Warren Buffett calls for higher taxes for US super rich

[rushmc 23]

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If Buffett wants half his estate to go to the fed, he can write that in his will. Don't tell everyone else it had to be that way with a high inheritance tax.

I agree

"America will never be destroyed from the outside,
if we falter and lose our freedoms,
it will be because we destroyed ourselves."
Abraham Lincoln

[SkyDekker 1,465]

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However, HE stated he thinks the inheritance tax should be 50% or higher. Then he moves to NOT have his estate taxed

And if you give an objective look to his reasoning for estate taxes (and to some degree the higher tax rates he is proposing for the very wealthy), it makes sense.

[dreamdancer 0]

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A group of the United States' most wealthy citizens have urged Congress to reject a plan by the new Bush administration to phase out taxes on estates and gifts by 2009.

A petition, to appear in the New York Times on Sunday, is being organised by William Gates Sr, father of Microsoft chairman Bill Gates.

Around 120 rich Americans, including billionaire investors George Soros and Warren Buffett, support the petition.

It argues that repealing the tax would damage government essential government programmes or hurt families on low incomes.

Billions of dollars of government revenue lost would be made up for either by increasing taxes for those less able to pay or by cutting programmes such as social security or environmental protection, it says.

It adds that repeal of the law would harm charities, as many rich people make charitable donations to reduce the sizes of their estates.

Mr Buffett, who himself did not sign the petition because he thought it did not go far enough, said that repealing the estate tax would be a "terrible mistake".

It was like "choosing the 2020 Olympic team by picking the eldest sons of the gold-medal winners in the 2000 Olympics".

Removing the tax would lead to the creation of an "aristocracy of wealth" instead of a meritocracy, he added.

http://news.bbc.co.uk/1/hi/world/americas/1170874.stm

stay away from moving propellers - they bite
blue skies from thai sky adventures
good solid response-provoking keyboarding

[rushmc 23]

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A group of the United States' most wealthy citizens have urged Congress to reject a plan by the new Bush administration to phase out taxes on estates and gifts by 2009.

A petition, to appear in the New York Times on Sunday, is being organised by William Gates Sr, father of Microsoft chairman Bill Gates.

Around 120 rich Americans, including billionaire investors George Soros and Warren Buffett, support the petition.

It argues that repealing the tax would damage government essential government programmes or hurt families on low incomes.

Billions of dollars of government revenue lost would be made up for either by increasing taxes for those less able to pay or by cutting programmes such as social security or environmental protection, it says.

It adds that repeal of the law would harm charities, as many rich people make charitable donations to reduce the sizes of their estates.

Mr Buffett, who himself did not sign the petition because he thought it did not go far enough, said that repealing the estate tax would be a "terrible mistake".

It was like "choosing the 2020 Olympic team by picking the eldest sons of the gold-medal winners in the 2000 Olympics".

Removing the tax would lead to the creation of an "aristocracy of wealth" instead of a meritocracy, he added.

http://news.bbc.co.uk/1/hi/world/americas/1170874.stm

You are one funny dude

"America will never be destroyed from the outside,
if we falter and lose our freedoms,
it will be because we destroyed ourselves."
Abraham Lincoln

[mnealtx 0]

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He also supporte a large inheritance tax but, when he gave 30 mill to the gates foundation he stated he wanted it set up so it could not be taxed

Makes sense, would leave more to give to charitable organizations and causes.

He is giving away after tax dollars. I think his argument is that he should have less of those to begin with since his tax burden should be higher.

And yet, instead of giving more money to the gov't to make up for his self-admitted shortfall, he shelters it in a charity.

Mike
I love you, Shannon and Jim.
POPS 9708 , SCR 14706

[mnealtx 0]

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when he gave 30 mill to the gates foundation he stated he wanted it set up so it could not be taxed

Why should the money he gives to charity be taxed twice? It was taxed when he made it (and he thinks that should be a higher tax). Not taxing the contribution would only serve to do more good.

Why not? People's estates are taxed after they die, and the money to purchase them was taxed hwen they made it.

I notice that for all his squawking about higher taxes, he STILL hasn't made a donation to fed.gov.

Mike
I love you, Shannon and Jim.
POPS 9708 , SCR 14706

[SkyDekker 1,465]

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And yet, instead of giving more money to the gov't to make up for his self-admitted shortfall, he shelters it in a charity.

Shelter is a misnomer, he is not getting the money back.

His argument against decreases in taxation and in this case an increase on taxation on the income side has been based on something other than just providing revenues for he government. (Which makes his standpoint on tax exemption on the gift to charity not a waffle, but in line with his previous argument.)

[rehmwa 2]

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He also supporte a large inheritance tax but, when he gave 30 mill to the gates foundation he stated he wanted it set up so it could not be taxed

Makes sense, would leave more to give to charitable organizations and causes.

that's very selfish and right wingish of him. if he was a true patriot, he'd give it directly to the government, as he's preaching, who is more capable of determining which charities (or government expenditures) need it


how DARE he actually chooses for himself what to do with his money!!! clearly he's a hypocrit on the subject

...
Driving is a one dimensional activity - a monkey can do it - being proud of your driving abilities is like being proud of being able to put on pants

[kelpdiver 2]

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His argument against decreases in taxation and in this case an increase on taxation on the income side has been based on something other than just providing revenues for he government. (Which makes his standpoint on tax exemption on the gift to charity not a waffle, but in line with his previous argument.)

It is a two step - he believes he knows best how his money should be used, but overall he wants the rich giving more money to the Feds. The first part is right - he does know better how to spend his fully earned fortune.

The other part of this that everyone should be paying attention to - he says that higher tax rates are not a deterrent on reasonable investments. His method of wealth building is rather distinct from the greater majority of Wall Street. He's not day trading, nor is he flipping out winners in weeks. He often buys entire companies that he believes are undervalued and puts effort into improving the running structure. He is a classic long term value investor. As a result, he's much less sensitive to taxes than a hedgie would be, and Berkshire is better off in such a tax environment.

[SkyDekker 1,465]

Boy are you ever spinning a couple of stories together.

Why do you think he wants the rich to give more of their money to the feds? Do you think he likes the feds that much, or do you think maybe he has another reason?

[kelpdiver 2]

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Why do you think he wants the rich to give more of their money to the feds? Do you think he likes the feds that much, or do you think maybe he has another reason?

I gave one already. A balanced federal budget is also better for his investment model.

But his complaint that his secretary pays more taxes than him? Nonsense. He paid $7million. She a few thousand.

[dreamdancer 0]

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Several hundred business leaders and wealthy individuals have joined Patriotic Millionaires for Fiscal Strength, a joint initiative of the Agenda Project and Wealth for the Common Good. On June 7th, the tenth anniversary of the Bush Tax Cuts for the wealthy, they issued a powerful video calling on Congress to let the tax cuts expire.

These folks, in the top 2 percent of income and wealth holders, eloquently make the case that they have benefited from the generations of public investments that made their wealth possible. They celebrate the fertile soil we have created together in US society for business and wealth creation and believe they have an obligation to future generations to pay their taxes so that others have the same opportunity.

Almost 500 high-income taxpayers support the Fairness in Taxation Act, that would increase top tax rates on millionaires, generating an additional $78 billion in urgently needed revenue. This legislation would also tax both capital gains and wage income over $1 million at the same rates. It would eliminate the “carried interest” loophole that enables billionaire hedge fund managers to have their income taxed at a low 15 percent. This legislation would eliminate the economic distortions that come from taxing income from work at twice the rate as income from wealth and investments.

There are now thousands of business leaders and wealthy investors calling on Congress to stop aggressive tax corporate dodging. They point out that it is bad for business when companies like General Electric and Verizon pay no taxes – and force patriotic domestic companies to compete on an unlevel playing field.

In early July, Senator Carl Levin reintroduced the Stop Tax Haven Abuse Act. At a press conference Senator Levin was joined by spokespeople from Business for Shared Prosperity and the Business and Investors Against Tax Haven Abuse campaign. Rep. Lloyd Doggett introduced a version in the House.

Polls show that the public supports raising taxes on millionaires and closing offshore corporate tax shelters as part of getting our fiscal house in order. Yet the Tea Party Republicans have pledged to destroy the economy before raising taxes on their rich patrons.

http://www.commondreams.org/view/2011/08/16-5

stay away from moving propellers - they bite
blue skies from thai sky adventures
good solid response-provoking keyboarding

[SkyDekker 1,465]

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I gave one already. A balanced federal budget is also better for his investment model.

Yeah, that's not why he has been advocating taxes though.

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But his complaint that his secretary pays more taxes than him? Nonsense. He paid $7million. She a few thousand.

In percentages it is not nonsense. In absolutes it is. He clearly stated it in percentages.

[Southern_Man 0]

Warren should pay his secretary a lot more.

"What if there were no hypothetical questions?"

[SkyDekker 1,465]

Depends on what she does. $60,000 Is a lot of money for answering phones and getting coffee. It is not a lot of money for a full fledged executive assistant.

[hwt 0]

Lets tax the super billionaires . 30-40 billion a year in revenue.

Obama deficit 1.5 trillion a year .

so that leaves 1.46 - 1.47 trillion a year in increased debt.

You also know, if they got the increase, they would spend it .

The Tea Party is going to change shit come 2012 .
You can kiss Obama good riddance .

[Southern_Man 0]

Yes but if Buffett paid his secretary more then she would have more money (helping the middle classes) and the government would have more money (because of her higher effective tax rate). It is a win-win for two things that Warren cares deeply about.

"What if there were no hypothetical questions?"

[kelpdiver 2]

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The Tea Party is going to change shit come 2012 .
You can kiss Obama good riddance .

good to see optimism out there, rather than doom and gloom predictions. Even if it is fantasy.

[kelpdiver 2]

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Depends on what she does. $60,000 Is a lot of money for answering phones and getting coffee. It is not a lot of money for a full fledged executive assistant.

For Omaha, it probably is. But as the EA for a billionaire, probably not.

[kallend 2,027]

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Why do you think he wants the rich to give more of their money to the feds? Do you think he likes the feds that much, or do you think maybe he has another reason?

I gave one already. A balanced federal budget is also better for his investment model.

But his complaint that his secretary pays more taxes than him? Nonsense. He paid $7million. She a few thousand.

I believe he wrote that she pays at a higher % rate than him, not that her tax bill is higher.

...

The only sure way to survive a canopy collision is not to have one.

[dreamdancer 0]

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First it was Warren Buffett announcing that he and his chums had been "coddled long enough by a billionaire-friendly Congress".

Then Liliane Bettencourt, France's richest woman, who was at the centre of a tax scandal last year, signed a letter along with 15 other billionaires begging to make a special contribution to the treasury to help drag France out of the financial crisis.

Even an Italian got in the action, with the boss of Ferrari saying that as he was rich, it was only "right" that he stump up more cash.

Now, as both France and Spain consider introducing a wealth tax, a group of 50 rich Germans have joined the "tax me harder" movement by renewing their open call to Angela Merkel to "stop the gap between rich and poor getting even bigger".

The German group, Vermögende für eine Vermögensabgabe (The Wealthy for a Capital Levy) is the latest manifestation of a feeling among some well-off individuals that the spare cash in their bank accounts might be able to ease, if not solve, the financial crises threatening to cripple their countries.

"None of us are in Buffett's or Bettencourt's league," said the founder, Dieter Lehmkuhl, a retired doctor with assets of €1.5m (£1.3m). "We're a broad church – teachers, doctors, entrepreneurs. Most of our wealth is inherited. But we have more money than we need."

The group's manifesto claims Germany could raise €100bn (£88.5bn) if the richest paid a 5% wealth tax for two years.

http://www.guardian.co.uk/world/2011/aug/29/tax-us-more-say-wealthy-europeans

stay away from moving propellers - they bite
blue skies from thai sky adventures
good solid response-provoking keyboarding

[Belgian_Draft 0]

And once again you insist others support you.
Get a flippin' job and support yourself.

HAMMER:
Originally employed as a weapon of war, the hammer nowadays is used as a
kind of divining rod to locate the most expensive parts adjacent the
object we are trying to hit.

[mnealtx 0]

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And once again you insist others support you.
Get a flippin' job and support yourself.

Evidently Buffett *still* hasn't written that check to the IRS.

As for DD...

Mike
I love you, Shannon and Jim.
POPS 9708 , SCR 14706

[Gravitymaster 0]

Maybe Warren should pay his taxes and then shut up.

http://www.huffingtonpost.com/2011/08/29/warren-buffett-taxes-berkshire-hathaway_n_941099.html

[dreamdancer 0]

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And once again you insist others support you.

looks like a lot of these rich folks support my ideas
(that is the ones who can see beyond their bank account)

stay away from moving propellers - they bite
blue skies from thai sky adventures
good solid response-provoking keyboarding