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RE: Warren Buffet - 8/15/2011 9:07:31 AM

DomKen

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quote:

ORIGINAL: BamaD

The Buffet statement ignores the key point. The higher the tax rate the less they have to invest.

Actually that is not correct. The too low top marginal rates has resulted in an accumulation of money in the hands of the most wealthy. This has resulted in less money in the hands of everyone else which drives down demand for most goods and services. A higher top marginal rate would result, if the tax income was spent in the usual manner, with more money in the hands of the poor and middle class which would drive up demand for most goods and services. This would obviously increase the return on real investments, not Wall St. arbitrage, therefore the wealthy who actually invest in the economy woud have more income and therefore more money to invest.

You can examine this in real life from 1945 to 1965. The wealthy paid very high taxes and the government used that money to pay down the post WWII debt, much of which was held by the middle class in the form of war bonds, and to invest in citizens through things like the interstate highway system and the GI bill. The economy boomed and diversified in a way never seen before or since.

(in reply to BamaD)

Post #: 21

RE: Warren Buffet - 8/15/2011 9:16:47 AM

MrRodgers

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quote:

ORIGINAL: Owner59

What about all those hundred of thousands of jobs the bush tax cuts are generating?

Oh that`s right,we keep paying through the nose for tax cuts for millionaires and aren`t getting the jobs......

What that definition of crazy again?

Doing something that fails over and over again,expecting a better result.

Yup.....crazy.

What the right and the repubs refuse to understand and/or are just shilling for a dime as it has become obvious...you cut taxes for businesses, corporate or not, is to simply increases profits...nothing more.

(in reply to Owner59)

Post #: 22

RE: Warren Buffet - 8/15/2011 10:30:03 AM

slvemike4u

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Of course Buffet is right...and just as obviously he will be decried by our collection on Internet millionaires and investors.I,for one,will place more stock in what Buffet says than what ABM,Bama and willbur crow on about.

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Post #: 23

RE: Warren Buffett - 8/15/2011 12:50:22 PM

willbeurdaddy

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quote:

"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 36 percent," he said.

1. Impossible for them to range from 33 to 41% and average 36% unless the other 20 people in his office make well into 6 figures.
2. How much of his low rate is actually due to investment losses and carryover losses?
3. He can always write a check.

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Post #: 24

RE: Warren Buffett - 8/15/2011 11:29:25 PM

gungadin09

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quote:

ORIGINAL: anniezz338
Gotta luv this guy :)

Yeah, i like him nearly as much as i like you! Good to see you posting again, annie.

hugs,
pam

(in reply to anniezz338)

Post #: 25

RE: Warren Buffett - 8/16/2011 12:44:58 AM

tj444

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quote:

ORIGINAL: MrRodgers
Oh, and the Irish did what we did, created a bubble economy with easy money, cut business and corporate taxes, (which prompted only a few to relocate there) grew real fast in building and financial operations and now are really, really paying for it all...just like us, only worse.

Actually, MrRodgers,.. according to this article, Ireland is coming out of this ...
http://www.time.com/time/world/article/0,8599,2088409,00.html
"Exporting More than Before the Crisis
Now, Irish companies have again dramatically increased foreign sales since the middle of last year and have been exporting more than before the financial crisis.

Three years ago, exports counted for less than 10% of economic performance; the figures have now doubled. In fact, some international companies are complaining of a lack of qualified workers."

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Post #: 26

RE: Warren Buffett - 8/16/2011 6:11:57 AM

anniezz338

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quote:

ORIGINAL: gungadin09

quote:

ORIGINAL: anniezz338
Gotta luv this guy :)

Yeah, i like him nearly as much as i like you! Good to see you posting again, annie.

hugs,
pam

Thanks pam, good to see you! I always read your posts when I run across them. Well done :)

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Post #: 27

RE: Warren Buffet - 8/16/2011 6:16:25 AM

EternalHoH

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quote:

ORIGINAL: BamaD

The Buffet statement ignores the key point. The higher the tax rate the less they have to invest.

They don't 'invest' their tax cut windfalls, asshole, they gamble it.

You are ignoring a key piece of reality, Bama.

(in reply to BamaD)

Post #: 28

RE: Warren Buffett - 8/16/2011 6:17:05 AM

anniezz338

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quote:

ORIGINAL: willbeurdaddy

quote:

"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 36 percent," he said.

1. Impossible for them to range from 33 to 41% and average 36% unless the other 20 people in his office make well into 6 figures.
2. How much of his low rate is actually due to investment losses and carryover losses?
3. He can always write a check.

Want to talk about investment losses? Here you go. Congress is investing in the wealthy by significant tax breaks. Is this investment paying off? Doesn't seem to be.

Ever heard of a weighted average? I'm willing to bet Buffett has and that is where his 36% figure is coming from. Math 101

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Post #: 29

RE: Warren Buffet - 8/16/2011 6:26:58 AM

Sanity

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"Tax cut windfalls"?

Thats perverse, its as if you are assuming that everything belongs to the government. That we are slaves....

Government should exist at the lowest threshold possible so that our personal freedoms are maximized, TAXES should exist at the lowest threshold possible so that our personal freedoms are maximized.

quote:

ORIGINAL: EternalHoH

They don't 'invest' their tax cut windfalls, asshole, they gamble it.

You are ignoring a key piece of reality, Bama.

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Post #: 30

RE: Warren Buffett - 8/16/2011 6:32:15 AM

samboct

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I think Buffett has certainly changed his tune as he's gotten older. IIRC, in his biography, he described how he used to stiff waitresses on their tips because he needed the money more than them. If he had any guts, he'd look them up and give them their tip- with a lot of interest! And has been pointed out earlier- he's not real good at creating jobs- he's not an entrepreneur, he's just a guy who's good with an existing balance sheet.

However, his points about taxes are bang on- and probably worse if he didn't include payroll taxes, i.e. social security, medicare, and medicaid- which at his tax bracket are less than a fraction of a percent, but to most of us are in the 17% range. I don't buy the gobbledygook of half from the employer, half from the employee. And if we include taxes on things like gas, tolls, sales tax, drivers licenses etc. we'd find that the percentage of money that the average person pays to government services is probably 2.5x larger than him. This is wacko and shows why the middle class is getting squeezed out of existence, both in the US and elsewhere.

Sam

(in reply to anniezz338)

Post #: 31

RE: Warren Buffett - 8/16/2011 6:35:25 AM

Sanity

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Sounds like his guilty conscience is getting the better of his common sense!

Government cant go around robbing people without consequence, what is he thinking.

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Post #: 32

RE: Warren Buffet - 8/16/2011 6:37:50 AM

DarkSteven

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quote:

ORIGINAL: BamaD

The Buffet statement ignores the key point. The higher the tax rate the less they have to invest.

Money's going to go somewhere. Give it to the wealthy - they can invest it. Give it to the less wealthy - they spend it. The current problem with the economy is NOT that there's no investment capital - it's that nobody's buying anything.

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Post #: 33

RE: Warren Buffet - 8/16/2011 6:44:35 AM

Sanity

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From: Nampa, Idaho USA
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Give it to the government - they waste it. Government is like a black hole for money...

But youre missing the key point anyway, whose is it to give.

And why is it "given" to anyone, when its better appreciated (and therefor more wisely put to use) if it is earned

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Post #: 34

RE: Warren Buffet - 8/16/2011 6:44:45 AM

EternalHoH

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quote:

ORIGINAL: Sanity

its as if you are assuming that everything belongs to the government.

There you go again, Strawman.

Taxes are the price of living in an advanced civilization. That is a far cry from your manufactured fear of being enslaved by the government.

And the key point is Bama's boneheaded belief that tax cuts actually create jobs. They no longer do, because shortcuts to wealth were invented in the last decade, so giving people back more of their taxes does NOT translate into greater economic activity and added jobs, rather that money gets funneled into the shortcuts. Now, I do realize that Bama does live in the slower part of the country where news does not travel very fast....

I can always count on you to go off on a tangent if it means avoiding the real meat of the discussion.

(in reply to Sanity)

Post #: 35

RE: Warren Buffet - 8/16/2011 6:48:04 AM

Sanity

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From: Nampa, Idaho USA
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Its not tax cuts that "create" jobs

Its allowing people to keep more of their own money, keeping government out of the way that allows the economy to prosper

quote:

And the key point is Bama's boneheaded belief that tax cuts actually create jobs.

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Post #: 36

RE: Warren Buffet - 8/16/2011 6:51:17 AM

Sanity

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From: Nampa, Idaho USA
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If government spending actually created jobs we should have a two percent unemployment rate

And Europe should have a negative unemployment rate, Europe should be paying people to move there to fill all their job openings

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Post #: 37

RE: Warren Buffet - 8/16/2011 7:24:54 AM

Owner59

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The same is true for shrub`s special tax breaks for millionaires.....

Ten years of spending trillions and where are all the jobs?

shrub was LOSING a 100,000 jobs a month at the end of his disastrous term.

Let the special rights for a select few end.

< Message edited by Owner59 -- 8/16/2011 7:25:12 AM >

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Post #: 38

RE: Warren Buffet - 8/16/2011 7:27:52 AM

Sanity

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And he was spending money like there was no tomorrow

(No one has ever tried to claim that Bush was a fiscal conservative, zero).

quote:

ORIGINAL: Owner59

The same is true for shrub`s special tax breaks for millionaires.....

Ten years of spending trillions and where are all the jobs?

shrub was LOSING a 100,000 jobs a month at the end of his disastrous term.

Let the special rights for a select few end.

_____________________________

Inside Every Liberal Is A Totalitarian Screaming To Get Out

(in reply to Owner59)

Post #: 39

RE: Warren Buffet - 8/16/2011 7:30:45 AM

Owner59

Posts: 17033
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Where`s the jobs, slick?

Trillions spent on special tax breaks for milliomairs?

Where are the jobs.

Your sudden and new concerns with how we spend our tax dollars isn`t cutting it.

< Message edited by Owner59 -- 8/16/2011 7:32:11 AM >

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"As for our common defense, we reject as false the choice between our safety and our ideals"

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Post #: 40

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