Warren Buffett - what a classy guy he is

[eddie101]

http://www.washingtonpost.com/business/economy/billionaire-investor-warren-buffett-calls-for-more-taxes-on-mega-rich-as-a-shared-sacrifice/2011/08/15/gIQArZikGJ_story.html?hpid=z3


You may like/dislike him BUT he was/is always cool in my book and he never beats around the bush. I wonder who is next in line to "complain" that he is being pampered? Dan Snyder, perhaps? Not likely.....

[nofearfactor]

He is a real cool cat. You could walk along behind him and invest where he puts his money and get super rich. He knows his stuff. This last week I remember him being interviewed about the stock market drops and he was buying the shit out of stuff. This is the same dude who gives none of his money to his family. I saw one of his granddaughters on Oprah once and she said he paid for her college and that has been about it. He believes in people doing it on their own. And I think he's leaving either a large chunk of his NW or all of it to the Bill and Melinda Gates Foundation. He gets it.

[John Thigpen]

It's interesting to hear from the perspective of the mega-rich. Here's an interesting observation:

"Buffett noted that the mega-rich pay income taxes at a rate of 15 percent on most investment income but practically nothing in payroll taxes. The middle class, meanwhile, typically falls into the 15 percent and 25 percent income tax brackets and is hit with heavy payroll taxes. "

[Bill McDowell]

agreed -

[Guitarfool]

Flat Tax? perhaps with no deductions and EVERYONE pays into the treasury (unlike the current system) and with that i think there would be less political posturing and pandering from those in Washington D.C.


Just a idea

[crzyfngers]

my harp player met him in the waiting room at the cancer center where he was getting chemo. he said they chatted for about 20 minutes. very nice, grounded fellow.

[The Last Rebel]

Flat Tax? perhaps with no deductions and EVERYONE pays into the treasury (unlike the current system) and with that i think there would be less political posturing and pandering from those in Washington D.C.


Just a idea

A flat rate tax would do the opposite of what you want, the rich would be taxed less proportionally while the poor and middle class would be taxed more. What we need is a proportional income tax, the more you earn the more you're taxed.

[anathema]

He can make donations to the treasury if he would like...

[Guitarfool]

A flat rate tax would do the opposite of what you want, the rich would be taxed less proportionally while the poor and middle class would be taxed more. What we need is a proportional income tax, the more you earn the more you're taxed.

Ok but whats the current system? (isnt that what we have? - a progressive tax system)

What about the 40% or so of people who pay NO federal income taxes? When u have that big a class/group paying almost no federal taxes, the 'abuse and pandering' from the politicians makes me think twice.

BTW Im ok with some type of progressive tax as long as EVERYONE (and i mean everyone) pays something into the treasury on a federal level, no free rides

[Cream]

Buffett conveniently leaves out that he pays gobs in corporate tax and capital gains. All told his liability is 45%+.

How about the 50% of Americans who pay 0 income tax? What's his plan to make them "share in the sacrifice?"

[chrisr777]

tick tick tick

[mbargav]

tick tick tick

http://upload.wikimedia.org/wikipedia/commons/thumb/7/79/Operation_Upshot-Knothole_-_Badger_001.jpg/250px-Operation_Upshot-Knothole_-_Badger_001.jpg

IBTL

[pickaguitar]

We can't talk about the mega rich here? Warren seems like a good guy

[fisticuffs]

Buffett conveniently leaves out that he pays gobs in corporate tax and capital gains. All told his liability is 45%+.

Where do you get that from? What capitol gains tax?

[gregc]

Buffett conveniently leaves out that he pays gobs in corporate tax and capital gains. All told his liability is 45%+.

How about the 50% of Americans who pay 0 income tax? What's his plan to make them "share in the sacrifice?"

BINGO!

[A-Bone]

Ay, caramba!

[strumminsix]

He can make donations to the treasury if he would like...
Yup. The thing with WB is that he is a bully in an altruist's clothing.

He bullies Wall Street and every company he has stock in and now trying to bully the American people. Seriously, he compares apples to oranges then tries to say a household income > $1 million. that is often times small and medium sized business. Which are not publicly traded. I could get all conspiracy theorist on this but will stop there...

[Glenn D.]

Yup. The thing with WB is that he is a bully in an altruist's clothing.

He bullies Wall Street and every company he has stock in and now trying to bully the American people. Seriously, he compares apples to oranges then tries to say a household income > $1 million. that is often times small and medium sized business. Which are not publicly traded. I could get all conspiracy theorist on this but will stop there...

Income = net profit, right, not revenue?

[eddie101]

Heavens, can we all leave politics out of this? All I'm saying is he is trying his BEST to contribute anyway he can to the current crisis, and he has the necessary wherewithal ;) to do it. He does NOT owe anything to anyone but he wants to because HE CAN. Before you elect to crucify Warren look yourselves in the mirror first. We can all sit around bitch and whine but what good will that do? Nothing. At least he's taking that necessary first step....and YOU??

[ToneBrokerBill]

Let's get back to the original topic and avoid the lock.

From The Onion:
"Cackling Warren Buffet Burns Entire Fortune In Front of Nation"
http://external.ak.fbcdn.net/safe_image.php?d=AQDgUZixDNAux7-O&w=90&h=90&url=http%3A%2F%2Fo.onionstatic.com%2Fimages%2Farti cles%2Farticle%2F21%2F21104%2FWarren_Buffet-R_jpg_130x110_q85.jpg

[Guitarfool]

If any of us ran our personal lives or business like they do in D.C. we would all be out of business or in handcuffs


In Washington D.C. they count a 'spending cut as a smaller increase in spending then the year before' - its not a actual cut that you and I and others do, ooo those silly politicians :crazy

[3leggeddog]

Without getting too specifically political, it would be 'interesting' if he ran for President. With all the confidence that he instills pertaining to financial ventures, he may be a leader whose advice everyone involved may heed, regardless of political parties. Its hard to argue with his success record.

[fisticuffs]

Income = net profit, right, not revenue?

Yes that's almost always confused when certain people speak. Saying a small business would be effected by a raise in taxes above 250k means they made $250k to begin with. after all the bills, inventory, insurance, wages etc. That ain't doing too bad and it doesn't keep anyone from making a profit.

[Cream]

Just a thought:

I think it says something about our system that we're trying to discuss a CEO of a company without getting a thread locked for political reasons...

[twinrider1]

The scene when when a mod sees this thread.....:-)

41lTZaHMTCw

[strumminsix]

Income = net profit, right, not revenue?

Not sure what you are asking me but here what was on my mind:
But for those making more than $1 million — there were 236,883 such households in 2009 — I would raise rates immediately on taxable income in excess of $1 million, including, of course, dividends and capital gains. And for those who make $10 million or more — there were 8,274 in 2009 — I would suggest an additional increase in rate.

http://www.nytimes.com/2011/08/15/opinion/stop-coddling-the-super-rich.html


He kinda talks all around what is paid, how it's paid, collective, who paid what, etc.

[overunderdrive]

so you're telling me we can have a conversation about tax policy that's not political?

is that what you're proposing?

ok, just so we're clear on that...

[greggorypeccary]

Yes that's almost always confused when certain people speak. Saying a small business would be effected by a raise in taxes above 250k means they made $250k to begin with. after all the bills, inventory, insurance, wages etc. That ain't doing too bad and it doesn't keep anyone from making a profit.

Aren't taxes on a business different from taxes on personal income? Even if it is a privately owned business wouldn't the owners still draw their personal salary from the business?

I get that if you were the sole owner, it would be like getting taxed twice - is that why people alway throw out the small business example in these discussions?


(Before anyone misunderstands and gets their boxers in a bunch, I seriously don't know how that stuff in business works, I've been a public sector worker for most of my life. So your taxes are paying my salary. :) )

[jtm622]

Another thought:

NOBODY accumulates the amount of wealth that Buffet has without having pushed somebody's grandmother down the stairs...

And remember this: The man is NO CRETIN - he is KEENLY aware of the amount of weight that his "financial" opinions have in financial cirlces; and is just as KEENLY aware that it is in his best interests to put forth a "kind and grandfatherly" persona to the public...

So, why should he not use both of these things to his financial advantage - wouldn't most folks???

Diogenes has just gotta keep on looking, IMO...

[tildeslash]

National ID card for everyone so their paycheck is tied to it for every payment that person received as salary/income. Then everyone will contribute their fair share in taxes. How much is fair share - we'll discuss that once the National ID card system is implemented. When the government can track everyone - they can make sure everyone pays taxes.

It's not big brother - people who scream big brother are criminals. I don't care if the government watches me - I do not anything illegal. So watch away and watch me pay my fair share. Watch my boring life.

[madvek]

Read Buffet's original op-ed piece in today's NY Times if you can:

http://www.nytimes.com/2011/08/15/opinion/stop-coddling-the-super-rich.html?ref=opinion

It's curious why we don't follow the advice of an extremely successful, educated man who stands to personally lose from such a move for the greater good of the nation.

:tapedshut

[Flyin' Brian]

National ID card for everyone so their paycheck is tied to it for every payment that person received as salary/income. Then everyone will contribute their fair share in taxes. How much is fair share - we'll discuss that once the National ID card system is implemented. When the government can track everyone - they can make sure everyone pays taxes.

It's not big brother - people who scream big brother are criminals. I don't care if the government watches me - I do not anything illegal. So watch away and watch me pay my fair share. Watch my boring life.

I love anti conspiracy theorists. Nice post ~/.

[Cream]

so you're telling me we can have a conversation about tax policy that's not political?

is that what you're proposing?

ok, just so we're clear on that...Well, I don't know. What's "political" to you might not be political to me. For me, policy is not equal to politics. To some hot-headed folks on TGP there's no distinction.

For me, political would be writing things like "Obama sucks" or "Rick Perry 2012!" That I believe is what should be avoided.

[wsaraceni]

How about the 50% of Americans who pay 0 income tax? What's his plan to make them "share in the sacrifice?"

you can't burden the 50% who dont pay because the 50% that do aren't paying their fair share....... or something like that. :messedup

[greggorypeccary]

National ID card for everyone so their paycheck is tied to it for every payment that person received as salary/income. Then everyone will contribute their fair share in taxes. How much is fair share - we'll discuss that once the National ID card system is implemented. When the government can track everyone - they can make sure everyone pays taxes.

It's not big brother - people who scream big brother are criminals. I don't care if the government watches me - I do not anything illegal. So watch away and watch me pay my fair share. Watch my boring life.

Isn't that called a social security number?

[wsaraceni]

National ID card for everyone so their paycheck is tied to it for every payment that person received as salary/income. Then everyone will contribute their fair share in taxes. How much is fair share - we'll discuss that once the National ID card system is implemented. When the government can track everyone - they can make sure everyone pays taxes.

It's not big brother - people who scream big brother are criminals. I don't care if the government watches me - I do not anything illegal. So watch away and watch me pay my fair share. Watch my boring life.

isn't that kinda what your SSN is for?

[nofearfactor]

Another thought:

NOBODY accumulates the amount of wealth that Buffet has without having pushed somebody's grandmother down the stairs...



Thanx for the giggle. I spewed Dr Pepper on my screen when I read that.