Warren E. Buffett wants to pay more taxes

Discussion in 'Politics, Religion, Social Issues' started by Heilage, Aug 15, 2011.

  1. Heilage macrumors 68030

    Heilage

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    #1
    A very interesting read from the NY Times. This guy points out that many of these uber-rich are philantropists and will donate much of their wealth, and thus don't mind paying more in taxes at a time when the middle and low class are struggling.

    Read the whole thing here.
     
  2. CorvusCamenarum macrumors 65816

    CorvusCamenarum

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    #2
    Not saying I disagree with his premise (in theory), but what's stopping him from writing an extra check? Of course, it's really easy to say "I think *you* should pay more taxes."

    That being said, I'm all for removing the cap on FICA and treating capital gains as ordinary income.
     
  3. Eraserhead macrumors G4

    Eraserhead

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    #3
    Well he's not saying "I think *you* should pay more taxes", he's saying I think billionaires like me should pay more taxes.

    I also doubt the government can process just being handed extra money.
     
  4. NT1440 macrumors G4

    NT1440

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    #4
    I've seen this from GOP members (note, not Corvus, just using this post as a spring board) used as if it somehow discredits the point if the person has not just cut a check.

    Does anyone agree that it does somehow? :confused:
     
  5. kavika411 macrumors 6502a

    kavika411

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    #5
    You'd be surprised.
     
  6. iJohnHenry macrumors P6

    iJohnHenry

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    #6
    He also knows there is not a chance in Hell that this will ever happen, so he is playing games.

    Greed has ceased to surprise me.
     
  7. englishman macrumors 6502a

    englishman

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  8. Arran macrumors 68040

    Arran

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    #8
    What Buffet's arguing for (as I see it) is that everyone should chip in their fair share. If only one person writes a check, then the rest have effectively become freeloaders, deadbeats, shirkers of whatever you want to call them.

    Look, it's like we all went out to dinner together. Some of us just had a salad while others scoffed lobster and Lafite. Now the bill's arrived and it's time for everyone to pay their fair share. If not, we'll all end up washing the dishes. :)
     
  9. leekohler macrumors G5

    leekohler

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    #9
    Pretty much how it works.
     
  10. Squadleader macrumors regular

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    #10
    Not quite....Only 52% of Americans actually pay any income tax at all...So you still get to eat free, while others have to wash YOUR dishes....:cool:
    The fair share should actually mean, end federal welfare..Which should mean stop giving refund checks to those who DID NOT PAY ANY INCOME TAX...Lets start there...
     
  11. iJohnHenry macrumors P6

    iJohnHenry

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    #11
    OMG!!! :eek:

    Survival of the fittest? Are you insane? This goes against Nature!!! :rolleyes:

    Please consider how bad they will feel about themselves, and the life choices that they have made.





    As they starve to death. :p
     
  12. renewed macrumors 68040

    renewed

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    #12
    I "like" how they have Credit Card as an option on there. Like putting a donation on credit will help anything. :p
     
  13. Ugg macrumors 68000

    Ugg

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    #13
    Yep, I agree, we need to stop companies like GE from not paying any income tax at all. Any company that doesn't pay any tax should have its CEO's pay taxed at a 75% rate. That would probably take care of the deficit right there.
     
  14. _Matt macrumors 6502

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    #14
    I don't get why rich people aren't taxed out of their *****.

    Is it difficult to survive in America making upwards of $250,000 a year? $500,000? Did you earn that money, or are you blessed to be in a country that provided the means and pursuit of that wealth?

    Unfortunately, in our greatest times of economic prosperity, not only were we at war globally draining other countries of their blood and treasure, but we were taxing the hell out of the wealthy.

    We're already entrenched in enough unsuccessful war (although some people are still getting rich off it), so why don't we just raise taxes?

    Am I missing something?
     
  15. hulugu, Aug 16, 2011
    Last edited: Aug 16, 2011

    hulugu macrumors 68000

    hulugu

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    #15
    Well, they don't pay federal income tax because they make so little after all the various credits available. However, they do pay social security, FICA, local and state taxes, sales taxes, and payroll taxes.

    Roughly 15 million people make so little they don't even have to file for Federal Income Tax.

    Furthermore, 93 percent of the people who do not pay taxes or receive a federal credit (because of EITC, etc.) make less than $20,000 per year.

    Of course, we could adjust the tax, so that the 53 million people who make less than $20,000 pay one dime in tax—making your statistic meaningless and yet doing very little about the massive wealth disparity in the United States.

    Ironically, GE and those who don't pay taxes are playing the same game: using the tax law's deductions and credits to avoid paying taxes. Of course, GE should be protected and lionized for being financially clever; poor people should be lambasted as freeloaders.

    I have to disagree with _Matt, taxing the rich at excessively high rates would be detrimental, but there's no reason a few shifts in tax law wouldn't help stabilize the deficit while, as some economists have argued, actually encouraging investments.

    I like Corvus's suggestions, the cap should be removed and capital gains should be taxed at, or close to, regular income rates. The current tax law has failed to encourage economic development.
     
  16. CorvusCamenarum, Aug 16, 2011
    Last edited: Aug 17, 2011

    CorvusCamenarum macrumors 65816

    CorvusCamenarum

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    #16
    Again, what's stopping him? It's rather telling that he stands up and says "raise taxes on us richies" while preferring to give his money to private charity rather than the government, which in turn reduces his tax bill.

    Additionally, the government loves being handed extra money; it happens just about every time an employer cuts a paycheck. We overpay during the year, the government gets what amounts to an interest-free loan of our money, then has to give some of it back around April.

    Are we talking about simply the rich, who I would define as those who work for their money, or the super-rich, who I would define as those whose money works for them? Given the crisis we're currently facing, I'd ultimately like the tax code to give preference to those who create value as opposed to those who merely transfer value. And yes, I know that's a pipe dream.

    Actually, now that I think on it, I'd go one better: raise the capital gains tax rate across the board and do away with the sliding scale and short/long term nonsense, but everyone gets a lifetime cumulative exemption of the first 2 or 3 million (I'm just spitballing that number so you get the idea).
     
  17. Eraserhead, Aug 17, 2011
    Last edited: Aug 17, 2011

    Eraserhead macrumors G4

    Eraserhead

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    #17
    These are the same 48% who control the same amount of wealth as the richest 400 Americans.

    Why should he allow the other billionaires to shirk on their responsibility? And I think this request that he pays more taxes is bizarre. I would be perfectly happy to pay more taxes, but you know until the government asks for more money I'm not going to give it to them - just like if I go on the metro in a developing country I don't offer to pay more.
     
  18. bassfingers macrumors 6502

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    #18
    It seems like most of you think it's a crime to make a lot of money.

    Looks like most of you in this thread think it's your job to decide whether or not a person "deserves" over 500,000. Btw, you have no right to make that decision. By what standard are you saying enough is enough? and who is to decide whether or not you are right? Its a subjective judgement to make against someone, and it is un-American to strip them of their right to perform in a free market.

    Side note, this is where someone says "what about paris hilton, and others who did nothing to earn their wealth?". Her parents, (and you and I) have the right to leave whatever amount of wealth we want to our children. Guess what? Its just another incentive to work hard.

    And almost everyone in this thread ignores the hole that welfare and government handouts puts people in. Does anyone here have a third generation indoor house cat that they think would fare well outdoors? Didn't think so

    Pay their fair share? The US has more than enough tax revenue to perform the duties allotted to the federal government by the constitution. Everyone is paying their fair (or more than it IMO). The problem is that government is spending too much.
     
  19. 0dev, Aug 17, 2011
    Last edited: Aug 17, 2011

    0dev macrumors 68040

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    #19
    There are economic arguments on both sides here. Since income tax is a tax on labour, it can also be said that lower taxes - especially for the rich - increases economic prosperity because if rich businesspeople have more money to hire more staff, and those staff have less tax to pay, both of those people have more money in their pockets to go out and spend, and overall you have more money flowing in the economy. The rise in employment opportunities also helps the lower classes.

    A notable example of this working in the real world is Hong Kong, which only has about four or five taxes in total (as opposed to the infinite number of hidden stealth taxes in the US and UK), each at around 10% for most people, and well, look at their economy...
     
  20. afireintonto macrumors 6502a

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    #20
    No one is saying, "that you deserve to be punished for making more money," we are simply saying that you and all of us have to pay the same percentage of income tax. I'm in college, making about 5k a year. I still pay taxes. I pay income taxes, and I pay taxes whenever I go out to buy something. Now the ratio I pay in income taxes is much lower than someone making 500,000 a year, but only because I'm in college.
    If I were working a full time job, perhaps earning 40,000 I'd actually be paying a higher percentage of my income to taxes than someone who earns half a million.
    It's all Bush policies, and sales taxes, which is the most regressive tax there is.
    The ratio at which I buy groceries and you buy groceries with our incomes is gross. It costs me a lot more to go buy food for the week than it does you. Not that the price is higher for me. But the cost is. It costs me more hours of work than it does you.
    Get it?
    Your not being punished for making more, but if I make 40k a year and you make 500k a year we should both pay the same percentage in taxes. Yours will have a higher dollar amount, but the cost will be the exact same.
     
  21. 0dev macrumors 68040

    0dev

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    #21
    Guess what a great tax write off is? That's right, charitable donations.
     
  22. Jagardn macrumors 6502a

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    #22
    I think we need to fix the government waste problems before raising taxes. If they raise taxes, the will get more revenue, but will waste a lot of it. Then we would be in the same boat again. The government is a necessary evil, they do some good things, but not very efficiently. If we kept the congressman's salaries based on the deficit, we would be in much better shape. Zero deficit or a surplus, they get their normal pay OR Their pay gets cut based on the amount of that years deficit. It will make them think instead of just blowing our money.
     
  23. 0dev macrumors 68040

    0dev

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    #23
    Lowering taxes tends to increase revenue more than raising them. If you raise taxes, the people with the money put it somewhere else and look for more ways to get out of paying, whereas if you decrease them, the increase of money flowing in the economy as a result causes a rise in tax revenue. This has been shown to work during the Thatcher years in the UK as well as right now in Hong Kong.
     
  24. bassfingers macrumors 6502

    bassfingers

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    #24
    That is a fantastic idea. Simple, but effective. Is that a popular one because I've never heard that before. Unfortunately, Congress would be the ones to create that change, so it can't happen :(
     
  25. CorvusCamenarum macrumors 65816

    CorvusCamenarum

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    #25
    He's a private citizen; as such, he's not in much of a position to allow others to do much of anything when it comes to the issue at hand.

    Why is it bizarre? He's the one calling for it; the least we can do is expect him to have his money and his principles on the same boat ride.

    So you're OK with having other people pay more taxes and rationalize it by claiming you'd do so yourself, yet where the rubber meets the road, you're still in the driveway. Got it.
     

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