasota

I thought that the wealthy were already paying the minimum that their accountants can get away with!!


31 posted on 11/26/2012 10:57:53 AM PST by DustyMoment (Congress - another name for white collar criminals!!)
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To: LucianOfSamasota
Buffett has made his money, buying up well run businesses around the world. More power to him in that. But what his expertise in acquiring the well-run business is not, is a true understanding of why & how, the American States throve as they did between the Constitutional ratification in 1789 and the progressive income tax, after 1913.

The growth, which by 1913 made us both the richest nation on earth and by far, the richest per capita--and a Federation where up until that time--no longer the case--every ethnic group who ever came here, did better than their ancestral cousins in their lands of origin; that miracle was aided in large measure by freedom from a tax burden, we now take for granted.

Article I, Section 9, of the Constitution forbids any direct tax on incomes other than a per capita tax--that is one where every citizen pays the same dollar amount.

Buffett has been buying up the genius of others, but he has no clue as to what brings out the best in a population. It is not redistribution of the fruits of anyone's labor.

See, also, Egalitarian/Collectivism Sabotages Human Potential.

William Flax

32 posted on 11/26/2012 11:06:28 AM PST by Ohioan
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To: LucianOfSamasota
I call for a minimum tax on everyone that lives in the US.

No more 47% that pay no income taxes. Tax everyone, even if it's the equivalent of a pack of cigarettes, or a six pack.

Then, let the Bush tax cuts expire, as they were heavily skewed to a larger percentage of tax reduction on the lower income earners, than on the wealthy.

At the same time slash the duplicate spending, the wasted foreign aid, the ill planned Obamacare, the handouts and freebies, the bloated federal bureaucracy, our military housed around the world in former hot-spots, bloated weapons systems kept alive because someone influential, lives in a particular district.

Get this budget under control before we all sink!

33 posted on 11/26/2012 11:12:19 AM PST by Noob1999 (Loose Lips, Sink Ships)
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To: LucianOfSamasota

Why don’t they just come out and say it ... “ IF you are not on Welfare Send us your Money”

TT


34 posted on 11/26/2012 2:03:07 PM PST by TexasTransplant (Radical islam is islam. Moderate islam is the Trojan Horse.)
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To: LucianOfSamasota

Warren Buffet doesn’t pay income taxes. He doesn’t work.


35 posted on 11/26/2012 3:50:03 PM PST by Tzimisce (What do you do when every every branch of the government is corrupt and aligned against you?)
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To: TexasTransplant

Make up Business cards with the Gift Contribution to the US government info and keep them in your wallet - anytime someone near you starts to b!+@ing that they should be taxed more, hand them a card . Fun AND educational!

this on the front of the card:

How do I make a contribution to the U.S. government?
Citizens who wish to make a general donation to the U.S. government may send contributions to a specific account called “Gifts to the United States.” Money deposited into this account is for general use by the federal government and can be available for budget needs. These contributions are considered an unconditional gift to the government.

this on the back of the business card:

Financial gifts can be made by check or money order payable to the United States Treasury and mailed to the address below.
Gifts to the United States
U.S. Department of the Treasury
Credit Accounting Branch
3700 East-West Highway, Room 622D
Hyattsville, MD 20782


36 posted on 11/27/2012 4:51:57 AM PST by TurboZamboni (Looting the future to bribe the present)
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