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Good ole country folk
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Discussion Starter · #1 ·
Seems that Warren Buffett is now going public on his point of view to tax the mega-rich. You notice that he is calling for (tax increases) for the top.03 percent on the wealthy.

Interesting that he is calling out our elected officials who have convinced us that "tax increases" are bad. Hell, these folks are paying a lower percentage than all of us.

Time for them to pay the piper.

Buffett: Tax the Rich - TheStreet
 

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I don't know... I still feel that it isn't fair to treat those who have been successful as a resource to be bled to sustain the poor. This is nothing but more "redistribution of wealth". This is saying, "don't cut the spending, just make the rich folks pay for it."
 

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Aesops Ant (not Aunt)
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Its apparent... Warren Buffet is insane or an idiot... one or the other.

Economic equality is borne of hard work not government intervention.
 

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Tax revenue isn't the problem. Spending is out of control. The top 1% already pay 39% of all personal income taxes. When taxes are too high you lose incentives to invest and create jobs. If you have millions and a normal economy you can always buy municipal bonds. They're free of state or federal income taxes. The dirty little secret is that when tax rates were lowered under Reagan tax receipts increased. And when tax rates are increased the amount of taxes collected goes down.

The real problem is that the bottom 50% of wage earners pay no income taxes.
 

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Its apparent... Warren Buffet is insane or an idiot... one or the other.

Economic equality is borne of hard work not government intervention.
It is also "Borne" of Revolution. If douche'Bags keep extracting 56,MILLION dollar pay checks on wall street, sooner or later they will experience what others have. Revolution.
 

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Aesops Ant (not Aunt)
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It is also "Borne" of Revolution. If douche'Bags keep extracting 56,MILLION dollar pay checks on wall street, sooner or later they will experience what others have. Revolution.
I believe your anger is misdirected. If I could pull a 56 million dollar paycheck I certainly would and if government keeps its hand out of everything chances are good that I am worth whatever I can get.

Revolution is something that is directed at governments not at wall street... what needs to happen is a revolution against the governments involvement with wall street, not against folks making as much money as they can.

EDIT: Also, did I misuse "borne" in that sentence? I try to speak correctly but Im still learning.
 

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Aesops Ant (not Aunt)
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Tax revenue isn't the problem. Spending is out of control. The top 1% already pay 39% of all personal income taxes. When taxes are too high you lose incentives to invest and create jobs. If you have millions and a normal economy you can always buy municipal bonds. They're free of state or federal income taxes. The dirty little secret is that when tax rates were lowered under Reagan tax receipts increased. And when tax rates are increased the amount of taxes collected goes down.

The real problem is that the bottom 50% of wage earners pay no income taxes.
BINGO! :congrat::congrat::congrat:

Give that boy a gold star!
 

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Just getting started. Always.
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A quick search revealed that his tax rate was 17.7%. Granted, he paid more in one year than I will in my lifetime, but I dont get how politicians have the wool pulled so far over our eyes that the average Joe will actually stick up for the (super) rich and say not to raise their taxes. The Republicans have proved themselves to be pretty adept at this.

I am in the bottom 50% of income earners. I assume there are others on this forum who are also. To say that I pay no taxes is rediculous. Just another way to be able to point the finger at someone else, and keep us from banding together for some real 'hope and change'. Hah! I cant believe I just said that!
 

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Aesops Ant (not Aunt)
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A quick search revealed that his tax rate was 17.7%. Granted, he paid more in one year than I will in my lifetime, but I dont get how politicians have the wool pulled so far over our eyes that the average Joe will actually stick up for the (super) rich and say not to raise their taxes. The Republicans have proved themselves to be pretty adept at this.

I am in the bottom 50% of income earners. I assume there are others on this forum who are also. To say that I pay no taxes is rediculous. Just another way to be able to point the finger at someone else, and keep us from banding together for some real 'hope and change'. Hah! I cant believe I just said that!
I will stick up for them and I am probably in the bottom 50% as well. The fact is that the super rich are not the problem. You could take 100% of their income and it wouldnt fix our problem. They are also the ones that do what needs to be done to give you and I a job. Without them where would we be? The problem is when the gov't sticks their nose in anything outside of what the constitution they screw it up... shoot, they screw up most of the stuff that IS in their domain. I want less taxes... close to NO taxes. When the folks in DC remember that they serve us perhaps we can trust them with a little more until the cycle repeats itself.
 

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Good ole country folk
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Discussion Starter · #10 ·
Holy sh!t people, I guess there are more sheeple out there than I originally though. If you buy the madness that these super rich are paying their fair share in taxes and have bought into the BS rhetoric we have been fed about it not being a revenue issue, then you have officially become a spokesperson for our corrupted leaders. CONGRATS!
 

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Aesops Ant (not Aunt)
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Holy sh!t people, I guess there are more sheeple out there than I originally though. If you buy the madness that these super rich are paying their fair share in taxes and have bought into the BS rhetoric we have been fed about it not being a revenue issue, then you have officially become a spokesperson for our corrupted leaders. CONGRATS!
I bought it and I will own it. Its not a revenue problem, its a spending problem as said above. You could tax the "super rich" at 100% and not fix the problem we have.
 

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Good ole country folk
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Discussion Starter · #12 ·
I don't know... I still feel that it isn't fair to treat those who have been successful as a resource to be bled to sustain the poor. This is nothing but more "redistribution of wealth". This is saying, "don't cut the spending, just make the rich folks pay for it."
"Redistribution of wealth" is one of those catch phrases created by the powers to be to get people emotional in America. If you look at the top.03% you will see how they have failed to pay their fair share. This is NOT redistribution of wealth.
 

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Aesops Ant (not Aunt)
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"Redistribution of wealth" is one of those catch phrases created by the powers to be to get people emotional in America. If you look at the top.03% you will see how they have failed to pay their fair share. This is NOT redistribution of wealth.
Define "fair share" please.
 

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With all due respect, FF, I think "fair share" is one of those catch phrases created by the powers that be to get people emotional. (And "redistribution of wealth" is a catch phrase created not by the powers that be, but rather the people who are opposed to the powers that be.)

Who decides what's 'fair'? What parameters do they use?

Instead of so-called 'fair' we should have equal. A flat tax. Or get rid of income tax and have a federal sales tax. Either of those should get rid of both loopholes for the wealthy and a non-paying dependent class voting for more entitlements. (Not that I see all wealthy using loopholes, nor all non-taxpayers as a dependent class - just using the stereotypes for the sake of argument). I may be in the bottom 50%, but I don't see how class warfare is going to help me or my family. I'd much rather have equal responsibility rather than some politician's idea of what's 'fair.'

But the bottom line is still spending. We're spending too much, not taxing too little. There is so much waste, and so much government spending that has no basis in the Constitution. How is it 'fair' to take money from people in order to pay for other people's pet projects?
 

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Good ole country folk
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Discussion Starter · #15 ·
I bought it and I will own it. Its not a revenue problem, its a spending problem as said above. You could tax the "super rich" at 100% and not fix the problem we have.
I will agree with you that YES most of our problems in our governmental debt is a direct result of out of control spending. I don't think anyone would dispute that issue at all. Every free thinking American knows that our government spending is out of control. This is an issue we MUST get under control and keep it that way.

The other end of the spectrum is how the super rich have had the luxury of excessive tax shelters and the ability to hide their wealth in off-shore accounts. When I say the super rich, I do refer to those that are in the top.03% of all Americans.

Now, do not get me wrong. I firmly believe in America's history of free-enterprise and capitalism. This is the American way. The difficulty lies in corrupted government officials on both sides of the aisle who have had their campaigns funded by mega-corporations and have made back door deals with these mega-corporations to repay their debt. They also have loyalties to protect their own personal wealth by protecting their investments. The problem lies that we all have become puppets to both these corupted politians and mega-corporations. They manipulate us through the media and throw out buzz words and terms expecting us to pass on their emotionally based messages.

Guess what, up until recently, I too carried the torch for these sick and twisted individuals and finally figured out just how much we were all being manipulated.

Now, I will shared that I chose to retire at the age of 45 and refuse to play the game of excessive consumerism and materialism any longer. I am not indebted to anyone and continue to work hard, but control my own destiny today.

If anyone believes in their heart that the super wealthy have earned everything they have today and pay their fair share of taxes, then there is nothing I can say to change their minds. This is something that people must learn on their own in their own time.
 

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Good ole country folk
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Discussion Starter · #16 ·
With all due respect, FF, I think "fair share" is one of those catch phrases created by the powers that be to get people emotional. (And "redistribution of wealth" is a catch phrase created not by the powers that be, but rather the people who are opposed to the powers that be.)

Who decides what's 'fair'? What parameters do they use?

Instead of so-called 'fair' we should have equal. A flat tax. Or get rid of income tax and have a federal sales tax. Either of those should get rid of both loopholes for the wealthy and a non-paying dependent class voting for more entitlements. (Not that I see all wealthy using loopholes, nor all non-taxpayers as a dependent class - just using the stereotypes for the sake of argument). I may be in the bottom 50%, but I don't see how class warfare is going to help me or my family. I'd much rather have equal responsibility rather than some politician's idea of what's 'fair.'

But the bottom line is still spending. We're spending too much, not taxing too little. There is so much waste, and so much government spending that has no basis in the Constitution. How is it 'fair' to take money from people in order to pay for other people's pet projects?
Hey--now there is a brilliant concept. Flat tax across the board. I like that concept.

Yes, I do agree with you on my tax dollars going to pay for those social programs for those deadbeat Americans who are to freaking lazy to get out and earn their keep.

I would also say that any social program should be a temporary program to assist those who fall upon hard times. It can happen to any one of us. Where these programs fail the American public is when they become dependant on these programs and then consider it an "entitlement".

Through a lot of hard work and good decisions, I was able to retire from the working rat race when I was 45. I cashed out of mianstream America so I could focus on becoming self-sufficient. I owe no debt and ask for nothing from anyone. I also practice a system of trading and bartering as well as looking after the folks who look after me. This plan is working well for us and we are minimizing the impact outside influence have on our lives.
 

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Instead of so-called 'fair' we should have equal. A flat tax.
YES!!! Yes, yes, a thousand times, yes!

That is all that I am trying to say; I don't believe that the super-rich deserve any special breaks. I simply believe that everyone should be held to the same standard. Instead of putting people on some absurd sliding scale, hold everyone to the same standard. Pick a number... charge everyone 20% of what they make as a federal income tax. Why should someone who is successful have to give up 70% of his income, "because he can afford it", so that ten lazy slugs who only works two days a week can have their taxes waived?
 

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Good ole country folk
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Discussion Starter · #18 ·
YES!!! Yes, yes, a thousand times, yes!

That is all that I am trying to say; I don't believe that the super-rich deserve any special breaks. I simply believe that everyone should be held to the same standard. Instead of putting people on some absurd sliding scale, hold everyone to the same standard. Pick a number... charge everyone 20% of what they make as a federal income tax. Why should someone who is successful have to give up 70% of his income, "because he can afford it", so that ten lazy slugs who only works two days a week can have their taxes waived?
Hey, now we are making progress. I think we all begining to see each other's perspective, we all just have a different way of saying it.

FLAT TAX==No deductions, no legal loopholes, etc...

Sometimes when we are looking at a new shiny gold coin, we might only be looking at the face of the coin, but if we flip it over, perhaps we can all see the other side of it as well.
 

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Just getting started. Always.
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I am a huge advocate of the flat tax. Unfortunately it wont happen, there are too many people who would take a beating because of it. The rich and the poor would both get screwed. The IRS would all but disappear (ahh, just think of it...). Tons of accountants would be out of a job.

FF, I'll have to point out that maybe the US has the idea of free market capitalism, but we are not even close to it. All of the tax breaks the 'rich' enjoy are just one example. Subsidies and tax breaks for (insert example here) big pharma, big oil, GE, mortgage deductions, big ag, sugar, milk, etc, etc. Each example puts us farther and farther away from the free market.
 

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A quick search revealed that his tax rate was 17.7%.
He actually said that in an interview I saw today. He also mentioned that his secretary pays around 33%. :scratch
I'm in that same range. I don't think anyone here is saying that just because you make millions or billions you should be taxed higher, but why is my tax rate twice that of a billionaire. Since we're all going to be taxed, wouldn't it make more sense for the burden to be spread out evenly among everyone?
 
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