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Thread: What does THIS guy know about Economics!

  1. #1
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    What does THIS guy know about Economics!

    [SIZE="4"][B]Warren Buffett: Stop coddling the super-rich[/B][/SIZE]

    BANGALORE (Reuters) - Billionaire Warren Buffett urged U.S. lawmakers to raise taxes on the country's super-rich to help cut the budget deficit, saying such a move will not hurt investments.

    "My friends and I have been coddled long enough by a billionaire-friendly Congress. It's time for our government to get serious about shared sacrifice," The 80-year-old "Oracle of Omaha" wrote in an opinion article in The New York Times.

    Buffett, one of the world's richest men and chairman of conglomerate Berkshire Hathaway Inc , said his federal tax bill last year was $6,938,744.

    "That sounds like a lot of money. But what I paid was only 17.4 percent of my taxable income - and that's actually a lower percentage than was paid by any of the other 20 people in our office. Their tax burdens ranged from 33 percent to 41 percent and averaged 36 percent," he said.

    Lawmakers engaged in a partisan battle over spending and taxes for more than three months before agreeing on August 2 to raise the $14.3 trillion U.S. debt ceiling, avoiding a U.S. default.

    "Americans are rapidly losing faith in the ability of Congress to deal with our country's fiscal problems. Only action that is immediate, real and very substantial will prevent that doubt from morphing into hopelessness," Buffett said.

    Buffett said higher taxes for the rich will not discourage investment.

    [B]"I have worked with investors for 60 years and I have yet to see anyone - not even when capital gains rates were 39.9 percent in 1976-77 - shy away from a sensible investment because of the tax rate on the potential gain," he said. "People invest to make money, and potential taxes have never scared them off."[/B]

    (Reporting by Santosh Nadgir; Editing by David Holmes)

    [url]http://news.yahoo.com/stop-coddling-super-rich-buffett-084140678.html[/url]
    Last edited by intelligentjetsfan; 08-15-2011 at 10:25 AM.

  2. #2
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    The reality is that his income is probably 90 percent interest , dividends and capital gain.

    His earned income (W2) was absolutely taxed at 39.6 percent.



    That said.... I believe that he is somewhat right. In a perfect world, I would like to see dividends and cap gains taxed at say 25 percent not 15.

    Nothing would change however.... this would be like bailing the Titanic with a bucket instead of a small cup.

    We spend more money on failing projects that are so poorly managed and full of nepotism, union benefits and on and on....

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    Tell that to the company's that move to other countries(ie Canada) because of lower corporate tax rates...

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    [QUOTE=Piper;4103471]Tell that to the company's that move to other countries(ie Canada) because of lower corporate tax rates...[/QUOTE]

    Don't forget free healthcare.

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    [QUOTE=cr726;4103484]Don't forget free healthcare.[/QUOTE]

    Nobody (especially companies) goes to Canada for healthcare.

    Ask the Irish how that free healthcare is working out.

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    when we think about the 50's and 60's, taxes were much higher and there was alot of prosperity

    somehow over the last few years the right wing has successfully sold a message that taxes = economic stagnation, it's flat out not true.

    in fact, these tax cuts that Bush introduced... where are the jobs? where is the growth?

    as far as I can see, the only thing tax cuts do is short change revenue to the gov't.

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    Bit - What is there about this economy that resembles the 50' & 60's? The high US production levels? The high %age of taxpayers? C'mon that is an oversimplification and you know it.

    And Intelligent Jets Fan - if your little 'contributions' were original or funny, that would be one thing. But they aren't.

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    [QUOTE=Pip;4103512]Bit - What is there about this economy that resembles the 50' & 60's? The high US production levels? The high %age of taxpayers? C'mon that is an oversimplification and you know it.

    And Intelligent Jets Fan - if your little 'contributions' were original or funny, that would be one thing. But they aren't.[/QUOTE]

    Warren Buffett's knowledge about business and economics is legendary. And yet, his comments will be mainly dismissed or ignored by the talking heads on TV and radio. That is true whether you think I am funny or boring :rolleyes:

    [IMG]http://img.photobucket.com/albums/v228/displacedtexan/blogstartdatefeb052005/foxnews.jpg[/IMG]
    Last edited by intelligentjetsfan; 08-15-2011 at 11:18 AM.

  9. #9
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    [QUOTE=intelligentjetsfan;4103543]Warren Buffett's knowledge about business and economics is legendary. And yet, his comments will be mainly dismissed or ignored by the talking heads on TV and radio. That is true whether you think I am funny or boring :rolleyes:

    [IMG]http://img.photobucket.com/albums/v228/displacedtexan/blogstartdatefeb052005/foxnews.jpg[/IMG][/QUOTE]

    They are not ignored....... they are discussed and debated.

    BTW... your pic of the sheep is funny. We conservatives think it's the other way. We dont have blocks of people voting basically on things like skin color and gender.

    Have you ever heard of a conservative "church" busing their congregation in? Talk about sheep. Please. You can't be serious.

    Enjoying the summer off?;) I have to work to pay my property taxes.

  10. #10
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    BALANCE

    Raise taxes on top 1 - 5%. Cut spending on social programs and military.

    Stop arguing over which one is better when we need to do both.

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    Buffet is right, the super-rich have been coddled for far too long. Conservatives often cry about redistribution of wealth to the poor while completely ignoring all the statistical evidence about redistribution of wealth going to the top and failing to trickle down substantially.

    The biggest problem in this country is we have socialism for the super rich, socialism for the poor, and the majority in the middle gets the screw job.

    The ultimate solution here is tax reform where rates are lowered and deductions completely eliminated as well as structural reform to health care, Social Security, and Defense.

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    [QUOTE=southparkcpa;4103558]We conservatives think it's the other way. We dont have blocks of people voting basically on things like skin color and gender.[/QUOTE]

    So your claim is there are no significant voting blocks on the right who vote Republican based solely on immigration or gay rights? Right...

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    [QUOTE=bitonti;4103495]when we think about the 50's and 60's, taxes were much higher and there was alot of prosperity

    somehow over the last few years the right wing has successfully sold a message that taxes = economic stagnation, it's flat out not true.

    in fact, these tax cuts that Bush introduced... where are the jobs? where is the growth?

    as far as I can see, the only thing tax cuts do is short change revenue to the gov't.[/QUOTE]

    You're not old enough to know about taxes from the 50s and 60s. And if you are that old, you've developed Alzheimers.
    The fact is that there were uncounted numbers of deductions in those days. My uncle was a CPA and I marvelled the deductions my parents got. Me, not so much because I was in college.
    As far as Bush and jobs. We took a hit. Obama has compounded it by another 20% unemployment. The government wastes. Growth will come when companies feel confident in stability. Watch the finance shows. Listen to CEOs. They are not hiring and will not hire in an unstable outlook situation.
    I would be for some tax increases AFTER there are serious budget reductions - say 4 trillion over 10 years. Use any tax increases to PAY DOWN debt not add on boondoggle projects.
    And 50% paying nothing is not acceptable. That number should be lower than half that.

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    [QUOTE=parafly;4103575]So your claim is there are no significant voting blocks on the right who vote Republican based solely on immigration or gay rights? Right...[/QUOTE]


    Those are issues. Democrats do it based on COLOR. Shall we say discrimination?
    And before you start with South Carolina crap, my Congressional Rep is a BLACK Republican who I and a lot of others voted for. And our Gov is a WOMaN who has parents who immigrated (legally) from India.

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    [QUOTE=southparkcpa;4103558]They are not ignored....... they are discussed and debated.

    BTW... your pic of the sheep is funny. We conservatives think it's the other way. We dont have blocks of people voting basically on things like skin color and gender.

    [B]Have you ever heard of a conservative "church" busing their congregation in? Talk about sheep. Please. You can't be serious.[/B]

    Enjoying the summer off?;) I have to work to pay my property taxes.[/QUOTE]

    :eek:

    1. If you truly believe that there are not conservative voters who are against certain candidates due to ignorance then I don't know what to say. Voters' ignorance is wide spread through both parties. The people who voted for Obama soley because of his skin color are just as ignorant as the people who did not vote for him because of that same reason.

    2. I could literally link 50 stories demonstrating how the conservatives use religion to their advantage in elections. Maybe you do not know this because of where YOU are getting your news...;)


    [url]http://www.highbeam.com/doc/1A1-D92Q5JJ80.html[/url]

    [url]http://www.au.org/media/church-and-state/archives/2004/07/southern-baptist.html[/url]

    [url]http://www.usatoday.com/news/religion/2008-08-26-southern-baptist-vote_N.htm[/url]


    3. Corporate media operates for their own self-interest. IF Buffett's comments are addressed on TV you can rest assured the debate will not be fair and balanced.
    Last edited by intelligentjetsfan; 08-15-2011 at 11:49 AM.

  16. #16
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    [QUOTE=parafly;4103568]Buffet is right, the super-rich have been coddled for far too long. Conservatives often cry about redistribution of wealth to the poor while completely ignoring all the statistical evidence about redistribution of wealth going to the top and failing to trickle down substantially.

    The biggest problem in this country is we have socialism for the super rich, socialism for the poor, and the majority in the middle gets the screw job.

    The ultimate solution here is tax reform where rates are lowered and deductions completely eliminated as well as structural reform to health care, Social Security, and Defense.[/QUOTE]

    Bravo. Nailed it. :yes:

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    [QUOTE=palmetto defender;4103590]Those are issues. Democrats do it based on COLOR. Shall we say discrimination?
    And before you start with South Carolina crap, my Congressional Rep is a BLACK Republican who I and a lot of others voted for. And our Gov is a WOMaN who has parents who immigrated (legally) from India.[/QUOTE]

    You are only fooling yourself if don't believe significant numbers of conservatives are voting based on bigoted or discriminatory views.

  18. #18
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    [QUOTE=intelligentjetsfan;4103593]:eek:

    1. If you truly believe that there are not conservative voters who are against certain candidates due to ignorance then I don't know what to say. Voters' ignorance is wide spread through both parties. The people who voted for Obama soley because of his skin color are just as ignorant as the people who did not vote for him because of that same reason. [B]Really????[/B] Have a politician say that and he will be run out on a rail.

    2. I could literally link 50 stories demonstrating how the conservatives use religion to their advantage in elections. Maybe you do not know this because of where YOU are getting your news...;)[B] See below.[/B]


    [url]http://www.highbeam.com/doc/1A1-D92Q5JJ80.html[/url]

    [url]http://www.au.org/media/church-and-state/archives/2004/07/southern-baptist.html[/url]

    [url]http://www.usatoday.com/news/religion/2008-08-26-southern-baptist-vote_N.htm[/url]


    3. Corporate media operates for their own self-interest. IF Buffett's comments are addressed on TV you can rest assured the debate will not be fair and balanced. [B]Agreed, if on ABC, CBS, CNN, NPR it will be full tilt left.[/B] [/QUOTE]

    I am not referring to the fringes... the main core of either party is the discussion.

    Difference is, the religious right hurts the conservative party.

    I am simply stating, I do not believe that the repubs have a "demographic" based on race or skin color that votes 85 percent repub almost regardless of the candidate. Those who do are more like sheep.

  19. #19
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    [QUOTE=parafly;4103605]You are only fooling yourself if don't believe significant numbers of conservatives are voting based on bigoted or discriminatory views.[/QUOTE]


    That may be true. BUT Black ministers have been very vocal about being anti white. (See Jeremiah Wright). So have black leaders (Congressional or not). Their rhetoric is highly racist and inflammatory.
    I don't hear too many Catholic priests in white parishes saying "beat the black man".

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    [QUOTE=palmetto defender;4103628]That may be true. BUT Black ministers have been very vocal about being anti white. (See Jeremiah Wright). So have black leaders (Congressional or not). Their rhetoric is highly racist and inflammatory.
    I don't hear too many Catholic priests in white parishes saying "beat the black man".[/QUOTE]

    I never claimed otherwise, simply refuting the obviously incorrect notion that it only comes from one side. The fact is wedge issues are used as a tool by both sides and influence certain voting blocks into their respective positions.

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