Warren Buffett Calls For Tax Cuts -- For Almost Everyone Except The Rich

What would you do differently?

 

Earlier in the thread I said I would create multiple tax brackets for the uber-wealthy. Someone making a 500k a year shouldn't be taxed at the same rate as someone making 50 million. Also, we need to cut taxes when companies want to bring money to the U.S. that they earned in other countries. Companies make money elsewhere, but can't bring it back to invest in the States without paying 35% tax on it. Microsoft recently had to take out a 3 year note to increase their dividend since like 75% of their 36 billion in cash is held overseas.

Further, I think we need to increase our tax base. We aren't going to financially engineer or spend our way out of this crisis. We need major growth. I think we need to do as much as possible to increase legal immigration significantly and give the immigrants a relatively quick path to naturalization if they assimilate(learning the language, adopting the culture, military service, etc). We also have to cut fees for applying to become a citizen. Also, I feel we should have a goal of naturalizing 3+ million new citizens a year (about the equivalent of 1% of the population). American citizenship is still a highly valued thing and we shouldn't push people out who want to live, work, do business, and raise their kids in America.

We have to rebuild America since we are being slowly gutted as the Baby Boomers age and pass on.

 

I just wish Buffet would put his money where his mouth largely is and would invest in progessive or liberal media to counter the brainwashing of the Koch, Coors and other right wing billionaires who have fooled working folks, including many on this forum, to support economics for the rich only.

 

What a fantastic investment idea! I'm sure him and Charlie would love to hear more about your thoughts.

 

As much as I love Buffet's investing prowess, he's also one of the worlds greatest salesman.

He's a billionaire who flies around in private jets ( owns NetJets through Berkshire ) has a mistress with rocks the size of Golf balls and pays barely any taxes a year.

His salary is $100,000 a year because he owns a significant amount of Berkshire which he will gift to his and Gates' foundation and will probably bypass most income, estate and other taxes in his lifetime.

You can't compare him to a couple making a combined income of $250,000 and how tax increases will cost them over $10,000 a year. They feel the difference, whereas Buffett would have no change in lifestyle if he lost 99% of his wealth.

Tax rates should be lower but there shouldn't be all these tricky tax loopholes and vehicles that make the very wealthy able to pay very little and the strong earning soon to be wealthy carrying much of the burden.

 

I am all for Warren Buffet paying us on CF.net. I will gladly pimp my D&D prowess to Warren Buffet.

 

thanks for reminding me about this part of buffett glynch. he loves to talk about how taxes on the rich should be higher, but the guy has been sheltering funds from taxes for his whole entire life. buffett doesn't pay anything close to a 35% tax rate, so his points are pretty worthless when it comes to taxes.

maybe instead of forming charitable organizations he should just donate his funds to the IRS...that would make his opinion on raising taxes more worthwhile

 

The tax increase only happens after 250,000. If they couple makes $250,005 they are only paying the increase on $5.

 

And Buffett gets 0% tax hike, because he only makes $100K per year.

Bill Gates made only $1 /year while working at MS.

 

Income tax that is. With more capital gains tax that won't be as much of a problem.

 

Bill Gates qualifies for EITC?

 

I think the rich should pay the least amount of taxes and the burden shifted more to the poor. That way the rich will have more money to give to the chartities the poor depend on to survive.

Best to let the rich distribute wealth, not the gov't. Warren Buffet and Bill gates are modern day communistist and need the get out of America. Some one needs to tell them this is a free country founded on capitalism.

Go to Russia Buffet!