Putting Warren Buffet's riches in perspective

[GeoFisher]

And good fortune has nothing to do with my success.......I've worked HARD, changed jobs and careers more than once, and even

* when I was a freakin paper boy, I SAVED at least 10%.
* When my wife and I were eating pork and beans and paying 10k out of our own pocket for an uninsured child delivery.......I still saved 10%.
* When I was working at Pizza king as a delivery boy and was robbed at gunpoint........changing my outlook FOREVER...........I still saved 10%......
* when we purchased our first house and thought we would never balance our budget, I STILL SAVED 10%........
* when I was working 80 hrs a week at a really CRAPPY CONTRACTING firm....learning everything I could about everything IT......eating out every meal.........I still saved 10%.

I could go on and on....but some of you think good fortune is handed to you....it is not.....it is EARNED......

All those 10% years have added up to a significant nestegg for retirement. I will NOT rely on gubment moneys....but like I aid before, I will TAKE IT.

It is ******** to say my good fortune.........MY GOOD FORTUNE was created by me.....not the freaking gubment.

80% for me.......10% for charity (or god or whatever), 10% for savings......Been doing it for 35 years, and will continue doing it........Good things happen to those that PLAN.

Later,

Geo

[RoadToad]

I wouldn't ask for people making over a million to be in some huge tax bracket. I just want them to pay their fair share, and today that's not happening. If you don't see that Warren Buffett paying less in taxes than his secretary is grossly unfair, then I don't think any amount of arguing is going to convince you.

[GeoFisher]

I wouldn't ask for people making over a million to be in some huge tax bracket. I just want them to pay their fair share, and today that's not happening. If you don't see that Warren Buffett paying less in taxes than his secretary is grossly unfair, then I don't think any amount of arguing is going to convince you.

So, what is their fair share........THAT is the problem.....no one seems to want to identify a fair share.

Personally, anyone paying more than 25% of their income in TAXES is paying their share.

My REALIZED tax rate is nearly 20%, which is MY FAIR SHARE.

The top 10% already pay 70% of all taxes...........what do you want........the top 10% paying 100% of all taxes..........I guess that is FAIR.

Makes me sick personally..........

Later,

Geo

[GeoFisher]

I wouldn't ask for people making over a million to be in some huge tax bracket. I just want them to pay their fair share, and today that's not happening. If you don't see that Warren Buffett paying less in taxes than his secretary is grossly unfair, then I don't think any amount of arguing is going to convince you.

Warren Buffett and his COMPANY are the ones responsible for the way he is paid. HAD he taken a salary instead of gains as income, he'd pay a REAL INCOME TAX instead of gains tax. He's working the system. BUT Obama's solution is to screw up the gains tax system, and MAKE them the same. That is CRAP.......

If I make 100k and paid TAXES on that 100k and then I put 10k of that in a stock plan, and that stock plan tripled, I should NOT have to pay the same rate of taxes on the REALIZED GAINS. I RISKED losing 10k, investing and gambling in a company. The rate of tax on that gain should be significantly lower, maybe even ZERO.......Otherwise no one will ever risk money.......Don't you get that?? Forget the fact that the original 10k had already been taxed once before. If my original tax rate was 30%, the gains has now been taxed at 20%, simplistically, I've paid 50% on that money, which was already TAXED.........which is ********.

Now, if the ONLY income I ever report is GAINS income, that is different.....I believe there needs to be a metric or method of triggering income taxes on gains, so the Warren Buffetts of the world cannot act holier than thou, and say

"hmph.....I paid less than my secretary because I'm smarter than all you democrats that think you know what's what about the tax code.........I'm SMART.....btw, my company which manages over 50 billion dollars, still owes the gubment 1 billion in back taxes, but I STILL am smarter than you".

No Mr Pompus ASS Warren Buffett....you CHEATED the gubment out of Income Taxes, and your company is currently CHEATING the gubment out of Corporate Taxes.......Nice of you to stand on your freakin high horse and preach to us........Now PAY the GD TAX bill.....then we can talk.


Later,

Geo

[RoadToad]

If I make 100k and paid TAXES on that 100k and then I put 10k of that in a stock plan, and that stock plan tripled, I should NOT have to pay the same rate of taxes on the REALIZED GAINS. I RISKED losing 10k, investing and gambling in a company. The rate of tax on that gain should be significantly lower, maybe even ZERO.......Otherwise no one will ever risk money.......Don't you get that??

If higher capital gains tax is going to make people back off of investing, why is it that so much MORE investing going on back in the 80's and 90's, when capital gains taxes were so much higher?

NO, I don't get that.

[pontooner]

If higher capital gains tax is going to make people back off of investing, why is it that so much MORE investing going on back in the 80's and 90's, when capital gains taxes were so much higher?

NO, I don't get that.

It's not going to stop anyone from investing because there's money to be made and it's especially true for the big fish in the pond.

It's just another Republican talking point.

[elnutsmalljaws]

Face it fellas, Democrat or Republican or Whig or Independent, the rich keep their riches because they can afford the best lawyers and accountants. Change the tax laws and the super rich will find a way to beat them. Soon you will have Super rich, Rich and Poverty.

[TimE]

It's not going to stop anyone from investing because there's money to be made and it's especially true for the big fish in the pond.

It's just another Republican talking point.

I've got an idea, why not have all of zero's cronies pay their taxes? Heck we could probably balance the budget with that and zero's insider trading.

This bill has no chance of passing, democrat congressmen are running away from it. Heck even Bill Clinton thinks its a bad idea!

Just a futile attempt to get reelected.

[Hlleonard]

And good fortune has nothing to do with my success.......I've worked HARD, changed jobs and careers more than once, and even

* when I was a freakin paper boy, I SAVED at least 10%.
* When my wife and I were eating pork and beans and paying 10k out of our own pocket for an uninsured child delivery.......I still saved 10%.
* When I was working at Pizza king as a delivery boy and was robbed at gunpoint........changing my outlook FOREVER...........I still saved 10%......
* when we purchased our first house and thought we would never balance our budget, I STILL SAVED 10%........
* when I was working 80 hrs a week at a really CRAPPY CONTRACTING firm....learning everything I could about everything IT......eating out every meal.........I still saved 10%.

I could go on and on....but some of you think good fortune is handed to you....it is not.....it is EARNED......

All those 10% years have added up to a significant nestegg for retirement. I will NOT rely on gubment moneys....but like I aid before, I will TAKE IT.

It is ******** to say my good fortune.........MY GOOD FORTUNE was created by me.....not the freaking gubment.

80% for me.......10% for charity (or god or whatever), 10% for savings......Been doing it for 35 years, and will continue doing it........Good things happen to those that PLAN.

Later,

Geo

--
Attributing your "good fortune" to the money you managed to put away for your future wasn't what I was referring to... I congratulate on your ability to save for for your retirement, I was referring to your good fortune to not have had a life changing occurrence ,accident,illness, and other things that could have easily interfered with your ability to save for your family's future... I know folks who have had to rely on social security for their very existence from an early age,bad stuff happens to good people and you have had the good fortune to not have been one of those.