Oops, wrong Buffett. My bad.
Posted on 12/13/2012 11:01:45 AM PST by Hojczyk
"I just got fed up. It wasn't just Warren Buffett. There's been a half dozen of these things lately, and what I noticed is everyone is asking for taxes to be raised except the taxes they actually pay," Brown told me on the sidelines of the Minyanville Festivus event.
So in that light, let's look at the gap that exists between proposed tax hikes and actual impact.
The proposed income tax increase on couples earning more than $250,000 year: Buffett's $100,000 a year salary is well known - as is the complaint that his poor, lowly secretary has a higher tax rate.
Then, there's his support for the recommended adjustment to tax dividends and capital gains as ordinary income instead of at the current 15% rate: Berkshire doesn't pay a dividend and Buffett never sells stocks.
And finally, we have his newest pitch to raise estate taxes: He's already pledged most of his fortune to the Bill & Melinda Gates Foundation and said the rest will go to the tax-sheltered philanthropies his children run.
The Wall Street Journal nailed the Oracle of Omaha earlier this year, saying Buffett would not only avoid the so-called Buffett Rule, but he actually told the throngs who flock to his annual meeting to "follow my tax dodging example" and give their money away.
What irks me, and many others, is the flawed thinking that contends that these populist-inspired tax increases are the solution to all of our fiscal problems, when in fact they would barely make a dent in the deficit. And even then, these projected increases in tax revenues under different rate scenarios over a 10-year period would not only likely prove to be all wrong but also probably carry serious unintended consequences as well.
(Excerpt) Read more at finance.yahoo.com ...
The good news is that it’s being acknowledged that Buffett, et. al., are not going to pay any of these taxes.
The bad news is that it’s too late to turn back now, the tax hikes are inevitable to the rest of the soon-to-be serfs.
And the ruling class can get down to the business of owning the world.
Would there be a Constitutional issue on unequal taxation if the House actually passed a “loudmouth” tax?
Anyone publically calling for raising taxes would be subject to a 1% net worth tax.
bttt
Buffett and Soros are lying hypocrites. These two morons are screaming for taxes they’ll never pay. They pay people to make sure that they pay as little taxes as possible.
1% ?
I’ve been saying 50% tax on net worth over $1B. The first year, you get a pretty big chunk of money. After that, not as much, but there’s much less talk from billionaires about taxes.
Hey, no one says it couldn’t be a “progressive” loudmouth tax.
1% on all net worth,
5% on all net worth over X,
15% on all net worth over Y, etc.
A “marginal loudmouth tax rate”.
“a “progressive” loudmouth tax”
I like it. As long as you call it a “tax”, there shouldn’t be any “Constitutional” issus from SCOTUS.
The problem with the income tax is that it is a tax on people who work (wage earners). Not, necessarily, the evil rich.
The real wealthy are the trust funds, endowments, and foundations. They are tax free.
So your house doubles in value over twenty years (largely due to inflation)and you want to give 15% of that gane over to the government when you sell?
Buffett and Soros are domestic economic terrorists.
“We should have a flat 15 percent for income...”
15% seems to be the number that is frequently posed for a flat tax. Not sure where it came from. If it’s to fund the government at its current size and scope, it’s waaaaaaayyyyy too much.
How Much is Buffett’s Berkshire Hathaway Back-Tax Bill Exactly? About $1 BillionWarren's little Berkshire Hathaway empire hasn't paid taxes since ...2001. Good thing Warren has friends 'in low places' ;-). If we peons tried that we'd be in an IRS prison somewhere in Kazakhstan.
August 30, 2011According to page 56 of the company report, “At December 31, 2010… net unrecognized tax benefits were $1,005 million”, or about $1 billion.
again, it'll be the middle class who will get taxed, somehow someway it'll fall on us...
too bad it'll also hit those just on the verge of doing well....the lucky ones at $250,000.....on cusp of the good life but never will be allowed to enjoy.....
the whole point of communism is to enable the few to take the majority of the benefits.....they'll buy up everything....
don't want no stinking peasantry mucking up Sherwood Forest...
Oops, wrong Buffett. My bad.
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