Buffet on taxes

[Bob]

Buffett Tells ABC Rich Americans Should Be Paying `a Lot' More in Taxes - Bloomberg Buffett Tells ABC Rich Americans Should Be Paying `a Lot' More in Taxes
By Juliann Neher - Nov 21, 2010 12:25 PM ET Billionaire Warren Buffett said that rich people should pay more in taxes and that Bush-era tax cuts for top earners should be allowed to expire at the end of December.

?If anything, taxes for the lower and middle class and maybe even the upper middle class should even probably be cut further,? Buffett said in an interview with ABC?s ?This Week With Christiane Amanpour? that is scheduled to air on Nov. 28. ?But I think that people at the high end -- people like myself -- should be paying a lot more in taxes. We have it better than we?ve ever had it.? ...no way, the rich suffer Warren!

 

[Bob]

the top 10 percent income bracket owns 80 percent of stock equities

 

[Geo]

I believe the bush tax cuts should expire for all
Americans. I believe that anyone who disagrees is fiscally irresponsible.

I'm feeling very argumentative today.

 

[Andy A]

I believe the bush tax cuts should expire for all
Americans. I believe that anyone who disagrees is fiscally irresponsible.

I'm feeling very argumentative today.

You will be amazed but I agree with you but with this caveat. We must cut spending as well. I am not talking about just military, entitlements and the like, I am talking across the board cuts. If the Congress and American people do not take some unpopular and hard positions we are going to end up in the same pickle as Ireland, Greece, Portugal, Spain and soon to be, France. Geo, you will get no argument from me on taxes. My position has changed.

 

[Jdarg]

I believe the bush tax cuts should expire for all
Americans. I believe that anyone who disagrees is fiscally irresponsible.

I'm feeling very argumentative today.

Feisty, huh?

 

[Andy A]

One more thing on taxes, Geo. It is my position that the present income tax code and the IRS should be abolished and new, simpler method of taxation put into place. The present code of thousands of pages is unworkable as well as being unfair to all. Unfortunately, I don't expect to be around to see this happen but I believe when the American public get fed up enough it will happen. The new methodology of taxation is still open to debate. There are many good suggestions out there.

 

[Geo]

One more thing on taxes, Geo. It is my position that the present income tax code and the IRS should be abolished and new, simpler method of taxation put into place. The present code of thousands of pages is unworkable as well as being unfair to all. Unfortunately, I don't expect to be around to see this happen but I believe when the American public get fed up enough it will happen. The new methodology of taxation is still open to debate. There are many good suggestions out there.

I agree that tax reform is needed. But other than the issue of letting the Bush tax cuts expire I can't say I believe tax matters are among the most pressing issues we, as a country face today. That's why I never understood the masses of tea partiesr coming out of the woodwork to protest taxes now. The data proves that taxes are not at or near historic highs.

Protesting wars, Wall Street/big bank shenanigans contributing to the foreclosure mess, lobbyists controlling our gov't- all this I get.

 

[Andy A]

I agree that tax reform is needed. But other than the issue of letting the Bush tax cuts expire I can't say I believe tax matters are among the most pressing issues we as a country face today. That's why I never understood the masses of tea parties coming out of the woodwork to protest taxes now. The data proves that taxes are not at or near historic highs.

Protesting wars, Wall Street and big bank shenanigans, lobbyists controlling our gov't- all this I get.

If the Bush tax cuts are allowed to expire, my taxes will increase by over 1300 dollars. While I can live with that, it gripes me no end that there are those in this country who pay no tax and get part of the money I pay in back as well. I'd much rather say who that money goes to, given the chance. Taxes are a big deal because they are a large part of the engine that runs this nation.

 

[Geo]

If the Bush tax cuts are allowed to expire, my taxes will increase by over 1300 dollars.

Let's suppose my son's normal bedtime is 9pm. But during the week of Thanksgiving he doesn't have school so he asks if he can stay up later. I agree and tell him he can stay up until 10pm but only until the next school night.

So it's the Sunday after Thanksgiving and I'm getting him ready for 9pm bedtime. He's pissed telling me that I'm penalizing him by making him go to bed an hour earlier.

What do you think of this logic?

While I can live with that, it gripes me no end that there are those in this country who pay no tax and get part of the money I pay in back as well. I'd much rather say who that money goes to, given the chance. Taxes are a big deal because they are a large part of the engine that runs this nation.

Every year of my adult life except this one I have been in your place. Made plenty of money, paid what I felt was my fair share of taxes and found it questionable that some others didn't have to pay taxes.

This year I have purged myself of all material wealth and possessions. Uncle Sam will not be making a mint from me come April 15th compared to other years. So what's my point?

Now that I have been in both places I can say without hesitation- I would rather be a "have" (who has to pay) than a "have not" (who doesn't).

Be happy for you. There is nothing to envy of those who don't have to pay taxes based on low income.

 

[Andy A]

Geo, you and I differ greatly on the subject of taxes. I feel it is every American's right to succeed in life. It is also their right and privilege to participate in the support of their country. This is why I support some type of tax in which ALL pay something. It is everyone's nation. ALL should give something to support it even if it is only symbolic. Too many, in this country, receive its benefits and greatness without ever having to pay anything for them, fiscally, emotionally or mortally.