The Warren Buffett's Secretary Issue

[Listening]

I already pointed out that a person and a corporation are two different entities. No single entity pays double taxes on dividends, cap gains etc.

Once you involve multiple entities you can have unlimited multiple taxation to the point of ridiculousness, after all, the dollars that a person who purchased the goods or services of the company that pays a dividend were taxed before the person spent them. That would make the dividend triple taxed, once by each of three entities!

It's moronic to say that once a dollar is taxed it can never be taxed again no matter how many hands the dollar passes through! A dollar is double taxed when the SAME entity pays taxes twice on the same dollar.
Get it?

Thanks Ed,

What I get is that you have chosen a definition and shown how that defintion is consistent with what you claim. There are some definitions of double taxation that are in line with your statements. However, I looked on the web and it does not appear that everyone agrees.

Double taxation: Definition from Answers.com

Regardless, setting aside Rush Limbaugh and differences in terms:

Your first statement is correct, but your next paragraph clearly demonstrates that the dollar that comes to someone as capital gains may have already been taxed repeatedly in a way that would have potentially lowered the overall amount of capital gains they might have otherwise recieved.

And so we have the basics laid out and it now seems that the discussion is about whether or not you would include the taxes on the profits that are paid to Buffet as (prior to them becoming)capital gains as part of his overall net rate. That appears to be the argument.

Thank you again for your explanation.

 

[Listening]

Cap gains tax was raised by Nixon in 1969 and 1976, Carter lowered it in 1978. According to CON$, Carter destroyed the economy.

Please don't lump all cons together.

I know Carter did not destroy the economy. That is because the economy is to large and complex for one person to control.

Seems that people would figure out that myth, but they still elect people on the promises of jobs and growth when it has been clearly shown that the government does little to contol either.

 

[peach174]

So cap gains is a local tax?

Cap gains tax was raised by Nixon in 1969 and 1976, Carter lowered it in 1978. According to CON$, Carter destroyed the economy.

Sorry that was a typo and I corrected it.
Where did I say cap gains is local?
I said the two are different types of taxes.

If cap gains is not a federal tax it must be a local tax.

Federal Income Tax is Different from Federal Capital Gains Tax, and Obama and Buffett is trying to make it into the same type of Tax. It is two different types.

 

[edthecynic]

Sorry that was a typo and I corrected it.
Where did I say cap gains is local?
I said the two are different types of taxes.

If cap gains is not a federal tax it must be a local tax.

Federal Income Tax is Different from Federal Capital Gains Tax, and Obama and Buffett is trying to make it into the same type of Tax. It is two different types.

They are two different RATES of income tax.

 

[Ame®icano]

Billionaire investor Warren Buffett said Tuesday that he would release his tax returns if NewsCorp Chairman Rupert Murdoch does too.

Buffett's finances became a political target after President Obama made the so-called "Buffett rule" one of the cornerstones of his tax-reform plan. The policy would ensure that the richest Americans would not be able to take deductions that reduce the percentage at which they are taxed below that of middle-class Americans.

Warren Buffett says he will release his tax return if Rupert Murdoch does

Warren Buffett made his personal tax return a political issue when he claimed he paid taxes at a lower rate than his secretary. But, when he get called on it, he said he'll release his tax return only if Rupert Murdoch does.

If Rupert Murdoch hasn't make an issue of his tax return, why he should release his records? And, since Buffett knows Murdoch will not play this stupid game, he won't release his records... and we never gonna find out how much Murdoch is paying his secretary...

 

[PLYMCO_PILGRIM]

Billionaire investor Warren Buffett said Tuesday that he would release his tax returns if NewsCorp Chairman Rupert Murdoch does too.

Buffett's finances became a political target after President Obama made the so-called "Buffett rule" one of the cornerstones of his tax-reform plan. The policy would ensure that the richest Americans would not be able to take deductions that reduce the percentage at which they are taxed below that of middle-class Americans.

Warren Buffett says he will release his tax return if Rupert Murdoch does

Warren Buffett made his personal tax return a political issue when he claimed he paid taxes at a lower rate than his secretary. But, when he get called on it, he said he'll release his tax return only if Rupert Murdoch does.

If Rupert Murdoch hasn't make an issue of his tax return, why he should release his records? And, since Buffett knows Murdoch will not play this stupid game, he won't release his records... and we never gonna find out how much Murdoch is paying his secretary...

Maybe buffet should give his secretary a raise to cover the taxes...you know put his money where his mouth is

 

[Listening]

Billionaire investor Warren Buffett said Tuesday that he would release his tax returns if NewsCorp Chairman Rupert Murdoch does too.

Buffett's finances became a political target after President Obama made the so-called "Buffett rule" one of the cornerstones of his tax-reform plan. The policy would ensure that the richest Americans would not be able to take deductions that reduce the percentage at which they are taxed below that of middle-class Americans.

Warren Buffett says he will release his tax return if Rupert Murdoch does

Warren Buffett made his personal tax return a political issue when he claimed he paid taxes at a lower rate than his secretary. But, when he get called on it, he said he'll release his tax return only if Rupert Murdoch does.

If Rupert Murdoch hasn't make an issue of his tax return, why he should release his records? And, since Buffett knows Murdoch will not play this stupid game, he won't release his records... and we never gonna find out how much Murdoch is paying his secretary...

Did Murdoch say he was upset his secretary was paying a higher net rate than he was ?

 

[Listening]

Maybe buffet should give his secretary a raise to cover the taxes...you know put his money where his mouth is

Maybe he should pay 75% of all his earnings to the IRS out of the goodness of his heart.

Has he indicated that he is paying any more than he has to pay ?

After all, his "fair share" is probably higher. than what he is paying.

Maybe we can get someone from the left to establish what his "fair share" is ?

 

[PLYMCO_PILGRIM]

Maybe buffet should give his secretary a raise to cover the taxes...you know put his money where his mouth is

Maybe he should pay 75% of all his earnings to the IRS out of the goodness of his heart.

Has he indicated that he is paying any more than he has to pay ?

After all, his "fair share" is probably higher. than what he is paying.

Maybe we can get someone from the left to establish what his "fair share" is ?

Gifts to the United States Government: Questions and Answers: Financial Management Service

^^^^ Put their money where their mouth is