Buffett challenges Congressional Republicans

Discussion in 'Politics' started by Chris, Jan 11, 2012.

  1. Chris
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    Chris Gold Member

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    Warren Buffett is ready to call Republicans’ tax bluff. Last fall, Senator Mitch McConnell said that if Buffett was feeling “guilty” about paying too little in taxes, he should “send in a check.” The jab was in response to Buffett’s August 2011 New York Times op-ed, which made hay of the fact that our tax system is so unbalanced that Buffett (worth about $45 billion) pays a lower tax rate than his secretary. Senator John Thune promptly introduced the “Buffett Rule Act,” an option on tax forms that would allow the rich to donate more in taxes to help pay down the national debt. It was, as Buffett told me for this week’s TIME cover story, “A tax policy only a Republican could come up with.”

    Still, he’s willing to take them up on it. “It restores my faith in human nature to think that there are people who have been around Washington all this time and are not yet so cynical as to think that [the deficit] can’t be solved by voluntary contributions,” he says with a chuckle. So, Buffett has pledged to match one for one all such voluntary contributions made by Republican members of Congress. “And, I’ll even go three for one for McConnell.” That could be quite a bill if McConnell takes the challenge; after all, the Senator is worth at least $10 million. As Buffett put it to me: “I’m not worried.”

    Warren Buffett to Sen. Mitch McConnell: Put Up or Shut Up on Taxes | Swampland | TIME.com
     
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  2. Intense
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    Intense Senior Member

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    Chris, in fairness, We need a New Tax Code. 100 Pages or Less. I support a Flat Rate Income Tax, even putting Salary and Investment on the same plane. Keep it simple, why go through the convoluted bullshit. It is either Impartial or It's just another Scam.
     
  3. imbalance
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    imbalance Silver Member

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    Buffett wants to liquidate taxpayers because he knows the only other option in preempting hypinflationary implosion would be to liquidate the Federal Reserve which by comparison would be far worse for someone like Buffett.
     
  4. Oddball
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    Oddball BANNED Supporting Member

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    Right...Buffet will only kick in if someone else does first.

    What a phoney baloney dickweed.
     
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  5. Chris
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    Chris Gold Member

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    I love the spin on the right on this one.

    Come on Republicans! It was your idea! Pony up!
     
  6. Oddball
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    Oddball BANNED Supporting Member

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    No spin at all.

    Buffet is a phoney baloney dickweed and you have your head up his ass.
     
  7. syrenn
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    syrenn BANNED

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    So what it boils down to is he is a lying ass. He doesn't want to give up anything on his own... just wants to play with money. How very 1% of him.

    If he doesn't think he is paying enough...then feel free...write a nice check and give it up. Sorta like putting is idiot money where his idiot mouth is.
     
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  8. syrenn
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    syrenn BANNED

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    ya beat me to it.

    i agree.... he wont do it for himself by himself.
     
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  9. Trajan
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    Trajan conscientia mille testes

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    hes a phoney, but the dems will hang their hat in any 1%er that sings their tune......

    the tale of the tape;

    snip-

    In a New York Times op-ed last August, Berkshire Hathaway CEO Warren Buffett famously asked Congress to "stop coddling the super-rich," complaining that his effective tax rate was half that of the other people in his office. He then instructed Washington to raise tax rates on millionaires and billionaires like him and retain the employee payroll tax cut on those "who need every break they can get."


    Mr. Buffett stated in his op-ed that he paid $6,938,744 in total income and payroll taxes in 2010, representing 17.4% of his taxable income, which puts his taxable income just under $40 million. Although certainly a fantastic sum, $40 million actually understates Mr. Buffett's income in 2010 by more than 250-fold.

    Mr. Buffett's net worth rose by $10 billion in 2010 to $47 billion, according to Forbes Magazine. That increase, an unrealized capital gain, is part of his total income by any standard definition, including the one used by the Congressional Budget Office. After also including a $1.6 billion gift to the Bill and Melinda Gates Foundation, Mr. Buffett's true income in 2010 was much closer to $11.6 billion than the $40 million figure cited in his op-ed. Hence his true effective tax rate was only 6/100ths of 1% as opposed to 17.4%. And these are just the additions to his income that we know about.

    snip-

    Mr. Buffett's donation to the Gates Foundation goes to the heart of my critique of his public call for higher tax rates on the rich. Just look at the second contractual condition for his ongoing pledge to the Gates Foundation: "The foundation must continue to satisfy the legal requirements qualifying Warren's gift as charitable, exempt from gift or other taxes."

    In other words, if his gift weren't tax sheltered he wouldn't give it. So much for "shared sacrifice."


    Arthur B. Laffer: Class Warfare and the Buffett Rule - WSJ.com


    :eusa_whistle:
     
  10. bripat9643
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    bripat9643 Diamond Member

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    Republican members of Congress aren't complaining that their taxes are too low, so why should they send a check to the IRS? They are complaining that everyone's taxes are too high. Those who don't think they pay enough in taxes can send the IRS a check. Everyone else is free to keep their money.
     

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