Warren Buffett said that he was taxed at 17.7% on $46M last year - his secretary was taxed 30% on 60K?

Question

What gives? Why are we allowing republicans to soak the middle class? Have we all bought into Limbaugh's lies?

"Buffett blasts system that lets him pay less tax than secretary"

http://business.timesonline.co.uk/tol/business/money/tax/article1996735.ece?print=yes

Steve argues FOR being taxed more than the richest men in the world - AMAZING

d g - I'm an idiot because the the evidence is right in front of my face?

You people will stop at nothing, here you have one of the richest men in the world telling you straight up "I'M NOT TAXED ENOUGH AND YOU ARE TAXED TOO MUCH" and you clowns come in here and build BS mountains to cover for failed policies - unbelievable

Answer 1

And yet there are people who still think Bush's "Tax Cut' put more money in their check..You also have to keep in mind, the Dollar has lost 20% of its value since Bush took office, and the price of gas has caused an increase in cost of good at the supermarket. Everything from Milk, to bread to meats. And because sales tax is a percentage, we pay more tax because the goods cost more. But its good that somneone as respected as Warren Buffet is speaking up. maybe people will start to listen

Answer 2

There are regressive taxes in the US. The most egregious is social security, which tops out above 60k, but way below 46M. Also, most of Mr.B's income was probably from dividends and long-term capital gains, which are taxed both as corporate income, when the profit is made, and, again, at a lower rate, when the shareholder recieves that income (as dividends, or by selling stock apreciated due to re-investment of proffits by the company). The 17.7% presumably includes only the second tax bite.

Answer 3

First of all, if he feels so badly about his secretary's taxes, he should pay them for her. He could also pay 30% of his income in taxes if he so chose. Furthermore, he's full of crap because someone earning $60,000 only pays 28% tax and when you account for all the deductions, she isn't paying anywhere near that amount.

Ask Hillary how much she pays in taxes. Ask John Edwards the same thing. Anyone who thinks the Republicians want to tax the middle class more is simply an idiot.

No, you're an idiot because you aren't looking at the evidence that's right in front of your face. The Dems have always been known as the party of TAX AND SPEND. They are the ones who are taxing the hell out of us. Get a clue dude.

Answer 4

Even I think that's fair. I'm about as liberal with regard to the tax code as it gets. Do the math to figure out how much disparity there is between 17.7% of 46 million versus 30% of 60 thousand. I'd rather pay the 30% on 60k. Also, we need to give people with that much money some leeway or else why should they stay in the US? If I could save 3 million per year by moving to somewhere else why should I stay here?

Edit:

I'm sorry you disagree but, realistically why should someone pay a flat tax if they are in Warren Buffet's income bracket? They could easily go buy an island somewhere and base their business headquarters there. That way they pay no tax and only have to pay some weak little fee for doing international business with the US. Like I said I don't think it's fair but, the world isn't always fair. This is one of those instances where the people with all the money get to make the decisions.

And seriously, you're going to tell me that 8.142 million versus 18 thousand is fair to Warren Buffet? Why not scrub the flat tax and just charge everyone a "living in the US fee" instead of tax. Maybe that's more fair but, it would make it so that the government ground to a halt and there was no money for any government provided services.

Answer 5

Buffett as a businessman knows a government with no revenues will face a breakdown.He also knows American business needs protection from business in foreign lands so called US and otherwise take an unfair market share of profits from American citizens with no patriotic give back in taxes or savings or jobs.

Answer 6

This is what the rich do. They are very involved with politics and politicians. The rich try to get away with as much as they can. (Buffet is an exception. Is it any wonder that he's attacked for saying things like this?)

Right now, the democrats are trying to pass tax cuts for the middle class but the republicans are fighting it hard core.

There is an issue with the Alternative Minimum Tax that the democrats are working to resolve because it's going to hit taxpayers that it was never intended to hit. It's a big time problem.

Answer 7

If things continue as they are and the middle class keeps getting screwed... another Boston Tea Party will be in order. If the majority of the middle class simply quit paying their taxes...what would the government do?

Answer 8

most of Buffett's income was either dividends or long term capital gains, both of which are taxed at 15%. The secretary's income was mostly wages.

***
when you get a job, who pays for the tools the employee uses?

tools = computer, desk, office building, network, specialized equipment, etc.

some investor somewhere does -- that's who.

so when you raise taxes on investors they do the rational thing and buy fewer tools for you to use. fewer tools means you are less productive to your employer and less productive means you get paid less [or your future raises disappear, which is the same thing in the long run].

You can not shift the burden of taxes onto the investing class without having the blowback strike the worker. Higher taxes on income do not make investors spend less on living, instead they reduce the amount they re-invest in tools.

***
article just today in CNN Money's online pages about the expectation the market will go down if Hillary looks like she'll be elected since she's promised to raise taxes on investors.

btw, market going down is your retirement going down.

:-( [grim]

Answer 9

lets see Warren Buffett paid 8,142,000 into taxes while his secretary paid 18,000. Once again numbers can be scewed any way one wants.

Answer 10

Wow, you got politics shoved so far up your butt you actually think only one party is responsible. It's everyone that makes real money, the lobbies and the campaign contributions that make the law.