Let Buffett pay the taxes he owes first then talk about Buffett rule -- republican answer

Hotair ^

[indianyogi]

With Gallop poll suggesting Americans favor higher taxes, republicans need to have a short and sweet answer.

So how about, let Mr. Buffett pay all the taxes that he owes (he has unpaid tax issues)first before we make add another line to our tax code!

[lexington minuteman 1775]

I am for it...Mr Buffett owes likea billion in taxes which he is fighting in court...
hes a poor role model for the dems...LOL!
Freegards
LEX

[plain talk]

1. Let Buffet pay the taxes he owes

2. Let Buffet write a check for the extra amount he thinks he should pay because he is rich

Then Mr. Buffet’s contributions are published and noted in the public. If other wealthy people wish to do the same they may do so if only to get public recognition. I would think many wealthy liberals would do it if they really think they should pay more.

Let them put their money where there mouth is ... and leave the rest of us alone.

[InterceptPoint]

I do believe Buffett is arguing with the IRS over something like $1 billion. We also notice that Buffett is giving King Obama lots of help in the campaign to make the millionaires pay “their fair share”.

Now you don’t tkink there is a little quid pro quo in the works do you? Nah, the honorable Mr. Buffett would never lower himself to asking the King for a favor or two with the IRS in return for his services.

Or would he?

Just a thought.

[Tublecane]

No, that’s not the answer. The reasons Buffet pays a lower rate than his secretary—aside from how he no doubt exploits the loopholes both parties are supposedly in favor of eliminating (but never actually eliminate)—are:

1. his secretary, also, is rich; and
2. he doesn’t take his pay the way you and I do, but rather in securities.

The little secret no one seems to want to talk about is that, yes, capital gains are taxed at a lower rate than income. But guess what? There’s also this thing called the corporate tax, and it takes a big bite out of Buffet’s earnings mere moments before he gets them. When you add the corporate tax onto the capital gains tax, Buffet clearly is taxed at a higher rate than his secretary. Also way, way more than regular secretaries.

Why do we pretend like the corporate tax doesn’t exist? Because it’s too complicated to think in terms of two steps instead of one? Because every damn thing is double taxed, and who has time to sort it all out? Or because Buffet, Obama, et. al. are liars?

[BookmanTheJanitor]

I’d also like to see Buffet’s secretary’s tax return...as well as Obama’s secretary return. If they are going to be used as a basis for national tax return, the public should at least see them.

[sickoflibs]

Nice idea but Republicans would rather hide their heads in the sand and pray that the economy gets worse BEFORE the election to save them, than to combat Dems on this. They are pathetic.

[stephenjohnbanker]

DONT!!..........Don’t even get me started

[stephenjohnbanker]

By the way, Buffett is a damn liar about how much he pays in taxes, I know how they all work. He takes very little “ordinary income”, and has huge corporate depreciation allowances!

(also, he doesn’t pay what he owes until he loses in tax court
this guy is tighter with a buck than Scrooge)

[sickoflibs]

RE :”DONT!!..........Don’t even get me started”

I will interpret that as :”That is an understatement”

[Cringing Negativism Network]

Then how about Buffett from Obama, I mean Omaha bring back some of the American jobs his furniture company is giving to CHINA by sourcing furniture from there.

M’kay Warren Buffett? How about you stop the class warfare, and do something about American jobs?

[stephenjohnbanker]

Yes : )

[ding_dong_daddy_from_dumas]

He takes very little “ordinary income”, and has huge corporate depreciation allowances!

This sounds different from the story I hear from Fox News. They say that the rate Buffet pays is only on funds he has that have already been taxed as ordinary income. Is this a loophole in the tax policy that needs to be changed?

[stephenjohnbanker]

Stocks are taxed usually as long term capital gains. The company issuing the stock has already paid the taxes. They are taxed again by the individual who owns the stock, when sold. It is not a loophole, and Buffett is a liar if he says he pays a lower rate than his secretary. Nothing new for liberal a-holes like Buffett.