Buffett and his taxes

Chris

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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
 

PoliticalChic

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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
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?
 

Wiseacre

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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.
 

boedicca

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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]
 

boedicca

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

TruthSeeker56

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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?
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.
 

Lovebears65

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If this arse wants to pay more taxes no one is stopping him from writing a check to the IRS!
 

boedicca

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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?
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.

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.
 

Quantum Windbag

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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
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.
 

Cammmpbell

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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
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.
 

Claudette

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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
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.

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.
 

Cammmpbell

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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?
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.
 

PoliticalChic

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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
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.
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?
 

Claudette

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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.

Nope. I like America. You obviously don't.

I'm sure Fidel or Hugo will welcome you with open arms.
 

PoliticalChic

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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.
Lacking the gift of irony, I'm sure that you miss the humor.

Here, let me help: an insignificant gnat like you suggesting that the producers, the ones who support you, provide your food stamps, "get out."


And, try to clean up your language.
 
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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.
Just because you're a failure, does not give you the right to tell successful people to 'get the fuck out'. What a very silly response.

Get a job.
 

Cammmpbell

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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?
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.
 

Claudette

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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.

Funny how people managed to take care of themselves before the 30's in this country.

Funny how no one expected the Govt to give them anything they expected to earn it.

Your right. They have done a 180.
 

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