Warren Buffett says rich should pay more taxes
By tovarichpeter Follow Mon, 26 Nov 2012, 8:34am 469 views 10 comments
In South San Francisco CA 94080
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47 male
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Warren Buffett is right.
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Baltimore, MD
I think Warren Buffet should pay more taxes.
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Buffett is stating what is already obvious to me.
The ultrarich will not stop investing in American just because, gulp, their tax rate goes from 15% to 20% or even 28%.
What the hell do you think happens to Romney's working capital, it will be invested as usual. There may be a chunk of tax exempt muni bonds, but they benefit the muni's.
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zzyzzx says
So does Warren. That's the point.
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Los Angeles, CA
Then cap deductions on income tax@ $25K + raise the captial gains tax to 25 or 28%.
Funny how people want the "rich" taxed but somehow are not on board with this very simple concept.
Otherwise rich people are just going to do what they did in the late 1970's when the marginal tax rate was 70%...they'll find investment loopholes and avoid the high tax.
Buffet is full of shit if he wants us to believe he kept investing away, all the while paying a 70% tax rate on those investments.
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Warren Buffett says........................
His money is in a charitable remainder trust, and it doesn't look like he's about to suddenly change his spending patterns or habits. He can say whatever he wants, and claim who knows what, as it won't change much of his personal wealth. His business interests will adjust and/or adapt, and will lobby for some other type of preferential treatment to keep raking it in.
Just because he's stinking rich doesn't mean that we have to listen to EVERY word that he says. Maybe he should just go back on CNBC and answer some more stupid questions, like where he gets his hair cut and how much it costs, if he wants to inflate his ego some more.
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upisdown says
Nope, of course not. But, in this case, he's right. So we should listen.
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Would Buffett still feel the same way about other things that might squeeze his nads a little and that should also be done? How about the cap on Social Security on income?tatupu70 says
We already know what amounts and where tax money has to come from, and Buffett saying it doesn't make it right, or MORE right.
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upisdown says
Again, Buffet saying it doesn't make it right. Buffet says it BECAUSE it is right.
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44 male
Egg Harbor City, NJ
Unfortunately raising the tax on the rich isn't going to be enough to balance the budget. It will certainly help, but it's not a cure all. I don't think a 30% tax rate on investment income over 1 million dollars is going to be too much of a hardship for anyone.