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Thread: Warren Buffett releases tax figures to GOP

  1. #21
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    Re: Warren Buffett releases tax figures to GOP

    Quote Originally Posted by conservativeguy View Post
    Correcto mundo. I know some business owners that were creamed by the IRS for violating this very law. I have always wondered why Buffett hasn't been nailed by the IRS.
    Let's start with the fact that Berkshire Hathaway is not Buffet's personal holding company. He owns less than 10% of the company.

    http://www.debatepolitics.com/breaki...post1059871774

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    Re: Warren Buffett releases tax figures to GOP

    He could make that go away and pay the taxes if he wanted to.

    He's either senile or a duplicitous whore.

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    Re: Warren Buffett releases tax figures to GOP

    Quote Originally Posted by Reg View Post
    He could make that go away and pay the taxes if he wanted to.

    He's either senile or a duplicitous whore.
    Please explain...

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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!
    You only pay into the majority of payroll tax until you make $103,000 by law. So I am guessing he is maxing out his payroll contribution or damn near is. He would still have the much smaller (like 1.5%) medicare portion if he made more in salary. Dividends are taxed as ordinary income and thus would be taxed at the normal marginal rate, so what you are saying makes no sense. Him paying himself $100,000 a year actually has a minimal impact on his total taxes. Lets say he paid himself $10 million in cash. That is still less than 20% of his overall income. Lets say that is all taxed at the highest marginal rate, about 40%, that would only raise his effective rate by about 8%, worst case scenario, extremely conservative numbers. Most of his income is in the form of capital gains, which is taxed at 15% (marginal). He isn't playing the system at all really. He is doing what is required by law.

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    Re: Warren Buffett releases tax figures to GOP

    Quote Originally Posted by Reg View Post
    He could make that go away and pay the taxes if he wanted to.

    He's either senile or a duplicitous whore.
    Or, he's patriotic and cares about his country and fellow citizens.
    Treat the earth well: it was not given to you by your parents, it was loaned to you by your children. We do not inherit the Earth from our Ancestors, we borrow it from our Children. ~ Ancient American Indian Proverb

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    Re: Warren Buffett releases tax figures to GOP

    Quote Originally Posted by Catawba View Post
    Or, he's patriotic and cares about his country and fellow citizens.
    We have all these Partisan Hacks suggesting he's "gaming the system."
    Buffett, Like $1 Jobs, takes pride increasing his wealth to the same degree his Shareholders do, in Increased Stock price/divs; the way many CEOs should.
    If he was greedy he could easily pay himself, in Addition, any salary he wanted 10-50 Mil+ and just pay the 35% taxes on it.

    He's Got $40 Billion and pledged the vast majority to the Gates Foundation.
    Yet you Ignorant Partisan Hacks, who don't want to deal with his altruistic tax stance, suggest he's "gaming the system" for what ? 5 mil? 10?
    Last edited by mbig; 10-20-11 at 03:09 AM.
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    Re: Warren Buffett releases tax figures to GOP

    Quote Originally Posted by mbig View Post
    We have all these Partisan Hacks suggesting he's "gaming the system."
    Buffett, Like $1 Jobs, takes pride increasing his wealth to the same degree his Shareholders do, in Increased Stock price/divs; the way many CEOs should.
    If he was greedy he could easily pay himself, in Addition, any salary he wanted 10-50 Mil+ and just pay the 35% taxes on it.

    He's Got $40 Billion and pledged the vast majority to the Gates Foundation.
    Yet you Ignorant Partisan Hacks, who don't want to deal with his altruistic tax stance, suggest he's "gaming the system" for what ? 5 mil? 10?
    If government is so good at managing the money, to the point where someone like Buffet can tell you to pay more while he avoids, then why is he not giving his money to government?

    Some libs believe anything.


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    Re: Warren Buffett releases tax figures to GOP

    Quote Originally Posted by Catawba View Post
    Or, he's patriotic and cares about his country and fellow citizens.
    Tell me how he's being patriotic.
    I think if Thomas Jefferson were looking down, the author of the Bill of Rights, on whats being proposed here, hed agree with it. He would agree that the First Amendment cannot be absolute. - Chuck Schumer (D). Yet, Madison and Mason wrote the Bill of Rights, according to Sheila Jackson Lee, 400 years ago. Yup, it's a fact.


  9. #29
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    Re: Warren Buffett releases tax figures to GOP

    Quote Originally Posted by j-mac View Post
    If government is so good at managing the money, to the point where someone like Buffet can tell you to pay more while he avoids, then why is he not giving his money to government?

    Some libs believe anything.


    J-mac
    1. He's not asking us or you to pay more (unless you earn much more than your poorly worded posts are letting on). He's asking the government to tax people that are as wealthy as him at at least the same rate that normal people (ahh, there we are. Normal people not earning millions) get taxed.

    2. You're making the same argument that people make when politicians were accepting stimulus funds even after bashing the stimulus. Well you can think it was a bad idea but you'd be stupid to let the funds go elsewhere, that doesn't make you a hypocrite, just like Buffett isn't a hypocrite. He'd be stupid to just hand over a bunch of money but he does think the country would be better off raising tax rates on capital gains and those making over a million a year.

    3. Just Buffett paying more in taxes wouldn't do much in reducing the deficit. Making everyone that makes over a million bucks a year pay alittle more would do a good bit to help the deficit.
    Last edited by roughdraft274; 10-20-11 at 10:13 AM.
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    uh that is so small as to be stupid. Do you want registration? given less than 3% of criminals get their guns from private sales, its pretty much a waste of resources
    **Thirty Minutes Later**
    Quote Originally Posted by TurtleDude View Post
    you are confused. I never denied that many criminals get guns in private sales.

  10. #30
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    Re: Warren Buffett releases tax figures to GOP

    Quote Originally Posted by mbig View Post
    We have all these Partisan Hacks suggesting he's "gaming the system."
    Buffett, Like $1 Jobs, takes pride increasing his wealth to the same degree his Shareholders do, in Increased Stock price/divs; the way many CEOs should.
    If he was greedy he could easily pay himself, in Addition, any salary he wanted 10-50 Mil+ and just pay the 35% taxes on it.

    He's Got $40 Billion and pledged the vast majority to the Gates Foundation.
    Yet you Ignorant Partisan Hacks, who don't want to deal with his altruistic tax stance, suggest he's "gaming the system" for what ? 5 mil? 10?
    I do not think he is gaming the system, but I do think he is gaming the numbers he uses when saying his secretary pays about 30% in taxes. That might be the marginal tax bracket the person is in, but how does he know what the deductions are for taxes, charities, medical expenses, exemptions, etc. I think he uses both sides of the payroll taxes which seems to be disingenuous as most employers would not give people an automatic raise if these taxes went away.

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