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Thread: Warren Buffett releases tax figures to GOP

  1. #11
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    Re: Warren Buffett releases tax figures to GOP

    Quote Originally Posted by Mach View Post
    $66M in a year. I'm thinking I chose the wrong career.

    Who should I protest to remedy that?
    What ever company made the glue you've been huffing.
    You know the time is right to take control, we gotta take offense against the status quo

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    Re: Warren Buffett releases tax figures to GOP

    Quote Originally Posted by MaggieD View Post


    Actually, the IRS should be on this guy in a New York Minute. The IRS has rules against paying yourself a pittance like this to avoid payroll taxes. I think the code reads something like "usual and customary." I wouldn't be surprised that they begin an investigation....just because they are embarrassed. That $15,000 number on $100,000? Social Security alone would be $6,200. So he's paying [U]income tax[U] of $8,800 on $100,000. I'd say a full audit of his personal return is coming down the road...
    The rules you are talking about if I am correct are usefull generally in preventing owners of companies hiding their income within the company and using company funds to support the lifestyle. Ie expensing a condo as a company expense rather then paying for the condo out of personal funds. Given the rather lowkey lifestyle Buffet is supposed to be living that is not likely the case. His biggest expense would be travelling expenses for visiting the various companies BK owns and operates which would be a legitamate business expense. As I understand things he lives in a rather modest house and not a mansion like most. He has chosen to receive a low salary and see the majority of his income come in the form of capital gains, certainly it is gaming the system, but as a salary of $1 million a year is rather meaningless to him, it does not really matter now does it. For an annual salary to have any meaning to Buffet it would need to be in the $200 million range for him to notice the effect on his net worth
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    Re: Warren Buffett releases tax figures to GOP

    Quote Originally Posted by Ikari View Post
    What ever company made the glue you've been huffing.
    3 M I wouls expect

    Elmers Glue is better for eating
    Happy Hanukkah Cheerfull Kwanzaa
    Happy Christmas Merry New Year Festivus for the rest of us

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    Re: Warren Buffett releases tax figures to GOP

    Quote Originally Posted by whysoserious View Post
    Whoa, calm down there socialists. Let's keep the class warfare down to a minimum. You do realize that the motivation behind closing loopholes and raising taxes is the same? I happen to agree with you guys, that closing loopholes should be the first priority, but it is funny to hear it from the "OMG RAISING TAXES IS CLASS WARFARE!!!" crowd.
    Not the same. Not everyone weasels out of every drop of taxes they can, and raising THEIR taxes because some others DO avoid taxation...wouldn't be very nice, would it?

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    Re: Warren Buffett releases tax figures to GOP

    Buffet's company owes over $1 Billion in taxes, maybe he should pay them before he tells us to pay more.
    "It is a sad day in society when people adjust the facts to fit their beliefs, rather than adjust their beliefs to fit the facts."
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    Re: Warren Buffett releases tax figures to GOP

    Warren Buffet is just trying to set the stage for his company to reap a windfall helping rich people find ways around the new taxes. Don't buy the hype.
    Climate, changes. It takes a particularly uneducated population to buy into the idea that it's their fault climate is changing and further political solutions can fix it.



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    Re: Warren Buffett releases tax figures to GOP

    Quote Originally Posted by MaggieD View Post
    He's playing the system. I know, I've done it myself. Here's how it works: You pay yourself a pittance in salary, thus exposing a very small amount of money to ordinary income tax, social security and medicare. He only pays himself a salary of $100,000 a year. Warren Buffett's Effective Federal Income Tax Rate Was Just 11% - Forbes

    He takes his income from Berkshire Hathaway in the form of dividends rather than salary, thus avoiding payroll taxes on the bulk of his earnings. The average CEO of a Fortune 500 company in the U.S. is $1.09 million. Buffett's? $100,000. Berkshire Hathaway ranks #19 in The Global 500 (largest companies in the world) and its CEO earns $100,000. Talk about playing the system!

    Global 500 2011: Global 500 1-100 - FORTUNE on CNNMoney.com



    Suggested New Buffett Rule:



    Actually, the IRS should be on this guy in a New York Minute. The IRS has rules against paying yourself a pittance like this to avoid payroll taxes. I think the code reads something like "usual and customary." I wouldn't be surprised that they begin an investigation....just because they are embarrassed. That $15,000 number on $100,000? Social Security alone would be $6,200. So he's paying [U]income tax[U] of $8,800 on $100,000. I'd say a full audit of his personal return is coming down the road...
    So that's how he avoids the 35% income tax rate that someone who makes over 379,150 has to pay.Tax Brackets (Federal Income Tax Rates) 2000 through 2011. He pays 17% because he he used what ever loopholes he can,even though he said he did not try to find ways to weasel out of paying a higher income tax rate.

    But how does his secretary who makes 60,000 a year pay 30% instead of between 15-25% depending on single,filing jointly or head of household status?
    Last edited by jamesrage; 10-15-11 at 02:08 AM.
    "A nation can survive its fools, and even the ambitious. But it cannot survive treason from within. An enemy at the gates is less formidable, for he is known and carries his banner openly. But the traitor moves amongst those within the gate freely, his sly whispers rustling through all the alleys, heard in the very halls of government itself. For the traitor appears not a traitor; he speaks in accents familiar to his victims, and he wears their face and their arguments, he appeals to the baseness that lies deep in the hearts of all men. He rots the soul of a nation, he works secretly and unknown in the night to undermine the pillars of the city, he infects the body politic so that it can no longer resist. A murder is less to fear"

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    Re: Warren Buffett releases tax figures to GOP

    Quote Originally Posted by KevinKohler View Post
    Not the same. Not everyone weasels out of every drop of taxes they can, and raising THEIR taxes because some others DO avoid taxation...wouldn't be very nice, would it?
    I said the motivation behind them is the same. And it is. More revenue.

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    Re: Warren Buffett releases tax figures to GOP

    Quote Originally Posted by whysoserious View Post
    I said the motivation behind them is the same. And it is. More revenue.
    Yes, but the how is everything.

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    Re: Warren Buffett releases tax figures to GOP

    Quote Originally Posted by Mach View Post
    $66M in a year. I'm thinking I chose the wrong career.

    Who should I protest to remedy that?
    Well first you need to call the Koch Brothers and George Soros to determine which one will give the most money for your protest. Then you can decide whether to put on your Tea Party hat or or Occupy Wall Street hat and go to town.
    Quote Originally Posted by Bucky View Post
    The economy will improve under this bill. If a few people die, it will be for the betterament of this country.

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