Re: Warren Buffet - Stop Coddling The Super Rich
Do we really have to go over this again?
Year: 2011
Filing: Head of Household
Taxable Income : Tax Bracket
$0 - $12,150 : 10%
$12,150 - $46,250 : 15%
$46,250 - $119,400 : 25%
$119,400 - $193,350 : 28%
$193,350 - $379,150 : 33%
$379,150 - $above : 35%
The "rich" people democrats are trying to get the majority of Americans to hate, those 3% pay more money in taxes each year than the rest of taxpaying Americans combined. Still not enough though right? THE TOP 1% PAYS 38% OF THE TOTAL TAX REVENUE IN A YEAR!!!!!!
Billionaire super-rich Barack Obama fundraiser Warren Buffett went on Bloomberg TV today and named three companies he's thinking of buying: Archer Daniels [URL="http://www.mercuryserver.com/forums/djdb.php?id=913"]Midland[/URL], Exelon, and General Dynamics. All three are companies that depend on Big Government for their profits.
General Dynamics is the No. four government contractor for FY 2011.
Exelon counts top Obama aides Rahm Emanuel and David Axelrod as consultants, two top Exelon advisors are Obama fundraisers, and the company -- the country's No. 2 nuclear company -- lobbies aggressively for greenhouse gas restraints that will drive more generation to their nuclear plants.
And Archer Daniels [URL="http://www.mercuryserver.com/forums/djdb.php?id=913"]Midland[/URL], the ethanol pioneer, is legendary in the realm of public-policy profiteering. ADM profits not only from ethanol subsidies, but also from de facto subsidies for corn syrup and from export subsidies.
So there's a pattern in Buffett's investments making money from destructive policies he supports in the name of the public interest, such as bailouts, laws driving business to ratings agencies, and the death tax.
Warren Buffett’s at it again. He has a column in the New York Times complaining that he has been coddled by the tax code and that “rich” people should pay higher taxes.
My first instinct is to send Buffett the [URL="http://www.fms.treas.gov/faq/moretopics_gifts.html"]website[/URL] where people can voluntarily pay extra money to the federal government. I’ve [URL="http://danieljmitchell.wordpress.com/2011/03/15/instead-of-supporting-higher-taxes-rich-leftists-should-deal-with-feelings-of-guilt-by-giving-their-money-to-me/"]made this suggestion to guilt-ridden rich people in the past[/URL].
But I no longer give that advice. I’m worried he might actually do it. And even though Buffett is wildly misguided about fiscal policy, I know he will invest his money much more wisely than Barack Obama will spend it.
But Buffett goes beyond guilt-ridden rants in favor of higher taxes. He makes [URL="http://www.nytimes.com/2011/08/15/opinion/stop-coddling-the-super-rich.html?_r=1"]specific assertions that are inaccurate[/URL].
"Last year my federal tax bill — the income tax I paid, as well as payroll taxes paid by me and on my behalf — was $6,938,744. That sounds like a lot of money. But what I paid was only 17.4 percent of my taxable income — and that’s actually a lower percentage than was paid by any of the other 20 people in our office. Their tax burdens ranged from 33 percent to 41 percent and averaged [URL="http://www.mercuryserver.com/forums/djdb.php?id=1529"]36[/URL] percent."
His numbers are flawed in two important ways.
-
When Buffett receives dividends and capital gains, it is true that he pays “only” 15 percent of that money on his tax return. But dividends and capital gains are both forms of double taxation. So if he wants honest effective tax rate numbers, he needs to show the 35 percent corporate tax rate.
Moreover, as [URL="http://danieljmitchell.wordpress.com/2010/09/25/warren-buffett-good-investor-crummy-economist/"]I noted in a previous post[/URL], Buffett completely ignores the impact of the death tax, which will result in the federal government seizing 45 percent of his assets. To be sure, Buffett may be engaging in clever tax planning, so it is hard to know the impact on his effective tax rate, but it will be signficant.
-
Buffett also mischaracterizes the impact of the Social Security payroll tax, which is dedicated for a specific purpose. The law only imposes that tax on income up to about $107,000 per year because the tax is designed so that people “earn” a corresponding retirement benefit (which actually is tilted in favor of low-income workers).
Imposing the tax on multi-millionaire income, however, would mean sending rich people giant checks from Social Security when they retire. But nobody thinks that’s a good idea. Or you could apply the payroll tax to all income and not pay any additional benefits. But this would turn Social Security from an “earned benefit” to a redistribution program, which also is widely rejected (though [URL="http://danieljmitchell.wordpress.com/2011/04/22/obamas-embraces-another-class-warfare-proposal-tax-the-rich-is-the-universal-cure/"]the left has been warming to the idea[/URL] in recent years because their hunger for more tax revenue is greater than their support for Social Security).
If we consider these two factors, Buffett’s effective tax rate almost surely is much higher than the burden on any of the people who work for him.
But this entire discussion is a good example of why we should junk the corrupt, punitive, and unfair tax code and replace it with a [URL="http://danieljmitchell.wordpress.com/2010/03/29/the-flat-tax-good-for-america-bad-for-washington/"]simple flat tax[/URL]. With no double taxation and a single, low tax rate, we would know that rich people were paying the right amount, neither too much based on class-warfare tax rates nor too little based on loopholes, deduction, preferences, exemptions, shelters, and credits.
So why doesn’t Buffett endorse this approach?
Yes this guy is kinda terrible and has an annoying nasally voice, but he make 5 very good points.
[video=youtube;XeXPibDuy6M]http://www.youtube.com/watch?v=XeXPibDuy6M&feature=player_embedded[/video]
[[URL="http://biggovernment.com/dmitchell/2011/08/16/warren-buffetts-fiscal-innumeracy/?utm_source=twitterfeed&utm_medium=twitter&utm_campaign=Feed%3A+BigGovernment+%28Big+Government%29"]source[/URL]]
I do realize though guys, that some people's minds are made up; no matter what "facts" are presented to them. People who embrace this "hope and change" the obama administration and democratic government is feeding them, have no idea what they are accepting. They will listen and react to whatever democratic media (cnn, msnbc, ect.) tells them to. Here are a few screen captures I've taken off of msnbc over the last couple weeks.
[IMG]http://i73.photobucket.com/albums/i228/clintlove_2006/Screenshot2011-08-10at25559PM.png[/IMG]
[IMG]http://i73.photobucket.com/albums/i228/clintlove_2006/Screenshot2011-08-04at110042AM.png[/IMG]
[ATTACH=CONFIG]6816[/ATTACH]
[IMG]http://i73.photobucket.com/albums/i228/clintlove_2006/Screenshot2011-07-26at25334PM.png[/IMG]
[IMG]http://i73.photobucket.com/albums/i228/clintlove_2006/Screenshot2011-07-26at84859AM.png[/IMG]
[IMG]http://i73.photobucket.com/albums/i228/clintlove_2006/Screenshot2011-07-26at24726PM.png[/IMG]
[IMG]http://i73.photobucket.com/albums/i228/clintlove_2006/Screenshot2011-08-04at105915AM.png[/IMG]
Tell me they are not trying to push hate on "rich" people in the US, ie. the people who fund, invest, and employ the rest of us. Tell me they are not racists and trying to group whites and "rich" people together. Inflicting hate to a certain race and class through mainstream media. Is this the America you want??? Cause this is what you're getting......