Warren Buffett calls for higher taxes for US super rich

[billvon 2,467]

>Remember the more the CEO makes...the less I as an individual investor get.

You really think that Microsoft investors got less because Bill Gates was paid more than average?

[kelpdiver 2]

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Remember the more the CEO makes...the less I as an individual investor get.

Possibly, not certainly. But this is different from your mistaken rant that he's getting compensation at a lower tax rate than you. The only time he enjoys a 15% rate is when he puts his own money in and holds it long term.

The theory for stock options is to align the CEO with the interests of the shareholders. If he's doing well, so are you. Steve Jobs collected a $1 salary. All of his compensation was based on how well the stock did, iow, how well you did. The new CEO Cook was given a 1 million share grant, but he needs to stay with the company 20 years. He can't engage in short term gains and run. Are any Apple investors complaining about the money Jobs earned?

Downsides to the investor: there is small dilution with grants, though generally for a large company this is insignificant. It's a much bigger concern at startups where all the employees are getting option grants.

The bigger flaw is that options can have a long life but the strike price doesn't move. I think the strike price should increase at least 5% per year, if not be matched to the industry average. Otherwise, the CEO is rewarded for subpar performance.

[shah269 0]

Did someone just call it at 35% at over $300k?
WTF!
I make $100k and my income is taxed at 30%
WTF is up with that !

OK yeah eat the rich!
Fuck this...it's war!

Buffet called it!

Life through good thoughts, good words, and good deeds is necessary to ensure happiness and to keep chaos at bay.

The only thing that falls from the sky is birdshit and fools!

[billvon 2,467]

>I make $100k and my income is taxed at 30%

No, it's not. Your federal taxes will be around 22% BEFORE deductions. If you're like most people it will end up around 20% if you take some of the more standard deductions (personal, mortgage interest etc)

[dreamdancer 0]

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Bill Gates to Support "Robin Hood" Tax

Microsoft co-founder and billionaire philanthropist Bill Gates appears poised to endorse the adoption of a controversial financial transactions tax (FTT) to be used as a new source of development aid for poor countries. Such an endorsement, to be included in a report to the Group of 20 (G20) summit in Cannes in November, will likely boost efforts by summit's host, French President Nicolas Sarkozy, to persuade other countries, particularly in the European Union (EU), to impose such a tax, said activists who have long advocated what some of them call a "Robin Hood tax".

It was Sarkozy who last February asked Gates to prepare a report for the upcoming summit on new ways that money could be raised to promote development and alleviate poverty in poor countries, particularly in light of the sharp cuts in official development assistance (ODA) from many donor countries that followed the 2008-9 financial crisis.

"The report will acknowledge the controversy around the proposal, … but will make the case for a substantial allocation to development," according to a "Technical Note" on the report that will be presented Friday to officials gathered here for the annual World Bank- International Monetary Fund meetings.

"If G20 members or some other set of countries (e.g., within the EU), can agree on the outlines of an FTT, Bill's report is likely to argue, it could generate substantial resources," according to the Note which was attributed to Geoffrey Lamb, the senior advisor on international policy development at the Seattle-based Bill and Melinda Gates Foundation.

"For example, some modelling suggests that even a small tax of 10 bp (basis points) on equities and 2 bp on bonds would yield about 48 billion (dollars) on a G20-wide basis, or 9 billion (dollars) if confined to larger European economies. Some FTT proposals offer substantially larger estimates, in the 100-250 billion (dollar) range, especially if derivatives are included."

http://www.commondreams.org/headline/2011/09/23-1

stay away from moving propellers - they bite
blue skies from thai sky adventures
good solid response-provoking keyboarding

[kallend 1,673]

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>Remember the more the CEO makes...the less I as an individual investor get.

You really think that Microsoft investors got less because Bill Gates was paid more than average?

Or, to put it another way, do you think that Microsoft investors got less because Bill Gates was taxed more than average?

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The only sure way to survive a canopy collision is not to have one.

[kallend 1,673]

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AMT isn't a tax on the super rich.
The way the AMT is structured it affects middle income people too, not just the "super rich".

It used to be
But now it taxes way more that it was intended to.

[dks13827 3]

Well Buffett can write a fat check to IRS as often as he wants.

Oh, does he want more money for the solar cheater companies ? Oh.. well thats different then.

[kallend 1,673]

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Well Buffett can write a fat check to IRS as often as he wants.

Oh, does he want more money for the solar cheater companies ? Oh.. well thats different then.

Not even Buffett and Gates combined could pay for the wasted money and lives from Bush's Iraq folly.

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The only sure way to survive a canopy collision is not to have one.

[CanuckInUSA 0]

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Not even Buffett and Gates combined could pay for the wasted money and lives from Bush's Iraq folly.

I hope you realize that the debt the US Government is in is much bigger than just the Iraq war. If you think that the trouble the US is in is exclusively because of this war, maybe I can interest you in some beautiful beach front time share properties in Bangladesh? I hear the summer months in this tropical time share paradise are to die for.

Try not to worry about the things you have no control over

[kallend 1,673]

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Not even Buffett and Gates combined could pay for the wasted money and lives from Bush's Iraq folly.

I hope you realize that the debt the US Government is in is much bigger than just the Iraq war. If you think that the trouble the US is in is exclusively because of this war, maybe I can interest you in some beautiful beach front time share properties in Bangladesh? I hear the summer months in this tropical time share paradise are to die for.

Since I wrote no such thing, and you snipped the post to which I replied and which provided context, it is clear that this is a deliberate strawman on your part.

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The only sure way to survive a canopy collision is not to have one.

[CanuckInUSA 0]

Okay so we can now say you acknowledge that the problems in the USA are much bigger than the Iraq war? As unfortunate as the war was, there is no need to constantly bring it up every time some discussion about the state of the US finances are concerned because the present troubles the US is in were caused by more than just the Iraq war. Step one accomplished. Next. Do you acknowledge that both Democrats and Republicans have done things that have screwed over the American people? If no, you believe that all problems in the USA can be directly related to only the Republicans, then maybe I can interest you in some beautiful beach front time share properties in Bangladesh? I hear the summer months in this tropical time share paradise are to die for.

Try not to worry about the things you have no control over

[billvon 2,467]

>Not even Buffett and Gates combined could pay for the wasted money and lives from
>Bush's Iraq folly.

Yep. And the next post will blame the Clinton dot.com bubble, and hehadsexwithanintern dontcha know. And the post after that will blame the Reagan tax cuts. And then someone else will blame the Obama bailouts. And the next post will point out that those were Bush's.

But while all these people are blamestorming we have to solve the problem _now_. And that means cuts, even in programs we like. And that means taxes, even if it means we pay more.

[chutem 0]

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>Not even Buffett and Gates combined could pay for the wasted money and lives from
>Bush's Iraq folly.

Yep. And the next post will blame the Clinton dot.com bubble, and hehadsexwithanintern dontcha know. And the post after that will blame the Reagan tax cuts. And then someone else will blame the Obama bailouts. And the next post will point out that those were Bush's.

But while all these people are blamestorming we have to solve the problem _now_. And that means cuts, even in programs we like. And that means taxes, even if it means we pay more.

There's no place for that kind of common sense thinking here in SC.

James

[CanuckInUSA 0]

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we have to solve the problem _now_. And that means cuts, even in programs we like. And that means taxes, even if it means we pay more.

None of us wants to pay more taxes. But in some circumstances they may need to be raised. Personally if taxes in the USA are to be raised (only after big cuts to government spending are made), I feel the best place to raise these taxes would be in consumption taxes (ie: sale taxes). As long as they are not raised too high they should help bring some additional revenue to governments while at the same time allowing people to decided whether or not they can afford the taxes on their consumption. The ever so hated rich people usually do pay their consumption taxes when they buy their lavish lifestyles (houses, yachts, airplanes, cars not to mention entertainment).

Question to dizzy.com Republicans: Would you accept new consumption taxes? or are you totally against all taxes? Republicans can win the next presidential election if they play their cards smart, but both Donkeys and Elephants need to understand that the good of the nation should trump the lust for power. At least in my opinion, new consumption taxes are the fairest taxes. Just don't raise them so high that it drives people into the underground economy.

Try not to worry about the things you have no control over

[DaVinci 0]

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Not even Buffett and Gates combined could pay for the wasted money and lives from Bush's Iraq folly.

That 82 Democratic Reps said was OK, and 29 Democratic Senators said was OK.

If they had just said NO... Then it would have never happened.

[kallend 1,673]

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Okay so we can now say you acknowledge that the problems in the USA are much bigger than the Iraq war?

I never claimed otherwise.

And that is why taxing the poorest 20% will make no significant difference despite whining from the right that they "pay no tax".

And that is why cutting the right's despised programs like the NEA, NSF, NEH and foreign aid will make no significant difference, they are peanuts compared with defense, Medicare and SocSec.

Taxes need to be raised on those who actually have the money (aka the rich), and cuts need to be made in BIG programs.

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The only sure way to survive a canopy collision is not to have one.

[DaVinci 0]

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And that is why taxing the poorest 20% will make no significant difference

You say it will make no difference. We say that if they have to pay they might pay closer attention to what the govt spends.

My Father made me pay for my own education. His reasoning was I would actually go to class instead of party.

Same logic applies here. The lower tax brackets might not make an economic impact, but it sure as hell will not hurt and might actually get them to pay attention to the govts spending.

[kallend 1,673]

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And that is why taxing the poorest 20% will make no significant difference

You say it will make no difference. We say that if they have to pay they might pay closer attention to what the govt spends.

My Father made me pay for my own education. His reasoning was I would actually go to class instead of party.

Same logic applies here. The lower tax brackets might not make an economic impact,

Indeed.

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but it sure as hell will not hurt and might actually get them to pay attention to the govts spending.

A dubious proposition with no data at all to back it up. Sort of nonsense one expects from Michelle Bachmann

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The only sure way to survive a canopy collision is not to have one.

[mirage62 0]

John lives in a different world. Years ago he ran a great and very successful business. But now he teaches, can't be fired and is sort of like Warren Buffet (They look alike if you drink enough beer) He is very good and telling other people to pay more taxes, or that the idea of paying more taxes is right. He won't ever answer what is "rich".

But he has a COOL car and airplane.

Oh yeah, and my plane is going to kick his planes ass at the POPs record this year.

Kevin Keenan is my hero, a double FUP, he does so much with so little

[CanuckInUSA 0]

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But he has a COOL car and airplane. Oh yeah, and my plane is going to kick his planes ass at the POPs record this year.

I wish I was rich enough to own my own airplane (if you can believe it I am a certified SEL pilot, I am just not current anymore). But people who own airplanes need not worry about me. I won't hold it against them. Their personal wealth is none of my business. I do not seek to socially engineer rich airplane owners into something that they are not.

Try not to worry about the things you have no control over

[kallend 1,673]

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John lives in a different world. Years ago he ran a great and very successful business. But now he teaches, can't be fired and is sort of like Warren Buffet (They look alike if you drink enough beer) He is very good and telling other people to pay more taxes, or that the idea of paying more taxes is right. He won't ever answer what is "rich".

But he has a COOL car and airplane.

Oh yeah, and my plane is going to kick his planes ass at the POPs record this year.

My plane is cooler than yours

And rich is about assets, not income. I'd put anyone in the top 1% of assets in the category of "rich". A billionaire who lost $5M last year is still richer than someone with net assets of $100k who earned $100k last year.

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The only sure way to survive a canopy collision is not to have one.

[kallend 1,673]

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But he has a COOL car and airplane. Oh yeah, and my plane is going to kick his planes ass at the POPs record this year.

I wish I was were rich enough to own my own airplane

Obviously you are undeserving, or you would be

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The only sure way to survive a canopy collision is not to have one.

[pyromelon 0]

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Taxable income for millionaires and billionaires last year was a little over 600 billion. Even if they take all of it, it's not going to solve Obama's spending problem. The federal government has a spending problem, big time.

Amen, dude. The other problem is history. not ONCE since WW2 has any tax hike resulted in significant revenue increases. Nothing beyond 300 basis points.
It changes behavior and the $$ goes no where or somewhere else.
I hate this "tax the rich" crap. I have sometimes hit upper brackets and wondered why I was the enemy. But I do owe a lot to my education. I graduated from 8th grade.

[chutem 0]

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But he has a COOL car and airplane. Oh yeah, and my plane is going to kick his planes ass at the POPs record this year.

I wish I was rich enough to own my own airplane (if you can believe it I am a certified SEL pilot, I am just not current anymore). But people who own airplanes need not worry about me. I won't hold it against them. Their personal wealth is none of my business. I do not seek to socially engineer rich airplane owners into something that they are not.

Look into flying clubs. The club I belong to has 10 members with an Archer II. We each pay $56 a month and $38 an hour dry to fly. I can fly a few hours a month in exchange for not having the car payment/insurance cost of a newer vehicle. We do much of the maint on our aircraft under the supervision of an understanding A&P/IA.

I know this is not where you were going with your post. I just wanted to point out that you need not be "rich" to fly.

James