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(Reuters)   Warren Buffett, the other noted American communist after Ben Stein, wants to raise taxes on the rich   (reuters.com) divider line 133
    More: Interesting, Warren Buffett, American communists, ordinary income, State of the Union  
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779 clicks; posted to Politics » on 27 Nov 2012 at 9:18 AM (1 year ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2012-11-27 06:55:35 AM
The most amazing thing to see is that the comments under TFA all focus on the fact that "poor people don't even pay 1% in taxes."
 
2012-11-27 09:06:26 AM

hinten: The most amazing thing to see is that the comments under TFA all focus on the fact that "poor people don't even pay 1% in taxes."


Tax the poor!

Also, Warren and Ben have been saying this for years now. Not exactly news.
 
2012-11-27 09:15:20 AM
"In the meantime, maybe you'll run into someone with a terrific investment idea, who won't go forward with it because of the tax he would owe when it succeeds," Buffett said. "Send him my way. Let me unburden him."

I think I have a Buffett crush
 
2012-11-27 09:22:01 AM
in before donate your money to the goverment
 
2012-11-27 09:26:11 AM
Donate your money to the gov...

Headso: in before donate your money to the goverment


/dammit
 
2012-11-27 09:26:43 AM

Cythraul: hinten: The most amazing thing to see is that the comments under TFA all focus on the fact that "poor people don't even pay 1% in taxes."

Tax the poor!

Also, Warren and Ben have been saying this for years now. Not exactly news.


This. Subby, he was saying this before Ben stein
 
2012-11-27 09:28:04 AM
There should be a 15% tax on people not named agnostic.
 
2012-11-27 09:28:43 AM
Of course he's for it, he doesn't make a dime in income. Call me when he proposes taxing capital gains as income, that'll be real news
 
2012-11-27 09:31:36 AM

Lost Thought 00: Of course he's for it, he doesn't make a dime in income. Call me when he proposes taxing capital gains as income, that'll be real news


FTFA: "So let's forget about the rich and ultra rich going on strike and stuffing their ample funds under their mattresses if - gasp - capital gains rates and ordinary income rates are increased," he said. "The ultra rich, including me, will forever pursue investment opportunities."
 
2012-11-27 09:32:12 AM

Lost Thought 00: Of course he's for it, he doesn't make a dime in income. Call me when he proposes taxing capital gains as income, that'll be real news


Interestingly he lives within his salary, which is pretty modest. He's not using those capital gains to do more than earn more capital.
 
2012-11-27 09:32:52 AM
Gee... the guy who makes most of his money off of selling tax shelters to rich people wants more taxes on rich people, so they'll invest more money with his companies so he can make even more money. What a shock.
 
2012-11-27 09:33:09 AM

Lost Thought 00: Of course he's for it, he doesn't make a dime in income. Call me when he proposes taxing capital gains as income, that'll be real news


FTFA

"So let's forget about the rich and ultra rich going on strike and stuffing their ample funds under their mattresses if - gasp - capital gains rates and ordinary income rates are increased," he said. "The ultra rich, including me, will forever pursue investment opportunities
 
2012-11-27 09:34:04 AM

Lost Thought 00: Of course he's for it, he doesn't make a dime in income. Call me when he proposes taxing capital gains as income, that'll be real news


"So let's forget about the rich and ultra rich going on strike and stuffing their ample funds under their mattresses if - gasp - capital gains rates and ordinary income rates are increased," he said. "The ultra rich, including me, will forever pursue investment opportunities."

He was calling for a minimum tax for the rich in TFA and the above statement does not seem to indicate a desire to leave capital gains untouched.
 
2012-11-27 09:35:13 AM

Lost Thought 00: Of course he's for it, he doesn't make a dime in income. Call me when he proposes taxing capital gains as income, that'll be real news


The Buffett Rule does exactly that for the most wealthy.
 
2012-11-27 09:36:07 AM

cirby: Gee... the guy who makes most of his money off of selling tax shelters to rich people wants more taxes on rich people, so they'll invest more money with his companies so he can make even more money. What a shock.


Higher taxes on the rich will lead to increased investment? Funny, I've heard right-wingers of all stripes claiming that any increase in capital gains taxes will lead to decreased investing.
 
2012-11-27 09:36:32 AM
But if we raise taxes on the rich, they won't create anymore high paying jobs!

i47.tinypic.com
 
2012-11-27 09:36:48 AM
it won't work, they can't generate enough revenue, basic math. the discussion is irrelevant.
 
2012-11-27 09:37:13 AM

Nurglitch: Interestingly he lives within his salary, which is pretty modest. He's not using those capital gains to do more than earn more capital.


Link

Yep, he's gotten super-rich by investing in companies and encouraging them to grow, not investing in companies, loading them with debt, paying himself dividends and management fees from the borrowed money, and then casting them off to die. It's almost like you can be a successful businessman without being an asshole sociopath.

/yeah, I'm lookin' at you, Romney
 
2012-11-27 09:38:43 AM
Capital gains are great for middle class and poor people who are trying to get ahead, taxes on capital gains should be progressive and structured in a way where the middle class and poor pay almost nothing when they actually have those gains. People so quick to say just tax capital gains like income should think about how that could hurt small time entrepreneurs.
 
2012-11-27 09:38:57 AM

knowless: it won't work, they can't generate enough revenue, basic math. the discussion is irrelevant.


One day you guys will come up with something other than "It won't fix the problem completely in one try, so it's not worth doing."
 
2012-11-27 09:39:10 AM

incendi: Nurglitch: Interestingly he lives within his salary, which is pretty modest. He's not using those capital gains to do more than earn more capital.

Link

Yep, he's gotten super-rich by investing in companies and encouraging them to grow, not investing in companies, loading them with debt, paying himself dividends and management fees from the borrowed money, and then casting them off to die. It's almost like you can be a successful businessman without being an asshole sociopath.

/yeah, I'm lookin' at you, Romney


Compared to Buffet Romney is a poor looser who has no idea how to invest properly and gets shiatty returns.
 
2012-11-27 09:39:33 AM

knowless: it won't work, they can't generate enough revenue, basic math. the discussion is irrelevant.


Perfect should not be the enemy of good.
 
2012-11-27 09:39:35 AM

knowless: it won't work, they can't generate enough revenue, basic math. the discussion is irrelevant.


That's why the idea is to generate more revenue AND cut spending. You know, the deal from last year where Boehner said he got 99% of what he wanted and the GOP STILL voted against it.
 
2012-11-27 09:42:09 AM

Nurglitch: Lost Thought 00: Of course he's for it, he doesn't make a dime in income. Call me when he proposes taxing capital gains as income, that'll be real news

Interestingly he lives within his salary, which is pretty modest. He's not using those capital gains to do more than earn more capital.


That's weird. I'd buy an island. Or a small third-world country. What does he do? He uses his obscene amount of money to, make more money!

Something somewhat OCD about that.
 
2012-11-27 09:44:43 AM

Headso: Capital gains are great for middle class and poor people who are trying to get ahead, taxes on capital gains should be progressive and structured in a way where the middle class and poor pay almost nothing when they actually have those gains. People so quick to say just tax capital gains like income should think about how that could hurt small time entrepreneurs.


FWIW, short-term capital gains are already taxed as regular income... so, when I buy/sell my stock options in the same day, I pay regular income tax rates on my profits. I guess it's a shame that I don't have 10s of thousands of dollars laying around to just BUY the shares and sit on them for over a year before selling them to take advantage of those long-term rates... I guess that is something people with a lot more money than me can take advantage of.
 
2012-11-27 09:47:24 AM

Cythraul: That's weird. I'd buy an island. Or a small third-world country. What does he do? He uses his obscene amount of money to, make more money!

Something somewhat OCD about that.


Most of his "money" is berkshire hathaway stock. Using his "obscene amount of money to make more money" consists of running his business as well as he's able. He's proven pretty able, over the years.
 
2012-11-27 09:48:29 AM

theknuckler_33: knowless: it won't work, they can't generate enough revenue, basic math. the discussion is irrelevant.

That's why the idea is to generate more revenue AND cut spending. You know, the deal from last year where Boehner said he got 99% of what he wanted and the GOP STILL voted against it.


Hey libtard, stop lying... Boenher only got 98% of what he wanted.

Soon after that, S&P downgraded its credit rating of the U.S. 
 
2012-11-27 09:48:33 AM

cirby: Gee... the guy who makes most of his money off of selling tax shelters to rich people wants more taxes on rich people, so they'll invest more money with his companies so he can make even more money. What a shock.

 
2012-11-27 09:49:37 AM

incendi: Cythraul: That's weird. I'd buy an island. Or a small third-world country. What does he do? He uses his obscene amount of money to, make more money!

Something somewhat OCD about that.

Most of his "money" is berkshire hathaway stock. Using his "obscene amount of money to make more money" consists of running his business as well as he's able. He's proven pretty able, over the years.


Can he just, you know, 'cash in?'
 
2012-11-27 09:49:41 AM
Here's what we should do when it comes to taxes. Eliminate the entire federal tax code. Create one new tax. It's a bubbled-rate income tax with absolutely no deductions. You pay 4,000,000% on your first dollar earned and 0% after that. If you cannot pay or refuse to pay, you are taken to a forced labor camp where you eat nothing but gruel, sleep four hours a night, wear burlap sacks for clothing, and are completely cut off from the outside world. It's the Republican dream!
 
2012-11-27 09:50:45 AM

mitEj: Compared to Buffet Romney is a poor looser who has no idea how to invest properly and gets shiatty returns.


That's true, Romney doesn't know how to invest. He knows how to loot. But his returns were pretty good. On the other hand, Buffet does know how to invest, and his returns have been awesome.
 
2012-11-27 09:50:52 AM
I work for a Berkshire-Hathaway company, so I get a kick out of this.
 
2012-11-27 09:52:02 AM
Wut a surprise!


Shocking that he is NOT calling for an increase in the capital gains tax...wut a surprise, most of his income is from capital gains (which is why his effective rate is low).

He is going against 0bama by setting the bar at $1M instead of 250k
 
2012-11-27 09:52:02 AM

hinten: The most amazing thing to see is that the comments under TFA all focus on the fact that "poor people don't even pay 1% in taxes."


Right. Because, if I need blood, the first place I look is stones.
 
2012-11-27 09:53:04 AM

knowless: it won't work, they can't generate enough revenue, basic math. the discussion is irrelevant.


Your comment won't stop the discussion, no one's worth listening to is that stupid, basic logic. Your existence is irrelevant.
 
2012-11-27 09:53:31 AM

Cythraul: Can he just, you know, 'cash in?'


He could, but why do that when he's living comfortably on his salary? By all reports the man loves his job, so there's not much incentive to cash out and disappear off to an island somewhere like there is with most high-income jobs (that are usually equally high in stress).
 
2012-11-27 09:54:15 AM

Nurglitch: Lost Thought 00: Of course he's for it, he doesn't make a dime in income. Call me when he proposes taxing capital gains as income, that'll be real news

Interestingly he lives within his salary, which is pretty modest. He's not using those capital gains to do more than earn more capital.


you can buy a private jet and fly around on it by living on a pretty modest salary? Really.?
 
2012-11-27 09:54:59 AM

tenpoundsofcheese: Redacted for people who have TPOC on ignore


Couldn't be bothered to read the article or the thread before waltzing in and taking a dump, eh?
 
2012-11-27 09:56:46 AM
Subby, haven't you learned yet? Warren Buffett doesn't count when we're talking about job creators. Steve Jobs only sometimes. The rules are fuzzier there.
 
2012-11-27 09:58:48 AM

incendi: tenpoundsofcheese: Redacted for people who have TPOC on ignore

Couldn't be bothered to read the article or the thread before waltzing in and taking a dump, eh?


Trolls gonna troll.
 
2012-11-27 09:58:53 AM

theknuckler_33: Headso: Capital gains are great for middle class and poor people who are trying to get ahead, taxes on capital gains should be progressive and structured in a way where the middle class and poor pay almost nothing when they actually have those gains. People so quick to say just tax capital gains like income should think about how that could hurt small time entrepreneurs.

FWIW, short-term capital gains are already taxed as regular income... so, when I buy/sell my stock options in the same day, I pay regular income tax rates on my profits. I guess it's a shame that I don't have 10s of thousands of dollars laying around to just BUY the shares and sit on them for over a year before selling them to take advantage of those long-term rates... I guess that is something people with a lot more money than me can take advantage of.


I would imagine the more typical middle class or poor entrepreneur is either fixing up an investment property or a vehicle and not day trading stocks.
 
2012-11-27 10:00:31 AM
 
2012-11-27 10:02:27 AM

Headso: in before donate your money to the goverment


rite a chek 2 irs buffet and stien hurr durr
 
2012-11-27 10:03:16 AM

theknuckler_33: Headso: Capital gains are great for middle class and poor people who are trying to get ahead, taxes on capital gains should be progressive and structured in a way where the middle class and poor pay almost nothing when they actually have those gains. People so quick to say just tax capital gains like income should think about how that could hurt small time entrepreneurs.

FWIW, short-term capital gains are already taxed as regular income... so, when I buy/sell my stock options in the same day, I pay regular income tax rates on my profits. I guess it's a shame that I don't have 10s of thousands of dollars laying around to just BUY the shares and sit on them for over a year before selling them to take advantage of those long-term rates... I guess that is something people with a lot more money than me can take advantage of.


Yep.
If I work construction every day and make 40K for the year, I am taxed at 25%
If I loan someone 800K for a year and a day at 5% interest and make 40K for the year, I am taxed at 15%

Seems fair.
 
2012-11-27 10:05:35 AM

Headso: Capital gains are great for middle class and poor people who are trying to get ahead, taxes on capital gains should be progressive and structured in a way where the middle class and poor pay almost nothing when they actually have those gains. People so quick to say just tax capital gains like income should think about how that could hurt small time entrepreneurs.


i18.photobucket.com

**Yawn**
 
2012-11-27 10:05:38 AM

Headso: theknuckler_33: Headso: Capital gains are great for middle class and poor people who are trying to get ahead, taxes on capital gains should be progressive and structured in a way where the middle class and poor pay almost nothing when they actually have those gains. People so quick to say just tax capital gains like income should think about how that could hurt small time entrepreneurs.

FWIW, short-term capital gains are already taxed as regular income... so, when I buy/sell my stock options in the same day, I pay regular income tax rates on my profits. I guess it's a shame that I don't have 10s of thousands of dollars laying around to just BUY the shares and sit on them for over a year before selling them to take advantage of those long-term rates... I guess that is something people with a lot more money than me can take advantage of.

I would imagine the more typical middle class or poor entrepreneur is either fixing up an investment property or a vehicle and not day trading stocks.


Perhaps. The same thing applies, however. If someone is fixing up an investment property, I would imagine they would need to hold that property for over a year before selling it in order to pay long-term cap gains rates. Paying 12 months of a mortgage usually eats into whatever profits you might realize by flipping that property.
 
2012-11-27 10:06:47 AM

tenpoundsofcheese: Wut a surprise!


Shocking that he is NOT calling for an increase in the capital gains tax...wut a surprise, most of his income is from capital gains (which is why his effective rate is low).

He is going against 0bama by setting the bar at $1M instead of 250k


FTFA: So let's forget about the rich and ultrarich going on strike and stuffing their ample funds under their mattresses if - gasp - capital gains rates and ordinary income rates are increased. The ultrarich, including me, will forever pursue investment opportunities.

Yes, he is calling for raising capital gains taxes, dumbfark. Is your reading comprehension at a preschooler's level or something?
 
2012-11-27 10:07:56 AM
It looks like noted Supply-Side proponent and Reagan adviser, Bruce Bartlett, has also joined the ranks of the communists.


Link


/Semi-threadjack
 
2012-11-27 10:08:40 AM

Cythraul: Nurglitch: Lost Thought 00: Of course he's for it, he doesn't make a dime in income. Call me when he proposes taxing capital gains as income, that'll be real news

Interestingly he lives within his salary, which is pretty modest. He's not using those capital gains to do more than earn more capital.

That's weird. I'd buy an island. Or a small third-world country. What does he do? He uses his obscene amount of money to, make more money!

Something somewhat OCD about that.


At the risk of turning this into a financial planning seminar, there's nothing OCD about being frugal, living within your means, and using your capital to make more capital rather than plowing it into costly money-holes and burning it.

Something I think that doesn't get addressed, or maybe isn't addressed directly when finance is discussed, is what is being financed. Take buying a car versus being a house, if we suppose for the sake of argument that they are apples to apples. A car usually depreciates, and a house usually appreciates, and investing money into things that depreciate, that lose value. To my mind, and to wildly over-generalize, a good economy is driven by investments that create value, and specifically value that can in turn create value.

Buying an island isn't a value-creation proposition. I'm not saying that you can't enjoy it, and surely you would if you want to buy an island, but that the only way you could turn that island into a value-additive resource, rather than just a value-sucking money-hole, would be tourism (or perhaps resource extraction). But I doubt either of those is compatible with your desire to have an island to yourself and yours, and I don't think tourism adds value since the experience sold is ephemeral rather than something to which people can add value; facebook slideshows of your vacation to not add value.

There's an argument to be made that Coca-Cola products don't add value, but at the remove that Buffett exists from the end product of that company, it's a value-added proposition so long as Buffett can dictate good management practices. Someone else mentioned it, but he's a shocking contrast with Bain Capital in that he buys up companies so that he can control them, but does so to ensure that they have long-term growth prospects, rather than burning them down for the insurance.

Anyhow, a bit of a ramble, and moreso me thinking out loud than attempting to shout you down.
 
2012-11-27 10:11:09 AM

Serious Black: tenpoundsofcheese: Wut a surprise!


Shocking that he is NOT calling for an increase in the capital gains tax...wut a surprise, most of his income is from capital gains (which is why his effective rate is low).

He is going against 0bama by setting the bar at $1M instead of 250k

FTFA: So let's forget about the rich and ultrarich going on strike and stuffing their ample funds under their mattresses if - gasp - capital gains rates and ordinary income rates are increased. The ultrarich, including me, will forever pursue investment opportunities.

Yes, he is calling for raising capital gains taxes, dumbfark. Is your reading comprehension at a preschooler's level or something?


If you have read his posts, and still ask that question, your own reading comprehension is mildly suspect, if I may say so.
 
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