Speaking at a $4,600-a-seat political fundraiser in New York, as quoted in "Buffett blasts system that lets him pay less tax than secretary", Times Online, June 28, 2007
Except that he doesn't pay less tax than a secretary. He might pay a lower percentage of his income in taxes but I bet the actual dollar amount is a hell of a lot more than a secretary pays.
Well duh. I thought that was obvious.....Except that he doesn't pay less tax than a secretary. He might pay a lower percentage of his income in taxes but I bet the actual dollar amount is a hell of a lot more than a secretary pays.
frisbee said:is there still a middle class ?
Yeah...obvious to you and me...but not obvious to the Democrat-voting idiots who think money comes from "Tha Gubmint".Well duh. I thought that was obvious.....
I agree with this absolutely. It needs to be done in that order though. Raising taxes without getting spending under control will only lead to mote spending and bigger deficits. It will take an across the board tax increase, not just a tax increase on the 1%. If you raise the capital gains tax rate, you will pay more taxes when you sell your house if you aren't upside down since that is a capital gain.You guys can say/think whatever you want, the only way to reduce the deficit is to reduce spending AND raise taxes. As said, it's not a repub vs. dem issue, none of them care about working people.
The rich get richer by both creating and exploiting loopholes in the tax code (which is so convoluted it's ridiculous) while the rest of us suffer. If the gov't were serious about reducing the burden on working people they would make things fair by changing the way things are done. They couldn't care less, politicians are bought and paid for by the time they take office. There are simple and fair solutions for most all of the problems that this country suffers from, unfortunately the leadership is not interested in anything besides keeping their power. We have created a ruling class and they aren't going to give it up easily.Income tax and Capital Gains are two entirely different animals. Warren Buffet makes $100K annually in wages and pays exactly what everyone else pays. He makes most of his money through Capital Gains which he re-invests.
Rich people didn't get rich by being stupid. Raising capital gains taxes would drive money out of this country onto foreign lands and actually decrease the gross amount of tax collected from capital gains. Some economist say the country would benefit if the capital gains tax was completely eliminated.
I heard a quote the other day that described the Warren Buffet theory quite well: "This Warren Buffet rhetoric is nothing more than the left pandering to the stupid and uninformed"!
All I know for sure is "What we are doing right now aint workin folks"
Agreed, however cuts must be made across the board. We cannot allow sacrifices to be made to arts and education for instance, without a similar percentage being cut from defense and personnel. Everyone will have to feel the pinch equally to get it done. Exemptions on capital gains could be offered for those selling houses in which they actually reside, as opposed to those who make a living buying and selling property.I agree with this absolutely. It needs to be done in that order though. Raising taxes without getting spending under control will only lead to mote spending and bigger deficits. It will take an across the board tax increase, not just a tax increase on the 1%. If you raise the capital gains tax rate, you will pay more taxes when you sell your house if you aren't upside down since that is a capital gain.