Warren Buffet is awesome

[Royd 0]

If he were to give you a couple million, would you shut up, or would you bitch because the govt. wants half of it?

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I would not be a hypocrite, but I understand most are, just as most right wing Nazis cry the blues when in need of help. Good point, but I am not a hypocrite.

So is this about you wanting to give back more, or is it about punishing someone who was a little more diligent than you?

[rehmwa 2]

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>I disagree. The tax break for charities is a good thing overall. (And yes, "tax break" is as much a tax manipulation as "tax increase.")

that's one opinion, isn't it - no better or worse is this: direct (person to person) charity isn't subject to tax or to operating costs and is the most efficient form - supporting organizations encourages inefficiencies

I can't claim one or the other theory the victor. What I can claim is that the collection of taxes should only be to support the commitment of government and NOT to drive social behavior.

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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

[rehmwa 2]

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outta gas too?

yes - much like losing interest in a conversation when the other person vomits on the table

...
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]

"Buffett cited himself, the third-richest person in the world, as an example. Last year, Buffett said, he was taxed at 17.7 percent on his taxable income of more than $46 million. His receptionist was taxed at about 30 percent."

Just to insert actual numbers into it all. He still paid over $8M in taxes. The question really is why is his taxable income so low - his assets total 50B.

Easy - his company only pays him 100k. And since he is the definition of buy and hold, he doesn't have realized capital gains. What he does have is dividends, which are taxed at 15%, and why his effective tax rate is very close to that.

He paid more in FICA taxes than his receptionist, but the cap dwarfs that contribution.

So really this comes down to the question
1) should dividends be taxed at 15%.
2) should long term capital gains be taxed at 15%.

The answer to both is yes, and the little people benefit from this as well. You can put savings in a taxable money market at get 4%, and then pay a marginal rate over 30% (in California) on it. Or you can get the same 4$ in a dividend paying stock like BankAmerica or Altria, and have the long term appreciation as well. Buy and hold works better taxwise as well, and again can be done by the middle class. Buffet is a model American when it comes to money handling.

It's also better for the country to encourage corps to pay dividends over stock buybacks.

[livendive 8]

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Taxes are supposed to influence behaviour or sometimes deter certain behaviour

I thought taxes were supposed to finance government spending.

Edit to add: I see other people got to that point ahead of me, so I need to pick another angle. On the subject of sin taxes being so-called "deterrents", you are mistaken. The reason vices are taxed more heavily than other activities and/or products is a simple matter of the government playing to a captive audience. Addictions are low-hanging fruit, in that there is a reward to the addict for paying the tax and no cost to the non-addict who can take the moral high road and let someone else pay his way.

Blues,
Dave

"I AM A PROFESSIONAL EXTREME ATHLETE!"
(drink Mountain Dew)

[nanook 1]

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Addictions are low-hanging fruit, in that there is a reward to the addict for paying the tax and no cost to the non-addict who can take the moral high road and let someone else pay his way.

Also, another angle is, it's a guaranteed revenue as addicts are going to continue using regardless the tax. It's the safest area to tax.

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"The trouble with quotes on the internet is that you can never know if they are genuine" - Abraham Lincoln

[billvon 3,120]

>What I can claim is that the collection of taxes should only be to
>support the commitment of government and NOT to drive social behavior.

Yet you have given an example where something should be tax-exempt to drive efficient behavior. I guess we all have our definitions of what "good social behavior" is.

[Gawain 0]

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Warren Buffet says he pays less tax % than does any of his receptionists. This guy is awaesoe, he says the rich should pay a higher tax rate as the middle class has been getting screwed for the last 10 years or so.

More specifically, he says people who consume should be taxed more than people who produce, which is great wisdom. Taxes are supposed to influence behaviour or sometimes deter certain behaviour and taxing the prolatariat punishes going to work. This guy goes agianst the trend so much for the elitist class. He's pledged most of his money to charity once he dies. This guy IS a contemporary American hero IMO, versus the garbage in the White House.

Warren Buffet's lower percentage still nets an order of magnitude way higher than all of his receptionists combined.

His idea about a consumption tax is ideal for a national sales tax. I don't hear about him supporting that though.

Make no mistake, he is a shrewd investor, an amazing business man. However, do not for one minute mistake his "class hero" talk as something it isn't.

This man has the means to influence the very foundations of this government to see his ideas become a reality. He could easily over pay his taxes and not file for a refund. But he doesn't do that does he...

He's no different than any other shrewd business man, and I'm not saying that's a bad thing.

So I try and I scream and I beg and I sigh
Just to prove I'm alive, and it's alright
'Cause tonight there's a way I'll make light of my treacherous life
Make light!