Buffett: "Tax Cuts For All But The Rich"

Jermyn Davidson · #1 10-05-2010, 02:38 PM

Does Buffett have any credibility when it comes to matters of money?

What does he have to say about America's debt problems?

http://money.cnn.com/video/news/2010...taxes.fortune/

coadie · #2 10-05-2010, 03:08 PM

Buffet's secretary was taxed at a rate of 30 percent of the $60,000 she earned last year. Buffet, without seeking tax shelters or loopholes, paid less than 18 percent of his $46 million in income last year in tax.
His 2006 annual salary was about $100,000, which is small compared to senior executive remuneration in comparable companies.[62] In 2007, and 2008, he earned a total compensation of $175,000, which included a base salary of just $100,000

Jermyn Davidson · #3 10-05-2010, 04:46 PM

I just think that it is interesting that Warren Buffett, with all of his knowledge and credibility, happens to agree with this Conservative guy-- and all I have to show is my common sense!

Praxeas · #4 10-05-2010, 04:57 PM

Quote:

Originally Posted by Jermyn Davidson

I just think that it is interesting that Warren Buffett, with all of his knowledge and credibility, happens to agree with this Conservative guy-- and all I have to show is my common sense!

Not trying to be insulting but to me what you show is not common sense but a tendency to react more on an emotional level than a common sense level, not that you lack common sense, I just don't think you use it as much as you do how you feel

Jermyn Davidson · #5 10-05-2010, 05:00 PM

Quote:

Originally Posted by Praxeas

Not trying to be insulting but to me what you show is not common sense but a tendency to react more on an emotional level than a common sense level, not that you lack common sense, I just don't think you use it as much as you do how you feel

Not insulted.

Even still, in this case, there is someone much more credible, much more knowledgable than me and yet, he agrees with me.

Did you listen to what he had to say?

Do you have any responses?

Praxeas · #6 10-05-2010, 05:15 PM

Quote:

Originally Posted by Jermyn Davidson

Not insulted.

Even still, in this case, there is someone much more credible, much more knowledgable than me and yet, he agrees with me.

Did you listen to what he had to say?

Do you have any responses?

No, Id rather read it than listen to it.

What did he say?

Jermyn Davidson · #7 10-05-2010, 05:49 PM

These are some of his notable quotes from that interview.

"I think we should raise taxes on the very rich."

"We’re taking in about 15 and a fraction% of GDP and income in the United States, that isn’t enough. We’re gonna have to get more money from somebody. The question is do we get more money from the person that’s gonna serve me lunch today or do we get it from me and I think they should get it from me."

"We're not taking enough money (at the Federal level)."

"There are spending cuts to be done I'm sure."

"There is only but a few places to get it. You get it from corporations and you get it from individuals…. If we’re gonna get it from individuals, it shouldn’t be the bottom 98% it should be more form the people at the top."

"If you get a $100 billion more from taxes (just pick a number) from people like me at the top, it means you borrow $100 billion less out of the economy. Somebody’s gonna come up with the $100 billion either way."

Buffett thinks lowering taxes even further than the Bush tax-cuts for the bottom 98% of all Americans is a good idea.

coadie · #8 10-05-2010, 05:57 PM

Quote:

Originally Posted by Jermyn Davidson

These are some of his notable quotes from that interview.

"I think we should raise taxes on the very rich."

"We’re taking in about 15 and a fraction% of GDP and income in the United States, that isn’t enough. We’re gonna have to get more money from somebody. The question is do we get more money from the person that’s gonna serve me lunch today or do we get it from me and I think they should get it from me."

"We're not taking enough money (at the Federal level)."

"There are spending cuts to be done I'm sure."

"There is only but a few places to get it. You get it from corporations and you get it from individuals…. If we’re gonna get it from individuals, it shouldn’t be the bottom 98% it should be more form the people at the top."

"If you get a $100 billion more from taxes (just pick a number) from people like me at the top, it means you borrow $100 billion less out of the economy. Somebody’s gonna come up with the $100 billion either way."

Buffett thinks lowering taxes even further than the Bush tax-cuts for the bottom 98% of all Americans is a good idea.

But the core issue is jobs. Obama's programs choke job growth. That is a source of tax revenues.

Praxeas · #9 10-05-2010, 06:29 PM

Quote:

Originally Posted by Jermyn Davidson

These are some of his notable quotes from that interview.

"I think we should raise taxes on the very rich."

"We’re taking in about 15 and a fraction% of GDP and income in the United States, that isn’t enough. We’re gonna have to get more money from somebody. The question is do we get more money from the person that’s gonna serve me lunch today or do we get it from me and I think they should get it from me."

"We're not taking enough money (at the Federal level)."

"There are spending cuts to be done I'm sure."

"There is only but a few places to get it. You get it from corporations and you get it from individuals…. If we’re gonna get it from individuals, it shouldn’t be the bottom 98% it should be more form the people at the top."

"If you get a $100 billion more from taxes (just pick a number) from people like me at the top, it means you borrow $100 billion less out of the economy. Somebody’s gonna come up with the $100 billion either way."

Buffett thinks lowering taxes even further than the Bush tax-cuts for the bottom 98% of all Americans is a good idea.

Questions: How did he define "the very rich"?

Did he mention fixing the many loopholes that allows someone like him to not pay taxes no matter what the tax rate is?

coadie · #10 10-06-2010, 08:15 AM

DAYTON, Minn. -- Vice President Joe Biden has told Democrats at a Minnesota fundraiser that he'll "strangle" members of the GOP who complain about the federal budget.

According to a pool report from Tuesday's event in Dayton, Biden was telling the crowd that Democrats know how to balance the budget. He said, "If I hear one more Republican tell me about balancing the budget, I am going to strangle them."
The Congress acted too cowardly to make a budget for next year before taking a break.