"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
I am afraid you simply do not understand what is being discussed. Buffett has billions in unrealized gains, that have never been taxed. The taxes he paid is mostly on investment income on other assets he holds.
It would be great if the American public was at least a little educated in finance as it is so important in the world we live in.
I don't know, but this sure sounds like double talk to me. On the one hand the article says he said the legislation is unnecessary but that he would support it. Then they quote him saying that if it's necessary he'll support it. But he already said it's not necessary. So, what's the deal...will he support it or not?Boehner said that the legislation was unnecessary, given the law on the books, but that he would support it nonetheless.
"If it's necessary, I'd surely support it," Boehner concluded.
Last edited by Mycroft; 05-20-12 at 10:44 AM.
-I don't trust a man who talks about ethics when he's picking my pocket.- Time Enough For Love - Robert A Heinlein
My avatar created by Feliza Estrada firstname.lastname@example.org
"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"
Cicero Marcus Tullius
Until china decides to send the military and take him and all his money...lool....who in their right mind wants to go live in communist china...he has no intention of spending the rest of his life there...
This guy was a citizen elsewhere...became a citizen of the usa made gadzillions now wants to go to china to avoid taxs...hes a whore...and deservies NOTHING...he knows patriotism to nothing and no country hes an opportunist mutt who deserves what he gets...bar him from ever setting a foot on our soil again.
Nice to see Saverin getting flak from both the right and the left. Here's some from a left-leaning pundit:
Cenk slams Facebook co-founder Eduardo Saverin for skipping out on tax bill by renouncing U.S. citizenship - The Young Turks with Cenk Uygur // Current TV
And, btw, the bill isn't targeting Saverin only. It addresses anyone who renounces citizenship to evade taxes. A vid on it:
Didn't Kerry docked his boat in another state to save money in taxes? Pathetic politicians...
Sens. Chuck Schumer (D-N.Y.) and Bob Casey (D-Pa.) are unveiling the Ex-PATRIOT Act, which stands for "Expatriation Prevention by Abolishing Tax-Related Incentives for Offshore Tenancy," on Thursday. The bill would force anyone who "expatriates for a substantial tax purpose -- as judged by the Internal Revenue Service" to pay a mandatory 30 percent tax on future capital gains. The ex-citizens would also be turned back at the border if they ever tried to come back. (emphasis added)
Senators Go After Eduardo Saverin, Facebook Co-Founder, For Dumping U.S. Passport, Avoiding Taxes (UPDATE)
The morality of abortion is not a religious belief, any more than the morality of slavery, apartheid, rape, larceny, murder or arson is a religious belief. These are norms of the natural law of mankind and can be legislated even in a completely religionless society.
I do want to point out the hypocricy ( as I see it ) in your views. Since it is fine to use tax laws to his benefit ( as it is) why is it bad for someone else to use the code to his/her benefit.
Perhaps you can send Schumer a note and say that people who avoid billions in taxes through trusts are not allowed to lecture others about paying more in taxes.
BTW- I do not think that raising taxes is a bad thing, I have for a long time supported getting rid of the carried income rule that allows hedge fund managers to get away with paying long term capital gains rates on what is essentially their income from their jobs. Creating another bracket for people earning over a million dollars would seem like a more appropriate response than the Buffett rule in my view as it would not be so distortive and hurtful to our economy,