Tax it forward

[Quantum Windbag]

Warren Buffett today issued a mea culpa on the Buffett rule, acknowledging that it would have a trivial impact on his very low tax rate. Buffett admitted that the $8 billion of appreciation in his Berkshire Hathaway stock would continue to be untaxed under the Buffett rule. Instead, Buffett announced his support for the annual 15% mark-to-market tax on appreciation in publicly traded stock held by the wealthy proposed by David S. Miller (Cadwalader, New York). As a first step, he today mailed a $1.2 billion check to the U.S. Treasury and announced the formation of the Tax It Forward Foundation, modeled after the Pay It Forward Foundation, popularized in the 2000 movie Pay It Forward (starring Kevin Spacey and Helen Hunt). Buffett urged others to follow his example and Tax it Forward by sending checks to the U.S. Treasury to compensate other taxpayers for bearing the burden of their prior tax planning. In response thus far, the following tax miscreants have sent checks to the U.S. Treasury (or other state and foreign tax authorities) and issued press releases:

TaxProf Blog: Warren Buffett Issues Tax Mea Culpa, Launches 'Tax It Forward' Movement

 

[The Rabbi]

Warren Buffet never met a tax he didn't love. especially when he doesn't have to pay it.

 

[waltky]

Granny says, "Dat's right - an' tax `em fer every share dey own in companies dat outsource American jobs...

Obama: Millionaires should pay 'fair share'
Apr 11, 2012 - President Obama promoted his "Buffett Rule" again today, saying millionaires and billionaires should pay their "fair share" to help reduce the federal debt and pay for necessary government investments like education.

"One in four millionaires pays a lower tax rate than millions of hardworking middle-class households," Obama told a group of business executives gathered at the White House. He later added, "it's just plain wrong that middle-class Americans pay a higher share of their income in taxes than some millionaires and billionaires." The so-called Buffett Rule -- to be voted on next week in the Democratic-run Senate -- would require millionaires and billionaires to pay at least the same tax rate as other Americans. Senate Republicans are likely to block the proposal, calling it an election-year gimmick that amounts to a growth-slowing tax hike.

Republican Party Chairman Reince Priebus called it the "Buffett Ruse" and said it "won't balance the budget. It won't prevent a debt crisis. It won't help the economy. It won't get you a job." The proposal is named for Warren Buffett, the billionaire Omaha investor who said he pays a lower tax rate than his secretary. That's because investment income is taxed at lower rates than salaries and wages. Obama's proposal does not specify exactly how a millionaire's tax rate would be increased, whether by an increase on investment income or some kind of dedicated flat tax. The issue certainly has a political component.

As he did yesterday in Florida, Obama criticized Republican budget plans that would offer more tax breaks and cuts to wealthy Americans. That would force either more deficit spending or cuts to programs like education, research and health care, Obama said. Republicans said Obama is trying to divert attention from high unemployment and record budget deficits. Senate Minority Leader Mitch McConnell, R-Ky., said that, "sadly, an administration that promised it would focus on jobs is wasting yet another day on a political event that won't take a single person off the unemployment line."

Back at the White House, Obama said Republicans in the past have protested the fact that millionaires have paid lower tax rates than less wealthy Americans -- including a conservative icon, President Ronald Reagan. "If it would help, we could call it the Reagan rule instead of the Buffett rule," Obama said.

Source

 

[Ravage]

Perhaps if you could point to all the jobs created by the Bush tax cuts, you'd make a better case.

And yes, this won't do much to the deficit. That would require eliminating loopholes or actually collecting taxes from people who DEFRAUD it.




NEW REPORT: 280 Most Profitable U.S. Corporations Shelter Half Their Profits from Taxes.

“These 280 corporations received a total of nearly $224 billion in tax subsidies,” said Robert McIntyre, Director at Citizens for Tax Justice and the report’s lead author. “This is wasted money that could have gone to protect Medicare, create jobs and cut the deficit.”

30 Companies average less than zero tax bill in the last three Years, 78 had at least one no-tax year.

Financial services received the largest share of all federal tax subsidies over the last three years. More than half the tax subsidies for companies in the study went to four industries: financial services, utilities, telecommunications, and oil, gas & pipelines.

U.S. corporations with significant foreign profits paid tax rates to foreign countries that were almost a third higher than they paid to the IRS on their domestic profits.
Corporate Taxpayers & Corporate Tax Dodgers, 2008-2010

Gee corporations don't pay their fair share or as much as they used to.

What about taxes? Surely the rich are stepping up to the plate there?

“If tax dodging were a business, it would be the nation’s largest corporation,” said journalists Barlett and Steele. The current $311 billion tax gap is the equivalent of the total income taxes paid annually by all individuals and families earning less than $75,000.
AskQuestions.org - Article: Who Really Pays Taxes in America?

Reading what you conservatives write about taxes is like watching a bunch of retards hump a door knob.

 

[Soggy in NOLA]

Perhaps if you could point to all the jobs created by the Bush tax cuts, you'd make a better case.

And yes, this won't do much to the deficit. That would require eliminating loopholes.




NEW REPORT: 280 Most Profitable U.S. Corporations Shelter Half Their Profits from Taxes.

“These 280 corporations received a total of nearly $224 billion in tax subsidies,” said Robert McIntyre, Director at Citizens for Tax Justice and the report’s lead author. “This is wasted money that could have gone to protect Medicare, create jobs and cut the deficit.”

30 Companies average less than zero tax bill in the last three Years, 78 had at least one no-tax year.

Financial services received the largest share of all federal tax subsidies over the last three years. More than half the tax subsidies for companies in the study went to four industries: financial services, utilities, telecommunications, and oil, gas & pipelines.

U.S. corporations with significant foreign profits paid tax rates to foreign countries that were almost a third higher than they paid to the IRS on their domestic profits.
Corporate Taxpayers & Corporate Tax Dodgers, 2008-2010

Gee corporations don't pay their fair share or as much as they used to.

What about taxes? Surely the rich are stepping up to the plate there?

“If tax dodging were a business, it would be the nation’s largest corporation,” said journalists Barlett and Steele. The current $311 billion tax gap is the equivalent of the total income taxes paid annually by all individuals and families earning less than $75,000.
AskQuestions.org - Article: Who Really Pays Taxes in America?

Reading what you conservatives write about taxes is like watching a bunch of retards hump a door knob.

This coming from a liberal jack off that uses terms like unfunded tax cuts and can't grasp the simple notion that tax rates needn't change except when spending as a % increases.

Whatever.

 

[The Rabbi]

Perhaps if you could point to all the jobs created by the Bush tax cuts, you'd make a better case.

.

The high point of UE in the Bush administration was 8%. For most of his 8 years it was more like 5%. This was a result of the Bush tax cuts.
Can you point to all the jobs the Obama stimulus created? And not the bogus number of the CBO either.