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.

[Chubminnow]

--some of the other fellas' here seem to have the opinion that social security has been a waste of your investment over the years, with that thinking then why isn't the insurance premiums you have paid over the years also been a waste of your money... unless you have lost a home over the years then you could have invested those funds a lot smarter...Anything other than what the law requires on your vehicles could have been invested wiser, unless you have had a loss your money has been wasted, health insurance the same and with those there isn't any of those monies coming back to you if you are fortunate enough to have not needed them over the years... Social security might have been a welcome lifeline had you needed it at a younger age... Social security makes our country a better place to live given that everybody isn't as fortunate as you and some of the others here who are dogging the system... Social security isn't going to go belly up, we can't afford to let that happen and keep this country a great place to live and raise our families as it is now... It spite of folks like you, they will find ways to fix the social security system as they have in the past... The limit has been raised several times in the past and if that is what has to be done it will be raised again and then you will have another reason to need a crying towel.

Insurance is one of the biggest rip offs I know of...the only reason I have it is because someone somewhere created a law that says I MUST have it, health, home, auto or otherwise. It costs quite a few dollars and thus far at the age of 49 I have yet to file a claim on anything.

It seems to me that S.S. would be doing just fine if the government never meddled with it in the first place...so I'm not sure about all this "fixing" of S.S. that you mentioned. X-amount of people pay in, X-amount of people die before they draw one cent. Seems to me the S.S. program shouldn't need fixing if no one ever messed with it in the first place. I think the government at some point in time was dippin' their hands in the S.S. cookie jar and robbing from Peter to pay Paul weren't they?

[RoadToad]

If the government had never "meddled" with Social Security in the first place, it would never have existed, would it?

[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]

If the government had never "meddled" with Social Security in the first place, it would never have existed, would it?

Yep..and they are ALL guilty of it.............but it was never really paid for to begin with.

BIG problem is the current unemployment and the current boomers that will want to collect.

Perry called it a PONZI scheme due to the fact that it was created when the ratios were something like 12 workers for 1 ssi collector. Now, it is more like 4 to 1........the system doesn't work.......and was NEVER created to where it actually WOULD WORK.

Later,

Geo

[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.

[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

[Hlleonard]

Insurance is one of the biggest rip offs I know of...the only reason I have it is because someone somewhere created a law that says I MUST have it, health, home, auto or otherwise. It costs quite a few dollars and thus far at the age of 49 I have yet to file a claim on anything.

It seems to me that S.S. would be doing just fine if the government never meddled with it in the first place...so I'm not sure about all this "fixing" of S.S. that you mentioned. X-amount of people pay in, X-amount of people die before they draw one cent. Seems to me the S.S. program shouldn't need fixing if no one ever messed with it in the first place. I think the government at some point in time was dippin' their hands in the S.S. cookie jar and robbing from Peter to pay Paul weren't they?

-- I tend to agree that for the most part insurance is a ripoff... Today it has been turned into an addiction that most of us seem to have... Insurance may have a lot to do with the high cost of medical care today, we might be better off if we all would drop the insurance companies and send them packing... I doubt it would cost us 150 dollars to go to the doctor if there was no insurance involved... I believe the social security system was set up to be independent but somewhere along the way our illustrious politicians saw it as a way to make a money grab and as a result we have the boondoggle we have today but I do believe social security is essential in preserving the way of life we enjoy today... I can just imagine what our society would be like without a system of some kind to provide for those who can't provide for themselves... It is unfortunate that we have those who would rather take advantage of the system than to provide for themselves if they are able to do so, so far we haven't managed to implement adequate safeguards to deal with these folks.

[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.