Buffett and his taxes

[Jarhead]

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

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?

Do you realize that the people who enjoy millions of earnings in this country are riding the backs of ordinary people who can't even find a job? When and where did this feeling of entitlement by the richest 1% come from? Tax rates for the wealthy are at the lowest rate in 50 years. Pay your part or get the fuck out! You might try moving to Maylasia or that Central American country where the company you're invested in is located.

please do me a favor and explain what you mean by this (in red)....exactly how are the wealthiest riding the backs of the ordinary people?

 

[Cammmpbell]

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?

Do you realize that the people who enjoy millions of earnings in this country are riding the backs of ordinary people who can't even find a job? When and where did this feeling of entitlement by the richest 1% come from? Tax rates for the wealthy are at the lowest rate in 50 years. Pay your part or get the fuck out! You might try moving to Maylasia or that Central American country where the company you're invested in is located.

please do me a favor and explain what you mean by this (in red)....exactly how are the wealthiest riding the backs of the ordinary people?

What the hell does a corporate executive do? He plans how working people will earn money for him. Have you ever stopped to think what would happen if the ordinary working people all over the world stopped working and went on a hunger strike? Rich people and their antics make my rectum crave buttermilk.

 

[Si modo]

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?

Do you realize that the people who enjoy millions of earnings in this country are riding the backs of ordinary people who can't even find a job? When and where did this feeling of entitlement by the richest 1% come from? Tax rates for the wealthy are at the lowest rate in 50 years. Pay your part or get the fuck out! You might try moving to Maylasia or that Central American country where the company you're invested in is located.

please do me a favor and explain what you mean by this (in red)....exactly how are the wealthiest riding the backs of the ordinary people?

Silly. Parrots don't know why they say what they do.

 

[Jarhead]

Do you realize that the people who enjoy millions of earnings in this country are riding the backs of ordinary people who can't even find a job? When and where did this feeling of entitlement by the richest 1% come from? Tax rates for the wealthy are at the lowest rate in 50 years. Pay your part or get the fuck out! You might try moving to Maylasia or that Central American country where the company you're invested in is located.

Doesn't it irritate your nasal passages, you know, the way the Left pulls you around by that ring in your nose???

Let's begin with this, and dispell the idea that the Left lives on: the rich.

There is no perpetual class known as 'the rich.' Doesn't exist outside of a snapshot in time. Rich today are not the rich tomorrow. Same with poor. That is the magnificence of America.
Opportunity.

Again:

There is no perpetual 'Elite Wealthy Class' in America.

There is no 'Rich Class.'

The hypostetical construct is a useful image ginned up by the Left.
You seem to have fallen for it.

"Intellectuals often make the mistake of basing political analysis on clichés that misrepresent reality. Sowell shows, for instance, how debates about income distribution in the United States have been distorted by a preoccupation with statistical categories.

a. Journalists and academics alike endlessly repeat that the rich are getting richer while the poor are getting poorer. What these discussions ignore is that people move with some frequency from category to category over time. Only 5 percent of Americans who were in the bottom quintile of income earners in 1975 were still there in 1991. Only 25 percent of the “super-rich” in 1996 (the top 1/100th of 1 percent of income earners) remained in that category in 2005.

b. Over half of the poor earning at or near the minimum wage are between the ages of 16 and 24. As Sowell wryly notes, “these individuals cannot remain from 16 to 24 years of age indefinitely, though that age category can of course continue indefinitely, providing many intellectuals with data to fit their preconceptions.”

c. Abstract talk about “inequities” in income distribution presupposes a social problem, where strictly speaking one may not exist at all. Sowell’s analysis helps us understand why intellectuals so often call for government to promote economic redistribution."
An Independent Mind by Daniel J. Mahoney, City Journal 18 June 2010



Now, don't you feel smarter?

The United States is the only industrialized country in the world where more than 500 companies make money off of sick people. Even after that we rank 37th in the world in general health and longevity. Wealthy people have continued to isolate themselves into an elite group which supports reps and senators who go to bat for their desires and have gathered at the top to collect their money. During my lifetime this country has done a 180 degree flip from what they were. 'Course I'm just 77.

you are confused.
The republicans are doing their best to ensure that no one is treated differently due to their success or failure.....you know...all men are created equal and should be treated equal.

Whereas the democrats have found a way to demonize the successful and get the less successful to vote for them as they promise to take from the successful and give to the less successful.

Recall...(paraphrased to sensationalize the point being made)

"vote for me and 95% of you will get a check in the mail from yours truly"

 

[Full-Auto]

Do you realize that the people who enjoy millions of earnings in this country are riding the backs of ordinary people who can't even find a job? When and where did this feeling of entitlement by the richest 1% come from? Tax rates for the wealthy are at the lowest rate in 50 years. Pay your part or get the fuck out! You might try moving to Maylasia or that Central American country where the company you're invested in is located.

WOW. Riding the backs of ordinary people. What a load of horseshit.

Entitlement?? How bout the poor and downtrodden who suck up entitlements like candy. Entitlments provided by the American taxpayer those who actually pay Fed taxes.

The "evil Rich" pay the lions share of the Fed taxes in this country already and anyone who invests is taking the RISK with their money. If they happen to make money on that RISK they pay again. Way more than the poor and downtrodden in this country will ever pay for anything.

Just think If there were no rich the rest of us would be paying all of the Fed taxes because the poor and downtrodden would still be paying nada.

As for pay your part there bud if you feel others should pay more then you should contribute. Whip out your checkbook and stroke a check to the IRS I'm sure they will take it.

Save your histrionics for someone you might impress.

Like I said...get the fuck out.

Lets get personal then.

FUCK YOU!!

 

[Jarhead]

Do you realize that the people who enjoy millions of earnings in this country are riding the backs of ordinary people who can't even find a job? When and where did this feeling of entitlement by the richest 1% come from? Tax rates for the wealthy are at the lowest rate in 50 years. Pay your part or get the fuck out! You might try moving to Maylasia or that Central American country where the company you're invested in is located.

please do me a favor and explain what you mean by this (in red)....exactly how are the wealthiest riding the backs of the ordinary people?

What the hell does a corporate executive do? He plans how working people will earn money for him. Have you ever stopped to think what would happen if the poor all over the world stopped working and went on a hunger strike? Rich people and their antics make my rectum crave buttermilk.

well then...based on your logic, it is actually the other way around....

The working people are riding the backs of the business owners who risked everything so the working people can have a job and buy stuff.

Unless, of course, the working people ALSO take a financial risk and give the business owner money if the owner fails and loses everything.

But, alas, that doesnt ever happen.

 

[Jarhead]

Do you realize that the people who enjoy millions of earnings in this country are riding the backs of ordinary people who can't even find a job? When and where did this feeling of entitlement by the richest 1% come from? Tax rates for the wealthy are at the lowest rate in 50 years. Pay your part or get the fuck out! You might try moving to Maylasia or that Central American country where the company you're invested in is located.

please do me a favor and explain what you mean by this (in red)....exactly how are the wealthiest riding the backs of the ordinary people?

What the hell does a corporate executive do? He plans how working people will earn money for him. Have you ever stopped to think what would happen if the ordinary working people all over the world stopped working and went on a hunger strike? Rich people and their antics make my rectum crave buttermilk.

uh...the line in bold....

Lets rephrase it and see what happens....

Have you ever stopped to think what would happen if business owners decided NOT to risk all they had and stopped running businesses?

 

[Claudette]

Do you realize that the people who enjoy millions of earnings in this country are riding the backs of ordinary people who can't even find a job? When and where did this feeling of entitlement by the richest 1% come from? Tax rates for the wealthy are at the lowest rate in 50 years. Pay your part or get the fuck out! You might try moving to Maylasia or that Central American country where the company you're invested in is located.

please do me a favor and explain what you mean by this (in red)....exactly how are the wealthiest riding the backs of the ordinary people?

What the hell does a corporate executive do? He plans how working people will earn money for him. Have you ever stopped to think what would happen if the ordinary working people all over the world stopped working and went on a hunger strike? Rich people and their antics make my rectum crave buttermilk.

If I'm not mistaken working people earn money for themselves when they have a job. You know money to pay bills and most have the HC payed for by their employer.

The workers on a hunger strike??

WOW you really need to try Fidel or Hugo.

 

[Si modo]

Do you realize that the people who enjoy millions of earnings in this country are riding the backs of ordinary people who can't even find a job? When and where did this feeling of entitlement by the richest 1% come from? Tax rates for the wealthy are at the lowest rate in 50 years. Pay your part or get the fuck out! You might try moving to Maylasia or that Central American country where the company you're invested in is located.

please do me a favor and explain what you mean by this (in red)....exactly how are the wealthiest riding the backs of the ordinary people?

What the hell does a corporate executive do? He plans how working people will earn money for him. Have you ever stopped to think what would happen if the ordinary working people all over the world stopped working and went on a hunger strike? Rich people and their antics make my rectum crave buttermilk.

So, how exactly is a person who "can't even find a job", a "working person"?

 

[Jarhead]

please do me a favor and explain what you mean by this (in red)....exactly how are the wealthiest riding the backs of the ordinary people?

What the hell does a corporate executive do? He plans how working people will earn money for him. Have you ever stopped to think what would happen if the ordinary working people all over the world stopped working and went on a hunger strike? Rich people and their antics make my rectum crave buttermilk.

If I'm not mistaken working people earn money for themselves when they have a job. You know money to pay bills and most have the HC payed for by their employer.

The workers on a hunger strike??

WOW you really need to try Fidel or Hugo.

actually, we are finding that many of them dont use the money to pay their bills...they use the money to buy stuff...and as for the bills? What right does that company have to bill me for anything. They did not tell me I would have to pay my mortgage and my credit cards......they made me sign without reading...they are evil...bad...greedy.

 

[Jarhead]

and poof...he is gone.

 

[Claudette]

Imagine that??

 

[PoliticalChic]

Do you realize that the people who enjoy millions of earnings in this country are riding the backs of ordinary people who can't even find a job? When and where did this feeling of entitlement by the richest 1% come from? Tax rates for the wealthy are at the lowest rate in 50 years. Pay your part or get the fuck out! You might try moving to Maylasia or that Central American country where the company you're invested in is located.

Doesn't it irritate your nasal passages, you know, the way the Left pulls you around by that ring in your nose???

Let's begin with this, and dispell the idea that the Left lives on: the rich.

There is no perpetual class known as 'the rich.' Doesn't exist outside of a snapshot in time. Rich today are not the rich tomorrow. Same with poor. That is the magnificence of America.
Opportunity.

Again:

There is no perpetual 'Elite Wealthy Class' in America.

There is no 'Rich Class.'

The hypostetical construct is a useful image ginned up by the Left.
You seem to have fallen for it.

"Intellectuals often make the mistake of basing political analysis on clichés that misrepresent reality. Sowell shows, for instance, how debates about income distribution in the United States have been distorted by a preoccupation with statistical categories.

a. Journalists and academics alike endlessly repeat that the rich are getting richer while the poor are getting poorer. What these discussions ignore is that people move with some frequency from category to category over time. Only 5 percent of Americans who were in the bottom quintile of income earners in 1975 were still there in 1991. Only 25 percent of the “super-rich” in 1996 (the top 1/100th of 1 percent of income earners) remained in that category in 2005.

b. Over half of the poor earning at or near the minimum wage are between the ages of 16 and 24. As Sowell wryly notes, “these individuals cannot remain from 16 to 24 years of age indefinitely, though that age category can of course continue indefinitely, providing many intellectuals with data to fit their preconceptions.”

c. Abstract talk about “inequities” in income distribution presupposes a social problem, where strictly speaking one may not exist at all. Sowell’s analysis helps us understand why intellectuals so often call for government to promote economic redistribution."
An Independent Mind by Daniel J. Mahoney, City Journal 18 June 2010



Now, don't you feel smarter?

The United States is the only industrialized country in the world where more than 500 companies make money off of sick people. Even after that we rank 37th in the world in general health and longevity. Wealthy people have continued to isolate themselves into an elite group which supports reps and senators who go to bat for their desires and have gathered at the top to collect their money. During my lifetime this country has done a 180 degree flip from what they were. 'Course I'm just 77.

1. " companies make money off of sick people."
I'm certain you mean provide services that make peoples' lives and health better.

2. "we rank 37th in the world in general health and longevity."
Strike two.
We are number one in longevity in terms of medical care: : many people die for reasons that can’t be controlled the medical profession, such as auto accidents, murder, etc., and once you factor out care crashes and homicides, the US ranks number one in worldwide life expectancy!

3. "Wealthy people have continued to isolate themselves into an elite group which supports reps and senators...
a. see the Constitution for freedom of assembly.
b. studies have shown that every one of us is a member of up to seven special interest groups.

4. "During my lifetime this country has done a 180 degree flip from what they were."
If you mean a negative turn, it is not true.
Let’s be clear: the broadest and most accurate measure of living standard is real per capita consumption. That measure soared by 74% from 1980 to 2004. U.S. Department of Commerce. Bureau of Economic Analysis
a. A study of table 7.1 would show that between 1973 and 2004, it doubled. And between 1929 and 2004, real per capita consumption by American workers increased five fold. The fastest growth periods were 1983-1990 and 1992-2004, known as the Reagan boom.

5. "'Course I'm just 77"
God bless!

 

[DaGoose]

Doesn't it irritate your nasal passages, you know, the way the Left pulls you around by that ring in your nose???

Let's begin with this, and dispell the idea that the Left lives on: the rich.

There is no perpetual class known as 'the rich.' Doesn't exist outside of a snapshot in time. Rich today are not the rich tomorrow. Same with poor. That is the magnificence of America.
Opportunity.

Again:

There is no perpetual 'Elite Wealthy Class' in America.

There is no 'Rich Class.'

The hypostetical construct is a useful image ginned up by the Left.
You seem to have fallen for it.

"Intellectuals often make the mistake of basing political analysis on clichés that misrepresent reality. Sowell shows, for instance, how debates about income distribution in the United States have been distorted by a preoccupation with statistical categories.

a. Journalists and academics alike endlessly repeat that the rich are getting richer while the poor are getting poorer. What these discussions ignore is that people move with some frequency from category to category over time. Only 5 percent of Americans who were in the bottom quintile of income earners in 1975 were still there in 1991. Only 25 percent of the “super-rich” in 1996 (the top 1/100th of 1 percent of income earners) remained in that category in 2005.

b. Over half of the poor earning at or near the minimum wage are between the ages of 16 and 24. As Sowell wryly notes, “these individuals cannot remain from 16 to 24 years of age indefinitely, though that age category can of course continue indefinitely, providing many intellectuals with data to fit their preconceptions.”

c. Abstract talk about “inequities” in income distribution presupposes a social problem, where strictly speaking one may not exist at all. Sowell’s analysis helps us understand why intellectuals so often call for government to promote economic redistribution."
An Independent Mind by Daniel J. Mahoney, City Journal 18 June 2010



Now, don't you feel smarter?

The United States is the only industrialized country in the world where more than 500 companies make money off of sick people. Even after that we rank 37th in the world in general health and longevity. Wealthy people have continued to isolate themselves into an elite group which supports reps and senators who go to bat for their desires and have gathered at the top to collect their money. During my lifetime this country has done a 180 degree flip from what they were. 'Course I'm just 77.

you are confused.
The republicans are doing their best to ensure that no one is treated differently due to their success or failure.....you know...all men are created equal and should be treated equal.

Whereas the democrats have found a way to demonize the successful and get the less successful to vote for them as they promise to take from the successful and give to the less successful.

Recall...(paraphrased to sensationalize the point being made)

"vote for me and 95% of you will get a check in the mail from yours truly"

Ok...then let's tax ALL earnings at the same rate then whether it be through payroll or investment income.

 

[Soggy in NOLA]

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

It's what he does... starts some insane thread, gets totally shot down by the first couple respondents, then runs off and starts another insane thread.

I rarely bite on his threads... it's a waste of time and energy.

 

[PoliticalChic]

Do you realize that the people who enjoy millions of earnings in this country are riding the backs of ordinary people who can't even find a job? When and where did this feeling of entitlement by the richest 1% come from? Tax rates for the wealthy are at the lowest rate in 50 years. Pay your part or get the fuck out! You might try moving to Maylasia or that Central American country where the company you're invested in is located.

please do me a favor and explain what you mean by this (in red)....exactly how are the wealthiest riding the backs of the ordinary people?

What the hell does a corporate executive do? He plans how working people will earn money for him. Have you ever stopped to think what would happen if the ordinary working people all over the world stopped working and went on a hunger strike? Rich people and their antics make my rectum crave buttermilk.

Campy....forgive the second reference to irony....but "What the hell does a corporate executive do?" does imply that you are hardly the one to be judging said execs.

 

[Toddsterpatriot]

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

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?

Do you realize that the people who enjoy millions of earnings in this country are riding the backs of ordinary people who can't even find a job? When and where did this feeling of entitlement by the richest 1% come from? Tax rates for the wealthy are at the lowest rate in 50 years. Pay your part or get the fuck out! You might try moving to Maylasia or that Central American country where the company you're invested in is located.

Tax rates for the wealthy are at the lowest rate in 50 years.

In 1988, the top tax rate was 28%.

 

[Cammmpbell]

please do me a favor and explain what you mean by this (in red)....exactly how are the wealthiest riding the backs of the ordinary people?

What the hell does a corporate executive do? He plans how working people will earn money for him. Have you ever stopped to think what would happen if the ordinary working people all over the world stopped working and went on a hunger strike? Rich people and their antics make my rectum crave buttermilk.

If I'm not mistaken working people earn money for themselves when they have a job. You know money to pay bills and most have the HC payed for by their employer.

The workers on a hunger strike??

WOW you really need to try Fidel or Hugo.

You weren't here when the coal miners and railroad workers first unionized. That was the beginning of the American middle class. The Republican party has resented and attempted to undo it ever since.

Because of the goddam mess George W. Bush and his "Tax Cuts For The Wealthy" policies plus two wars made we are back to the scenario where working people will once again put their lives on the line if it becomes necessary. 'Course I wouldn't want to tangle with one of those mean CEO's...they hire others to do their fighting. You know...like the Mafia bosses.

 

[Full-Auto]

What the hell does a corporate executive do? He plans how working people will earn money for him. Have you ever stopped to think what would happen if the ordinary working people all over the world stopped working and went on a hunger strike? Rich people and their antics make my rectum crave buttermilk.

If I'm not mistaken working people earn money for themselves when they have a job. You know money to pay bills and most have the HC payed for by their employer.

The workers on a hunger strike??

WOW you really need to try Fidel or Hugo.

You weren't here when the coal miners and railroad workers first unionized. That was the beginning of the American middle class. The Republican party has resented and attempted to undo it ever since.

Because of the goddam mess George W. Bush and his "Tax Cuts For The Wealthy" policies plus two wars made we are back to the scenario where working people will once again put their lives on the line if it becomes necessary. 'Course I wouldn't want to tangle with one of those mean CEO's...they hire others to do their fighting. You know...like the Mafia bosses.

Oh you mean like SEIU THUGS that only get brave in non issue States or hide in some yard in shall issue states.

 

[Jarhead]

please do me a favor and explain what you mean by this (in red)....exactly how are the wealthiest riding the backs of the ordinary people?

What the hell does a corporate executive do? He plans how working people will earn money for him. Have you ever stopped to think what would happen if the ordinary working people all over the world stopped working and went on a hunger strike? Rich people and their antics make my rectum crave buttermilk.

Campy....forgive the second reference to irony....but "What the hell does a corporate executive do?" does imply that you are hardly the one to be judging said execs.

I can tell you what I do.....and whereas I am a small business owner and not one of those corporate "bigwigs"....I do what an executive does...

I refinance my house and use the cash out to invest in my business...not buy a boat or a big screen TV

I am working 24-7 even if I am not in the office

I pay my people salaries even when business is slow as it is now.

I take little out of the company during tough years and live off my savings....even though my employees are not forced to do the same.

I pay to defend myself at a cost of an attorney against terminated employees who sue me for unfair termination even though they were terminated for poor attendene

I pay to defend myself at a cost of an attorney for racial discrimination in my hiring practices even though there is none to be proven

I take the loss due to the errors of an employee.

I pay an accountant to prepare my corporate returns so I can continue to run my company.