Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

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

click here to read article


Navigation: use the links below to view more comments.
first previous 1-2021-36 last
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.)
[ Post Reply | Private Reply | To 2 | View Replies]

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)
[ Post Reply | Private Reply | To 1 | View Replies]

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.)
[ Post Reply | Private Reply | To 1 | View Replies]

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)
[ Post Reply | Private Reply | To 19 | View Replies]

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.)
[ Post Reply | Private Reply | To 1 | View Replies]

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.")
[ Post Reply | Private Reply | To 8 | View Replies]

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.)
[ Post Reply | Private Reply | To 1 | View Replies]

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)
[ Post Reply | Private Reply | To 1 | View Replies]

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)
[ Post Reply | Private Reply | To 1 | View Replies]

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)
[ Post Reply | Private Reply | To 20 | View Replies]

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!!)
[ Post Reply | Private Reply | To 1 | View Replies]

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
[ Post Reply | Private Reply | To 1 | View Replies]

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)
[ Post Reply | Private Reply | To 1 | View Replies]

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.)
[ Post Reply | Private Reply | To 1 | View Replies]

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?)
[ Post Reply | Private Reply | To 1 | View Replies]

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)
[ Post Reply | Private Reply | To 34 | View Replies]


Navigation: use the links below to view more comments.
first previous 1-2021-36 last

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.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson