Warren Buffett Says its Fair to Raise Taxes on Rich

[Care4all]

Care, Buffett paid alot more in taxes then his Secretary, The top 25% already pay 85% of the taxes

How much more do you want them to pay?

AT LEAST the same percentage as Buffet's secretary has to pay.

taxes, based on a percentage of ones income, is the only fair way to compare imo rsr.

Care

 

[Toro]

Regressive is when there is just a flat tax, yes?

Rsr seems to be supporting a system in which those who make more, are taxed less. By his logic the improverished of America should be paying 70 or 80% of their incomes.

No, a regressive tax is for each incremental dollar you earn, you pay less tax the more you make.

For example

Person A makes $30,000 a year and is taxed at 30%
Person B makes $30,000,000 a year and is taxed at 17%.

Let's say that that they both get paid a $10,000 bonus at the end of the year. Then the incremental tax payments are

Person A $3,000
Person B $1,700.

This is the situation of Warren Buffett and his secretary.

A flat tax, as promoted by its advocates is, in fact, a progressive tax since the advocates intend to make up to a watermark tax free, i.e. the first $20,000.

So lets say person C makes $40,000 and person D makes $100,000. Under this flat tax plan, and the income tax is 25% above $20,000, the effective tax rate for each person would be

Person C $40,000-$20,000 = $20,000x25% = $5,000/$40,000 = 12.5%.
Person D $100,000-$20,000 = $80,000x25% = $20,000/$100,000 = 20%.

This system is progressive.

I'd have no problem with a scheme such as this.

 

[red states rule]

AT LEAST the same percentage as Buffet's secretary has to pay.

taxes, based on a percentage of ones income, is the only fair way to compare imo rsr.

Care

Given the dollar amt the prro secretary VS the dollar amt Buffet has to pay - they both are paying their fair share Care

I do not know about you, but I have never gotten a job from a poor man

 

[JeffWartman]

Do you have a degree? And if so, what in?

I asked RSR this earlier and he ignored me...so can you please answer my question, RSR?

 

[red states rule]

I asked RSR this earlier and he ignored me...so can you please answer my question, RSR?

What degree do you have?

PhD -Mindless Chat

I studied Economics and I have to laugh at the way some people think a society can tax their way to prosperity

 

[JeffWartman]

What degree do you have?

PhD -Mindless Chat

I studied Economics and I have to laugh at the way some people think a society can tax their way to prosperity

You "studied" economics but do you have a degree in Economics?

 

[red states rule]

You "studied" economics but do you have a degree in Economics?

irrelevent

there are people with degrees who feel he should have higher taxes

they work for the WSJ

 

[JeffWartman]

irrelevent

there are people with degrees who feel he should have higher taxes

they work for the WSJ

HAHA -- which means you don't.

I don't necessarily think it's a negative thing. But you can't tell someone who TEACHES ECONOMICS at the UNIVERSITY level that you know more than them about economics when you don't even have a degree.

End of story.

 

[red states rule]

HAHA -- which means you don't.

I don't necessarily think it's a negative thing. But you can't tell someone who TEACHES ECONOMICS at the UNIVERSITY level that you know more than them about economics when you don't even have a degree.

End of story.

when he/she says we need higher taxes, when 25% of the taxpayers are paying 85% of the income taxes - yes I will tell him I know more then he/she does

 

[JeffWartman]

when he/she says we need higher taxes, when 25% of the taxpayers are paying 85% of the income taxes - yes I will tell him I know more then he/she does

You don't get it.

If YOU DON'T have a degree, you can't tell someone who TEACHES ECONOMICS at the UNIVERSITY level you know more than them. It's patently untrue, by definition.

 

[red states rule]

You don't get it.

If YOU DON'T have a degree, you can't tell someone who TEACHES ECONOMICS at the UNIVERSITY level you know more than them. It's patently untrue, by definition.

so now Mr third party wants higher taxes?

so much for you being a moderate

 

[actsnoblemartin]

rsr, ANSWER THE QUESTION, please

its more fun when ya do.

oh and not with insults please

What degree do you have?

PhD -Mindless Chat

I studied Economics and I have to laugh at the way some people think a society can tax their way to prosperity

 

[actsnoblemartin]

I agree with jeff, it would be like me having a degree in art, and jeff telling me he knows more then me.

HAHA -- which means you don't.

I don't necessarily think it's a negative thing. But you can't tell someone who TEACHES ECONOMICS at the UNIVERSITY level that you know more than them about economics when you don't even have a degree.

End of story.

 

[red states rule]

rsr, ANSWER THE QUESTION, please

its more fun when ya do.

oh and not with insults please

so having a degree it what allows me to voice my opnion on taxes?

that is a tactic used by libs

like MM - if you did not serve you can't comment on the war

 

[JeffWartman]

so now Mr third party wants higher taxes?

so much for you being a moderate

No. I want lower taxes than you do.

I'm not arguing policy. I'm arguing principle.

If YOU DON'T have a degree, you can't tell someone who TEACHES ECONOMICS at the UNIVERSITY level you know more than them. It's patently untrue, by definition.

 

[JeffWartman]

so having a degree it what allows me to voice my opnion on taxes?

that is a tactic used by libs

like MM - if you did not serve you can't comment on the war

No...you are allowed to voice your opinion all you like. But, to have a valid opinion, you must back up your opinion with facts.

Instead of backing up your opinion with facts, you merely state others need to learn Econ 101. BUT YOU DO NOT HAVE A DEGREE IN ECONOMICS. So, you cannot claim others need to get educated. Because you aren't. Get it?

 

[red states rule]

No. I want lower taxes than you do.

I'm not arguing policy. I'm arguing principle.

If YOU DON'T have a degree, you can't tell someone who TEACHES ECONOMICS at the UNIVERSITY level you know more than them. It's patently untrue, by definition.

People who ahve degrees and run their own business are supporting higher taxes

I want lower taxes

A flat tax (that replaces the bulging US tax code) would be fine with me and great for the US economy

 

[JeffWartman]

People who ahve degrees and run their own business are supporting higher taxes

I want lower taxes

A flat tax (that replaces the bulging US tax code) would be fine with me and great for the US economy

You didn't respond to any of the points I made. Please respond:

No...you are allowed to voice your opinion all you like. But, to have a valid opinion, you must back up your opinion with facts.

Instead of backing up your opinion with facts, you merely state others need to learn Econ 101. BUT YOU DO NOT HAVE A DEGREE IN ECONOMICS. So, you cannot claim others need to get educated. Because you aren't. Get it?

 

[actsnoblemartin]

Im sorry rsr, but i agree with jeff.

No...you are allowed to voice your opinion all you like. But, to have a valid opinion, you must back up your opinion with facts.

Instead of backing up your opinion with facts, you merely state others need to learn Econ 101. BUT YOU DO NOT HAVE A DEGREE IN ECONOMICS. So, you cannot claim others need to get educated. Because you aren't. Get it?

 

[actsnoblemartin]

you dont know that, until you ask jeff. Common rsr, jeff is not the devil, answer his question please.

People who ahve degrees and run their own business are supporting higher taxes

I want lower taxes

A flat tax (that replaces the bulging US tax code) would be fine with me and great for the US economy