Buffett and his taxes

Discussion in 'Politics' started by Chris, Oct 12, 2011.

  1. Chris
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    Chris Gold Member

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    NEW YORK (CNNMoney) -- Billionaire investor Warren Buffett this week showed a little more leg in his campaign to get Congress to raise taxes on the uber-rich.

    In a letter to Republican Rep. Tim Huelskamp Tuesday, Buffett revealed that his adjusted gross income last year was $62,855,038 and that his taxable income was $39,814,784. Buffett said he paid $15,300 in payroll taxes.

    Buffett also said his federal income tax bill came to $6,923,494, or 17.4% of his taxable income -- two points he revealed in a New York Times op-ed in August urging Congress to tax the wealthy more.

    Buffett provided a copy of his correspondence with Huelskamp to CNNMoney's Poppy Harlow.

    He said in an interview that the roughly $23 million difference between his AGI and taxable income was due largely to deductions he took for charitable giving and local taxes.

    Two key reasons he only paid 17.4%, however, is because a lot of his income came from investments, which are taxed at a lower rate than wages, and because payroll taxes are assessed only on the first $106,800 of wages.

    "People who make money with money are getting taxed at a far lower rate than people who make money by their own labor," Buffett told CNNMoney.

    Warren Buffett made $62,855,038 last year - Oct. 12, 2011
     
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  2. PoliticalChic
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    PoliticalChic Diamond Member

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    1. Are you supporting the idea of raising capital gains taxes?

    2. Do you realize that the money invested in stocks has already been taxed when generated from earnings....and will now be taxed a second time when an investment profit is realized?
     
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  3. Wiseacre
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    Wiseacre Retired USAF Chief Supporting Member

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    Democrats are absolutely for raising the tax rate on capital gains, they do not believe that doing so will in any way harm the economy. Doesn't matter how high the tax rate is, when demand increases employers will hire more people and new businesses will pop up like wildflowers on a spring day. And they don't care if the same money is double or triple taxed, the more the better as far as they're concerned.

    But here's the problem that they do not see - real demand is not going to go up as a result of raising taxes on anybody. From their pov, if we give hundreds of billions of dollars to low income or no income folks, they'll of course spend it, increasing demand thereby and priming the economic pump. And it does work, but only temporarily. 6-12 months down the road when the money dries up we're right back where we started, except now we have a higher debt/deficit cuz you don't get enough revenue from tax increases to pay for priming the pump. Might be different if the current situation is like it was back in 1993 when Clinton raised taxes and the economy didn't care. Animal spirits, irrational exuberance, remember that? There was money to be made in the dot com craze that swept the country. Well, that was then, this is now, and a tax hike on anybody is a foolish idea until the economy begins to grow a lot better than it is now.
     
  4. CrusaderFrank
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    CrusaderFrank Diamond Member

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    Chris? Any idea why Buffett structures virtually all of BRK's acquisitions as stock swaps?
     
  5. boedicca
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    boedicca Uppity Water Nymph Supporting Member

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    Obama admits his economic ignorance:

    [ame=http://www.youtube.com/watch?v=c4iy2OfScQE]Obama's Capital Gains Tax "Fairness" - YouTube[/ame]
     
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  6. boedicca
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    boedicca Uppity Water Nymph Supporting Member

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    I love the bit about not taking out a credit card from China to fuel spending.
     
  7. TruthSeeker56
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    TruthSeeker56 Silver Member

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    What "non-investing" people don't understand is that the private investors take ALL the risk, and the GOVERNMENT reaps the benefits from those who made a "good" risk, through capital gains taxes. So when is the GOVERNMENT going to share in some of the RISK? :lol:

    Virtually EVERYTHING is taxed multiple times by local, state, and federal government. Automobiles are a great example. Anything that is bought and then resold via consignment or trade-in or charitable donation, etc., regardless of how long the initial buyer owned the item, is taxed again and again and again. It never ends.
     
  8. Lovebears65
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    Lovebears65 Gold Member

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    If this arse wants to pay more taxes no one is stopping him from writing a check to the IRS!
     
  9. boedicca
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    boedicca Uppity Water Nymph Supporting Member

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    What they also don't realize is that the government's inflationary policies destroy the value of capital, and taxable gains often are just keeping up with that inflation.
     
  10. PoliticalChic
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    PoliticalChic Diamond Member

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    What happened to Chris...?????
     

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