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Thread: White House Tax Plan Would Ask More of Millionaires

  1. #661
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    Re: White House Tax Plan Would Ask More of Millionaires

    Quote Originally Posted by TurtleDude View Post
    Libs go to such great length to defend this abomination. iF the death tax is so great why is it applied only to those of us who already pay a massive amount of the income tax. its nothing more than a surcharge on the wealthy that is based on class envy
    Why do cons go to such great length to use stupid rhetoric instead of trying to have rational discussions? The estate tax(see, I did it again and used the proper name instead of the rhetoric fueled name) is only on large estates as an attempt to minimize the actual impact of the tax on those receiving the estate. It limits the number of "family farm" type situations taxed.

    Hint: repeating "class envy" every single post does not make it true.
    We became a great nation not because we are a nation of cynics. We became a great nation because we are a nation of believers - Lindsey Graham

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    Re: White House Tax Plan Would Ask More of Millionaires

    Quote Originally Posted by TurtleDude View Post
    Having his dem buddies in power.

    He also benefits from the dem financial situation
    Using your logic then, every time any one advocates for any political position, it is only for their own benefit. No one ever acts based on what they feel is right.
    We became a great nation not because we are a nation of cynics. We became a great nation because we are a nation of believers - Lindsey Graham

    Quote Originally Posted by Fiddytree View Post
    Uh oh Megyn...your vagina witchcraft is about ready to be exposed.

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    Re: White House Tax Plan Would Ask More of Millionaires

    Quote Originally Posted by pbrauer View Post
    WTF is a dem master? We don't have no stinking Grover Norquests if that's what you mean.
    It's just stupid hyperbole used to hide the fact he has no actual facts or logic in his arguments. Ignore it.
    We became a great nation not because we are a nation of cynics. We became a great nation because we are a nation of believers - Lindsey Graham

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    Re: White House Tax Plan Would Ask More of Millionaires

    Quote Originally Posted by Conservative View Post
    Yet Obama's approval rating is at record lows. As for piss poor candidates, you elected Obama so tell me how it feels? I didn't vote for the incompetent..
    I was under the impression you did vote for Bush.
    We became a great nation not because we are a nation of cynics. We became a great nation because we are a nation of believers - Lindsey Graham

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    Re: White House Tax Plan Would Ask More of Millionaires

    Quote Originally Posted by Redress View Post
    Why do cons go to such great length to use stupid rhetoric instead of trying to have rational discussions? The estate tax(see, I did it again and used the proper name instead of the rhetoric fueled name) is only on large estates as an attempt to minimize the actual impact of the tax on those receiving the estate. It limits the number of "family farm" type situations taxed.

    Hint: repeating "class envy" every single post does not make it true.
    its a surcharge on those who already pay a ton of income taxes. it survives only because those who are targeted by it cannot outvote the masses who are envious



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    Re: White House Tax Plan Would Ask More of Millionaires

    Quote Originally Posted by Redress View Post
    Using your logic then, every time any one advocates for any political position, it is only for their own benefit. No one ever acts based on what they feel is right.
    CC has noted that he does not believe in altruistic positions and argues everyone pushes for their own interest. I haven't decided if I agree with that but I certainly believe that Buffett pushes for what benefits him the most.



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    Re: White House Tax Plan Would Ask More of Millionaires

    Quote Originally Posted by Hugh_Akston View Post
    Buffett is lying, and here's the proof.

    Buffett pays a percentage on the income that he earns initially (his salary). Assuming that he makes considerably more than his secretary in salary (not a giant leap in faith to realize this), he does pay a higher income tax than his secretary. Therefore, his secretary pays a lower income tax than he does. Where Buffett is perpetrating the lie and the liberals get so easily confused and swallow it hook, line and sinker, is that capital gains tax and income tax are very, very different. If his secretary was paying capital gains tax on any investments she makes, then she would be paying the same capital gains tax that he does, but would still be paying a lower income tax because she still makes less money.

    So unless Buffett is paying his secretary more money than he makes in salary, he's lying. But let's take this a little further to clear up any further misconceptions regarding capital gains (and for that matter, losses as well).

    Capital gains tax is levied when a profit is made in either the short-term or long-term. The short-term rate is the exact same rate as income tax. The long-term rate is what is lower (15% currently) than the income tax. Two things to point out here to clear up the confusion over all of this:

    1 - The money that was invested had already been taxed, so it is a risk that the person takes by investing the money.
    2 - Capital losses can only be claimed at a maximum of $3,000 per household per year on their taxes. So if a person loses $100,000 in investments, they only get to claim $3,000 worth of it. The other $97,000 is just gone (poof).

    So those who pay long-term capital gains tax on profits (remember, they pay the exact same percentage on short-term capital gains as they do for income tax) are being taxed on money they invested at a substantial risk. If they make money, Obama wants more of it. If they lose money, so sorry, have a nice day.

    So unless Buffett is paying his secretary more than he is paying himself in salary (highly unlikely), he's lying - plain and simple. Investors take a risk when they invest, some win and some lose. Buffett has a better record than most when it comes to winning, but it doesn't change the fact that he's lying and so many left-of-center folks are buying it blindly.
    Shoulda read the thread Hugh. Show me where Buffett mentioned his secretary(hint: no one has and I cannot find it either). So, the second sentence of your argument has already failed a basic fact check. ALso, you do not seem to understand what Buffett is actually saying, which is about effective tax rates. Might look into that.
    We became a great nation not because we are a nation of cynics. We became a great nation because we are a nation of believers - Lindsey Graham

    Quote Originally Posted by Fiddytree View Post
    Uh oh Megyn...your vagina witchcraft is about ready to be exposed.

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    Re: White House Tax Plan Would Ask More of Millionaires

    Quote Originally Posted by vvx View Post
    Warren Buffet was definitely talking about the capital gains tax rate. His op-ed letter in the NY times really is not that long, it's not like reading a couple thousand page bill. He's comparing his overall tax rate to the 20 other employees in his office. As he explains, his tax rate is lower because of the capital gains tax, and because FICA only applies to earned income.

    http://www.nytimes.com/2011/08/15/op...uper-rich.html

    "To understand why, you need to examine the sources of government revenue. Last year about 80 percent of these revenues came from personal income taxes and payroll taxes. The mega-rich pay income taxes at a rate of 15 percent on most of their earnings but pay practically nothing in payroll taxes. Itís a different story for the middle class: typically, they fall into the 15 percent and 25 percent income tax brackets, and then are hit with heavy payroll taxes to boot."

    I don't understand why everyone tries to pretend Warren Buffet is making some vague undefined argument.
    Isn't it fascinating that so many people are commenting on it without having read it?
    We became a great nation not because we are a nation of cynics. We became a great nation because we are a nation of believers - Lindsey Graham

    Quote Originally Posted by Fiddytree View Post
    Uh oh Megyn...your vagina witchcraft is about ready to be exposed.

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    Re: White House Tax Plan Would Ask More of Millionaires

    Quote Originally Posted by TurtleDude View Post
    its a surcharge on those who already pay a ton of income taxes. it survives only because those who are targeted by it cannot outvote the masses who are envious
    No, it is not a surcharge. You might want to check a dictionary to find out what a surcharge actually is. It is a tax on an estate when it changes hands. Calling it other things does not change it's actual nature.
    We became a great nation not because we are a nation of cynics. We became a great nation because we are a nation of believers - Lindsey Graham

    Quote Originally Posted by Fiddytree View Post
    Uh oh Megyn...your vagina witchcraft is about ready to be exposed.

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    Re: White House Tax Plan Would Ask More of Millionaires

    Quote Originally Posted by TurtleDude View Post
    CC has noted that he does not believe in altruistic positions and argues everyone pushes for their own interest. I haven't decided if I agree with that but I certainly believe that Buffett pushes for what benefits him the most.
    If we can throw out right and wrong as motives to do something, then we can just go with majority rule. In that case, there are more poor and middle class than rich, so you are screwed, and it's ok according to your own logic.
    We became a great nation not because we are a nation of cynics. We became a great nation because we are a nation of believers - Lindsey Graham

    Quote Originally Posted by Fiddytree View Post
    Uh oh Megyn...your vagina witchcraft is about ready to be exposed.

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