Somewhat OT: Of the 1%, by the 1%, for the 1% - 30 years of greed

[Kurt Ullman]

He also wasn't talking apples and oranges. Since at least one of his Lts. was paying a rate 6% above the top rate, it looks like (1) nobody is using the perk about tax planning he offers (2) they are including taxes other than just federal income taxes. He specifically states, in fact, that includes payroll (SS) taxes. He likely to pay less in total taxes since he makes so much more than the SS cutoff, so it is a much smaller of %age of his income. What the people who Take Umbrage at that fail to mention is that the income cutoff for SS taxes is EXACTLY the same as the cut off for benefits. They make it seem like the rich are getting away with something. What is happening is that even if they make $50 kajillion this year, their SS benefits won't be based on that income, but rather only to the cutoff. If you think about, there is already a type of means testing going on.

My CPA thinks that they have to be under the constitution, at least those for municipal purposes.

[HeyBub]

I don't think Buffett pays ANY SS taxes, simply because he has no WAGES. All his income (if memory serves) is from capital gains on which there is no payroll taxes. One wonders what he'll do for retirement...

I worry about him.

[Kurt Ullman]

According to Berkshire's 10-K he gets a salary of a $100,000 or so.

[Higgs Boson]

***Stormin', you keep on repeating that same hoary Right-wing myth about the rich paying "much higher percentage of their income as taxes." WHICH taxes? You're not slipping that one past any NG member who isn't fast asleep. The real pain for the poor, near-poor and middle class (what's left of it) is in the PAYROLL tax -- SS--that is taken out of their checks.

Since the rich get most of their income from investments and trusts, they don't pay payroll taxes. And they are taxed very leniantly on their sources of income. ... Even the mighty Lord High Executioners of corporations and too-big-to-fail banks manage to avoid most taxes on their obscene salaries and bonuses. Helps to have good friends in Congress.

Hic jacet lapin.

HB

[BobR]

rich.- Hide quoted text -

Yes, Buffet opened his mouth and made a totally ignorant statement when you consider that Buffet has used very loophole he could find to avoid paying taxes and is currently in a battle with the IRS over millions that he owes. Talk about the ultimate hypocrite.

[Higgs Boson]

rich.- Hide quoted text -

Buffet is running a PR campaign to distract people from noticing what he's up to. He plans to use the Burlington Railroad he owns to bring filthy black coal to West Coast ports that would be "reconfigured" (polite terms) to accept these never-ending train loads for export to China,etc. Wreck more of the mining area environment and totally brutalize the West Coast areas targeted for his new port.

HB

[BobR]

No, it's never been about fairness, it is and has always been about trying to transfer the attention for governments failures to someone else.

[krw]

OMG! He pays the Maximum! OTOH, I'm sure he's *collecting* SS and MC.

[HeyBub]

What?! Any loophole he used was put there by the government to foster some social goal (i.e., charitable contributions). That Buffett directed so much of his wealth toward these social goals, he should be PRAISED for doing what the Congress, in its wisdom, decided.

And, no, he's not the ultimate hypocrite. Male gynecologists have that title sewed up. (I mean the TITLE is "sewed up," not the, ah, well, you know.)

[HeyBub]

Sounds like a good idea to me: Provide jobs, improve our balance of payments, and so on. Heck, because of cheap coal, California may even start to build coal-fired power plants and reduce the cost of energy for everyone in the state.

It's a win all around.

[trader4]

What we had at the end of his term was a booming economy that went on to be the marvel of the world. And a country that stood tall in the world and defeated the Soviet Union. Perhaps you missed it. Inflation was demolished, interest rates which were at 18% for US Bonds were more than cut in half. That period of prosperity extended to today.

If by ruining the future, you're harping about the increase in the national debt, I suggest you take a look at the facts. The deficits Reagan ran were within the norm as a percent of GCP. They did not put an unreasonable burden on the economy. Also, given the deficits we have today under Obama, clearly the deficits of today had nothing to do with what Reagan did 30 years ago. Libs like to pretend that the Reagan tax cuts created deficits. In reality, revenue doubled during his term. Yes, spending grew even faster, but you should also consider that Republicans never had control of the House during the Reagan years and only had control of the Senate for part of it. Given the whining we're hearing from Obama about how he can't get anything done despite having had control of both houses of Congress for 2 years, what Reagan accomplished is quite remarkable.

[trader4]

e rich.- Hide quoted text -

I bet you also bitch about our trade deficit with China with equal relish. Sounds to me like exporting coal to them is a good idea. I guess you're like the nuts trying to block the pipeline from the tar sands of Canada too, because that fuel is unacceptable to you. You ever stop and think that if the USA doesn't sell the coal to China, plenty of other countries will. Have you no compassion for those here that want to work?