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Thread: Warren Buffett releases tax figures to GOP

  1. #71
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    Re: Warren Buffett releases tax figures to GOP

    Doesn't change the fact that Berkshire's tax liability is in dispute.

    All the more reason for him to shut his wrinkled pie hole about what anyone else pays.

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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
    Berkshire Hathaway doesn't pay dividends.
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    Re: Warren Buffett releases tax figures to GOP

    Quote Originally Posted by washunut View Post
    Are you disputing that Obama wants to change taxes for people above $250K versus the $1 million that Buffet discusses?
    I haven't seen any current proposals from the President with a $250K threshold since he had the meeting with Buffett and decided to go with the Buffett rule. Perhaps I missed it, could you provide a source?
    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
    I haven't seen any current proposals from the President with a $250K threshold since he had the meeting with Buffett and decided to go with the Buffett rule. Perhaps I missed it, could you provide a source?
    Obama doesn't have a plan, and never will. All he does is campaign against everyone else's.

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    Re: Warren Buffett releases tax figures to GOP

    Quote Originally Posted by Reg View Post
    Obama doesn't have a plan, and never will. All he does is campaign against everyone else's.
    Actually that pretty much describes the GOP for the past year and a half so far.
    "If your opponent is of choleric temperament, seek to irritate him." - Sun Tzu

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    Re: Warren Buffett releases tax figures to GOP

    Which bills did they pass did Obama sign?

    They have passed several.

    Can you name one?

    Be specific.

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    Re: Warren Buffett releases tax figures to GOP

    Quote Originally Posted by Reg View Post
    Obama doesn't have a plan, and never will. All he does is campaign against everyone else's.
    Obama Unveils Deficit Reduction Plan, 'Buffett Rule' Tax On Millionaires

    October 21, 2011

    "Drawing clear battle lines for next year's elections, a combative President Barack Obama on Monday demanded that the richest Americans pay higher taxes to help cut soaring U.S. deficits by more than $3 trillion. He promised to veto any effort by congressional Republicans to cut Medicare benefits for the elderly without raising taxes as well.

    "This is not class warfare. It's math," Obama declared, anticipating Republican criticism, which was quick in coming.

    "Class warfare isn't leadership," House Speaker John Boehner said, in Cincinnati.

    Obama's speech marked a new, confrontational stance toward Republicans after months of cooperation that many Democrats complained produced too many concessions. While the plan stands little chance of passing Congress, its populist pitch is one that the White House believes the public can support.

    The president's proposal, which he challenged Congress to approve, would predominantly hit upper-income taxpayers and would also target tax loopholes and subsidies used by many larger corporations. It would spare retirees from any changes in Social Security, and it would direct most of the cuts in Medicare spending to health care providers, not beneficiaries.

    Benefit programs wouldn't be unscathed. Obama's plan would reduce spending for those, including Medicare and Medicaid, by $580 billion. But with Republicans calling for massive cuts in entitlement programs, Obama said he would veto any legislation that cut Medicare benefits without raising new revenue.

    His plan also would count savings of $1 trillion over 10 years from the withdrawal of U.S. troops from Iraq and Afghanistan.

    The deficit-reduction plan represents Obama's longer-term follow-up to the $447 billion in tax cuts and new public works spending that he has proposed as a short-term measure to stimulate the economy. The new proposal also inserts the president's voice into the legislative discussions of a joint congressional "supercommittee" charged with recommending deficit reductions of up to $1.5 trillion."

    http://www.huffingtonpost.com/2011/0..._n_969403.html

    See Plan overview here:

    Fact Sheet: Living Within Our Means and Investing in the Future - The President
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    Re: Warren Buffett releases tax figures to GOP

    There are no specifics on tax increases in that fact sheed link.

    Except he wants ten years of taxe to pay for one year of public employee union bailouts.

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    Re: Warren Buffett releases tax figures to GOP

    Quote Originally Posted by Reg View Post
    There are no specifics on tax increases in that fact sheed link.

    Except he wants ten years of taxe to pay for one year of public employee union bailouts.
    From the fact sheet:

    "The President calls on the Committee to undertake comprehensive tax reform, and lays out five principles for it to follow: 1) lower tax rates; 2) cut wasteful loopholes and tax breaks; 3) reduce the deficit by $1.5 trillion; 4) boost job creation and growth; and 5) comport with the “Buffett Rule” that people making more than $1 million a year should not pay a smaller share of their income in taxes than middle-class families pay.

    Tax reform should draw on the specific proposals the President has put forward, together with elimination of additional inefficient tax breaks. If the Joint Committee is unable to undertake comprehensive tax reform, the President believes the discrete measures he has proposed should be enacted on a standalone basis. Their enactment as a standalone package still would significantly improve the country’s fiscal standing, represent an important step toward more fundamentally transforming our tax code, and serve as a strong foundation for economic growth and job creation.

    To advance this debate, the President is offering a detailed set of specific tax loophole closers and measures to broaden the tax base that, together with the expiration of the high-income tax cuts, would be more than sufficient to hit the $1.5 trillion target. These include:

    Allowing the 2001 and 2003 tax cuts for upper income earners to expire ($866 billion)
    Limiting deductions and exclusions for those making more than $250,000 a year ($410 billion)
    Closing loopholes and eliminating special interest tax breaks (approximately $300 billion)"
    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 Reg View Post
    Which bills did they pass did Obama sign?

    They have passed several.

    Can you name one?

    Be specific.
    Did you even read your own argument? By your measure, a president sending a bill every day and getting rejected has no bills.

    Seriously. The quality of poster here is on the massive downtrend the closer we get to the election.
    "If your opponent is of choleric temperament, seek to irritate him." - Sun Tzu

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