Buffet says tax the super-rich

[juiceweezl]

http://www.msnbc.msn.com/id/44143776/?GT1=43001#.Tkku12Gd5Bc

Summary:

"Stop coddling the super-rich."

"My friends and I have been coddled long enough by a billionaire-friendly Congress. It's time for our government to get serious about shared sacrifice."

He paid $6,938,744 in income tax last year, but it was only 17.4% of his taxable income. The other 20 people in the office ranged from 33-41% and averaged 36%.

If he feels so bad, he could always just write a check to the IRS and keep his mouth shut. We don't need anything that might encourage and give momentum to the POTUS.

[Broncojohnny]

And of course, the Huffington Post puts up the headline "Tax the Rich!".

Fact is, he is talking about billionaires and he makes a good point. But the Huffington Post can't wait to play class warfare games and call for taxes to be increased on everyone.

Although Pat Buchanan made a good point and said that if Warren feels so strongly about it then he should write the government a check for a few billion.

[mustangguy289]

If we all paid the same percentage..it would be fair.

[mstng86]

If we all paid taxes..it would be fair.

Fixed

[Lason]

I honestly dont know either way but of course Im personally against any new taxes. That being said, all I have seen from everyone on this board is Buffet is the man when it comes to money and his word is worth million dollar lunches. So shouldnt we listen to what he says?

[juiceweezl]

And of course, the Huffington Post puts up the headline "Tax the Rich!".

Fact is, he is talking about billionaires and he makes a good point. But the Huffington Post can't wait to play class warfare games and call for taxes to be increased on everyone.

Although Pat Buchanan made a good point and said that if Warren feels so strongly about it then he should write the government a check for a few billion.

I think the point that often gets overlooked is what Buffet is trying to make but doesn't come right out and say it -- if people would just pay the taxes we have instead of taking all the deductions and write-offs, then we'd be fine. Sure, they're taking all the breaks they can that are provided by law, but therein lies the problem. A large portion of our current income taxes aren't ever going to be collected because of the deductions and ways to circumvent it. Not an individual, but use GE for example -- they've paid ZERO in taxes the last 2 years. That shouldn't happen. The super wealthy have access to special deductions and them means to spend to get them if that makes sense.

The problem I have beyond needing tax law reform is that even if we had the additional revenue coming in, this bunch of nitwits we have on the Hill and in the White House would just blow it instead of fixing the deficit.

[mustangguy289]

I honestly dont know either way but of course Im personally against any new taxes. That being said, all I have seen from everyone on this board is Buffet is the man when it comes to money and his word is worth million dollar lunches. So shouldnt we listen to what he says?

No new taxes... just less loopholes and equal tax % whether you make 100,000 or 100 billion.

[stevo]

No new taxes... just less loopholes and equal tax % whether you make 100,000 or 100 billion.

X eleventy billion.

Stevo

[Broncojohnny]

All I know is that I want the guy who makes $20K a year to have some skin in the game when it comes to taxes.

[Cannonball996]

end corporate socialism and this would not even be an issue.

[Hobie]

All I know is that I want the guy who makes $20K a year to have some skin in the game when it comes to taxes.

This ^ - I'm not saying everyone should be the same or that we should get rid of incentives that help drive industries, but next to no body should be tax negative. Disabled in the war, sure, dual income household with a couple kids, NO.

[thesource]

With 46% of working Americans not paying any federal income tax, I think thats a good portion of the problem right there.

[mstng86]

With 46% of working Americans not paying any federal income tax, I think thats a good portion of the problem right there.

I know you said Americans in that statement, but does that include illegals?

[Hobie]

I know you said Americans in that statement, but does that include illegals?

Yes and no - Technically it doesn't, but all the ones with false docs are paying in.

[Woods Racing Transmission]

I know you said Americans in that statement, but does that include illegals?

We could somehow tax just the money they send back to Mexico say at 15 or 20% and give 5 to 10% of it to the schools to pay for their kids education.