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Thread: White House Tax Plan Would Ask More of Millionaires

  1. #331
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    Re: White House Tax Plan Would Ask More of Millionaires

    Quote Originally Posted by Catawba View Post
    No, you are incorrect:

    "Mr Buffett said that he was taxed at 17.7 per cent on the $46 million he made last year, without trying to avoid paying higher taxes, while his secretary, who earned $60,000, was taxed at 30 per cent. "
    Buffett blasts system that lets him pay less tax than secretary - Times Online
    he's lying. And 60K is not taxed at 30% that is a lie. (Unless she had massive other income)



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    Re: White House Tax Plan Would Ask More of Millionaires

    Quote Originally Posted by TurtleDude View Post
    he's lying. And 60K is not taxed at 30% that is a lie. (Unless she had massive other income)
    Tax Brackets 2011 | taxbrackets2011.com

    you have to be up well over 100K to even hit a 28% top marginal rate which means an effective rate of well below 25%

    if she is paying a marginal rate of 20% on her salary, she has income well over 150K

    Why do people accept such obvious lies without checking

    and Buffett sets his own salary at one hundredth to one thousand of what similary situated executives are paid



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    Re: White House Tax Plan Would Ask More of Millionaires

    Quote Originally Posted by upsideguy View Post
    Attachment 67115863

    I agree. I for one, see no reason for our government to spend 6x more than any other country on "defense". It seems to me the cost of our futile imperialism is about $500B per year too much.
    The defense budget is 700 billion out of the 3.7 trillion dollar govt. Comparing it to what other countries spend is irrelevant. Defense IS the role of the Federal govt. and less than 20% of the budget being spent on the military is hardly excessive. Your disdain for the military and defense is quite telling. Why do you believe reports on what other nations spend on the military?

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    Re: White House Tax Plan Would Ask More of Millionaires

    furthermore, considering that the "return" on our DOD spending is a stable world order, trade, and basically the rest of our economy, I would call it cheap at the price we pay.

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    Re: White House Tax Plan Would Ask More of Millionaires

    Quote Originally Posted by TurtleDude View Post
    he's lying. And 60K is not taxed at 30% that is a lie. (Unless she had massive other income)
    Ouch, such a response could only be the result of envy.

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    Re: White House Tax Plan Would Ask More of Millionaires

    Quote Originally Posted by TurtleDude View Post
    Tax Brackets 2011 | taxbrackets2011.com

    you have to be up well over 100K to even hit a 28% top marginal rate which means an effective rate of well below 25%

    if she is paying a marginal rate of 20% on her salary, she has income well over 150K

    Why do people accept such obvious lies without checking

    and Buffett sets his own salary at one hundredth to one thousand of what similary situated executives are paid
    Sounds like he's talking about total tax burden, which would probably put her around 30%.

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    Re: White House Tax Plan Would Ask More of Millionaires

    Quote Originally Posted by 1Perry View Post
    Again, it isn't a "tax break" either. It's tax policy.
    That's just symantics. Loopholes and tax breaks are also tax policy.

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    Re: White House Tax Plan Would Ask More of Millionaires

    Quote Originally Posted by TurtleDude View Post
    ..and Buffett sets his own salary at one hundredth to one thousand of what similary situated executives are paid
    there's no need to be envious. I'm sure he deserves what ever breaks he has.

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    Re: White House Tax Plan Would Ask More of Millionaires

    Quote Originally Posted by Goldenboy219 View Post
    snip



    The rest of the article can be found here

    The effective tax rate is at least 3% less than it was during 2000, when we had a balanced budget. Conversely, tax revenue as a percentage of total income (using the income approach to national output) is at its lowest level since 1950, when tax revenues made up 14.4% of GDP (FWIW, they were 20.6% in 2000). No credible long term deficit reduction can occur without restoring a competent policy. The starve the beast mentality does not take into account fluctuations in the business cycle, and is now taking its toll on our politicians ability to not only fund itself (ala August 2nd), but to enact the necessary fiscal policy to combat the persistently high unemployment rate.
    More people were working and fewer jobs were being killed in 2000, too.

    Why are the Libbos having such a hard time learning that more people working = more tax revenue.
    Quote Originally Posted by Top Cat View Post
    At least Bill saved his transgressions for grown women. Not suggesting what he did was OK. But he didn't chase 14 year olds.

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    Re: White House Tax Plan Would Ask More of Millionaires

    Quote Originally Posted by apdst View Post
    More people were working and fewer jobs were being killed in 2000, too.

    Why are the Libbos having such a hard time learning that more people working = more tax revenue.
    Rubio stated it best

    Press Releases - Newsroom - U.S. Senator for Florida, Marco Rubio

    “We don't need new taxes. We need new taxpayers, people that are gainfully employed, making money and paying into the tax system. Then we need a government that has the discipline to take that additional revenue and use it to pay down the debt and never grow it again. That's what we should be focused on, and that's what we're not focused on.

    “You look at all these taxes being proposed, and here's what I say. I say we should analyze every single one of them through the lens of job creation, issue number one in America. I want to know which one of these taxes they're proposing will create jobs. I want to know how many jobs are going to be created by the plane tax. How many jobs are going to be created by the oil company tax I heard so much about. How many jobs are created by going after the millionaires and billionaires the president talks about? I want to know: How many jobs do they create?

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