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Thread: White House Tax Plan Would Ask More of Millionaires

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    Re: White House Tax Plan Would Ask More of Millionaires

    Quote Originally Posted by 1Perry View Post
    Yes. I do not take serious his desire to pay more taxes.
    its sort of like what carnegie did. He supported the Union movement in the steel industry and the liberals praised him. But what that did is drive up the cost of labor for less well financed steel makers and they folded. carnegie bought them up, and then crushed the unions



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    Re: White House Tax Plan Would Ask More of Millionaires

    Quote Originally Posted by 1Perry View Post
    Yes. I do not take serious his desire to pay more taxes.
    So his argument that many millionaires/billionaires such as himself enjoy a lower average tax rate than many of his lower paid employees because of the tax advantages of capital gains taxes/payroll taxes is not serious because that would mean he would have to pay more taxes.
    Last edited by drz-400; 09-23-11 at 09:53 PM.

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    Re: White House Tax Plan Would Ask More of Millionaires

    a great discussion of Obumble's Buffett bull crap

    Return of the real Obama - The Washington Post



    But this is more than a political calculation. It is more than just a pander to his base. It is a pander to himself: Obama is a member of his base. He believes this stuff. It is an easy and comfortable political shift for him, because it’s a shift from a phony centrism back to his social-democratic core, from positioning to authenticity.

    The authentic Obama is a leveler, a committed social democrat, a staunch believer in the redistributionist state, a tribune, above all, of “fairness” — understood as government-imposed and government-enforced equality.



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    Re: White House Tax Plan Would Ask More of Millionaires

    Quote Originally Posted by TurtleDude View Post
    its sort of like what carnegie did. He supported the Union movement in the steel industry and the liberals praised him. But what that did is drive up the cost of labor for less well financed steel makers and they folded. carnegie bought them up, and then crushed the unions
    Your right, I'm just a gullible idiot. Warren Buffet is going to crush me by paying a higher effective tax rate.

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    Re: White House Tax Plan Would Ask More of Millionaires

    Quote Originally Posted by drz-400 View Post
    Your right, I'm just a gullible idiot. Warren Buffet is going to crush me by paying a higher effective tax rate.





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    Re: White House Tax Plan Would Ask More of Millionaires

    Quote Originally Posted by AdamT View Post
    Nonsense. His wealth largely consists of Berkshire Hathaway stock. Berkshire is as blue chip as they come -- easily fungible.
    yes and no. his wealth is the current value of his Berkshire Hathaway stock. attempting to sell off a serious portion of it would drive down the price of that stock as it was being sold. When you realize that Berkshire Hathaway's value in turn is based on the stock that it owns, the problem compounds. It's not like someone out there is sitting on $30 Bn in cash that they would trade Buffet for his stock. That's the thing about the "wealth" of the really wealthy - it's all tied up in businesses, buildings, innovations, etc. - they can't really access it in the same way that (for example) I could go tomorrow and empty my savings account.
    Last edited by cpwill; 09-23-11 at 11:31 PM.

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    Re: White House Tax Plan Would Ask More of Millionaires

    Quote Originally Posted by drz-400 View Post
    So his argument that many millionaires/billionaires such as himself enjoy a lower average tax rate than many of his lower paid employees because of the tax advantages of capital gains taxes/payroll taxes is not serious because that would mean he would have to pay more taxes.
    No, I said his arguement was correct BUT his supposed desire to pay more is not. Being that he is full of crap, I do not take his arguement seriously. To prove that, I'm betting we do not actually see a raise in capital gains ever hit the hill.

    I also said, if it does, I'll say I was wrong and support it. I reserve the right to not support the bill it may be attached to though.

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    Re: White House Tax Plan Would Ask More of Millionaires

    Quote Originally Posted by cpwill View Post
    yes and no. his wealth is the current value of his Berkshire Hathaway stock. attempting to sell off a serious portion of it would drive down the price of that stock as it was being sold. When you realize that Berkshire Hathaway's value in turn is based on the stock that it owns, the problem compounds. It's not like someone out there is sitting on $30 Bn in cash that they would trade Buffet for his stock. That's the thing about the "wealth" of the really wealthy - it's all tied up in businesses, buildings, innovations, etc. - they can't really access it in the same way that (for example) I could go tomorrow and empty my savings account.
    Another irony with Buffet. As many know a large portion of Berkshire's worth is based on the stocks he has bought over time. A big portion of his portfolio is in financial stocks with which Obama has a jihad. American Express, Bank of America, Goldman Sachs, General Electric. In addition he has a huge derivative position on the stock market although he has called derivatives financial weapons of mass destruction.

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    Re: White House Tax Plan Would Ask More of Millionaires

    Quote Originally Posted by TurtleDude View Post
    he's smart, he is gaining wealth while having the libs kiss his ass and sing his praises
    he's the biggest loser this year on the top 10 list - maybe betting on corporatism wasn't so brilliant after all. we can only hope.

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    Re: White House Tax Plan Would Ask More of Millionaires

    Quote Originally Posted by washunut View Post
    Another irony with Buffet. As many know a large portion of Berkshire's worth is based on the stocks he has bought over time. A big portion of his portfolio is in financial stocks with which Obama has a jihad. American Express, Bank of America, Goldman Sachs, General Electric. In addition he has a huge derivative position on the stock market although he has called derivatives financial weapons of mass destruction.
    Obama has a jihad against the financial stocks?

    ..... how did Obama vote when we decided to bail these institutions out, again? When Buffet bought into Goldman Sachs and then petitioned the Government to ensure his bet would succeed, Obama was against that? Obama has a Jihad against General Electric? Is that why it's CEO is one of his chief advisers, and they are allowed to get away with paying no taxes (instead getting a nice check courtesy of U.S. Taxpayer)?

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