Buffet says tax the super-rich

[Slowhand]

lol @ "loopholes"

[STANGGT40]

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.

if a company isn't paying taxes, then someone is. ie; if a company makes money, they can bonus 100% of the profit out, and the taxes are paid by the people that get the bonuses. if they keep all of the profit, then the company pays taxes on that money, at a higher rate than the people would pay. (depending on the corporate structure) now, keep in mind, they are paying 941 taxes every pay period...whatever their employees pay, they match and send in every pay period. the 941 taxes alone are bound to be millions per pay period, for GE!

[Hmbre97]

Yeah, Warren and I were shooting the shit about this a few weeks back. I'm his CPA.

[juiceweezl]

if a company isn't paying taxes, then someone is. ie; if a company makes money, they can bonus 100% of the profit out, and the taxes are paid by the people that get the bonuses. if they keep all of the profit, then the company pays taxes on that money, at a higher rate than the people would pay. (depending on the corporate structure) now, keep in mind, they are paying 941 taxes every pay period...whatever their employees pay, they match and send in every pay period. the 941 taxes alone are bound to be millions per pay period, for GE!

This is what I'm referring to with GE: http://abcnews.go.com/Politics/gener...ry?id=13224558

General Electric Paid No Federal Taxes in 2010.

That shouldn't be legal (i.e. too many loopholes). Granted, I don't fault GE for doing it as they are within the law and their right to do so, but it's just wrong.

[juiceweezl]

yeah, warren and i were shooting the shit about this a few weeks back. I'm his cpa.

lmao. Fixed!

[Bad A$$ Coupe]

on illegals, I know some and they do there part for putting in, now if they get paid cash for a service, shouldnt the company get into trouble for that? i dont understand how some can get away with paying several illegals under the table, shit that would be 100k plus here how the hell do you hide that kind of money.... if you want to get rid of illegals i say hit the people up that are paying them.... audit!!!!!! i just know that SOME of us not all wont do the jobs that they do

[Bad A$$ Coupe]

^^^^ and if we hire people and i do pay them cash i still have to fill out a 1099 and verify and have there info on file!

[mustangguy289]

on illegals, I know some and they do there part for putting in, now if they get paid cash for a service, shouldnt the company get into trouble for that? i dont understand how some can get away with paying several illegals under the table, shit that would be 100k plus here how the hell do you hide that kind of money.... if you want to get rid of illegals i say hit the people up that are paying them.... audit!!!!!! i just know that SOME of us not all wont do the jobs that they do

Ron Paul says that is not the responsibility of the employer's.

[FastFox]

Everyone says we should all pay the same per cent of tax. Why should you pay more dollars just because you make more money. I say a "Head Tax" of the same amount on all citizens. Just like property taxes......why should a person who chooses to pay for a $ 500,000 house pay more taxes than a person who chooses to own a $ 100,000 house. They both get the same services from the governments they support. And, they both get only ONE vote at election time.

[mustangguy289]

Everyone says we should all pay the same per cent of tax. Why should you pay more dollars just because you make more money. I say a "Head Tax" of the same amount on all citizens. Just like property taxes......why should a person who chooses to pay for a $ 500,000 house pay more taxes than a person who chooses to own a $ 100,000 house. They both get the same services from the governments they support. And, they both get only ONE vote at election time.

You are talking about a totally different kind of tax here.


On income tax... you think its fair for a person making min. wage to pay same $ amount as person who is CEO and has a multi million dollar salary?


I think it would be fair for them both to give the same %age.. but not same dollar amount.

[stevo]

on illegals, I know some and they do there part for putting in, now if they get paid cash for a service, shouldnt the company get into trouble for that? i dont understand how some can get away with paying several illegals under the table, shit that would be 100k plus here how the hell do you hide that kind of money.... if you want to get rid of illegals i say hit the people up that are paying them.... audit!!!!!! i just know that SOME of us not all wont do the jobs that they do

^^^^ and if we hire people and i do pay them cash i still have to fill out a 1099 and verify and have there info on file!

Many of the people that hire illegal aliens are not exactly truthful on their tax returns.

Stevo

[juiceweezl]

You are talking about a totally different kind of tax here.

On income tax... you think its fair for a person making min. wage to pay same $ amount as person who is CEO and has a multi million dollar salary?

I think it would be fair for them both to give the same %age.. but not same dollar amount.

Much better than the current system, but I'd rather it be straight sales tax and NO income tax. Then it truly becomes a matter of choice for the individual.

[stevo]

Much better than the current system, but I'd rather it be straight sales tax and NO income tax. Then it truly becomes a matter of choice for the individual.

When this happens, it will be illegal to sell anything to anyone else without it all being documented.

I rather have one set income tax percentage that everyone pays, no deductions, exemptions or exceptions.

Stevo

[mustangguy289]

Much better than the current system, but I'd rather it be straight sales tax and NO income tax. Then it truly becomes a matter of choice for the individual.

Well that will kill consumer spending and tax revenue all in one.

[juiceweezl]

Well that will kill consumer spending and tax revenue all in one.

Why? You think all those that aren't paying any taxes now are going to stop buying 20" rims and gold teeth to go with their booze and $200 shoes? It's just a matter of budgeting. Besides, remember you'll have back what you're paying in right now in the form of income tax. I can afford a $200+ pair of shoes, but I go to Kohl's and get something on sale and then use my 30% off coupon on top of that. I'm a cheap ass, so it's a win-win for me.