NYTIMES: Warren Buffett - 'Stop Coddling the Super-Rich'

[Larry]

I guess maybe if Buffett had been the one to start this pissing contest, it might make sense.

But what really happened was this:

1) GOP leader Boehner says: "the rich are oppressed and overtaxed."

2) Buffett says: "um, don't speak for me. I pay a smaller percentage of my loot in taxes than my secretary, and I think we rich should pay more."

3) Boehner says: (kind of snottily) "If you want to pay more to the treasury, no one is stopping you from doing so voluntarily."

4) Buffett says: "What a stupid argument. Tell you what - if any of you congressmen do that, I'll match ya."

And here we are.

Uh, I think that, in between 1) and 2), you should insert "and after having it repeated, over and over and over, for 30 years . . . "

[PleaseBlitz]

Unless he's forgotten large portions of his own life then he certainly should know what it's like to not be a billionaire.

Well, he's 80 or so, so that's not exactly out of the question. Im 32, ive forgotten large chunks of my life.

The point is that Warren Buffett is a genuinely unique individual and really shouldnt be the spokesperson for any group, other than MAYBE "people that have at some point been the richest person in the world" and even then Bill Gates would probably call him an old codger that should give more to charity.

[Predicto]

Well, he's 80 or so, so that's not exactly out of the question. Im 32, ive forgotten large chunks of my life.

The point is that Warren Buffett is a genuinely unique individual and really shouldnt be the spokesperson for any group, other than MAYBE "people that have at some point been the richest person in the world" and even then Bill Gates would probably call him an old codger that should give more to charity.

Well, he's hardly the only rich person to openly admit that the GOP claim the rich in America are overtaxed is total garbage. He's just the highest profile one.

Who should take up that burden if not Buffett? It's not like Boehner or the rest of Grover Norquist's sock puppets ever shut up about the subject.

[DjTj]

Bill Gates would probably call him an old codger that should give more to charity.

He did, and he did.

http://www.nytimes.com/2006/06/26/business/26buffett.html

[PleaseBlitz]

Well, he's hardly the only rich person to openly admit that the GOP claim the rich in America are overtaxed is total garbage. He's just the highest profile one.

Who should take up that burden if not Buffett? It's not like Boehner or the rest of Grover Norquist's sock puppets ever shut up about the subject.

I personally would find it much more convincing if someone at the bottom of the highest marginal tax bracket said that he was not taxed enough than someone that literally has more money than he can spend and who's life experience is comparable to exactly zero other people.

---------- Post added January-19th-2012 at 08:40 PM ----------

He did, and he did.

http://www.nytimes.com/2006/06/26/business/26buffett.html

That's awesome.

[Predicto]

I personally would find it much more convincing if someone at the bottom of the highest marginal tax bracket said that he was not taxed enough than someone that literally has more money than he can spend and who's life experience is comparable to exactly zero other people.

.

That would be me. And I have said it many times on this board.

[PleaseBlitz]

That would be me. And I have said it many times on this board.

I should have included the word "non-crackpot" in my other post.

Also, internet people aren't real people.

[Redskins Diehard]

I guess maybe if Buffett had been the one to start this pissing contest, it might make sense.

But what really happened was this:

1) GOP leader Boehner says: "the rich are oppressed and overtaxed."

2) Buffett says: "um, don't speak for me. I pay a smaller percentage of my loot in taxes than my secretary, and I think we rich should pay more."

3) Boehner says: (kind of snottily) "If you want to pay more to the treasury, no one is stopping you from doing so voluntarily."

4) Buffett says: "What a stupid argument. Tell you what - if any of you congressmen do that, I'll match ya."

And here we are.

I'm much more of a fan of Buffett than I am of Boehner. And I am glad that he is finally emphasizing a little more at least that the issue isn't the "income tax rate" of the rich but the fact that long term capital gains and dividends are treated different than ordinary income. And that we could change the "income tax" rate on millionaires(I assume we are using that term to describe annual salary and not net worth) to 90% and it would not change the Buffett and his secretary issue. But really if that is the logic that describes how this played out then I might have to consider unloading my BRK shares because the old man is losing it.

Boehner feels like he is taxed enough at a minimum and more likely too much.

Buffett feels like he isn't taxed enough

Boehner says if you want to pay more you can

Buffett tells the guy that already feels like he pays too much that if he(the guy that pays too much) pays more, then the guy that feels like he doesn't pay enough will also pay more.

That is where we are?

I know you are full and I am still hungry. You suggest I eat more if I am hungry. I tell you that I will eat more...but only if you eat more first.

---------- Post added January-19th-2012 at 09:35 PM ----------

That would be me. And I have said it many times on this board.

Maybe you should match what Warren is matching? I would find you much more believable then.

---------- Post added January-19th-2012 at 09:38 PM ----------

That's awesome.

Yeah, think of all the taxes that are skipping out on by donating that to charity.

[Predicto]

I should have included the word "non-crackpot" in my other post.

Also, internet people aren't real people.

No one wants to pay more taxes. If you ask it that way, you will never get an honest answer.

We all want other people to bear all the burdens.

But we have a huge debt problem, and the only way to make it go away is to cut spending and raise taxes. It would be fundamentally dishonest for me to say that raising taxes on families like mine would cause us huge pain. It wouldn't. Our tax burden is not that bad. We are in the highest tax bracket, but with all the deductions and tax avoidance available to the upper middle class, we actually pay less than half that in real money terms. And we salt away a huge chunk for retirement tax free.

End the Bush tax cuts, and yes, we would pay more in taxes. But weI would still be able to afford to send my kids to private schools and take fancy vacations and go out to eat all the time, because we are comfortable as heck, just like everyone else in our tax bracket.

I actually believe in cutting taxes. But not the income tax. We should simplify the corporate tax, and cut the corporate tax rate, because that would actually attract business and create jobs. Cutting the personal income tax rate doesn't create jobs. Any honest rich person will admit that.

Buffett is right, and there is nothing wrong with telling the truth in response to other people's political myths.

---------- Post added January-19th-2012 at 08:56 PM ----------

Maybe you should match what Warren is matching? I would find you much more believable then.

Saying "why don't you just pay extra money to the government on your own if you think it's so great" is a really childish and weak argument. You can't have an honest discussion about tax policy or how best to pay off the debt that way.

It's also annoying that you are accusing me of lying, but that's the internet for ya.

[DjTj]

In related news:

Bethesda billionaire David Rubenstein is donating $7.5 million to repair the earthquake damage at the Washington Monument. The 555 foot structure suffered significant damage during last summer's earthquake, which led to the closure and delicate process of identifying the cracks as crews repelled down the monument.

In a statement released Thursday by the US Department of the Interior, Rubenstein said:

"America has been very good to me and I am humbled to be able to honor the father of our country in this way...Re-opening the monument as soon as possible will help ensure that many people get to learn about American history and the unique role that George Washington played in the birth and life of our great nation."

http://wusa9.com/news/article/185681/77/Washington-Monument-To-Get-75M-Donation-To-Repair-Earthquake-Damage

[Thiebear]

Again: Have the goverment come out and tell us what a good tax rate would be for the next couple years?

What they wish to accomplish and why this number helps us attain that position.

And then you need to update it as shown below: Raising taxes 67% on people and corporations is not always the 'fix'.

We should watch the below and find out between Virgina and This which one ends up working better.

But Illinois State Comptroller Judy Baar Topinka says when one factors in other bills, the figure is closer to around $8.5 billion.

Those other outstanding bills include tax refunds, employee health insurance, and bills that have not yet reached her desk.

Topinka says this is extremely disappointing, since a year ago, the state sharply increased income taxes (by 67 percent) and corporate taxes.

“After the largest tax hike in our history, the state continues to be in this precarious fiscal position with persistent payment delays, and frankly, the situation is unlikely to significantly improve in the near term,” she said.

Some state officials say the solution is more borrowing to pay the bills, but Topinka says the solution is to cut spending.

[Brad_Edwards_Fan]

Again: Have the goverment come out and tell us what a good tax rate would be for the next couple years?

What they wish to accomplish and why this number helps us attain that position.

And then you need to update it as shown below: Raising taxes 67% on people and corporations is not always the 'fix'.

We should watch the below and find out between Virgina and This which one ends up working better.

As someone who lives out here- be careful about following any of that nonsense re: Illinois tax increases. It is true, Illinois just had a monster increase in state income tax and corporate tax. However, the income tax was pretty low in the past (flat 3%) and raised 50% to a flat 4.5%. But, looking at the other taxes, Illinois really doesnt have too bad of a tax burden. Even now, it is only the 27th highest personal tax burden in the country (combining all taxes on an individual).

The corporate tax rate went up to 7% (from 4.8%), but none of the big companies are actually paying it. They all threatened to leave and got huge tax deals to stay in Illinois.

So, Queen Judy can say what she wants about the tax increases here not helping the budget, but of course that is the case when you have a high expense state with middle of the pack personal tax burden and a big increase in corporate taxes that none of the big dogs actually pay.

[Thiebear]

I'm a fan of the States doing different things so we can see results within the United States using real examples.

how much of an increase do you think is needed to fund the Illinois gov't: They figured it to be 67%, and thats why i ask for What amount and why.

Then follow it up yearly with tweaks to fix it.