Off topic...I love this man's intellect

[Brian A. MacNeish]

Billionaire Warren Buffett said that rich people should pay more in taxes.....

“The rich are always going to say that, you know, just give us more money and we’ll go out and spend more and then it will all trickle down to the rest of you,” Buffett, chief executive officer of Berkshire Hathaway Inc., said in the interview. “But that has not worked the last 10 years, and I hope the American public is catching on.”


"If you’re in the luckiest 1 per cent of humanity, you owe it to the rest of humanity to think about the other 99 per cent."

From an article:

Buffet has carved out the opinion that wealthier taxpayers, including himself, have a responsibility to pay higher tax rates.

About 15 years ago the 400 top U.S. taxpayers had an average income of about $45 million and that's now up to $350 million in the most recent figures while their tax rates went from 27 percent down to 16 percent, said Buffett, chief executive of Berkshire Hathaway Inc.

"That’s not my idea of America," he said. "I mean I want everybody to get rich, but I think that the rich have a responsibility to pay higher tax rates."

Buffett conceded that his friends don't necessarily agree with him.

"Yeah, I look around at my friends here paying lower tax rates than the people who are serving us the food," he said.

[Nick Gromicko]

Warren Buffett is a greedy jerk. Now that he's accumulated all this personal capital... he wants to make it hard for anyone else to catch up to him... so he argues for higher taxes.

That way he can be about the only person on earth who can buy up entire railroads.

[John Harrison]

While WB is on his charity gig giving away over half of his money, I sure could use some

[Chuck Evans]

I like Buffet, but he seems to be getting more gullible lately. First his chosen replacement David Sokol bamboozled him and now Obama.

The democrats definition of rich ultimately comes down to anyone who pays into rather than receives from the gubbment. That makes me rich.

Interesting stat he quotes

About 15 years ago the 400 top U.S. taxpayers had an average income of about $45 million and that's now up to $350 million in the most recent figures while their tax rates went from 27 percent down to 16 percent, said Buffett, chief executive of Berkshire Hathaway Inc.

So according to his numbers 15 years ago each of these 400 people used to pay an average of $12,500,000 and now they pay an average of $56,000,000 annually in Federal taxes EACH.

Damn! why do these people continue to refuse to pay their fair share of the services that they receive from government.

When the environment that they are in becomes too hostile, these people have the means to go somewhere more hospitable and you lose your cash cow. Businesses will do the same. Look at how many democratic states are hemorrhaging businesses and jobs.

[Dominic J. Maricic]

How do these rich people only pay 16%? I need a new accountant, I pay over 60%!

[Michael Larson]

The top 1% pay 37% of the entire federal income take.

What tax rate is high enough for those rich folks?

Does anyone know how extra Buffet has sent to the IRS so he could stop feeling guilty about not paying enough taxes?

[James A. Levy]

Originally Posted by dmaricic

How do these rich people only pay 16%? I need a new accountant, I pay over 60%!

Is this finally an admission that you are rich?

[Brian A. MacNeish]

From what I gather from the previous posts:

The more $$$$$ you make, the smaller % of taxes you should pay........let the "little guy" really carry the burden.....especially now when the "trickle down" theory doesn't seem to be working.

I guessyou'd also believe that if the Bernie Madoff's, mortgage derivative (essentially fraud) fiasco, and similar take place and don't get caught, "the more power to them"........getting filthy rich and keeping it all is what its all about........your country may be losing its way!!!!!

There used to be talk about the common good.....don't hear much of that anymore. Consumerism and personal greed...........great attributes????

[Michael Larson]

Originally Posted by Brian A. MacNeish

From what I gather from the previous posts:

The more $$$$$ you make, the smaller % of taxes you should pay........let the "little guy" really carry the burden.....especially now when the "trickle down" theory doesn't seem to be working.

I guessyou'd also believe that if the Bernie Madoff's, mortgage derivative (essentially fraud) fiasco, and similar take place and don't get caught, "the more power to them"........getting filthy rich and keeping it all is what its all about........your country may be losing its way!!!!!

There used to be talk about the common good.....don't hear much of that anymore. Consumerism and personal greed...........great attributes????

Are you a Marxist?

From each according to his ability, to each according to his need

[Nick Gromicko]

Taxes are a hurdle that keep the rich from becoming really wealthy. Now that Warren Buffett is really wealthy, he wants to close the gate behind him and make it tough for any other rich person to accumulate the level of capital he has, and argues the hurdles (taxes) should be raised (now that he's gotten over them).

This is why I am probably the only anti-tax advocate... who believes in estate taxes. It's guys like Warren Buffet that could turn the world into one big oligarchy.

[Gary Farnsworth]

WB owns some of the largest real estate companies in the country, including the largest here in KC; and they do not hire certified master inspectors; only the low-cost cheap ones.

Go figure.

[Nick Gromicko]

Warren Buffett never built anything. He made his money by allocating other people's capital... and peeling off a nice chunk for himself. He bet right in his early years, and when he won, it meant someone else lost.

He's no Bill Gates... a man who actually made products and services that people all over the world happily and voluntarily buy.

[Brian A. MacNeish]

Originally Posted by mlarson

Are you a Marxist?

From each according to his ability, to each according to his need

No.....but left of center. Where are you....right of the Tea Party and the religious far-right?

[Michael Larson]

Originally Posted by Brian A. MacNeish

No.....but left of center. Where are you....right of the Tea Party and the religious far-right?

I am conservative with libertarian leanings and a Christian who actually believes what the bible says.

Leftist
Marxist.

Not much difference in those too philosophies now is there?

Both against "the rich"

Both are not capitalist in nature or action.

Both prefer the power of the state to compel rather than the power of the individual motivated by self interest.

[Brian A. MacNeish]

Originally Posted by gromicko

Warren Buffett never built anything. He made his money by allocating other people's capital... and peeling off a nice chunk for himself. He bet right in his early years, and when he won, it meant someone else lost.

He's no Bill Gates... a man who actually made products and services that people all over the world happily and voluntarily buy.

How do get to that conclusion?

If I bought MS at $1 and sold it to someone at $50, who lost? If the buyer holds on and it goes to $100, who lost? In the long term, well run forward looking companies will go up in value as they add new services/products or take over poorer competitors. Every time a stock is sold, a loss is not necessarily incurred by the seller!

What's wrong with what WB did.....it part of the democratic and free enterprise system we believe in. BTW, he claims he and his wife will be donating their wealth to charities at death.....can't be too much wrong with that can there?