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(CBS News)   GOP declares war on Warren Buffett, the third-richest man in the world. The kind of man who can afford to fight back 50 years after he dies. Let's watch   (cbsnews.com) divider line 327
    More: Amusing, Warren Buffett, GOP, ordinary income, Cornyn, Talking Points Memo  
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7729 clicks; posted to Politics » on 23 Sep 2011 at 6:21 AM (2 years ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2011-09-23 02:40:36 AM
Now GOP lawmakers want to know more about the particulars of Buffett's finances -- particularly since some have espoused the suspicion that much of Buffett's income is derived from capital gains, which have already been subject to a tax.

they'll destroy him if they can.
 
2011-09-23 02:50:31 AM

Weaver95: they'll destroy him if they can.


they can't.

at the end of the day $$$ is all that matters, and Buffett makes a lot of people a lot of money.
 
2011-09-23 03:02:46 AM

Weaver95: Now GOP lawmakers want to know more about the particulars of Buffett's finances -- particularly since some have espoused the suspicion that much of Buffett's income is derived from capital gains, which have already been subject to a tax.

they'll destroy him if they can.


like they destroyed Soros?
 
2011-09-23 03:39:51 AM
Good luck making Buffet your boogeyman GOP.

Link (new window)
 
2011-09-23 03:52:10 AM
Why is this news? The GOP has already declared war on 98% of the country. One more putz won't make a difference.
 
2011-09-23 03:59:07 AM

Andyr2120: Why is this news? The GOP has already declared war on 98% of the country. One more putz won't make a difference.


That putz can put a hit out on every GOP bigshot and their water carriers and pay for it out of petty cash.
 
2011-09-23 04:16:27 AM

Coelacanth: Andyr2120: Why is this news? The GOP has already declared war on 98% of the country. One more putz won't make a difference.

That putz can put a hit out on every GOP bigshot and their water carriers and pay for it out of petty cash.


my god
you just made me wet my pants
 
2011-09-23 04:40:25 AM
This is what happens when you allow Democrats to own money and property. Jail this asshole.
 
2011-09-23 05:02:32 AM
The GOP has truly gone off the deep end.
 
2011-09-23 05:25:08 AM
This should be good. For the country.
 
2011-09-23 05:40:53 AM
So, we have to bring our 1040 with us when we exercise our freedom of speech now?

Or does that only apply if you have more than $25B
 
2011-09-23 06:25:04 AM
Buffet is the new Soros?
 
2011-09-23 06:31:44 AM
He's worth 50bn. That's equal to the combined wealth of both Koch brothers.

He could make a lot of congressional seats uncertain in the next few election cycles if he wants to.

They may want to rethink this strategy.
 
2011-09-23 06:32:21 AM

namatad: Coelacanth: Andyr2120: Why is this news? The GOP has already declared war on 98% of the country. One more putz won't make a difference.

That putz can put a hit out on every GOP bigshot and their water carriers and pay for it out of petty cash.

my god
you just made me wet my pants


Better change fast lest you be mistaken for a Republican.
 
2011-09-23 06:32:29 AM
Now GOP lawmakers want to know more about the particulars of Buffett's finances -- particularly since some have espoused the suspicion that much of Buffett's income is derived from capital gains, which have already been subject to a tax.

Isn't that pretty much what Buffett says is the problem? That his overall tax rate on money earned is so much lower?

Also, if other millionaires rates aren't lower, wouldn't they therefore be unaffected?
 
2011-09-23 06:36:29 AM

Snapper Carr: He's worth 50bn. That's equal to the combined wealth of both Koch brothers.

He could make a lot of congressional seats uncertain in the next few election cycles if he wants to.

They may want to rethink this strategy.


What I think Buffett should do is just buy the whole GOP and be done with it.
 
2011-09-23 06:38:24 AM
FTFA: GOP to Warren Buffett: Show us your tax returns

"If he's going to be the gold standard, so to speak, in terms of what our tax policy should be, yeah, let's look at it [Buffet's tax returns]," said Sen. John Cornyn, R-Tex., in a Thursday interview with ABC News.

Update: Talking Points Memo points out that in an interview on the Charlie Rose Show last month, Buffett said he brought his tax return with him to illustrate the point that he should be taxed more.


Way ahead of you, Republicans. He whipped it out once, he can whip it out again. And we all know how much you love it when a billionaire whips it out. Just look at how much Scott Walker loves being spit-roasted by the Koch brothers.

/In before, "Bu... bu... but... TALKING POINTS MEMO!!1!"
 
2011-09-23 06:41:06 AM
I seem to recall some saying about glass houses which may be applicable here
 
2011-09-23 06:41:35 AM
They make a good point. We should raise capital gains taxes.
 
2011-09-23 06:47:13 AM

eddyatwork: The GOP has truly gone off the deep end.


Fitting, as that is exactly where they want to be. As far off the deep end as they can get.

An ill wind blows in our country. A storm we haven't seen in some time. Our grandparents died trying to cure the world of the last one.
 
2011-09-23 06:50:05 AM
I am going to love how the Republicans are going to try and make a talking point that taxes should be lower, because business investments.

Against the man that has made the most money, as a direct result of these same investments, in the history of mankind.

The cognitive dissonance is going to be AWESOME.
 
2011-09-23 06:51:38 AM

sammyk: Good luck making Buffet your boogeyman GOP.

Link (new window)


I want to thank you for linking to Buffet's wiki page. I had no idea that he had such a page on the Wiki. Have you shown the GOP that he, in fact, does? How did you uncover this information? Amazing sir.
 
2011-09-23 06:57:23 AM

NobleHam: They make a good point. We should raise capital gains taxes.


That's what I was able to take from this article.
 
2011-09-23 06:58:38 AM
GOP: Warren Buffet is a blight on the american system!

Warren Buffet: Why? Because I'm so rich and I didn't start with sh*t, made it all myself like you guys claim so often to want to do (Yet never really actually end up doing) ?

GOP: WHARRRRGARBBBLE

/Let 'em have it Buff.
 
2011-09-23 07:00:07 AM
Just pay your taxes Mr. Buffett.
 
2011-09-23 07:02:16 AM
"particularly since some have espoused the suspicion that much of Buffett's income is derived from capital gains, which have already been subject to a tax."

Umm.......wasn't that his point in the first place? Why wouldn't an article by the so-called liberal media point out that little fact?
 
2011-09-23 07:02:19 AM
m.cbsnews.com

He looks amused.
 
2011-09-23 07:03:54 AM
The GOP is dead. What remains is merely the shell of procedure around it. Think the 'Great God' Om in Small Gods.
 
2011-09-23 07:07:23 AM

Nuff Said McFarky: FTFA: GOP to Warren Buffett: Show us your tax returns

"If he's going to be the gold standard, so to speak, in terms of what our tax policy should be, yeah, let's look at it [Buffet's tax returns]," said Sen. John Cornyn, R-Tex., in a Thursday interview with ABC News.

Update: Talking Points Memo points out that in an interview on the Charlie Rose Show last month, Buffett said he brought his tax return with him to illustrate the point that he should be taxed more.

Way ahead of you, Republicans. He whipped it out once, he can whip it out again. And we all know how much you love it when a billionaire whips it out. Just look at how much Scott Walker loves being spit-roasted by the Koch brothers.

/In before, "Bu... bu... but... TALKING POINTS MEMO!!1!"


But but but PBS!
 
2011-09-23 07:08:35 AM
GOP, I hate to tell you. But Capital Gain tax was exactly Buffett's point.
 
2011-09-23 07:09:15 AM

soy_bomb: Just pay your taxes Mr. Buffett.


He did.
 
2011-09-23 07:11:48 AM
Good luck with that. Buffett is pretty much the boot strappy type that these asshats claim to want us all to be. There is going to be a lot of heartbroken gnashing of teeth, but there is very little that the GOP can do to this man, because he makes a LOT of their own clients money. And can call in favors across the very system that they have built, because he was there in the trenches. The difference being, is that he retained a bit of his integrity, while so many of these cats sold out any shred of dignity some time ago. This is the difference between being a shill and an actual businessman.

Something that the folks who keep shouting "job creators!" might be well to actually listen to, since he is sort of one of those folks that they claim to want to protect...
 
2011-09-23 07:12:16 AM

seancakes: NobleHam: They make a good point. We should raise capital gains taxes.

That's what I was able to take from this article.


I don't think capital gains tax should be raised uniformly but instead it should be progressive like income tax. I'm sure there is a reason capital gains exist separate from income for tax purposes but I don't know what those reasons are.
 
2011-09-23 07:13:22 AM

Clowns are a Ten: Nuff Said McFarky:

But but but PBS!


Touché.
 
2011-09-23 07:16:21 AM

Snapper Carr: He's worth 50bn. That's equal to the combined wealth of both Koch brothers.

He could make a lot of congressional seats uncertain in the next few election cycles if he wants to.

They may want to rethink this strategy.


But he won't. Overt political activism just isn't his bag.

We can dream of Buffett spending his billions to offset the Kochs, but it's just not going to happen.
 
2011-09-23 07:22:08 AM

PonceAlyosha: The GOP is dead. What remains is merely the shell of procedure around it. Think the 'Great God' Om in Small Gods.


I think it's more like Nuggan in Monstrous Regiment. It died long ago and the only thing left are the echoes of Abominations becoming more and more random and nonsensical.
 
2011-09-23 07:24:28 AM
Is this kind of like when you see a kitten or puppy that thinks that it's finally big enough to start playing with the older dogs? And then you have the adorable/terrifying moment (depending on several factors) when the kitten/puppy realizes they've overstepped their capabilities massively, and run away/whine/pee themselves?

Because I'll enjoy that.
 
2011-09-23 07:24:41 AM

cmunic8r99: So, we have to bring our 1040 with us when we exercise our freedom of speech now?

Or does that only apply if you have more than $25B


well, I want to start by saying "the Buffet rule" makes more sense than anything ive ever seen come out of Washington, but...

If you are going to publicly use your own personal tax situation to influence hundreds of thousands of other people to pay more taxes, perhaps maybe there should be some verification of your situation, no?

/not a huge shocker that a Billionaire is generous, most of them are. Most people with WAY too much money are pretty generous with it. Its always been that way througout time. Its real easy to say that other "rich" people should pay more money when you can pay 90 percent and still have your great great grandchildren never know what poor is. The "rich" people who object to high taxes are those that are still trying to get to that level.

Again, though, a million in income per year is a good number to start this at. the more normal "rich" designation of 200K is not. If its 34 percent of everthing ABOVE 1 million, it wont hurt a damn thing. It would make luxury goods cheaper, so there would be less of a pain felt than they think there would be.
 
2011-09-23 07:25:20 AM
List of People Conspiring Against the GOP, and therefor, America
(LOPCATGOPATA for short):
Liberals
Democrats
Socialists
Community Organizers
Geologists
Biologists
Meteorologists
Climatologists
Atheists
Muslims
Jews
Satan
ABC
NBC
CNN
CBS
PBS
All of cable news except FNC
The New York Times
The LA Times
The Washington Post
The Associated Press
Reuters
BBC
The Guardian
Black People
Mexicans
Human Rights Activists
SCOTUS
Europe
Movie Industry
Television Industry
Environmentalists
ACLU
The United Nations
Labor Unions
Colleges
Teachers
Professors
ACORN
National Endowment for the Arts
Gays
Judges
NPR
Paleontologists
Astrophysicists
Museums (*except Creationism Museum)
WHO
WTO
Inflated tires
The Honolulu Advertiser
The Star Bulletin
Teletubbies
Sponge Bob and Patrick
Nobel Prize Committee
US Census Bureau
NOAA
Sesame Street
Comic Books
Little Green Footballs
Video Games
The Bible
CBO
Bruce Springsteen
Pennies
The Theory of Relativity
Comedy Central
Young People
whatever the hell a Justin Beiber is
Small Business Owners
Math
CPAC
Navy SEALs
The Economist
Reality
Warren Buffet
 
2011-09-23 07:26:14 AM

hubiestubert: Good luck with that. Buffett is pretty much the boot strappy type that these asshats claim to want us all to be. There is going to be a lot of heartbroken gnashing of teeth, but there is very little that the GOP can do to this man, because he makes a LOT of their own clients money. And can call in favors across the very system that they have built, because he was there in the trenches. The difference being, is that he retained a bit of his integrity, while so many of these cats sold out any shred of dignity some time ago. This is the difference between being a shill and an actual businessman.

Something that the folks who keep shouting "job creators!" might be well to actually listen to, since he is sort of one of those folks that they claim to want to protect...


Here's the thing about the "job creators" language:

Brancaccio: Frank Luntz, the Republican pollster and opinion researcher.

Lakoff: That's right.

Luntz puts out a little workbook every year or so. And last year in his section on the environment, he said something very interesting.

He said that on global warming, the Democrats have the science on their side, but we can win with language. What we need to do is use words environmentalists like, like "healthy," "clean," and "safe."

Now what that does is each word like that evokes a frame. But what they do is they evoke frames that are the opposite of what they know they mean. These are sort of Orwellian frames. These are ways to manipulate the public.

So whenever you hear an Orwellian term like "Clear Skies Act" or "Compassionate Conservative," means they know they're weak on something. And what you have to do is rename it. Rename it to fit the truth.

It is the Dirty Air Act. It is the Forest Destruction Act


The thing to take away from the "Jobs creator" language isn't that it's silly.

It's the fact that the republicans are conceding that they're weak on this issue.

They know that Americans don't like the idea of tax cuts on "the rich", so they have to avoid that phrase.

And if they have to avoid that phrase, then the democrats have to hammer them on it.
 
2011-09-23 07:27:17 AM
"I know that Mr. Buffett's not likely to release his tax records but I'll bet what it'll show you is that most of what he earns is from capital gains, which is taxed at a 15 percent tax rate rather than deriving it as income [for] which he'd pay a much higher tax rate," Cornyn said on ABC. "If he doesn't derive ordinary income and if all of his, what he puts in his pocket is based on capital gains, I think that would be an important information."


Are these people really this stupid, or is it an act to appeal to their base?

I'll bet what it'll show you is that most of what he earns is from capital gains, which is taxed at a 15 percent tax rate

That's the farking point you dim-witted turd! People with billions/multi-millions make lots of money from investments. Those gains are taxed at a lower rate and therefore, they pay less in taxes than people who have to earn their money as regular income.
 
2011-09-23 07:39:39 AM

schrodinger: hubiestubert: Good luck with that. Buffett is pretty much the boot strappy type that these asshats claim to want us all to be. There is going to be a lot of heartbroken gnashing of teeth, but there is very little that the GOP can do to this man, because he makes a LOT of their own clients money. And can call in favors across the very system that they have built, because he was there in the trenches. The difference being, is that he retained a bit of his integrity, while so many of these cats sold out any shred of dignity some time ago. This is the difference between being a shill and an actual businessman.

Something that the folks who keep shouting "job creators!" might be well to actually listen to, since he is sort of one of those folks that they claim to want to protect...

Here's the thing about the "job creators" language:

Brancaccio: Frank Luntz, the Republican pollster and opinion researcher.

Lakoff: That's right.

Luntz puts out a little workbook every year or so. And last year in his section on the environment, he said something very interesting.

He said that on global warming, the Democrats have the science on their side, but we can win with language. What we need to do is use words environmentalists like, like "healthy," "clean," and "safe."

Now what that does is each word like that evokes a frame. But what they do is they evoke frames that are the opposite of what they know they mean. These are sort of Orwellian frames. These are ways to manipulate the public.

So whenever you hear an Orwellian term like "Clear Skies Act" or "Compassionate Conservative," means they know they're weak on something. And what you have to do is rename it. Rename it to fit the truth.

It is the Dirty Air Act. It is the Forest Destruction Act

The thing to take away from the "Jobs creator" language isn't that it's silly.

It's the fact that the republicans are conceding that they're weak on this issue.

They know that Americans don't like the idea of tax cuts on "the rich", so they have to avoid that phrase.

And if they have to avoid that phrase, then the democrats have to hammer them on it.


Considering how many folks are shipping jobs overseas, and shipping capital out of the country as fast as possible, pretty much.

We want to see economic expansion, we have to encourage actual investment. Here. We have to encourage the smaller entrepreneurs. We need to encourage real competition, not just lip service to it. We need to encourage small businesses to start and grow, to invest locally, to increase their businesses naturally--as opposed to the assisted market that we see today that encourages the largest players with subsidy after subsidy, tax break after tax break, that only encourages them to leave our sunny shores. We need to encourage business, certainly. Smaller, more agile businesses that will put pressure on the largest players to improve their own game, as opposed to only siding with the largest players, and pretending that they are the only ones that matter.
 
2011-09-23 07:45:00 AM
Democrats need to refer to the GOP proposal as the "Jobs Creators in China Act"
 
2011-09-23 07:49:35 AM

Petit_Merdeux: "I know that Mr. Buffett's not likely to release his tax records but I'll bet what it'll show you is that most of what he earns is from capital gains, which is taxed at a 15 percent tax rate rather than deriving it as income [for] which he'd pay a much higher tax rate," Cornyn said on ABC. "If he doesn't derive ordinary income and if all of his, what he puts in his pocket is based on capital gains, I think that would be an important information."


Are these people really this stupid, or is it an act to appeal to their base?

I'll bet what it'll show you is that most of what he earns is from capital gains, which is taxed at a 15 percent tax rate

That's the farking point you dim-witted turd! People with billions/multi-millions make lots of money from investments. Those gains are taxed at a lower rate and therefore, they pay less in taxes than people who have to earn their money as regular income.


Yeah some republican nut job was on NPR last night completely missing the same point too. It's like they are willingly being obtuse.
 
2011-09-23 07:54:22 AM

Faddy: seancakes: NobleHam: They make a good point. We should raise capital gains taxes.

That's what I was able to take from this article.

I don't think capital gains tax should be raised uniformly but instead it should be progressive like income tax. I'm sure there is a reason capital gains exist separate from income for tax purposes but I don't know what those reasons are.


The reasons are something along the lines of "Investment... blah blah blah... job creators... blah blah blah... engine of economic growth... punishing success... derp." Apparently if we don't allow people to gain exorbitant amounts of money, they won't want to gain any money at all anymore.
 
2011-09-23 07:59:22 AM

cmunic8r99: So, we have to bring our 1040 with us when we exercise our freedom of speech now?

Or does that only apply if you have more than $25B


Freedom of speech only applies if you're Republican, a corporation, or are worth several billion dollars.
 
2011-09-23 08:06:24 AM

exatron: or are worth several billion dollars.


Soros & Buffett excepted.
 
2011-09-23 08:12:26 AM
"My secretary pays more taxes than I do!"

"Show some proof."

"ZOMG! Freedom of SPEEEECH!"

Looks like Buffet bought the Democrats with nothing more than a little tongue action.
 
2011-09-23 08:14:48 AM

exatron: cmunic8r99: So, we have to bring our 1040 with us when we exercise our freedom of speech now?

Or does that only apply if you have more than $25B

Freedom of speech only applies if you're Republican, a corporation, or are worth several billion dollars.


But "People are corporations". And yeah GOP may have just made a huge mistake.
 
2011-09-23 08:22:10 AM
They questioned his credibility and asked him to show his tax returns. I hardly consider that "declaring war."

I hate the modern GOP as much as the next rational person, but let's not Santorum at the mouth with the prospect of Warren Buffett using his limitless wealth and resources to sink the GOP. He seems amused by it all, mostly.
 
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