Buffett demands to pay more tax? An alternative view!

[RoadToad]

So does Obama's tax plans call for raising taxes on everyone above the 250k mark or not.

If NOT then I'm an unreasonable man.

Yes it does, but that's OBAMA's plan, not BUFFETT's! This thread was started to discuss the merits of Buffett's idea, not Obama's. But rather than discuss the idea on its merits, you're substituting an argument about another subject. You refuse to even consider his idea, simply because it entails somebody, somewhere in America, paying more taxes. Never mind that he also said, "job one for the 12 [committee members] is to pare down some future promises that even a rich American can't fulfill." You do understand what he means, right? The first thing the super committee needs to work on is spending cuts!

Like I said before, BOTH sides need to listen to this guy; he knows what he's talking about.

[GeoFisher]

OK.....so Buffett talks about his extremely low taxes.....fine.....He pays a low rate due to capital gains taxes.......

Lower CAPITAL gains taxes is just that......LOWER TAXES on Capital.....MONEY in the system....Do you suppose taxing MONEY in the system is going to help grow our economy NO.

Next. Buffett chooses to take his income in Capital Gains, instead of a salary....HIS CHOICE. He could pay himself a hefty salary instead, and pay 10 craploads more in taxes.....instead, he uses the system to pay lower taxes. FIX the system so he cannot take primary income as GAINS.

I think personal income should be taxed as personal income.........he's cheating and loves the fact that everyone is up in arms about it. He is being very, VERY dishonest about the issue if you ask me.

Raising the amount you pay on capital gains will hurt anyone who is currently in the market....and if you DON'T think folks will pull their money out of the market TODAY at a lower gains rate......you are kidding yourself.......I WILL, and everyone else I know WILL. We're talking about 10 or 15 percent in additional taxes.......

Later,

Geo

[vetbass]

exactly geo--"fix the system so he cannot take primary income as GAINS"--prevent the millionaires and billionares from side stepping the system or using loopholes to get out of paying their fare share--during the debt debate the dems wanted to close these type of loopholes and the repubs threw a fit calling it "job killing" tax hikes--i agree with you in that there is no reason to raise the capital gains rate just close the ridiculous loopholes--now were making some progress

[GeoFisher]

exactly geo--"fix the system so he cannot take primary income as GAINS"--prevent the millionaires and billionares from side stepping the system or using loopholes to get out of paying their fare share--during the debt debate the dems wanted to close these type of loopholes and the repubs threw a fit calling it "job killing" tax hikes--i agree with you in that there is no reason to raise the capital gains rate just close the ridiculous loopholes--now were making some progress

Yea but fixing that loophole will KILL investments...........It really depends on how far they want to go with raising taxes on gains. Instead of raising taxes on capital gains.....CLOSE that loophole and force millionaires and billionaires to pay taxes on income......

I'm certainly not a millionaire or a billionaire , but a gain in taxes that Obama has been pushing will take a significant pile of money from me at retirement. I will MOVE that money in a new york minute to something else.....LIKE buying and hoarding precious metals........

[vetbass]

i may be wrong but i dont think obama has ever said he wanted to raise capital gains rate off the 15%--he did say he wanted to prevent folks from hiding their income in capital gains to get out of paying their fare share

[GeoFisher]

i may be wrong but i dont think obama has ever said he wanted to raise capital gains rate off the 15%--he did say he wanted to prevent folks from hiding their income in capital gains to get out of paying their fare share

It took me less than 2 seconds to find over 100 stories about how Obama wanted to raise gains to 23.5 percent.

"obama wants to raise capital gains " in any search engine will find all you need to know.

I mean......REALLY??

Later,

Geo

[Devils Horse]

As an employee of a Berkshire Hathaway/Warren Buffet owned company, I have a suggestion.

Sir, instead of asking the federal government to confiscate more of your wealth, see to it the employees of your numerous companies are more generously compensated.

Take a few billion and give those of us making less than 250K a year a nice generous 20 to 30 percent raise. That would cycle some serious money back into the economy and beef up the federal/state/local tax coffers too.

A doggone win-win solution.

I promise you we'd spend it a lot more wisely than Barack Obama and that crew of blood suckers in DC would.

How about it Mr. Buffet?