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Thread: Warren Buffett releases tax figures to GOP

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    Warren Buffett releases tax figures to GOP

    Warren Buffett replied this week to a Republican request that he reveal his tax returns, revealing he made more than $62 million in income last year while paying $15,300 in payroll taxes.Rep. Tim Huelskamp (R-Kan.) sent an open letter last month to the billionaire investor, who has become the big-business mascot for the Obama administration’s plan to raise taxes on the wealthy, demanding that reveal his tax returns.

    ccording to Huelskamp — in a view expressed by other Republicans including Sens. John Cornyn (Texas) and Jim DeMint (S.C.) — if Buffett’s views on tax rates are going to serve as the basis for the White House’s proposals, Congress should be allowed to examine the basis of his argument. Buffett has cited his own tax rate as being lower than that of his secretary when making his case for raising taxes on him and his “ultra rich” friends.

    Buffett revealed in a letter sent to Huelskamp that his adjusted gross income was $62,855,038 last year and that he paid $15,300 in payroll taxes, as reported by CNN Money. He also claimed, as he had in an op-ed previously this year, that his federal income tax bill last year came to $6,923,494, or about 17 percent of his $39,814,784 taxable income.

    Huelskamp called Buffett's response "inadequate."



    REad more @: Warren Buffett releases tax figures to GOP - The Hill's Blog Briefing Room
    Well he did it you ol GOPERS and it seems he wasnt lying...

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    Re: Warren Buffett releases tax figures to GOP

    $66M in a year. I'm thinking I chose the wrong career.

    Who should I protest to remedy that?

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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?
    High school guidance counselor.
    He touched her over her bra and underpants, she says, and guided her hand to touch him over his underwear
    Quote Originally Posted by Lutherf View Post
    We’ll say what? Something like “nothing happened” ... Yeah, we might say something like that.

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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?
    There's only one "greatest investor in modern history" position, and it's taken.
    "The necessaries of life occasion the great expense of the poor. They find it difficult to get food, and the greater part of their little revenue is spent in getting it. The luxuries and vanities of life occasion the principal expense of the rich, and a magnificent house embellishes and sets off to the best advantage all the other luxuries and vanities which they possess. ... It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion."

    -- Adam Smith

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    Re: Warren Buffett releases tax figures to GOP

    How much is he spending on tax avoidance? How many deductions is he claiming? Out of his income, how much of it was subjected to capital gains tax? What are his charitable deductions?

    And : http://www.debatepolitics.com/breaki...aaaaaaaat.html

    It seems that hes engaging in a lot of tax avoidance through his corporation. Im all for flattening out the tax code to close loopholes and allow companies to spend less in tax avoidance. That isnt exactly what Obama and the left wants though.

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    Re: Warren Buffett releases tax figures to GOP

    Buffett revealed in a letter sent to Huelskamp that his adjusted gross income was $62,855,038 last year and that he paid $15,300 in payroll taxes, as reported by CNN Money. He also claimed, as he had in an op-ed previously this year, that his federal income tax bill last year came to $6,923,494, or about 17 percent of his $39,814,784 taxable income.
    So was he out of pocket $15,300 or $6,923,494?

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    Re: Warren Buffett releases tax figures to GOP

    Quote Originally Posted by TheDemSocialist View Post
    REad more @: Warren Buffett releases tax figures to GOP - The Hill's Blog Briefing Room
    Well he did it you ol GOPERS and it seems he wasnt lying...

    Thoughts?
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    [/FONT]
    [/B]

    [/FONT]
    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

    That, in turn, has led President Barack Obama to call for tax reform to follow a “Buffett rule” —namely that millionaires should pay taxes at a higher rate than their secretaries and plumbers.
    Suggested New Buffett Rule:

    Find every loophole there is in our tax code and use it against itself to minimize your tax bite....then brag that you pay less taxes than your secretary.
    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...
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    Re: Warren Buffett releases tax figures to GOP

    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...
    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.
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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...
    Quote Originally Posted by OpportunityCost View Post
    How much is he spending on tax avoidance? How many deductions is he claiming? Out of his income, how much of it was subjected to capital gains tax? What are his charitable deductions?

    And : http://www.debatepolitics.com/breaki...aaaaaaaat.html

    It seems that hes engaging in a lot of tax avoidance through his corporation. Im all for flattening out the tax code to close loopholes and allow companies to spend less in tax avoidance. That isnt exactly what Obama and the left wants though.
    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.

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    Re: Warren Buffett releases tax figures to GOP

    Quote Originally Posted by PerfectStorm View Post
    So was he out of pocket $15,300 or $6,923,494?

    Both

    He paid 15300 in payroll taxesm and his income tax bill (federal) was 6923494

    His secretary paid a higher effective tax rate then he did
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