Skip to comments.Warren Buffet Proposes Minimum Tax on the Wealthy ( He owes back taxes for the last 9 years! )
Posted on 11/26/2012 4:11:03 PM PST by NoLibZone
Warren Buffett, in a New York Times Op-Ed piece Monday, is proposing a minimum tax on high incomes and a higher ceiling of $500,000 on increased taxes on wealthy Americans.
"I support President Obama's proposal to eliminate the Bush tax cuts for high-income taxpayers. However, I prefer a cutoff point somewhat above $250,000 - maybe $500,000 or so," the Berkshire Hathaway head wrote.
"Additionally, we need Congress, right now, to enact a minimum tax on high incomes. I would suggest 30 percent of taxable income between $1 million and $10 million, and 35 percent on amounts above that."
(Excerpt) Read more at foxbusiness.com ...
Some are more equal...
Hey Warren how about cutting the hypocrisy and proposing a “wealth tax” instead.
warren doesnt live on “income”, wages are for litle people
he lives (and well thank you) on dividends and capital gains and distributions from his tax sheltered wealth
he is not proposing to tax those at 35%
Buffet and Gates, dissolve your shelters and trusts and give obama 35% of your wealth to “invest” in roads and bridges and solyndras
then maybe we listen to you
FUWB !There is such a tax already, called the Alternative Minimum Tax and it goes much lower too !
Flame me, but I can’t wait for this baffoon to die.
How about a “claw back” tax? Any entity or person that recieves tarp is taxed 100% of profits until paid back. No exemptions for benificiaries of said money such a unions.
All unions have a tarp tax surcharge if the union is connected to a tarp company.
Last year Gates and Buffett greased the Obama Administration to get their hands on 2 billion tons of coal on public lands in Wyoming:
The sooner this POS assumes room temperature the better....George Soros too !
As long as we switch the death tax to 100% for that day only.
Let’s start by confiscating HIS wealth. After all, he didn’t build that business. Someone else did that.
wait... he will pass away....then the real (rotting) crap will surface
I checked out the Sec reports for the most current year available a few months back. Warren’s Salary is $100,000 and his director’s fees are $75,000, which means he will not be impacted by raising the income tax rates.
The Capital Gains tax issue is one that is misunderstood by many, and exploited by the class warfare gang. An individual proprietor pays taxes at the individual rate based on his net profit (after expenses). That net amount is his to spend however he wants/needs to on himself and his family, charity etc. or he might reinvest some in his business.
If he changed his business form to a C corporation, then he would pay his taxes at the corporate rate (Buffet’s corp paid 30%) and an additional 15% on any dividend distribution in addition to whatever taxes he pays on his salary. The net available for use after taxes is less than the prior example due to the extra taxes.
Capital Gains is a tax on income that has already been taxed. In addition it can be a tax on phantom gains since it is not adjusted for inflation. JMO this tax should be nonexistent. Ditto for the income tax.
A few years back, Buffet told Tom Brokaw that the ideal tax would be a consumption tax. Course in his world everyone would hold their money in an IRA type account, and be taxed when withdrawing the money. Pretty obvious isn’t it?
At this point, whatever they decide to do I just hope It really does hit Buffet substantially - tax all the money spent by his foundation, or tax his wealth and make sure it hits all the Hollywood libs too.
I’d like to see some Republican in Congress propose a bill that taxes the NET WORTH of anyone worth a billion dollars or more at 50%.
We would see at that point, how serious Mr. Buffet, Mr. Gates, et al, really are in their stated beliefs that they should be taxed at “higher rates”.
And for the Soros household those figures would be $400,000 and $75,000.