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Buffett Tax On Rich Will
Hurt Average Americans

Investor´s Business Daily, by Editorial

Original Article

Posted By:earlybird, 11/26/2012 8:46:50 PM

Billionaire Warren Buffett, always popular among Democratic redistributionists, says he wants a "minimum tax" on the very rich. Never mind that we already have one, and that what he proposes would hurt both the economy and the middle class. (Snip) Hey, these people are rich — so who cares? Well, you should. Because Buffett´s proposed tax hike is just another way of removing investment capital — the engine of economic growth — from the U.S. economy. It would also do next to nothing to close our long-term budget deficits, now running at $1 trillion plus a year.

      


Post Reply  

Reply 1 - Posted by: Italiano, 11/26/2012 8:54:22 PM     (No. 9035121)

How about this, Warren? Why don´t we terminate the tax advantages (retroactively)of private foundations like yours, including the deduction for property contributed to them? Include the asset value in your estate, and pay the estate tax. Let government decide what it wants to do with your income and assets, like you´re recommending for the rest of us.

POS.

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Reply 2 - Posted by: Feebie, 11/26/2012 9:27:02 PM     (No. 9035137)

2013 tax structure will mean a $200-300 difference (less) in my monthly take home pay than the 2012 rates.

I´m not a billionaire.

This hurts.

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Reply 3 - Posted by: bighambone, 11/26/2012 9:27:59 PM     (No. 9035139)

The Democrats say they want to raise taxes on the rich. But a big portion of the rich population group always supports the liberal Democrats. So what the Republicans should do is OK the Democrats tax hike on the rich, then stand back and watch as the Democrats suddenly change their tune when they can no longer use the threat of such tax hikes on the rich to politically batter the Republicans.

Since everybody with a head on their shoulders knows that such a tax on the rich will not bring in the needed revenue, and that the Democrats will then have to come back with proposals to tax the middle class as that´s where the biggest revenue potential lays. That´s always the way it has been.

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Reply 4 - Posted by: Namma, 11/26/2012 10:05:16 PM     (No. 9035172)

mr buffets plan would help pay off the national debt inthe year 2526...great plan...mark your calender!! you will want to see this...

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Reply 5 - Posted by: stablemoney, 11/26/2012 10:13:05 PM     (No. 9035177)

Why can´t this old white guy think of any cuts in the budget? He seems able to think of them on all the businesses he buys.

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Reply 6 - Posted by: CEP, 11/26/2012 11:20:16 PM     (No. 9035215)

I also think that all past Presidents who are living, all past Congresscritters that are living have their retirement income taken away. Also these past Presidents should have their 24 hour security paid by the taxpayer also their offices paid by the taxpayers be terminated. Let them pay for it themselves. These are the people that have created the dire straits this country is in, because they are stupid and didn´t care about anything except getting re-elected.

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Reply 7 - Posted by: Phil_hk, 11/27/2012 1:58:08 AM     (No. 9035301)

How about a tax on democrats?

Really, if higher taxes don´t hurt living standards and people think they get what they for for from higher taxes then pass a law that says anyone who voted as a member of the democratic party must pay 50% no deductions income tax. Make Republicans ineligible for any form of welfare, Social Security or government pay out including the Obama care.

Let them lead by example


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Reply 8 - Posted by: Pinchem, 11/27/2012 3:14:02 AM     (No. 9035331)

#7...don´t stop there. Going after the government workers, let´s include ALL Social Security Retirees, ALL Civil Service retirements, ALL Military retirements.....WAIT!

People need to wake up and deal with reality. Congress don´t get fat pensions, especially after only one term, as the emails in big red letters indicate, (it´s their outside income that make them rich), Presidents now only get SS protection for 10 years max, no longer lifetime.

Tell me #7...why should all the above give up their earned retirements and you not give up yours?


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Reply 9 - Posted by: Spidey, 11/27/2012 3:15:52 AM     (No. 9035332)

The left really believes raising taxes on the rich is the holy grail that will solve all problems and then some.They are clueless on what a drop in the bucket additional taxes on the rich really are.

The only real investment going on is Obama´s campaign donors who are getting 100´s if not 1000´s of return on the dollar on investing in his re-election.

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Reply 10 - Posted by: Trigger2, 11/27/2012 4:31:48 AM     (No. 9035355)

10´s comment brings to mind the exchange between Barry & Mitt. Barry was whining about some tax write-off the oil companies enjoy. Mitt came back with a comment saying the oil write-offs totaled $3B while Barry wasted $80B on failed green projects. Just remember, that $80B went to cronies and bundlers of the demonrats.

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Reply 11 - Posted by: civilservant, 11/27/2012 8:59:03 AM     (No. 9035642)

#4:
Let´s go through this one point at a time.
It was not the SUper RIch who manipulated the RE market.
In 1972, the Boston Fed put out a totally FALSE report regarding ´red-lining´. This means that the banks were not lending to ´certain´ neighborhoods. Forget that race immaterial and that if you looked at crecit scores and financial history there was comity at those levels. The result of this LIE was the 1976 Community reinvestment act.
The CRA was further strengthened by Klanton(ptoo, ptoo). THAT was the reason for the crash, that plus the assinine ´mark to market´ rule.
In regards to Oil, once again you are so far off the mark. The Government makes more off a gallon of gas in taxes than does the producer, retailer and distributor. Maybe if Presnidebt Uhhhhbama had not closed off 1.6 MILLION acres of Federal land that was slated for drilling under W, S & D would be in greater balance and the prices would fall. BUT the Wan WANTS $8.00 a gallon gas; see Stephen Chu´s 2009 NYT article.
Frankly, it was only your last line I agreed with.

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