Warren Buffett: I should be paying more in federal taxes

Jeff5623 said...

"Warren is right, richest people should be paying the most taxes"

Jeff5623, the rich already DO pay "the most taxes." Even if the tax rate on income was as low as 10%, 10% of $62 billion dollars is a lot more than 10% on the median middle-class income.

Math is your friend. Embrace it, get to know it. It will help you understand complicated concepts, Jeff5623.

Jeff5623 said...

"Warren is right, richest people should be paying the most taxes"

Jeff5623, the rich already DO pay "the most taxes." Even if the tax rate on income was as low as 10%, 10% of $62 billion dollars is a lot more than 10% on the median middle-class income.

Math is your friend. Embrace it, get to know it. It will help you understand complicated concepts, Jeff5623.

my personal opinion is the Fair Tax, H.R. 25 & S 1025 will help him accomplish his goal when he buys his next car, plane, new home, next business suit and all his other things. He will be paying the same as Joe the Plumber will when he buys his new pipe wrench. Now that's what I call FAIR. Please read the above mentioned H.R. 25 & S 1025 as it would actually help ALL the Joe Plumber's in America.

See if you can see why the white house is really not interested in passing it.

Why is it such a big deal that you just crossed a tax bracket? I'm guessing by "just crossed" you mean you now make at most a couple thousand more than the cutoff. In that case, you pay an extra 3-5% (depending which barrier you crossed) on that extra couple grand. Totalling, at most, a whopping hundred dollars more a year in taxes for being in a new bracket.

As for all of you people saying Warren Buffet should just cut the government a check and they'd gladly take it, you are mistaken. Ted Turner tried to do exactly that several years ago, and they turned him down. As odd as it sounds, given all the lobbyists in Washington, the government doesn't want to be indebted to someone in such a way.

Mr. Buffett surely realizes the source of his wealth is the same source for any wealth: The productive members of society. If he wants to provide "charity" to the less fortunate or those who don't care to produce value that is his business, and he should do so with his own resources. But don't force your "charity" and altruism on the rest of us who are trying to work our way into the American dream.

The Declaration of Independence sets forth the principle of abolishing corrupt government, and we need to abolish our incomprehensible and corrupt income tax code and IRS and replace them with the simple Fair Tax which everyone can understand. Then leave charity to individuals who will be free to create and distribute their wealth as dictated by their own conscience, not by the soul-less whims of government.

Matthew Daines
Lexington, KY

"Right now it is costing the treasury $945 billion per year to provide income tax deductions, tax preferences, loopholes, credits, and favors provided by the current tax code. Only those who qualify
for these breaks and itemize their returns receive these tax benefits and 70% of filers do not itemize. Under the FairTax plan ALL Americans receive monthly prebates to reimburse consumption taxes
paid up to the poverty level, guaranteeing that no American pays the
23% FairTax to purchase the basic necessities of life. These prebates would cost the treasury $489 billion."

Warren B is a smart old clever bussiness man. He knows that if the tax structure fails to meet the demand of the USA. BOOOOM depression, and the loss of trillions of dollors for the rich. He is the rich, so he dosent mind paying more because if big bussiness paid more the USA would be stronger. When the original constitution was writen it was ment for bussiness to pay the more share of taxes not the lttle working guy. Because if the little working guy EVER figured out that all his hard work never amounted to anything for them or there familys them millions of people would say WHAT THE HECK IS THE USE OF GOING TO WORK every day, Im breaking my neck for nothing, and in under the surface the BIG bussineses would be screwed for GOOD workers. Many workers today don,t have a production rating because of this attatude. Big Bussiness did it to them selfs. The Minium wage in this coutry is a crime it should be $16.00 and hour at the least.

GOOD WORKING production in this coutry is in the tolit, and big companys know it. No one pays a desent wage for small jobs, unskilled jobs so people don,t care about there work. If the goverment would give insentives to companys to DEMAND higher wages for the little guy them USA production would be better. THERE is millions of these low paying jobs out there, each on of these low paying jobs pays approx. $60.00 week in taxes to Goverment you add that up times the millions of jobs and the 52 weeks a year and you have a heck of a lot of tax money rolling in. If this USA would smarten up and pay a lot more to these millions of small workers the tax structure would double, the worker would feel like they are getting a head and work better, AND THE USA would not be in the mess its in now. Big bussiness pays squat in taxes for what they produce in product a year. Its the little guy who is getting screwed with the tax bill every wee and every year. Mim wage in this country is a joke for 2008 and 09 it should be $16.00 and hour at the least. Big bussiness will bitch saying can,t pay this much....WELL LOOK AT YOUR STOCKS NOW...can afford not to pay in the future. A happy worker that is making money is a good worker, 150 million or so GOOD workers MAKES THIS coutry work and keeps it out of a depression. SIMPLE MATH big bussiness pay now or pay MUCH MORE later.

Guys like WB are clever and know how the small family works. This is how he got rich. He just bought a big gum and candy company for more money than i can write. He knows that in the up comming DEPRESSION not resession, that the little guy won,t be able to aford on a dayly bases the expensive treat, so the millions of little guys will by a pack of gum or a bar of candy because it still will be a value for there dollor, TIMES those little bars and packs by millions of NEW buyers and POWWWWW you have a heck of a lot of very small sales adding up to big huge dollors over time, SAME with Ebay probably the most succesful bussiness aventure of the decade in the terms of making billions in a short time only 10 years time worth billions. It was little sellers selling goods from there kitchen tables and MAKING A NICE PROFIT for there time, that made ebay so rich, and the important fact is the millions of little sellers got there products to the masses CHEAP so they would make more profit, so the little bussiness men and woman were happly campers because they made money for THEM SELFS. Ebay is what it is today a GIANT network of Billion dollor companys ALL BECAUSE the little GUYS, NOT THE BIG COMPANYS. This country should follow that trend of these other guys and make the big wealthy people pay a LITTLE more taxes and give the LITTLE guys a HELL of a break, or the Millions of little guys will just say the heck with it and not produce there potential and the big companys will get squat in GOOD prodution and make then any money. This coutry does not RUN on the rich or the very well to do, IT stays RUNNING on the millions of little guys that spend moderatly but times all that moderate spending adds up to Trillions of dollors that a couple hand fulls of big corps. don,t even come close in putting into the USA as ALL those little guys. This country does not need to pump a trillion dollors into the Banks to bring this coutry back, they will pick and choose who to lend to, and there the ones that screwed up the USA in the first place. The USA should start GIVING the little guys the trillions of tax dollors to spend and they will by the millions of people and they will spend it in areas that the little guys will benift and in turn the Big companys will beifit also. Heck the little guy will by more gum and candy and WB will get richer, so SEE HOW IT WORKS. This coutry is HERE because all the 450 million little guys not the big companys.

The problem with this coutry is too many big shots are running it and they have made money, nothing against big shots but they don,t make up even 1/8 of the money spent in this country by the millions of little guys. ALL the bulk of the money in this coutry is PENNED UP in the rich guys accounts and NOT GETTING out there like it should. Gates Billions pinned up, WB Billions pinned up, and the list goes on. If the little guys out there only had 25% MORE a year to Spend and you times it by the millions of little guys THIS COUTRY WOULD BE BOOMING again. The Goverment is stupid for not regulating the banks years ago, but that is a nother matter. I am one of those little guys i make my wage and take it home pay my bills and go on. I am also one of those little guys that saw Ebay for what it could do for me 9 or so years ago, and started selling State Quarter P $ D sets from by kitchen table. I was around the 5,000 person that signed up for there site back then, the site was very young. Well i reached millions of customers and collectors and familys after a while with my P $ D sets and sold hundreads of Thousands over a few years of them for only $1.25 plus a real cheap shipping, and i could reach a massive audiance of buyers for a lousy .35 cents a auction. Some of you on this blog that reads this might have even purchased sets from me, and i appreated your bussiness. I not selling them anymore because the price of things. That few years i sold them i made tons of extra money and added money to my family and the comunity around me in buying goods and services. I and a lot others started Ebay on its roll to being the fastest venture to make money in decades. It was all done with little people like me that spent $10.00 for a roll of Penna. P. state quarters from a bank and a $10.00 roll of Pa. D state quarters from the bank. Sold then and sent them out ALL OVER the WORLD and the USA. Little People at work that is what makes this country, not big companys they don,t pay any taxes to say, its the millions of little people that pay little taxes hear and there but trillions of times a year that adds up to keeping this coutry alive and running. HAY::: W Buffit if your looking for a smart little kitichen table seller that can make a nice amout of extra change, shoot me a email, ill go to work for you.....BUT IM warning you now I WANT A GOOD DAYS PAY for the work i do and the money i will make you. Remember it isn,t the queen ant that builds the huge mound around her, its all the millions of little ants that build those huge mounds that protects the queen and the whole nest.