ONE SUPER RICH MANS OPINION

  1. You have chosen to ignore posts from beKool. Show beKool's posts

    ONE SUPER RICH MANS OPINION

    Stop Coddling the Super-Rich

    OUR leaders have asked for “shared sacrifice.” But when they did the asking, they spared me. I checked with my mega-rich friends to learn what pain they were expecting. They, too, were left untouched.

    While the poor and middle class fight for us in Afghanistan, and while most Americans struggle to make ends meet, we mega-rich continue to get our extraordinary tax breaks. Some of us are investment managers who earn billions from our daily labors but are allowed to classify our income as “carried interest,” thereby getting a bargain 15 percent tax rate. Others own stock index futures for 10 minutes and have 60 percent of their gain taxed at 15 percent, as if they’d been long-term investors.

    These and other blessings are showered upon us by legislators in Washington who feel compelled to protect us, much as if we were spotted owls or some other endangered species. It’s nice to have friends in high places.

    Last year my federal tax bill — the income tax I paid, as well as payroll taxes paid by me and on my behalf — was $6,938,744. 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.

    If you make money with money, as some of my super-rich friends do, your percentage may be a bit lower than mine. But if you earn money from a job, your percentage will surely exceed mine — most likely by a lot.

    To understand why, you need to examine the sources of government revenue. Last year about 80 percent of these revenues came from personal income taxes and payroll taxes. The mega-rich pay income taxes at a rate of 15 percent on most of their earnings but pay practically nothing in payroll taxes. It’s a different story for the middle class: typically, they fall into the 15 percent and 25 percent income tax brackets, and then are hit with heavy payroll taxes to boot.

    Back in the 1980s and 1990s, tax rates for the rich were far higher, and my percentage rate was in the middle of the pack. According to a theory I sometimes hear, I should have thrown a fit and refused to invest because of the elevated tax rates on capital gains and dividends.

    I didn’t refuse, nor did others. I have worked with investors for 60 years and I have yet to see anyone — not even when capital gains rates were 39.9 percent in 1976-77 — shy away from a sensible investment because of the tax rate on the potential gain. People invest to make money, and potential taxes have never scared them off. And to those who argue that higher rates hurt job creation, I would note that a net of nearly 40 million jobs were added between 1980 and 2000. You know what’s happened since then: lower tax rates and far lower job creation.

    http://www.nytimes.com/2011/08/15/opinion/stop-coddling-the-super-rich.html?_r=1

     
  2. You have chosen to ignore posts from scauma09. Show scauma09's posts

    Re: ONE SUPER RICH MANS OPINION

    along time ago in ancient athens they learned that wealth cannot be generated without society. if there is no civilisation, no wealth can be gained. they rationalized that since people who became rich, only did so as a result of being part of that society, they in turn should pay a greater share in taxes. 

    when you factor in debt, be it student loans or credit card, America has become a place where your either rich, or poor. and nearly all new standards put in place are designed to make you either more rich, or more poor.  
     
  3. You have chosen to ignore posts from sk8ter2008. Show sk8ter2008's posts

    Re: ONE SUPER RICH MANS OPINION

    They can all send whatever money they want to the IRS!

    Tell them to lead by example and send a few billion to the IRS!
     
  4. You have chosen to ignore posts from MattyScornD. Show MattyScornD's posts

    Re: ONE SUPER RICH MANS OPINION

    "And to those who argue that higher rates hurt job creation, I would note that a net of nearly 40 million jobs were added between 1980 and 2000. You know what’s happened since then: lower tax rates and far lower job creation."


    Smart guy...no wonder he's super-rich....
     
  5. You have chosen to ignore posts from BobinVa. Show BobinVa's posts

    Re: ONE SUPER RICH MANS OPINION

    He is not so smart....he is weakly protecting one of his worse investments- his investment in Obama.

    "I would note that a net of nearly 40 million jobs were added between 1980 and 2000".
    What he didnt note was that this was the Reagan boom, kicked off by the Reagan tax cuts. 

    After the Bush tax cuts,  the U.S. experienced moderate job growth between 2003 and 2007.
    Only in 2008 the bottom fell out.
     
  6. You have chosen to ignore posts from MattyScornD. Show MattyScornD's posts

    Re: ONE SUPER RICH MANS OPINION

    In Response to Re: ONE SUPER RICH MANS OPINION:
    He is not so smart....he is weakly protecting one of his worse investments- his investment in Obama. "I would note that a net of nearly 40 million jobs were added between 1980 and 2000". What he didnt note was that this was the Reagan boom, kicked off by the Reagan tax cuts.  After the Bush tax cuts,  the U.S. experienced moderate job growth between 2003 and 2007. Only in 2008 the bottom fell out.
    Posted by BobinVa


    So, you're claiming greater insight into the effect of tax policy on the super-rich than Mr. Buffett...?

    Based on what...??

    That he didn't mention St. Ronnie by name is irrelevant...unless you're a partisan boot-lick, that is....
     
  7. You have chosen to ignore posts from BobinVa. Show BobinVa's posts

    Re: ONE SUPER RICH MANS OPINION

    Warren Buffet is a leftist. A rich leftist.

    You class warfare moonbats hate the "rich"...they must be punished for success, and are evil...

    .....except Obama bootlickers like Buffett and George Soros and Jeff Immelt. They are all geniuses, eh?
     
  8. You have chosen to ignore posts from MattyScornD. Show MattyScornD's posts

    Re: ONE SUPER RICH MANS OPINION

    In Response to Re: ONE SUPER RICH MANS OPINION:
    Warren Buffet is a leftist. A rich leftist. You class warfare moonbats hate the "rich"...they must be punished for success, and are evil... .....except Obama bootlickers like Buffett and George Soros and Jeff Immelt. They are all geniuses, eh?
    Posted by BobinVa


    No, just much smarter than you.

    So it begs the question then why they and other billionaires want to 'punish' themselves??

    Why is your effort to NOT have them taxed more somehow more correct than them saying, "Tax us more (and tax you less)"?

    Unless maybe you are in the same tax bracket as the aforementioned??
     
  9. You have chosen to ignore posts from BobinVa. Show BobinVa's posts

    Re: ONE SUPER RICH MANS OPINION

    Rich means smart, eh ? Strange the respect you show one investor....

    So if we take a poll of the 'super rich', and the majority believe that raising taxes is not good policy, you would defer to these 'smart' people?
    (No doubt you would call them greedy).
     
    The vast majority of successful  business people, smart people,  believe that Obama's class warfare,  tax the rich mantra is antibusiness, anti free enterprise and has helped kill job growth.
     
  10. You have chosen to ignore posts from skeeter20. Show skeeter20's posts

    Re: ONE SUPER RICH MANS OPINION

    In Response to Re: ONE SUPER RICH MANS OPINION:
    In Response to Re: ONE SUPER RICH MANS OPINION : No, just much smarter than you. So it begs the question then why they and other billionaires want to 'punish' themselves?? Why is your effort to NOT have them taxed more somehow more correct than them saying, "Tax us more (and tax you less)"? Unless maybe you are in the same tax bracket as the aforementioned??
    Posted by MattyScornD



    Hey, there is nothing stopping Buffet from giving all his money to the government, so why doesn't he quit his whining and do it?
     
  11. You have chosen to ignore posts from DamainAllen. Show DamainAllen's posts

    Re: ONE SUPER RICH MANS OPINION

    Because giving all his money to government isn't the solution (and despite his considerable wealth wouldn't address the issue in any meaningful way)?  Because a more robust and comprehensive approach is required?  The right always says we need to follow the market, listen to business, and here you have one of the most respected and accomplished business people in the world laying out a vision and the best you can come up with ad homs about him being a "leftist" and the bizarre notion that he is a cog in the class war. 
     
  12. You have chosen to ignore posts from BobinVa. Show BobinVa's posts

    Re: ONE SUPER RICH MANS OPINION

    The right always says we need to follow the market, listen to business"

    One singular billionaire, is not "Business"

    ....most other accomplished business people disagree with him.
     
  13. You have chosen to ignore posts from DamainAllen. Show DamainAllen's posts

    Re: ONE SUPER RICH MANS OPINION

    In Response to Re: ONE SUPER RICH MANS OPINION:
    The right always says we need to follow the market, listen to business" One singular billionaire, is not "Business" ....most other accomplished business people disagree with him.
    Posted by BobinVa


    Warren Buffet employs 260,000 people thourgh Berkshire Hathaway.  His credentials as a voice a business is not in question.  Whats funny is you expect me to take your word on the issue.  What business do you run, again? 
     
  14. You have chosen to ignore posts from KittyDuke. Show KittyDuke's posts

    Re: ONE SUPER RICH MANS OPINION

    Buffet is an Obama puppet. A shill singing the Obama song to get in bed with him... just like GE.
     
  15. You have chosen to ignore posts from skeeter20. Show skeeter20's posts

    Re: ONE SUPER RICH MANS OPINION

    In Response to Re: ONE SUPER RICH MANS OPINION:
    Because giving all his money to government isn't the solution (and despite his considerable wealth wouldn't address the issue in any meaningful way)?  Because a more robust and comprehensive approach is required?  The right always says we need to follow the market, listen to business, and here you have one of the most respected and accomplished business people in the world laying out a vision and the best you can come up with ad homs about him being a "leftist" and the bizarre notion that he is a cog in the class war. 
    Posted by DamainAllen


    So, Buffet's well thought out solution is for OTHER people to give more. 

    Figures.
     
  16. You have chosen to ignore posts from skeeter20. Show skeeter20's posts

    Re: ONE SUPER RICH MANS OPINION

    In Response to Re: ONE SUPER RICH MANS OPINION:
    In Response to Re: ONE SUPER RICH MANS OPINION : Warren Buffet employs 260,000 people thourgh Berkshire Hathaway.  His credentials as a voice a business is not in question.  Whats funny is you expect me to take your word on the issue.  What business do you run, again? 
    Posted by DamainAllen


    His voice in business is obviously in question.  His voice in investing is a bit better.
     
  17. You have chosen to ignore posts from MattyScornD. Show MattyScornD's posts

    Re: ONE SUPER RICH MANS OPINION

    In Response to Re: ONE SUPER RICH MANS OPINION:
    Rich means smart, eh ? Strange the respect you show one investor.... So if we take a poll of the 'super rich', and the majority believe that raising taxes is not good policy, you would defer to these 'smart' people? (No doubt you would call them greedy).   The vast majority of successful  business people, smart people,  believe that Obama's class warfare,  tax the rich mantra is antibusiness, anti free enterprise and has helped kill job growth.
    Posted by BobinVa


    Of course not.  Trump disproves that all super-rich people are smart.

    Any empirical proof of that "vast majority"...?? 
     
  18. You have chosen to ignore posts from MattyScornD. Show MattyScornD's posts

    Re: ONE SUPER RICH MANS OPINION

    In Response to Re: ONE SUPER RICH MANS OPINION:
    In Response to Re: ONE SUPER RICH MANS OPINION : His voice in business is obviously in question.  His voice in investing is a bit better.
    Posted by skeeter20


    Investing is not business...??!   You must be joking...

    Not a single word the man wrote above has been rebutted by anyone in this thread, so until that happens, his argument stands.

    Interesting to not how some here think Buffett couldn't possibly be the enormous business success he is (by some measures the most successful investor in america) and STILL be a perceived "leftist", eh...? 
     
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  20. You have chosen to ignore posts from sk8ter2008. Show sk8ter2008's posts

    Re: ONE SUPER RICH MANS OPINION

    In Response to Re: ONE SUPER RICH MANS OPINION:
    In Response to Re: ONE SUPER RICH MANS OPINION : Investing is not business...??!   You must be joking... Not a single word the man wrote above has been rebutted by anyone in this thread, so until that happens, his argument stands. Interesting to not how some here think Buffett couldn't possibly be the enormous business success he is (by some measures the most successful investor in america) and STILL be a perceived "leftist", eh...? 
    Posted by MattyScornD


    Warren Buffett, Soro's, Trump, etc are not the rich who want to be taxed more they play you into thinking they are!!

    It's all about "income" these guys do not rely on income and they will not be taxed on wealth.

    It's the middle "rich people" the people who make 250,000 to a several million a year that run small business and create jobs that suffer not these fat cats with billions in the bank they are the ones with corporations that are laying people off. Not that I hold that against them either.
     
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  23. You have chosen to ignore posts from sk8ter2008. Show sk8ter2008's posts

    Re: ONE SUPER RICH MANS OPINION

    In Response to Re: ONE SUPER RICH MANS OPINION:
    Warren Buffet is entitled to his opinion of course. It is one thing for him to declare it once or twice in aninterview when asked. It is another thing for him to constantly whine about it and tell us how his rate is lower than it used to be and how unfair that is, etc, etc. He is going overboard with his preaching. If he wants to rectify the fairness of his situation he should write a check or just  S T F U. He is just a blatant hypocrite now. In the meantime, a man as smart as Buffet knows that taxing the rich, while it might be adviseablet o some degree, is not going to come even close to solving the problems of government finance. The fact that he does not even address this is disappointing.
    Posted by Newtster


    It's easy to be self righteous when you are no longer concerned with income tax or any type of revenue.
     
  24. You have chosen to ignore posts from beKool. Show beKool's posts

    Re: ONE SUPER RICH MANS OPINION

    ONE SUPER RICH MANS OPINION drives the rich mans lap dogs nuts because he is talking about what they refuse to hear.


     
     
  25. You have chosen to ignore posts from skeeter20. Show skeeter20's posts

    Re: ONE SUPER RICH MANS OPINION

    Why doesn't he just hand his money over to the government?

    He wn't, because he wants the OTHER GUY to be subject to this, not him.

    What a hypocrite.
     
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