Skip to comments.Buffett: Raise tax cutoff point to $500K
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 ...
Lets slap a 90% capitol gains tax on anyone with a net value over one billion.
Ooooo...Buffett sounds like he’s getting nervous. This fits the category of “Be Careful What You Wish For”.
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.
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.
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.
How did this become a discussion about tax rates and not spending. the Republican party is totally incompetent.
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He's got nothing to worry about, because they tax income (aka paychecks), not wealth (where he's got his assets).
Buffett made his money, and has one foot in the grave : )
Pay your back taxes before you worry about what other people should pay, you old pervert.
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.
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.
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.
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.”
The Dems will "soften" and propose tax only those $500,000 and higher in the next deal offering.
Just kidding of course but still, we must have fairness.
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.
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”...
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.