Political Discussion: Warren Buffett: I 'Should Be Paying A Lot More In Taxes' [ABC News via Huffington Pos

Jason Fritz

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#2
I'm surprised ABC and Huffington are trumping his statements up in this recent interview...Buffet has said for years that he should be paying more taxes. A couple of years back he was quoted somewhere as saying that he pays less percentage wise (around 16-18% from what I remember) than his maid. You have to remember that he has a whole division of people managing his wealth and assets, it's a given that they'll find the best way to offload tax costs.

I commend Buffet on a lot of different ideas and strategies with investing, but this whole attitude of, "now that I've made a billion, things should change"...doesn't really move me.
 

MrPogi

Moderator, , Webmaster of Cache Free TV
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#3
Person "A" makes $50,000 and pays 25%, or $12,500, leaving $37,500 to live on.
person "B" makes $1,000,000 and pays 35%, or $350,000, leaving $650,000 to live on. And I can live pretty damn good on $650,000.

This is simplified, of course, but is this really fair?
Warren understands that things cost the same no matter how much you make: Your health insurance costs no more for identicle coverage whether you make $30,000 or $30,000,000. I'm all for rewarding hard work but...

Buffet also lives in the same modest house he owned BEFORE he became so wealthy, yet another reason I admire him. Thrift and common sense is what got him where he is.
 

MrPogi

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#4
I found it, Jay:
Warren Buffet pays 17% in taxes. His secretary pays 28%. He suspects most CEOs end up paying less than their secretaries, at least as a percentage.

BTW, that's a well paid secretary. 28% bracket is 82,000 to 172,000.
 

Jason Fritz

Administrator
Staff member
#5
Buffet also lives in the same modest house he owned BEFORE he became so wealthy, yet another reason I admire him. Thrift and common sense is what got him where he is.
Agreed. He was one of the first to predict the mortgage meltdown too. I think he might have been the first to coin the phrase, "Financial Instruments of Destruction" when talking about mortgage backed securities.

I found it, Jay:
BTW, that's a well paid secretary. 28% bracket is 82,000 to 172,000.
lol, nice. She probably handles legal responsibilities and other financial duties that take a lot of training as well.
 

dkreichen1968

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#6
Hey, even I knew that you couldn't have the types of crazy loan packages running around and not have a meltdown. It was just the narcissism of the greedy and the ignorant that made it work as long as it did.
 

Jason Fritz

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Staff member
#8
Hey, even I knew that you couldn't have the types of crazy loan packages running around and not have a meltdown. It was just the narcissism of the greedy and the ignorant that made it work as long as it did.
I remember looking at houses for the first time back in 01-02 and thinking "What's going to happen when all of these adjustable rate mortgages reset after 5 years" too.

Warren Buffet, you are free to donate to the state, local, and federal government to your hearts content. By all means, do so.
I guess Bill Gates is Buffet's polar opposite when it comes to donating money. We all know how the Government has a great track record of efficiently handling money and keeping costs down. ;)
 

Jason Fritz

Administrator
Staff member
#10
Actually, didn't Warren Buffet put much of his money into the Gates Foundation?

- Trip
If he did, then I recant my statement...I haven't kept up with Buffet's donations as much as Bill Gates, but my statement wasn't intended to make Buffet look like a grinch because I'm sure he has donated quite a bit....but more so to question his decision to go public with his statements about current tax laws.
 

EscapeVelocity

Moderator, , Webmaster of EV's Antenna Blog
#11
Does Warren support the Fair Tax? If not, he should. But alas...

A simplified tax scheme would end the loopholes and the manipulation of peoples behavior by the government via the tax code. It would also improve compliance, making it easier to understand and fairer amongst the population.

We can even have a voluntary Alt Min Tax law, where people like Warren Buffet are free to pay more, if they feel like government is doing a heckuva' job.
 
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