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#12
11-13-2007, 05:07 PM
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Re: Warren Buffet\'s Stance on Taxes
crushin, this is a morality/equality issue. I dont think anyone here will argue that taxes are good, or lowering any taxes wouldnt be good for the economy and financial markets. If you want to debate the merits of a progressive tax system perhaps politics or SMP would be better
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#13
11-13-2007, 05:10 PM
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Re: Warren Buffet\'s Stance on Taxes
All this bickering over who should pay more taxes is disgusting. There's only one system of fair tax, and it's NO TAX: Abolishment of the IRS and legalized theft.
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#14
11-13-2007, 05:35 PM
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Re: Warren Buffet\'s Stance on Taxes
[ QUOTE ]
My basic take on it is that Buffet is being a [censored] idiot. [/ QUOTE ] Well, of all the things Buffett (two Ts, BTW), is or might be, idiot is not one of them.
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#16
11-13-2007, 05:49 PM
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Re: Warren Buffet\'s Stance on Taxes
Buffet is no idiot. He knows the prudent thing to do is to come out favoring higher taxation for the wealthy because it lowers his profile as a target. Then what does he do? Give $37B to a charitable foundation to preclude government attack on the accumulated capital after his death.
Gates has done the exact same thing.
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#17
11-13-2007, 05:53 PM
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Re: Warren Buffet\'s Stance on Taxes
[ QUOTE ]
He knows the prudent thing to do is to come out favoring higher taxation for the wealthy because it lowers his profile as a target. [/ QUOTE ] I don't understand what you mean.
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#18
11-13-2007, 06:03 PM
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Re: Warren Buffet\'s Stance on Taxes
[ QUOTE ]
I think most people would prefer if the rich at least paid the same taxes as the poor and middle class. There are a lot others who would be in favor of higher taxes on the rich than the poor. I think corporations should pay higher taxes. I also think Warren should pay more taxes than I do. If I save an extra 1% of my salary, it will affect my life much more than if Warren saves. [/ QUOTE ] Where the heck did you get the idea that the middle class and the poor pay more taxes than the rich? Of course you don't define any of them i.e. what constitutes being rich, middle class and/or poor. According to the NTU the breakdown on who pays what in Federal income taxes is: Who pays what in taxes The top 1% of income earners pay 40% of the Federal income taxes levied against individuals. The top 50% pay 97%. IMO you might conclude that the upper middle class and the rich pay more than 50% of the Federal income tax. No way, no is it right that the poor and middle class are shouldering more of the tax burden than the wealthy.
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#19
11-13-2007, 06:06 PM
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Re: Warren Buffet\'s Stance on Taxes
[ QUOTE ]
[ QUOTE ] He knows the prudent thing to do is to come out favoring higher taxation for the wealthy because it lowers his profile as a target. [/ QUOTE ] I don't understand what you mean. [/ QUOTE ] The government's taxation and regulation bureaucracy is vast and vicious. If you are a high profile target that is publicly very vocal in opposition to government policy, you very quickly attract a lot of negative attention. Gates was notorious for not playing the inside Washington regulatory politics game, and found his company in a [censored] storm of anti-trust investigation for years. When he finally started playing the games, voila, the suit is dropped. The biggest donors to anti-tax organizations are typically very quiet about it. The last billionaire that I know of who was outspoken in support of a radical small government agenda was Volker, of the Volker Fund, and he eventually moderated his positions and support. This is why formerly radical organizations like Cato have become shallow shells of their former selves.
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#20
11-13-2007, 06:09 PM
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Re: Warren Buffet\'s Stance on Taxes
[ QUOTE ]
[ QUOTE ] I think most people would prefer if the rich at least paid the same taxes as the poor and middle class. There are a lot others who would be in favor of higher taxes on the rich than the poor. I think corporations should pay higher taxes. I also think Warren should pay more taxes than I do. If I save an extra 1% of my salary, it will affect my life much more than if Warren saves. [/ QUOTE ] Where the heck did you get the idea that the middle class and the poor pay more taxes than the rich? Of course you don't define any of them i.e. what constitutes being rich, middle class and/or poor. According to the NTU the breakdown on who pays what in Federal income taxes is: Who pays what in taxes The top 1% of income earners pay 40% of the Federal income taxes levied against individuals. The top 50% pay 97%. IMO you might conclude that the upper middle class and the rich pay more than 50% of the Federal income tax. No way, no is it right that the poor and middle class are shouldering more of the tax burden than the wealthy. [/ QUOTE ] Exactly the numbers people seem to skip over. That's why I told him he should define "more".
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