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Buffett: Raise tax cutoff point to $500K
UPI ^ | Nov 26 2012 | UPI

Posted on 11/30/2012 1:36:13 PM PST by WilliamIII

Warren Buffett called Monday for the cutoff point in U.S. President Barack Obama's proposal to end the Bush-era tax cuts to increase to $500,000 from $250,000.

"I support President Obama's proposal to eliminate the Bush tax cuts for high-income taxpayers," the business magnate, investor and philanthropist wrote in an op-ed piece published in The New York Times Monday. "However, I prefer a cutoff point somewhat above $250,000 -- maybe $500,000 or so."

He also called on 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," he wrote.

Read more: http://www.upi.com/Business_News/2012/11/26/Buffett-Raise-tax-cutoff-point-to-500K/UPI-20421353918600/#ixzz2DkBAyQSo

(Excerpt) Read more at upi.com ...


TOPICS: Extended News; Government
KEYWORDS:
If we're looking at a higher top rate, why not hit just the truly 1 percent - the folks who really make millions yearly? $250k may sound like a lot, but in expensive parts of the country it's not real wealth.
1 posted on 11/30/2012 1:36:17 PM PST by WilliamIII
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To: WilliamIII

Lets slap a 90% capitol gains tax on anyone with a net value over one billion.


2 posted on 11/30/2012 1:38:46 PM PST by skeeter
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To: WilliamIII

Ooooo...Buffett sounds like he’s getting nervous. This fits the category of “Be Careful What You Wish For”.


3 posted on 11/30/2012 1:39:13 PM PST by HarleyD
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To: WilliamIII

If we’re looking at a higher top rate, why not hit just the truly 1 percent - the folks who really make millions yearly? $250k may sound like a lot, but in expensive parts of the country it’s not real wealth.


Agreed. Warren might be on to something, here.


4 posted on 11/30/2012 1:39:13 PM PST by teflon9 (Political campaigns should follow Johnny Mercer's advice--Accentuate the positive.)
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To: WilliamIII

Let’s take advice from a guy that pays no taxes, other than dividend and capital gains. Worth as much as advice from a homeless bum, as neither are impacted.


5 posted on 11/30/2012 1:40:17 PM PST by ilgipper (Obama supporters are comprised of the uninformed & the ill-informed)
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To: WilliamIII

Warren, pay the nearly $1 billion (yes, with a ‘B’) in back taxes you owe the IRS for the past 10 years, and then you’ll have some credibility to talk about taxes.


6 posted on 11/30/2012 1:41:22 PM PST by justlurking (tagline removed, as demanded by Admin Moderator)
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To: WilliamIII

How did this become a discussion about tax rates and not spending. the Republican party is totally incompetent.


7 posted on 11/30/2012 1:41:37 PM PST by ilgipper (Obama supporters are comprised of the uninformed & the ill-informed)
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8 posted on 11/30/2012 1:42:40 PM PST by musicman (Until I see the REAL Long Form Vault BC, he's just "PRES__ENT" Obama = Without "ID")
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To: HarleyD
Ooooo...Buffett sounds like he’s getting nervous. This fits the category of “Be Careful What You Wish For”.

He's got nothing to worry about, because they tax income (aka paychecks), not wealth (where he's got his assets).

9 posted on 11/30/2012 1:43:00 PM PST by COBOL2Java (GOPe: Already prepping for their 2016 loss - Jeb Bush!)
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To: COBOL2Java

Buffett made his money, and has one foot in the grave : )


10 posted on 11/30/2012 1:45:37 PM PST by stephenjohnbanker
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To: WilliamIII

Pay your back taxes before you worry about what other people should pay, you old pervert.


11 posted on 11/30/2012 1:45:52 PM PST by E. Pluribus Unum (Labor unions are the Communist Party of the USA.)
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To: ilgipper
Let’s take advice from a guy that pays no taxes, other than dividend and capital gains.

No, at least the last time Warren make this proposal, he was talking about unearned income, too.

Of course, Warren knows very well that dividends and capital gains have already been taxed once at the corporate level before distribution to shareholders. That's just one reason for the reduced tax rates.

What Warren really wants is to raise the barrier to you getting wealthy, by making it more expensive to accumulate and reinvest investment income. It's easier to stay on top of the hill if you spray water on the sides and make it slippery for everyone trying to climb the hill.

12 posted on 11/30/2012 1:45:56 PM PST by justlurking (tagline removed, as demanded by Admin Moderator)
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To: WilliamIII

Hey 500k 1000k 250k gosh 100k tax em all. That neighbor that you used to know you know, the one with the awesome pool, the one you wanted to grow up and be like. Just take his stuff oh wait you didn’t get the pool, or etc. etc. etc. so now I’m rambling on and on. Congrats America. I’m done now, sorry.


13 posted on 11/30/2012 1:46:10 PM PST by VaRepublican (I would propagate taglines but I don't know how. But bloggers do.)
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To: HarleyD

Naaah.
Warren’s got his own situation all locked up.
He’s done everything he can to keep his money out of the goobermint’s hands, and he’s still fighting them in court.

He’s allotted his posthumous wealth to charities, depriving his beloved Savior Obama of BILLIONS. When he dies, the goobermint’s gonna have to pay HIM.


14 posted on 11/30/2012 1:47:06 PM PST by SJSAMPLE
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To: musicman

You blame the Democrats. Unfortunately, all the GOP spending under Bush — including trillion dollar wars — created massive pre-Obama deficits and gave the Democrats their talking points that we need more taxes. Obama is a bigger spendthrift than Bush, but Bush and the GOP did a lot of damage on their own. I can no longer join in posts that pin the blame on Democrats exclusively. All of the Washington Establishment is at fault - and so is the conservative movement that believes there’s such a thing as a “free war.”


15 posted on 11/30/2012 1:49:16 PM PST by WilliamIII
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To: WilliamIII
Buffett's introducing the "compromise solution".

The Dems will "soften" and propose tax only those $500,000 and higher in the next deal offering.

16 posted on 11/30/2012 1:51:46 PM PST by what's up
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To: COBOL2Java
I'm thinking in a "fair" world they'd do a Bill of Attainder on Buffet just on general principal and confiscate all his assets. Well, maybe let him have a clunker and some public housing vouchers.

Just kidding of course but still, we must have fairness.

17 posted on 11/30/2012 1:52:04 PM PST by Proud_texan (You didn't build that, Dear Leader did)
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To: WilliamIII

If, as I believe, the central socialist government resembles what was eroding Spain in 1936, then weasels like Buffet (he goes through the line and TAKES) would be one of the first to disappear.


18 posted on 11/30/2012 1:54:29 PM PST by IbJensen (Liberals are like Slinkies, good for nothing, but you smile as you push them down the stairs.)
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To: Proud_texan

In a “fair” world, of course. But in a Barakeconomy, you’ve got that little thing called crony capitalism. That’s what lets the Pelosis and the Reids and the Buffets and the Moores maintain their standard of living. Y’know: “All animals are equal; some animals are more equal than others”...


19 posted on 11/30/2012 1:58:19 PM PST by COBOL2Java (GOPe: Already prepping for their 2016 loss - Jeb Bush!)
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To: WilliamIII

Here’s an idea: let’s tax big-mouth liberals of the “ i have so much money I don’t mind paying more taxes “ type 90% of their net worth....with the option to reduce it to 75% if they promise to shut up and go away.


20 posted on 11/30/2012 1:59:05 PM PST by wny
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To: WilliamIII
...the conservative movement that believes there’s such a thing as a “free war.”

Hmm. You're not really from around here, are you.

21 posted on 11/30/2012 1:59:25 PM PST by hinckley buzzard
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To: stephenjohnbanker

Isn’t all of his assets already distributed to ‘non-profits’ run by his heirs?
Uncle Warren should just pay the taxes he already owes. Tell his minions to give up the fight with the IRS and cut the check NOW. Otherwise, STFU!


22 posted on 11/30/2012 2:00:43 PM PST by griswold3 (Big Government does not tolerate rivals.)
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To: WilliamIII

Because it would be an even smaller drop in the bucket than the $250K deal? :-)


23 posted on 11/30/2012 2:00:54 PM PST by ltc8k6
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To: WilliamIII
If we're looking at a higher top rate, why not hit just the truly 1 percent - the folks who really make millions yearly?

Good thing you are not John Boehner, not that he's going to do any better.

I am reminded of a quote from Sir Winston:

Churchill: Madam, would you sleep with me for five million pounds?
Socialite: My goodness, Mr. Churchill... Well, I suppose... we would have to discuss terms, of course...
Churchill: Would you sleep with me for five pounds?
Socialite: Mr. Churchill, what kind of woman do you think I am?!
Churchill: Madam, we've already established that. Now we are haggling about the price.

As soon as you concede the legitimacy of class warfare, you lose! You are not conservative! The libtards' game is to get us to accept a millionaire's tax, and then to keep redefining "millionaire" downwards.

Taxes should be low and flat. Period.

24 posted on 11/30/2012 2:03:09 PM PST by cynwoody
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To: justlurking

Yep. You are correct, he is also asking for a minimum tax that everyone pays. Also correct that his motivation is to create a barrier so no one else can grow enough wealth to compete with him and his company heirs. I am not sure how this guy became the world expert on tax policy, as if he is not a direct beneficiary.


25 posted on 11/30/2012 2:15:50 PM PST by ilgipper (Obama supporters are comprised of the uninformed & the ill-informed)
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To: cynwoody
They've already played the millionaire's tax game once, it's called the income tax. Go back and read the propaganda the media were spewing at the time. It was intended to get money from the millionaires who didn't pay anything and therefore weren't contributing their “fair share”.
26 posted on 11/30/2012 2:19:51 PM PST by Rashputin (Jesus Christ doesn't evacuate His troops, He leads them to victory.)
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To: WilliamIII; All

Warren is in the tax shelter business.

Life insurance remains one of the best tax shelters around, and Warren is deep into the insurance business.


27 posted on 11/30/2012 2:26:36 PM PST by Kansas58
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To: WilliamIII

I concede that during the Bush era spending went up sharply ($1.8T in 2001 to $3T in 2008)and both parties are at fault. But your suggestion that Obama is a spindthrift is not true. There weren’t pre-massive deficits either, especially compared to today.

http://en.wikipedia.org/wiki/File:CBO_-_Revenues_and_Outlays_as_percent_GDP.png


28 posted on 11/30/2012 2:31:30 PM PST by castowell (I am Andrew Breitbart!)
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To: WilliamIII

If anything, the people making 500k and above should see additional tax cuts as it is their spending and investing that fuels the economy.


29 posted on 11/30/2012 2:33:57 PM PST by OKRA2012
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To: musicman

dang, been werking pretty well of late. think I’ll hold on to my dolla.


30 posted on 11/30/2012 2:34:39 PM PST by VaRepublican (I would propagate taglines but I don't know how. But bloggers do.)
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To: WilliamIII

and........... decrease the standard deduction. It’s basic fairness


31 posted on 11/30/2012 2:35:46 PM PST by bert ((K.E. N.P. N.C. +12 .....The fairest Deduction to be reduced is the Standard Deduction)
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To: WilliamIII

When did Warren Buffet get elected to office. Warren, sit down and STFU!!


32 posted on 11/30/2012 2:48:26 PM PST by Georgia Girl 2 (The only purpose of a pistol is to fight your way back to the rifle you should never have dropped.)
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To: All

Raise taxes, kill jobs.


33 posted on 11/30/2012 3:18:04 PM PST by Liberty Wins
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To: ilgipper

Totally with a capital T. The Republican party is useless especially on the federal level. They are beaten housewives who shoot the people trying to save them.


34 posted on 11/30/2012 3:31:39 PM PST by liberty or death
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To: WilliamIII
If Congress took Buffett’s suggestions, what would Buffett do with his income? He'd move it around to avoid the new taxes, just as every other person affected by these laws would do.

No doubt Buffett has reasons for promoting higher taxes for the wealthy, but my guess is that it is not he that needs to pay more taxes, but the other guy. Liberals always believe the other guy, not themselves, are not paying enough taxes. It's part of their "blame everybody else" philosophy. Obama is an expert.

35 posted on 11/30/2012 3:33:19 PM PST by Mister Da (The mark of a wise man is not what he knows, but what he knows he doesn't know!)
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To: bert

“and........... decrease the standard deduction. It’s basic fairness”


Terrible idea. That would hurt lower income non-itemizers who don’t have any real investments.


36 posted on 11/30/2012 3:45:25 PM PST by teflon9 (Political campaigns should follow Johnny Mercer's advice--Accentuate the positive.)
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To: skeeter

BINGO...... that is what’ll make WB jump back.

I respect him as an investor, but he’s so damned transparent with this “income tax” horse doo. The guy takes ALL his income as Cap Gains to evade his rightful income tax.


37 posted on 11/30/2012 3:51:43 PM PST by X-spurt (Ted Cruz for President of the Republic of Texas)
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To: WilliamIII

Buffo’s wealth is out of reach of our tax code, so he can shoot off his mouth all day.


38 posted on 11/30/2012 4:00:47 PM PST by editor-surveyor (Freepers: Not as smart as I'd hoped they'd be)
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To: WilliamIII; HarleyD
You know, it would be very tempting to propose a 5%/per year take on the wealth (not income) of billionaires. Buffet would be whining like a little girl.
39 posted on 11/30/2012 4:23:10 PM PST by Red Dog #1
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To: WilliamIII

Buffet’s plan is a self-serving scam. Buffet doesn’t pay a lower income tax rate because Dividends and Cap. Gains are taxed at 15%. Berkshire doesn’t pay dividends and Buffet claims the ideal stock holding period is “forever.” No dividends and no capital gains.

He has set up his estate to go to a trust and hence will avoid ALL Estate Taxes, but he realized that he could “trickle” some of those gifts over his “living” years and would be a deduction against his otherwise taxable income cutting the “effective” rate in half.

It doesn’t matter what you do to the highest tax rates (his secretary is deep in 6 figures) she will always pay twice his tax rate.

Buffet avoids most income tax, pays no dividend tax, pays no Capital Gains tax, set to avoid all estate tax.

Buffet argues for higher estate taxes not because he will pay any (he won’t) but because it will cause tax planners to have to by more tax free life insurance to settle estate tax bill for others. If Berkshire-Hathaway is anything, it is a giant Insurance Company.

If you propose to eliminate what is called the Appreciated Capital Gain deduction and require taxes to be paid on the untaxed portion HE WILL CROAK.....


40 posted on 11/30/2012 8:29:08 PM PST by scannell
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41 posted on 11/30/2012 8:33:27 PM PST by musicman (Until I see the REAL Long Form Vault BC, he's just "PRES__ENT" Obama = Without "ID")
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To: ilgipper

Let’s pause for a moment. There seventy thousand pages of tax code on the books...existing for almost a hundred years now, and at least 100k people have contributed to the writings of the current US federal tax code since it’s inception. What we have is a apple pie recipe that has been ruined, and has 2k pages of instructions on how to make a 12-step pie.

Buffett likely participated in various lines of the current tax code and probably saves $300 million a year because of his efforts. He may feel guilty about what happened, but face it....it’s done on a yearly basis.

If you go back and do the research....Ted Kennedy was the king of writing tax code for trust funds. There are thousands of trust funds in the US that benefited from his efforts over the years.


42 posted on 12/01/2012 8:33:39 AM PST by pepsionice
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