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Welcome to Fairfax Underground, a project site designed to improve communication among residents of Fairfax County, VA. Feel free to post anything Northern Virginia residents would find interesting.
Warren Buffett's Tax Dodge
Posted by:
mcsmack
()
Date: August 17, 2011 12:55AM
http://online.wsj.com/article/SB10001424053111903918104576504650932556900.html?mod=WSJ_Opinion_LEADTop
"• The middle-class bait-and-switch. Like Mr. Obama, Mr. Buffett speaks about raising taxes only on the rich. But somehow he ignores that the President's tax increase starts at $200,000 for individuals and $250,000 for couples. Mr. Obama ought to call them "thousandaires," but that probably doesn't poll as well.
The President needs to levy his tax increase at such a lower income level because that's where the money is. In 2009, 237,000 taxpayers reported income above $1 million and they paid $178 billion in taxes. A mere 8,274 filers reported income above $10 million, and they paid only $54 billion in taxes.
But 3.92 million reported income above $200,000 in 2009, and they paid $434 billion in taxes. To put it another way, roughly 90% of the tax filers who would pay more under Mr. Obama's plan aren't millionaires, and 99.99% aren't billionaires.
Mr. Buffett says it's only "fair" to raise his taxes, but he's lending his credibility to raising taxes on millions of middle-class earners for whom a few extra thousand dollars in after-tax income is a big deal. Unlike Mr. Buffett, those middle-class earners aren't rich and may earn $250,000 for only a few years of their working lives. How is that fair?
"• The middle-class bait-and-switch. Like Mr. Obama, Mr. Buffett speaks about raising taxes only on the rich. But somehow he ignores that the President's tax increase starts at $200,000 for individuals and $250,000 for couples. Mr. Obama ought to call them "thousandaires," but that probably doesn't poll as well.
The President needs to levy his tax increase at such a lower income level because that's where the money is. In 2009, 237,000 taxpayers reported income above $1 million and they paid $178 billion in taxes. A mere 8,274 filers reported income above $10 million, and they paid only $54 billion in taxes.
But 3.92 million reported income above $200,000 in 2009, and they paid $434 billion in taxes. To put it another way, roughly 90% of the tax filers who would pay more under Mr. Obama's plan aren't millionaires, and 99.99% aren't billionaires.
Mr. Buffett says it's only "fair" to raise his taxes, but he's lending his credibility to raising taxes on millions of middle-class earners for whom a few extra thousand dollars in after-tax income is a big deal. Unlike Mr. Buffett, those middle-class earners aren't rich and may earn $250,000 for only a few years of their working lives. How is that fair?
Re: Warren Buffett's Tax Dodge
Posted by:
Hatemotor
()
Date: August 17, 2011 12:57AM
They changed the threshold to a million,,,
Re: Warren Buffett's Tax Dodge
Posted by:
...
()
Date: August 17, 2011 10:34AM
I applaud Mr. Buffet's ability to minimise the monies confiscated from him by the current regime. If he wants some real accounting, I have some bona friends down south.
Re: Warren Buffett's Tax Dodge
Posted by:
Les
()
Date: August 17, 2011 12:15PM
His big tax dodge is contributing his stock holdings to foundations. He benefits twice, first by not having to pay tax on gains on his stocks and also by escaping the estate tax on his net worth.
Re: Warren Buffett's Tax Dodge
Posted by:
RR
()
Date: August 17, 2011 12:25PM
Les Wrote:
-------------------------------------------------------
> His big tax dodge is contributing his stock
> holdings to foundations. He benefits twice, first
> by not having to pay tax on gains on his stocks
> and also by escaping the estate tax on his net
> worth.
Then his kids and grand kids get to be paid huge salaries and live a life of fabulous luxury while directing all the charitable trusts. What an altruistic son of a bitch. Buffet is a true saint.
That's okay. He's a decrepit old man who's slowly losing his mind and he will be eating his sugar covered Satan sandwich soon enough. Hopefully right before he gets ass raped by Hitler.
-------------------------------------------------------
> His big tax dodge is contributing his stock
> holdings to foundations. He benefits twice, first
> by not having to pay tax on gains on his stocks
> and also by escaping the estate tax on his net
> worth.
Then his kids and grand kids get to be paid huge salaries and live a life of fabulous luxury while directing all the charitable trusts. What an altruistic son of a bitch. Buffet is a true saint.
That's okay. He's a decrepit old man who's slowly losing his mind and he will be eating his sugar covered Satan sandwich soon enough. Hopefully right before he gets ass raped by Hitler.
Re: Warren Buffett's Tax Dodge
Posted by:
WingNut
()
Date: August 17, 2011 01:06PM
RR Wrote:
-------------------------------------------------------
> Hopefully right before he gets ass raped by Hitler.
LOL
George Soros is another one. Keeps as much as he can in the Caymans or Switzerland but is always ready to badmouth anyone who is for tax cuts.
I like Buffet a lot better than Soros and think he is a well intentioned guy, but save the preaching for your church.
-------------------------------------------------------
> Hopefully right before he gets ass raped by Hitler.
LOL
George Soros is another one. Keeps as much as he can in the Caymans or Switzerland but is always ready to badmouth anyone who is for tax cuts.
I like Buffet a lot better than Soros and think he is a well intentioned guy, but save the preaching for your church.
idontlikebeingrightaboutshitlikethisbutiam
Edited 21 time(s). Last edit at 5/31/1967 05:57AM by WingNut.
Last edit at 11/30/2015 01:37PM Last edit at 5/14/2015 03:52PM Last edit at 1/28/2014 05:57AM Last edit at 11/29/2015 01:10PM Last edit at 3/14/2011 11:52PM Last edit at 7/20/2012 04:07AM
Last edit at 6/29/2013 11:18PM Last edit at 3/19/2011 01:02PM Last edit at 3/26/2012 09:07PM
Re: Warren Buffett's Tax Dodge
Posted by:
Les
()
Date: August 17, 2011 01:26PM
I was opposed to the tax cuts, but think the statory rates are too high. Only about 20-25% of the 2001 and 2003 tax cuts go to the top end.
Re: Warren Buffett's Tax Dodge
Posted by:
Bill N
()
Date: August 17, 2011 05:23PM
That article is proof of the decline in the quality of the WSJ since Fox took over. There are some strong reasons to argue that simply because someone makes $250k does not mean that that person is rich. To argue that a person or even a married couple that are making $250k, other than due to some fluke like selling a home or cashing in retirement savings, are solidly in the middle class is a big stretch. To say many only earn $250k for a few years is also misleading. It isn't like most of them were earning $50-75k for the years leading up to those handful of years. We're largely talking about people who had extended periods of earning $100k, $150k or $200k for several years before breaking the $250k barrier.
However the big point the article seems to miss is that Buffett's plan as set out on August 14 isn't the same as Obama's. Buffett is calling for higher taxes on income levels above $1M and $10M, not on people making $250k.
However the big point the article seems to miss is that Buffett's plan as set out on August 14 isn't the same as Obama's. Buffett is calling for higher taxes on income levels above $1M and $10M, not on people making $250k.
Re: Warren Buffett's Tax Dodge
Posted by:
ferfux
()
Date: August 17, 2011 05:27PM
Buffet was calling for raising taxes on 1 tenth of 1%. All your fancy math and shell games BS are clouding the truth. Nice try. Go back to the Caymen Islands with yout butter faces.
Re: Warren Buffett's Tax Dodge
Posted by:
mcsmack
()
Date: August 17, 2011 06:21PM
ferfux Wrote:
-------------------------------------------------------
> Buffet was calling for raising taxes on 1 tenth of
> 1%. All your fancy math and shell games BS are
> clouding the truth. Nice try. Go back to the
> Caymen Islands with yout butter faces.
But Your Butt buddy Buffet isn't the President you fucking moron. Obama is calling for the 200K figure. Christ I see you are still the same fucking idiot as you were at the beginning of this summer. And I'm sure you have a whole harem of lucky ladies just hanging on you all the time. What a trophy you must be! And I'll go anywhere I fucking want with whoever I want so shut the fuck up and go hang with your troll buddies.
-------------------------------------------------------
> Buffet was calling for raising taxes on 1 tenth of
> 1%. All your fancy math and shell games BS are
> clouding the truth. Nice try. Go back to the
> Caymen Islands with yout butter faces.
But Your Butt buddy Buffet isn't the President you fucking moron. Obama is calling for the 200K figure. Christ I see you are still the same fucking idiot as you were at the beginning of this summer. And I'm sure you have a whole harem of lucky ladies just hanging on you all the time. What a trophy you must be! And I'll go anywhere I fucking want with whoever I want so shut the fuck up and go hang with your troll buddies.
Re: Warren Buffett's Tax Dodge
Posted by:
FurfaxTownie
()
Date: August 17, 2011 06:22PM
Bill N Wrote:
-------------------------------------------------------
> That article is proof of the decline in the
> quality of the WSJ since Fox took over. There are
> some strong reasons to argue that simply because
> someone makes $250k does not mean that that person
> is rich. To argue that a person or even a
> married couple that are making $250k, other than
> due to some fluke like selling a home or cashing
> in retirement savings, are solidly in the middle
> class is a big stretch. To say many only earn
> $250k for a few years is also misleading. It
> isn't like most of them were earning $50-75k for
> the years leading up to those handful of years.
> We're largely talking about people who had
> extended periods of earning $100k, $150k or $200k
> for several years before breaking the $250k
> barrier.
>
> However the big point the article seems to miss is
> that Buffett's plan as set out on August 14 isn't
> the same as Obama's. Buffett is calling for
> higher taxes on income levels above $1M and $10M,
> not on people making $250k.
What is that going to solve? When according to th IRS 236,883 people earn $1Million or more in income a year? Thats less people then entire population of Iceland.
I'll probably never make that much money in 1 year but I don't begrudge those people.
http://money.cnn.com/2011/08/11/pf/tax_increase_rich/index.htm
-------------------------------------------------------
> That article is proof of the decline in the
> quality of the WSJ since Fox took over. There are
> some strong reasons to argue that simply because
> someone makes $250k does not mean that that person
> is rich. To argue that a person or even a
> married couple that are making $250k, other than
> due to some fluke like selling a home or cashing
> in retirement savings, are solidly in the middle
> class is a big stretch. To say many only earn
> $250k for a few years is also misleading. It
> isn't like most of them were earning $50-75k for
> the years leading up to those handful of years.
> We're largely talking about people who had
> extended periods of earning $100k, $150k or $200k
> for several years before breaking the $250k
> barrier.
>
> However the big point the article seems to miss is
> that Buffett's plan as set out on August 14 isn't
> the same as Obama's. Buffett is calling for
> higher taxes on income levels above $1M and $10M,
> not on people making $250k.
What is that going to solve? When according to th IRS 236,883 people earn $1Million or more in income a year? Thats less people then entire population of Iceland.
I'll probably never make that much money in 1 year but I don't begrudge those people.
http://money.cnn.com/2011/08/11/pf/tax_increase_rich/index.htm
Re: Warren Buffett's Tax Dodge
Posted by:
WingNut
()
Date: August 17, 2011 06:32PM
FurfaxTownie Wrote:
> What is that going to solve? When according to the
> IRS 236,883 people earn $1Million or more in
> income a year? Thats less people then entire
> population of Iceland.
I heard that statistic recently also and was in disbelief. I thought I had heard recently also that there are 100,000 Millionaires in the DC Metro area alone.
I am thinking one of the reason the figure is so low is that this is a list of people who absolutely, positively could not use one of the many loopholes and shelters toreduce their taxable income.
> What is that going to solve? When according to the
> IRS 236,883 people earn $1Million or more in
> income a year? Thats less people then entire
> population of Iceland.
I heard that statistic recently also and was in disbelief. I thought I had heard recently also that there are 100,000 Millionaires in the DC Metro area alone.
I am thinking one of the reason the figure is so low is that this is a list of people who absolutely, positively could not use one of the many loopholes and shelters toreduce their taxable income.
idontlikebeingrightaboutshitlikethisbutiam
Edited 21 time(s). Last edit at 5/31/1967 05:57AM by WingNut.
Last edit at 11/30/2015 01:37PM Last edit at 5/14/2015 03:52PM Last edit at 1/28/2014 05:57AM Last edit at 11/29/2015 01:10PM Last edit at 3/14/2011 11:52PM Last edit at 7/20/2012 04:07AM
Last edit at 6/29/2013 11:18PM Last edit at 3/19/2011 01:02PM Last edit at 3/26/2012 09:07PM
Re: Warren Buffett's Tax Dodge
Posted by:
FurfaxTownie
()
Date: August 17, 2011 06:42PM
WingNut Wrote:
-------------------------------------------------------
>
>
> I heard that statistic recently also and was in
> disbelief. I thought I had heard recently also
> that there are 100,000 Millionaires in the DC
> Metro area alone.
>
> I am thinking one of the reason the figure is so
> low is that this is a list of people who
> absolutely, positively could not use one of the
> many loopholes and shelters toreduce their taxable
> income.
The IRS # is EARNED INCOME, the amount of cash that individual made througout the year. The source you heard must have been talking about "NET WORTH".
Net Worth is essentially the sum amounts of and an individual assets (house, car, stocks, bank account). Considering how many McMansions there are around here, most people in this area half are easily half way there.
IMO Net worth of 1million does NOT make you a millionaire.
-------------------------------------------------------
>
>
> I heard that statistic recently also and was in
> disbelief. I thought I had heard recently also
> that there are 100,000 Millionaires in the DC
> Metro area alone.
>
> I am thinking one of the reason the figure is so
> low is that this is a list of people who
> absolutely, positively could not use one of the
> many loopholes and shelters toreduce their taxable
> income.
The IRS # is EARNED INCOME, the amount of cash that individual made througout the year. The source you heard must have been talking about "NET WORTH".
Net Worth is essentially the sum amounts of and an individual assets (house, car, stocks, bank account). Considering how many McMansions there are around here, most people in this area half are easily half way there.
IMO Net worth of 1million does NOT make you a millionaire.
Re: Warren Buffett's Tax Dodge
Posted by:
WingNut
()
Date: August 17, 2011 06:51PM
I see said the blind man...
The 200k number had to be people who EARNED a million a year, has to be.
You're right, net worth of a million really isn't that impressive anymore, especially when you count real property and savings.
The 200k number had to be people who EARNED a million a year, has to be.
You're right, net worth of a million really isn't that impressive anymore, especially when you count real property and savings.
idontlikebeingrightaboutshitlikethisbutiam
Edited 21 time(s). Last edit at 5/31/1967 05:57AM by WingNut.
Last edit at 11/30/2015 01:37PM Last edit at 5/14/2015 03:52PM Last edit at 1/28/2014 05:57AM Last edit at 11/29/2015 01:10PM Last edit at 3/14/2011 11:52PM Last edit at 7/20/2012 04:07AM
Last edit at 6/29/2013 11:18PM Last edit at 3/19/2011 01:02PM Last edit at 3/26/2012 09:07PM
Re: Warren Buffett's Tax Dodge
Posted by:
curious
()
Date: August 17, 2011 07:46PM
"And I'm sure you have a whole harem of lucky ladies just hanging on you all the time. What a trophy you must be! And I'll go anywhere I fucking want with whoever I want so shut the fuck up and go hang with your troll buddies."
Its 'Bubbles' McSmack! Welcome back to the show-
.
Its 'Bubbles' McSmack! Welcome back to the show-
.
Re: Warren Buffett's Tax Dodge
Posted by:
big johnson
()
Date: August 20, 2011 01:51PM
Just wait until hyper inflation hits. Anyone who still has an earned income or job will become an instant millionaire. Hmmmm....
Re: Warren Buffett's Tax Dodge
Posted by:
...
()
Date: August 20, 2011 02:24PM
Johnson - not if one transacts in Pre-1965 silver coin. $1's face value of coin may contain 0,72 troy oz. silver, but it retains its legal tender.