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Warren Buffett Calls For Higher Taxes For Us Super Rich

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http://www.guardian.co.uk/business/2011/aug/15/warren-buffett-higher-taxes-super-rich

The days of 'coddling' America's super-rich with low taxes must end if its debt problems are ever to be solved, according to billionaire investor Warren Buffett.

Buffett has called on US politicians to impose higher taxes on his fellow wealthy Americans, who he says are currently indulged with an unfairly generous tax regime. Writing in the New York Times on Monday, Buffett argued that the richest members of US society are not making a fair contribution to repairing the country's finances.

"While the poor and middle class fight for us in Afghanistan, and while most Americans struggle to make ends meet, we mega-rich continue to get our extraordinary tax breaks," wrote Buffett, whose personal fortune was estimated at $50bn (£30bn) by Forbes this year.

"These and other blessings are showered upon us by legislators in Washington who feel compelled to protect us, much as if we were spotted owls or some other endangered species. It's nice to have friends in high places," the 80-year old investor added.

Buffett, a long-time critic of the US tax system, has calculated that he handed over 17.4% of his income as tax last year – a lower proportion than any of the 20 other people who work in his office.

Not the first time he's asked for this, but why if he believes he should pay more /contribute more to US society why doesn't he just hand the US govt a huge cheque. Lets say he just hands them $1bn as a voluntary contribution or just take over the funding of some road repairs etc.....

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http://www.guardian.co.uk/business/2011/aug/15/warren-buffett-higher-taxes-super-rich

Not the first time he's asked for this, [bbut why if he believes he should pay more /contribute more to US society why doesn't he just hand the US govt a huge cheque[/b]. Lets say he just hands them $1bn as a voluntary contribution or just take over the funding of some road repairs etc.....

I hate this argument. I very much doubt he actively likes paying taxes but he can see it is stupid that he pays a lower rate than his employees. Why should he alone donate money to the US government when the other obscenely rich won't.

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http://www.guardian.co.uk/business/2011/aug/15/warren-buffett-higher-taxes-super-rich

Not the first time he's asked for this, but why if he believes he should pay more /contribute more to US society why doesn't he just hand the US govt a huge cheque. Lets say he just hands them $1bn as a voluntary contribution or just take over the funding of some road repairs etc.....

Because it's not worth doing unless they all do it. His contribution would make no difference on its own, if all the mega rich paid up the USA finances would be a lot more solid than they are.

He has bequeathed nearly his entire fortune to charitable causes, so I don't hink you can accuse him of hypocrisy.

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Because it's not worth doing unless they all do it. His contribution would make no difference on its own, if all the mega rich paid up the USA finances would be a lot more solid than they are.

He has bequeathed nearly his entire fortune to charitable causes, so I don't hink you can accuse him of hypocrisy.

...agreed ...he is right ...to close the gap it needs to be higher...and make those amongst the rich who should be paying and are not... pay .... or fine them to extinction.... :rolleyes:

Edited by South Lorne

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He has bequeathed nearly his entire fortune to charitable causes, so I don't hink you can accuse him of hypocrisy.

That's if you consider the Bill and Melinda Gates foundation a genuine charity, which I certainly don't...

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...ahh .....a conspiracy theory.... :rolleyes:

Obviously you didn't watch the second video and read any of the info linked from that Facebook page...

Everything is a theory when you walk through life dead asleep and with your eyes closed.

But keep on trolling for the 'establishment', I hope they pay you well for all your efforts. :blink:

Edited by awake_eagle

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Obviously you didn't watch the second video and read any of the info linked from that Facebook page...

Everything is a theory when you walk through life dead asleep and with your eyes closed.

But keep on trolling for the 'establishment', I hope they pay you well for all your efforts. :blink:

...only those that shout troll are trolls ...you anti-establishment 'hero'.... :rolleyes:

Edited by South Lorne

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Because it's not worth doing unless they all do it. His contribution would make no difference on its own, if all the mega rich paid up the USA finances would be a lot more solid than they are.

He has bequeathed nearly his entire fortune to charitable causes, so I don't hink you can accuse him of hypocrisy.

Also because unless budget discipline is practised, those additional taxes will be up in smoke in just a few days.

US Federal government spending = 3.8 trillion or 3800 bn

Spending per day = 10.4bn

$1 bn will last a good 2 hours..

Perhaps it was a silent statement saying private charity such as B&M Gates is better at spending the money than the federal

government / congree?

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Its funny, whenever ive posted (on other forums) I support the inheritance tax i get called a jealous twit, unwashed commie, reduced to the politics of envy etc etc.

Then i mention Buffett, Steve forbes and a few others support the US death duty, that shuts them up.

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Its funny, whenever ive posted (on other forums) I support the inheritance tax i get called a jealous twit, unwashed commie, reduced to the politics of envy etc etc.

Then i mention Buffett, Steve forbes and a few others support the US death duty, that shuts them up.

From an economic point of view inheritance taxes are one the best types of taxes. Much better than payroll. Inheritance taxes prevent the formation of a hereditary hide-bound aristocracy/plutocracy. It encourages meritocracy since it hinders social/economic stratification, and frees up capital so it can find the most capable hands - the essence of capitalism. It also has some of the least negative economic consequences of all tax types, since its paid when you die and so has minimal effect on your economic decisions when your in the prime of your working life (late 20s to early 40s).

Given the above i find it amusing that so many supposed capitalists are against inheritance taxes, but then they are not true capitalists at all, but crony capitalists at heart.

Edited by alexw

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Mood music is beginning to change.

Big guns are now starting to talk more sense. They know perfectly well what is required.

It's helpful to see the nutters being put in their box and more sensible policies starting to come to the fore.

Let's hope it's more than rhetoric.

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http://www.guardian.co.uk/business/2011/aug/15/warren-buffett-higher-taxes-super-rich

Not the first time he's asked for this, but why if he believes he should pay more /contribute more to US society why doesn't he just hand the US govt a huge cheque. Lets say he just hands them $1bn as a voluntary contribution or just take over the funding of some road repairs etc.....

I wonder why Gurdian journalist had been so careless to leave this out from the original op-ed:

Job one for the 12 is to pare down some future promises that even a rich America can’t fulfill. Big money must be saved here. The 12 should then turn to the issue of revenues. I would leave rates for 99.7 percent of taxpayers unchanged and continue the current 2-percentage-point reduction in the employee contribution to the payroll tax. This cut helps the poor and the middle class, who need every break they can get.

In other world - cut spending, and stop taxing the 99.7% too

NY Times opt ed here:

http://www.nytimes.com/2011/08/15/opinion/stop-coddling-the-super-rich.html?hp

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On the point about Eugenics, dont each and every one of us have a responsibility to ensure we dont consume more of the planets finite resources to ensure our kids and their kids have something left on this planet

Tell that to the banksters and the other scum of the elite, each of them consumes more than an average African country...

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http://www.guardian....axes-super-rich

Not the first time he's asked for this, but why if he believes he should pay more /contribute more to US society why doesn't he just hand the US govt a huge cheque. Lets say he just hands them $1bn as a voluntary contribution or just take over the funding of some road repairs etc.....

The banking/financial elites were all de-regulated and told to monitor/regulate themselves - where has that led?

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On the point about Eugenics, dont each and every one of us have a responsibility to ensure we dont consume more of the planets finite resources to ensure our kids and their kids have something left on this planet instead of just problems. We all know from the myriad of different topics on this board and on boards all over the net that society is a complex model with thousands, millions or even billions of variables.

So shouldnt we all take a responsible attitude to how many kids we choose to have? For example apart from recent immigration, the UK population was in decline freeing up more of the UK's natural resources. At some point in the future the natural resources of the UK would be enough to sustain the declining population. We see this happen in more local systems with insects and animals and even vegetation.

So is it not responsible to not have too many kids for example? Goes against some religous beliefs I know but times have changed and the world is a different place today compared to say the medieval era.

One such change I would like to see happen is the ability for individuals to have kids and live off those state benefits which are given out, making it a career choice, becuase firstly it sends the wrong message to those kids from those backgrounds and it creates tension with hard working taxpayers who fund their lifestyle for example.

You are right cos most western countries were automatically adjusting to better health and less child deaths.

It is the City's fraudulant theft from pensions thru commission, fees and other constantly rising costs that are leaving the older generations underfunded.

The elites keep blaming it all on a rising survival age - but 90% is due to their grabbing huge amounts of your pension pot which destroys it in the earliest couple of decades!

The elites also brought in immigration on a huge scale to prop up their bent, broken model, economic/money growth spirals (that the elites tap all the 'real' productive wealth out of)

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The banking/financial elites were all de-regulated and told to monitor/regulate themselves - where has that led?

I actually tested this theory on my dog. I placed a weeks worth of food in his bowl and told him to regulate his own diet.

He ate the lot the moment I left the room- then puked up all over the furniture later.

So there you have have it- empirical proof that self regulation does not work.

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I actually tested this theory on my dog. I placed a weeks worth of food in his bowl and told him to regulate his own diet.

He ate the lot the moment I left the room- then puked up all over the furniture later.

So there you have have it- empirical proof that self regulation does not work.

not necessarily, it may mean your furniture is so feckin atrocious it even makes the dog barf

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I actually tested this theory on my dog. I placed a weeks worth of food in his bowl and told him to regulate his own diet.

He ate the lot the moment I left the room- then puked up all over the furniture later.

So there you have have it- empirical proof that self regulation does not work.

Sophisticated, modern pooch - if it isn't into rotten, blowfly ridden horse meat! <_<

There is another type of secretive 'Monitor' passed down by unrestricted 'elites'

'They' recently set up another for their ongoing destruction of the NHS

Edited by erranta

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I actually tested this theory on my dog. I placed a weeks worth of food in his bowl and told him to regulate his own diet.

He ate the lot the moment I left the room- then puked up all over the furniture later.

So there you have have it- empirical proof that self regulation does not work.

I have left food for my cat for 3 to 4 days and lots of water. she regulated herself well and paced herself. of course she was hopping mad when i got back. not sure what that proves apart from the difference between cats and dogs

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From an economic point of view inheritance taxes are one the best types of taxes. Much better than payroll. Inheritance taxes prevent the formation of a hereditary hide-bound aristocracy/plutocracy. It encourages meritocracy since it hinders social/economic stratification, and frees up capital so it can find the most capable hands - the essence of capitalism. It also has some of the least negative economic consequences of all tax types, since its paid when you die and so has minimal effect on your economic decisions when your in the prime of your working life (late 20s to early 40s).

Given the above i find it amusing that so many supposed capitalists are against inheritance taxes, but then they are not true capitalists at all, but crony capitalists at heart.

Exactly. I hate the idea of Equality. We are not equal. Some of us are lazy, some proactive, some idiots some geniuses. If in some un-free world where true equality existed, there would be no aspiration, no carrot and stick, and thus, no progress.

However, I love the the idea of Equality of Opportunity. A 100% inheritance tax would be the best way of achieving that. We all start with nothing.

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However, I love the the idea of Equality of Opportunity. A 100% inheritance tax would be the best way of achieving that. We all start with nothing.

Nonsense. An inheritance tax on inheritances above 1 million pounds is fair enough, but on anything below would just make the middle classes even poorer.

Remember the whole point why inheritance taxes were mentioned in this thread was to decrease the gap between the ultra-rich and the common people.

The problem is the inheritance tax would also need to apply to family trusts and to land that's not recorded in the land registry.

Because that's exactly where the ultra-rich are hiding their loot.

Edited by awake_eagle

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  • 343 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
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      • Even
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      • up 5%



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