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RE: Warren Buffet would likely pay no income taxes in under Cain's 999 plan


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RE: Warren Buffet would likely pay no income taxes in u... - 10/18/2011 7:19:50 PM   
erieangel


Posts: 2237
Joined: 6/19/2011
Status: offline 		Since when has lowered taxes encouraged a business to lower their prices or increase compensation to their workers???  Anybody who claims this happens or is likely to happen in the future is a liar.

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RE: Warren Buffet would likely pay no income taxes in u... - 10/19/2011 2:59:13 AM   
willbeurdaddy


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quote:

ORIGINAL: erieangel

Since when has lowered taxes encouraged a business to lower their prices or increase compensation to their workers???  Anybody who claims this happens or is likely to happen in the future is a liar.


Anybody who claims it doesnt happen hasnt had to compete for employees.

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RE: Warren Buffet would likely pay no income taxes in u... - 10/19/2011 6:16:25 AM   
Termyn8or


Posts: 18681
Joined: 11/12/2005
Status: offline 		Compete for employees ? In what type of job ?

Must be politician. too fucking hard to find people stupid enough.

Or insur..... nevermind.

T^T

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RE: Warren Buffet would likely pay no income taxes in u... - 10/19/2011 6:58:53 AM   
xssve


Posts: 3589
Joined: 10/10/2009
Status: offline 		Buffet pays almost no taxes under Bush rules already, he pointed that out himself, back when the tax cuts were being debated - I thought that was the whole idea that the rich wouldn't have to pay taxes because it's so gosh darn unfair.


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RE: Warren Buffet would likely pay no income taxes in u... - 10/19/2011 7:09:56 AM   
TreasureKY


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From: Kentucky
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quote:

ORIGINAL: xssve

Buffet pays almost no taxes under Bush rules already, he pointed that out himself, back when the tax cuts were being debated - I thought that was the whole idea that the rich wouldn't have to pay taxes because it's so gosh darn unfair.


Buffet paid $6.9 million.  While I agree that amount is a lower percentage than it should be as compared to others, I'd hardly call it "almost no taxes".

(in reply to xssve)
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RE: Warren Buffet would likely pay no income taxes in u... - 10/19/2011 7:40:10 AM   
xssve


Posts: 3589
Joined: 10/10/2009
Status: offline 		Uh, he's worth 39 Billion.

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RE: Warren Buffet would likely pay no income taxes in u... - 10/19/2011 7:46:23 AM   
xssve


Posts: 3589
Joined: 10/10/2009
Status: offline 		He made 63 million in 2010, so his effective tax rate is about 10%, while the aggregate tax rate is currently about 13% - somebody is making up the difference.

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RE: Warren Buffet would likely pay no income taxes in u... - 10/19/2011 7:50:29 AM   
xssve


Posts: 3589
Joined: 10/10/2009
Status: offline 		Here's some actual data.

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RE: Warren Buffet would likely pay no income taxes in u... - 10/19/2011 8:23:08 AM   
DomYngBlk


Posts: 3316
Joined: 3/27/2006
Status: offline 		I love how all the righties here are trying to find a way to make this plan actually workable. Well if this, or maybe that...lol......He pulled it out of his ass as an idea and had no thought process behind it. Give it up.

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RE: Warren Buffet would likely pay no income taxes in u... - 10/19/2011 8:38:46 AM   
xssve


Posts: 3589
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Status: offline 		Lol, he got it from Sim City.

The republican theme song.

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RE: Warren Buffet would likely pay no income taxes in u... - 10/19/2011 8:42:56 AM   
tazzygirl


Posts: 37833
Joined: 10/12/2007
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quote:

ORIGINAL: DomYngBlk

I love how all the righties here are trying to find a way to make this plan actually workable. Well if this, or maybe that...lol......He pulled it out of his ass as an idea and had no thought process behind it. Give it up.



Its not workable.... proven that someone making 50,000 a year will have almost 5000 less to spend after the 999 plan of 27% tax.

But, that wont distract them.

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RE: Warren Buffet would likely pay no income taxes in u... - 10/19/2011 9:30:41 AM   
willbeurdaddy


Posts: 11894
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quote:

ORIGINAL: TreasureKY

quote:

ORIGINAL: xssve

Buffet pays almost no taxes under Bush rules already, he pointed that out himself, back when the tax cuts were being debated - I thought that was the whole idea that the rich wouldn't have to pay taxes because it's so gosh darn unfair.


Buffet paid $6.9 million.  While I agree that amount is a lower percentage than it should be as compared to others, I'd hardly call it "almost no taxes".



You are leaving out a big part of his taxes. He achieved the low personal income tax rate by having what would have been salary paid out in incentive stock options, "converting salary to capital gains". But his company doesnt get a deductions for ISOs, so that "income" was taxed at the corporate level, most likely at 35%.

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Hear the lark
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gone to ground.

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RE: Warren Buffet would likely pay no income taxes in u... - 10/19/2011 9:32:56 AM   
TreasureKY


Posts: 3032
Joined: 4/10/2007
From: Kentucky
Status: offline
quote:

ORIGINAL: xssve

Uh, he's worth 39 Billion.


So?  Again, I'd hardly call paying $6.9 million as paying almost no taxes.

quote:

ORIGINAL: tazzygirl

Its not workable.... proven that someone making 50,000 a year will have almost 5000 less to spend after the 999 plan of 27% tax.


I think I covered this elsewhere, but your example is wrong.

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RE: Warren Buffet would likely pay no income taxes in u... - 10/19/2011 10:09:20 AM   
DomYngBlk


Posts: 3316
Joined: 3/27/2006
Status: offline 		Treasure,

I'd have another look at your numbers. You don't seem to play any VAT on any of the household expenses or the like. VAT will touch each and every activity that you have from paying the electric bill to going to the doctor to paying a toll on the freeway....I don't know how he would pull out the VAT in a production process. How and which process would be exempt. There would be 9% all the way across the process.

(in reply to TreasureKY)
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RE: Warren Buffet would likely pay no income taxes in u... - 10/19/2011 10:44:22 AM   
FirmhandKY


Posts: 8948
Joined: 9/21/2004
Status: offline 		FR:

Yanno, it's kinda funny, watching all the libs complaining about taxes, for a change! 

Firm


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RE: Warren Buffet would likely pay no income taxes in u... - 10/19/2011 10:45:54 AM   
mnottertail


Posts: 60698
Joined: 11/3/2004
Status: offline 		I see the actual gravamen of the complaint as the innumeracy that is part and parcel of the issue.

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RE: Warren Buffet would likely pay no income taxes in u... - 10/19/2011 10:49:46 AM   
FirmhandKY


Posts: 8948
Joined: 9/21/2004
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quote:

ORIGINAL: mnottertail

I see the actual gravamen of the complaint as the innumeracy that is part and parcel of the issue.

Look, Ron ... I just took two aspirin .... 

Firm


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Some people are just idiots.

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RE: Warren Buffet would likely pay no income taxes in u... - 10/19/2011 1:46:08 PM   
tazzygirl


Posts: 37833
Joined: 10/12/2007
Status: offline
quote:

I think I covered this elsewhere, but your example is wrong.


You have yet to prove its wrong. That thread is still waiting.

_____________________________

Telling me to take Midol wont help your butthurt.
RIP, my demon-child 5-16-11
Duchess of Dissent 1
Dont judge me because I sin differently than you.
If you want it sugar coated, dont ask me what i think! It would violate TOS.

(in reply to TreasureKY)
Profile   Post #: 58
RE: Warren Buffet would likely pay no income taxes in u... - 10/19/2011 2:04:48 PM   
Masta808


Posts: 591
Joined: 1/6/2011
Status: offline 		Firm,

Still waiting for you to reply to my posting here

Do you really want Warren Buffet to only pay sales taxes?

(in reply to FirmhandKY)
Profile   Post #: 59
RE: Warren Buffet would likely pay no income taxes in u... - 10/19/2011 2:22:47 PM   
TreasureKY


Posts: 3032
Joined: 4/10/2007
From: Kentucky
Status: offline
quote:

ORIGINAL: DomYngBlk

Treasure,

I'd have another look at your numbers. You don't seem to play any VAT on any of the household expenses or the like. VAT will touch each and every activity that you have from paying the electric bill to going to the doctor to paying a toll on the freeway....I don't know how he would pull out the VAT in a production process. How and which process would be exempt. There would be 9% all the way across the process.


The 9% Business tax is on gross income less all purchases from other US located business, all capital investment, and net exports.

You don't think you are currently exempt from covering the taxes that all businesses incur in importing and manufacturing goods, do you?

quote:

ORIGINAL: tazzygirl

quote:

I think I covered this elsewhere, but your example is wrong.


You have yet to prove its wrong. That thread is still waiting.


It'll continue to wait until you first prove my assessment wrong.  Posting some garble-de-gook from someone else does not directly challenge or address what I provided and proves nothing.  Sorry.

Why don't you provide a clear assessment (in a similar straightforward fashion) on why you think your example is right?  Or are you unwilling to do the research and run the numbers for yourself?



< Message edited by TreasureKY -- 10/19/2011 2:24:57 PM >

(in reply to DomYngBlk)
Profile   Post #: 60
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