Billionaire Buffet for higher taxes on the top end.

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Billionaire investor Warren Buffett, saying he doesn't want to be "coddled" by Congress, says that wealthier Americans should pay higher taxes, and that higher taxes do not dampen job growth.

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Original Source: CNN
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read this article this morning.....he sure knows more about money than I do
 
I'm sure that you posted that link only after you reviewed your own filings to make sure that you paid that 36% average that was mentioned.. You know, just to make sure that you are paying your "Fair Share".

If not, then you are just blowing smoke.
 
Fade, I did check my taxes to see I paid 12% into the Social Security.

If Buffet paid $6,938,744 and this was 17.4% of his income this places his income at (7M/.174) = 39,877,839. Assuming he paid the 12% on the $108K SS limit he paid just under $13K. Which means he got to pay 13K/40M or roughly .032% of his income into SS.

12% vs .032% -- These ratios are so out of wack we can see who is paying their 'Fair Share'.
 
Fade said:
I'm sure that you posted that link only after you reviewed your own filings to make sure that you paid that 36% average that was mentioned.. You know, just to make sure that you are paying your "Fair Share".

If not, then you are just blowing smoke.
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Explain how what Warren Buffet said is equivalent to faethor blowing smoke if faethor didn't pay the 36% average tax.
And why is it important that he pay the average tax rate, not any other?
 
Well mainly because there are some idiots out there that think it is fair to charge some people a higher tax rate than others. Those same idiots also think it is fair to allow 50% of the population to pay no tax.

So I think, if a tax rate is good for one person, then it is good for all. No Exceptions!

In your zest to raise taxes, pick a rate that all will pay, yourself included. Otherwise you are just blowing smoke.
 
Fade said:
Well mainly because there are some idiots out there that think it is fair to charge some people a higher tax rate than others. Those same idiots also think it is fair to allow 50% of the population to pay no tax.
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Who are the people who pay no tax? The Federal income tax is NOT the only tax.
So I think, if a tax rate is good for one person, then it is good for all. No Exceptions!

In your zest to raise taxes, pick a rate that all will pay, yourself included. Otherwise you are just blowing smoke.
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So, you get to define the ballpark and anyone who doesn't think baseball is the correct answer is blowing smoke? Trying to predefine the acceptable solution is blowing smoke.

Let's hear your complete solution because I think you think you have one.
 
Fade said:
Well mainly because there are some idiots out there that think it is fair to charge some people a higher tax rate than others.
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I don't think you realize you're insulting not only many Billionaires but about 72% of the population, and some of the Founding Fathers.

Those same idiots also think it is fair to allow 50% of the population to pay no tax.
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As Thomas Jefferson promoted - "Another means of silently lessening the inequality of property is to exempt all from taxation below a certain point, and to tax the higher portions of property in geometric progression as they rise”
So I think, if a tax rate is good for one person, then it is good for all. No Exceptions!
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I'd agree there's no difference between $150K earned by the sweat of your brow vs $150K earned from interests from investments. We see a near 30% rate for those that worked for their money vs a 15% tax rate for those that earned from investments. No matter the means of production the $150K should be taxed in the same manner. Good catch!
 
faethor said:
I'd agree there's no difference between $150K earned by the sweat of your brow vs $150K earned from interests from investments.
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No, there is a vast difference. One person can make $150k a year from investments with no sweat and spend all the time that they would have spent working pestering their elected representatives to reduce the tax on investment income. The fact that someone can make money from not working is somewhat dangerous to democracy and also somewhat morally questionable under a protestant work ethic.
 
the problem with some dopey americans is that they really believe in predestinarianism.
The actually think some people are rich because 'god©' has 'blessed' them, and that others are poor because 'god©' is punishing them for some 'sins'

all this is more than pathetic. not to mention completely UNchristian.
 
McDeath, Faethor has it correct.
Quote
"No matter the means of production the $150K should be taxed in the same manner."

You're the one that doesn't get it.
You're not the decider that gets to set the tax rate based on what you think is the correct way to make money.

If it worked that way, then based on my early employment years, when I worked tying steel on bridge construction,
I didn't think anyone working behind a desk deserved the money they made because it wasn't hard labor and they didn't work from dawn till dusk.

So based on that stupid concept, carried forward to today, and further applied to taxes, then a computer programmer, a graphic artist, a teacher, or anyone that has a cushy job sitting behind a desk deserves to pay double the tax rate that the guy doing a manual labor job pays.

I worked many dangerous jobs in my youth, and could apply that same flawed logic to those jobs, under that same stupid reasoning.

So you see, it doesn't work out so well for you and the other socialists of this world, when someone else gets to set the value of a job, or who should pay taxes and who shouldn't.

What you promote is not fairness, it is the old UK concept of "Class Envy", or better put, "Class Hatred".
 
Fade said:
McDeath, Faethor has it correct.
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This is a matter of opinion, not fact (hence the use of the word "should") - therefore there is no correct. You have mistakenly confused "agreeing with Fade" for "being correct".
You're the one that doesn't get it.
You're not the decider that gets to set the tax rate based on what you think is the correct way to make money.
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Is that what I've been doing? Setting the tax rate? Now that you've pointed that out - let me see what I can set it to. Let me know if you notice the rate changing.
If it worked that way, then based on my early employment years, when I worked tying steel on bridge construction,
I didn't think anyone working behind a desk deserved the money they made because it wasn't hard labor and they didn't work from dawn till dusk.
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Correct. Mostly they don't. They have just figured out how to take that money from guys who really do hard work from dawn till dusk.
Adam Smith, father of economics and darling of conservatives, believed that income from labour should not be taxed but income from rent (investment income of all types) should be.
So you see, it doesn't work out so well for you and the other socialists of this world, when someone else gets to set the value of a job, or who should pay taxes and who shouldn't.
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But someone else does get to set those things. The employer sets the value of the job when unemployment is high. The employer still sets it when unemployment is low but he might have to set the value a little higher.
Someone else does get to decide who should pay what taxes and it is usually the people with the most money and wealth who decide that because they have the most influence.
What you promote is not fairness, it is the old UK concept of "Class Envy", or better put, "Class Hatred".
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Yes, the upper classes have always hated the poor for trying to rise above their station.
 
Fade said:
there are some idiots out there that think it is fair....
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... that people raking in millions pay the same rate of tax as those on minimum wage.

Bizarre and barely credible yet eveidently true.
 
Robert said:
... that people raking in millions pay the same rate of tax as those on minimum wage.

Bizarre and barely credible yet eveidently true.
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You do not understand how the American Federal income tax system works at all. People making minimum wage typically pay no income tax. As a matter of fact they usually pay nothing and get free money every year, reverse taxation.
 
redrumloa said:
You do not understand how the American Federal income tax system works at all. People making minimum wage typically pay no income tax. As a matter of fact they usually pay nothing and get free money every year, reverse taxation.
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There's an easy way to stop that, isn't there. Employers could pay their employees more.
 
Or maybe the solution is to raise the minimum wage?
 
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