Buffett and his taxes

[DaGoose]

Because it isn't there,

However we have a whole lot of folks in this county who think it is.

lol...I distribute hundreds of w-2's each January...I know it is not there.

LOL I know you know its not there.

So do I.

You pay into it and, if needed, you're ENTITLED to recieve it. Period.

Pop Quiz: How much time does the average welfare recipient spend on welfare? Be honest.

 

[Claudette]

Well I know folks who've been on Welfare for years Goose.

Yes Years. Believe me they have no intention of getting off it unless and until they are kicked off. Beleve me.

We all know that ain't gonna happen.

 

[Jarhead]

Thank you

I appreciate your grasp of variables.
My Dad was small business. I do see a difference between you and multinationals.
I would have like to see his smallish business see a but more relief for the faith he expressed back then. It didn't happen. I've been a little pissed off ever since. Not that I expected better, but because he did, and he wasn't a stupid man. He was a good man.

My boys watched me work 12 hours a day to get a recruiting business going (my first company)....in NYC....I got it to a nice size and turning a decent profit...and then the planes hit.

Then my sons watched me dissapear for the next 3 days as I was called in for rescue and recovery at the pit.

A month later my sons listened to me as I explained to my wife how our Mayor, in his attempt to score brownie points, offered tax credits to retailers who would hire people through the city for seasonal work from November-January.
Now, why is that relevant?

My clients at the time were retailers that hired a multitude of temps from me....They would payt me 16 an hour per temp and I would pay them 12 an hour...and after payroll expenses, I was making a nice little profit....but the work was intense as I had to start preparing and training them in AUgust.
SO what happened?
The city told them they would get tax credits if they hired seasonal people at 8 an hour through the city.
So the retailers took the list I had furnsihed them, gave it to the city....and I was SOL.

and the irony? The temps got 4 less an hour, the mayor got kudos, the retailers made out like bandits and I had to pay my employees that prepared and trained with absolutely no revenue in return.

So my sons have seen how my hard work can be easily erased so a politician can look like a hero.

Your retailers were local. I'm all for supporting local business. The politicians pander to global corporate interests, taking away from localities, weakening common interests. Weakening common and mutually beneficial bonds so that all that is left in play is what they see as their market share. When we allow the profit to be removed from those who have to live with the results of the actions leading to the profit, there is no direct accountability, and NO benefit to the community where the profit is made. Someone (s) FAR away are strip mining YOUR community.

My retailers were Macy*s, Bloomingdales, Fortunoffs, Lord and taylor, Saks 5th Avenue.....
I survived it.....but I had two competitors I knew well that had to close up.
The loss to me was about 20K....but I was small time.
The loss to them? Over 100K each.

The loss to the temps?

4 an hour.....or 160 a week.....about 2K over the three months

The loss to the city? taxes on that 4 an hour per temp PLUS tax credits to retailers who were going to hire anyway.

The gain?

Guiliani looked like a hero.

As I said in my letter to him...."you need to think things out before acting"

 

[DaGoose]

Well I know folks who've been on Welfare for years Goose.

Yes Years. Believe me they have no intention of getting off it unless and until they are kicked off. Beleve me.

We all know that ain't gonna happen.

And I know conservatives that sent dirty messages to a page and tried to proposition an undercover cop in a public restroom. But that doesn't mean ALL conservatives do that. In fact, I'll even say that damned few do it. That's called the "exceptions to the rule" and we all know of them.

Again.....How much time do you think the average welfare recipient stays on welfare? Be honest.

 

[Care4all]

My boys watched me work 12 hours a day to get a recruiting business going (my first company)....in NYC....I got it to a nice size and turning a decent profit...and then the planes hit.

Then my sons watched me dissapear for the next 3 days as I was called in for rescue and recovery at the pit.

A month later my sons listened to me as I explained to my wife how our Mayor, in his attempt to score brownie points, offered tax credits to retailers who would hire people through the city for seasonal work from November-January.
Now, why is that relevant?

My clients at the time were retailers that hired a multitude of temps from me....They would payt me 16 an hour per temp and I would pay them 12 an hour...and after payroll expenses, I was making a nice little profit....but the work was intense as I had to start preparing and training them in AUgust.
SO what happened?
The city told them they would get tax credits if they hired seasonal people at 8 an hour through the city.
So the retailers took the list I had furnsihed them, gave it to the city....and I was SOL.

and the irony? The temps got 4 less an hour, the mayor got kudos, the retailers made out like bandits and I had to pay my employees that prepared and trained with absolutely no revenue in return.

So my sons have seen how my hard work can be easily erased so a politician can look like a hero.

Your retailers were local. I'm all for supporting local business. The politicians pander to global corporate interests, taking away from localities, weakening common interests. Weakening common and mutually beneficial bonds so that all that is left in play is what they see as their market share. When we allow the profit to be removed from those who have to live with the results of the actions leading to the profit, there is no direct accountability, and NO benefit to the community where the profit is made. Someone (s) FAR away are strip mining YOUR community.

My retailers were Macy*s, Bloomingdales, Fortunoffs, Lord and taylor, Saks 5th Avenue.....
I survived it.....but I had two competitors I knew well that had to close up.
The loss to me was about 20K....but I was small time.
The loss to them? Over 100K each.

The loss to the temps?

4 an hour.....or 160 a week.....about 2K over the three months

The loss to the city? taxes on that 4 an hour per temp PLUS tax credits to retailers who were going to hire anyway.

The gain?

Guiliani looked like a hero.

As I said in my letter to him...."you need to think things out before acting"

gosh, i just love Macy's at Herald square...an entire floor dedicated to women's shoes!

 

[kwc57]

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.

Comrade, get off the library internet, get back on the street and hold your OWS sign. Someone else needs a break.

 

[CT9]

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.

I'm guessing you never were a corporate executive... It's actually a pretty hard job. You are so ignorant.

 

[kwc57]

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.

You think you can do it?? You think it's easy to run a company??... Start one and prove it

Do you think that a business will be as successful without roads, police or fire protection that ordinary taxpayers provide for that company?

Let me get this straight. By your logic (assuming that businesses pay no taxes), those 45% of Americans who pay no federal income tax should be prohibited from using the roads, police or fire protection that the rest of us are paying for? Is that correct?

 

[Care4all]

You think you can do it?? You think it's easy to run a company??... Start one and prove it

Do you think that a business will be as successful without roads, police or fire protection that ordinary taxpayers provide for that company?

Let me get this straight. By your logic (assuming that businesses pay no taxes), those 45% of Americans who pay no federal income tax should be prohibited from using the roads, police or fire protection that the rest of us are paying for? Is that correct?

the roads they paid for with federal and state gasoline taxes, not income taxes....fire protection is paid through local property and state taxes, same with the police, not by federal income taxes..... maybe you need to reword that?

 

[LoneLaugher]

All I wish for.......in return for the seemingly futile attempts to knock a little common sense into nutters here and elsewhere on a daily basis.......is to be there, in the room, looking at them in the face, when they FINALLY get it.

I want to see the look on their faces.......I want to be the shoulder that they cry on when the reality of it hits them. When they finally understand that they have been played.

All will be forgiven.

 

[Toddsterpatriot]

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. ....

If you were aware that a GOP dominated Congress passed the first laws for worker safety (Safety Appliance Act, 1893) - the seminal law for worker safety - then your post is beyond dishonest.

ROTFLMAO!!

Have you ever read the history of Kentucky coal miners. Republicans are and have always been pro corporations. Don't pull that shit on me. I lived this stuff. I was born in 1934 and before I started school half the people in west TN couldn't find a job...thanks to the big business Hoover who pulled the same kind of bank shit on the working man that Bernanke, Paulson and Bush did in 2008.

Stuff It!!

thanks to the big business Hoover who pulled the same kind of bank shit on the working man that Bernanke, Paulson and Bush did in 2008.

Thousands and thousands of banks were allowed to fail in the 1930s. That's why money supply shrank 30% at the start of the Great Depression. Bernanke, Paulson and Bush prevented massive bank failures with TARP and QE.

Conflating the reactions by Hoover and Bush shows the depth of your ignorance.
Keep up the good work.

 

[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?

You do realize that the 2nd time tax on stock investments is utter bullshit, right? especially where it comes to 401k, which are PRE tax investments.

Since 401K withdrawals are taxed at your income tax rate, not the capital gains rate, what's your point?

 

[Toddsterpatriot]

You do realize that the 2nd time tax on stock investments is utter bullshit, right? especially where it comes to 401k, which are PRE tax investments.

Post #57, Daffy.


About half of working families have 401k's, but that doesn't mean that half of all investments are via same.
Further, there are limits on how much can be contributed to these vehicles, and time restraints and mandates on withdrawl.

In short, with reference to your "You do realize that the 2nd time tax on stock investments is utter bullshit, right?", it seems it applies more to your post.

nope. most stock investments made beyond the 401k investments are corporate. THEY sit on them for years, where the EARNINGS of the rest of us are taxed immediately, letting their piles of money earn piles of more money without being taxed while the rest of us pick up the tab, and while the actual value of the money they eventually owe is much lower in the future than it would have been in the present, increasing the cost to the rest of us.

"THEY sit on them for years, where the EARNINGS of the rest of us are taxed immediately"

Corporate earnings are taxed immediately.

"and while the actual value of the money they eventually owe is much lower in the future than it would have been in the present"

They are punished because a portion of their capital gain in due to inflation.
Is that fair?
Your income tax is adjusted for inflation.

 

[Quantum Windbag]

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.

Do you realize how idiotic that sounds?

 

[Toddsterpatriot]

He reports his income as capital gains. If he wants to pay more on it all he has to do is report it as income and not take the many deductions he takes. The fact that he chooses to do this, and then complains about how little he pays, proves he is posturing.

I heard him defend against this very charge.. He's NEVER proposed an increase in the Income brackets or EVEN in the Cap Gains tax.. His thinking is more like a "Millionaires Alternative Tax" that just kicks in regardless of source of income. Leave the bracket crap for the "little people"..

Most millionaires' taxes wouldn't be on "income," as you and I experience it. That is exactly where our tax code favors the rich. WE pay income taxes as we earn it. THEY pay wealth and investment taxes as they access it. They can afford to defer it, where the majority of the rest of us have to accept (and pay taxes on) it AS it comes in. We have to pay those taxes at current rates on today's dollar value. They pay later, when the dollar value of those rates go down, and AFTER amassing huge profits off of the interest that money earned, without ever paying taxes on it. They have more money to earn interest because they don't have to pay taxes on money they don't need for basic living expenses.

They can afford to defer it

Or in the case of insurance payoffs, avoid it entirely.
I wonder who benefits from that loophole?
Oh, right, insurance companies.
Isn't the majority of Berkshire's profits from their insurance holdings?

 

[Toddsterpatriot]

All I wish for.......in return for the seemingly futile attempts to knock a little common sense into nutters here and elsewhere on a daily basis.......is to be there, in the room, looking at them in the face, when they FINALLY get it.

I want to see the look on their faces.......I want to be the shoulder that they cry on when the reality of it hits them. When they finally understand that they have been played.

All will be forgiven.

The tea party was a revolt against TAX CUTS

Please explain further.

 

[bigrebnc1775]

Buffett owe a billion dollars in back taxes sorry chris no sale

 

[LoneLaugher]

You are asking me to explain my signature, Todd? Is that it?

I'll assume so...............this guy does it better:

http://www.taxhistory.org/thp/readings.nsf/ArtWeb/1BC5839831CD15EE852570DD0061D496?OpenDocument

 

[Toddsterpatriot]

You are asking me to explain my signature, Todd? Is that it?

I'll assume so...............this guy does it better:

Tax History Project: Readings -- A Tax Revolt or Revolting Taxes?

Thanks for the link. Not sure I agree with some of the claims.
Not sure why the British tea would be cheaper than the smuggled tea.

They weren't mad that the British tea was exempt from British export taxes, they were mad that tea imports were charged the import duty.

 

[LoneLaugher]

You say...he says. I'm goin' with the dude who spent his life studying the subject. No offense.