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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: 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: 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: 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: 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: 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: 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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