Buffett States the Case

[Guest]

Warren Buffett's 8/14 op-ed piece in the NY Times is all over the media. For all of the 'socialists' out there it is heartening to hear quotes like: "My friends and I have been coddled long enough by a billionaire-friendly Congress. It's time for our government to get serious about shared sacrifice."

I've been advocating this for years and am particularly frustrated by the Republican congressional bloc which has refused to consider raising any revenue to reduce the deficit or pay for job creation.

I am as puzzled by their intransigence as I am by the arguments posted here supporting the coddling of the billionaires. The standard explanations are that taxing the wealthy will deprive them of their ability to create jobs, or that it's just 'un-american' or 'socialistic' to tax some people more than others.

I'm anxious to read anyone's really cogent argument against raising taxes for the "mega-rich", as Buffett calls them. And it would be great to see any facts or figures supporting the case.

Also, as long as we're on the subject, I'd like to see a government report or estimate of the amount of revenue which would result from using the Buffett formula of increased payroll and capital gains taxes on those earning over 1 million a year. My wild guess is that the amount of new revenue would be head-turning. But even if it didn't make a large short-term dent in the deficit, it would certainly help. Maybe more important, it would be a morale boost for most Americans, whom Buffett agrees, have to struggle to support themselves.

[Guest]

http://www.nytimes.com/2011/08/15/opinion/stop-coddling-the-super-rich.html?_r=1&scp=2&sq=buffett&st=cse

[Guest]

Sounds like an old codger who has spent his life making money and now at a ripe old age, he has a change of heart and wants to make amends by his Maker. Like they say, you should think with your heart until your 30 years old then you should think conservatively when your over 30. I guess when you get older, your heart and common sense goes back to when you were young again. I do not think Buffets musings carry much water.

[Guest]

If Buffett wants to give more to the government, he can. Nothing is stopping him. He keeps saying how he pays a lower percentage than his secretary. If he didn't hire tax lawyers to get all the loop holes he would be paying a higher percentage. Why doesn't he just pay the standard percentage??? He also gives millions to the Bill Gates foundation. Why doesn't he give this money to the government?? Now that he has made his fortune in a capitalistic country he wants to make it socialists. I get tired of hearing him whine.

[Guest]

One of the main issue of taxing the "Billionaires" is that it is based on income, and NOT wealth. In other words, they can bury their "Income" in foundations, and PACS. Just ask George Soros.

So once again, the issue is not "Billionaires", but $250,000 aires. Don't think for a second that it's not going to be, AS STATED, a tax on those making more than $250,000. That's what the real issue is about. It's not a tax issue. IT'S A SPENDING ISSUE!

[Guest]

People have been complaining about the wealthy not paying their fair share from the beginning of time. We could do what Putin did and just place billionaires in jail and have the state take over their wealth. short of that people will continue to compalin until the end of time.

[Guest]

again no real answers from the right just some jibberish.

[Guest]

again no real answers from the right just some jibberish.

Please stay on topic, sir.

[Guest]

Sounds like an old codger who has spent his life making money and now at a ripe old age, he has a change of heart and wants to make amends by his Maker. Like they say, you should think with your heart until your 30 years old then you should think conservatively when your over 30. I guess when you get older, your heart and common sense goes back to when you were young again. I do not think Buffets musings carry much water.

You sir are the first to answer, yet you simply dismiss Mr. Buffett and his entire list of reasons why he thinks the wealthy should pay a larger share. A few more who follow your comments make negative remarks about Buffett, but also fail to provide any rationale for their beliefs. Then someone points out that respondents are not on topic and your reply is to suggest he stay on topic.

I woud certainly like to read your explanations to either of my two questions. If you're just going to dismiss things negatively, why not start your own thread?

[Guest]

You sir are the first to answer, yet you simply dismiss Mr. Buffett and his entire list of reasons why he thinks the wealthy should pay a larger share. A few more who follow your comments make negative remarks about Buffett, but also fail to provide any rationale for their beliefs. Then someone points out that respondents are not on topic and your reply is to suggest he stay on topic.

I woud certainly like to read your explanations to either of my two questions. If you're just going to dismiss things negatively, why not start your own thread?

I have seen chart after chart and I do not see how taxing the "rich" is going to make a dent in our budget. We all know that the top ten percent pay way more then their share. What I want to see is a whole restructure of the tax code. Why do people not complain when 50% of it's citizens pay nothing and alot of them get monies back.
The $250,000 a year people, who Obama calls rich, is the small businesses that hire about 80% of all workers. I personally know business people that ceased their capital spending until after the 2008 election. When Obama won, they decided to suspend all expansion until the dust settled with Obamacare and other regulations like cap and trade. Small business is scared of this administration, and taxing them more will not get the jobs back.
I am not bashing Obama here, just telling you what business people are thinking.

[Guest]

Buffett is the biggest hypocrite that ever was. His estate is going to the Gates Foundation to dodge taxes. He is currently in many tax shelters now to dodge tax. If he truly wants to pay, let him pay and let him shut up!