Warren Buffett is awesome.

[Hilfiger1975]

He can spread some of that wealth over here...

[INTIMADATOR2007]

How mature name calling and bashing a man who has done alot of great things. Can you just bring forth a reasonable argument instead of instantly slandering them.

Man, your on a roll the last couple days . Ease up !

[pghin08]

Great link thanks for posting , I thought this was funny ....
"Mr. Buffett has also already sheltered the bulk of his fortune from federal taxes by putting them into a foundation that will give the money away. That's an act of generosity, but if the government's purposes are so vital, why doesn't he simply give the money to the IRS?"

Of course he would be calling for higher taxes , He dosen't pay any...lol...and owes 1 billion in back taxes , what a fraud!

He clearly trusts Bill Gates (by the way, Buffett is giving away 99% of his fortune, I believe 83% to the Gates Foundation) more than the government.

[sanfran22]

How mature name calling and bashing a man who has done alot of great things. Can you just bring forth a reasonable argument instead of instantly slandering them.

I don't know, maybe look into the man and possibly read the article??

[sanfran22]

He clearly trusts Bill Gates (by the way, Buffett is giving away 99% of his fortune, I believe 83% to the Gates Foundation) more than the government.

So why is he crying to raise his taxes yet has taken every tax advantage and is donating his money privately? Sounds like a double standard IMO. He could always write a check to the feds every year if he was so convicted....

[pghin08]

So why is he crying to raise his taxes yet has taken every tax advantage and is donating his money privately? Sounds like a double standard IMO. He could always write a check to the feds every year if he was so convicted....

Because he knows the problem isn't just his alone. And anyways, you don't think Warren Buffett's financial advisor tells him to do this? I should know, I work for a financial advisory firm, and pretty much one of our goals is to keep wealthy people from paying taxes with vehicles like charitable foundations (I know, I'm part of the problem too). He could write a check to the Feds, but it would be a one-time thing, and wouldn't amount to a hill of beans when it came to the debt problem. He knows that real reform exists way outside of his wallet alone.

[sanfran22]

Because he knows the problem isn't just his alone. And anyways, you don't think Warren Buffett's financial advisor tells him to do this? I should know, I work for a financial advisory firm, and pretty much one of our goals is to keep wealthy people from paying taxes with vehicles like charitable foundations (I know, I'm part of the problem too). He could write a check to the Feds, but it would be a one-time thing, and wouldn't amount to a hill of beans when it came to the debt problem. He knows that real reform exists way outside of his wallet alone.

So taxing the rich isn't the answer? It seems he's paid a fair share. I'd rather it got to a charity then the gov't as well.

[pghin08]

So taxing the rich isn't the answer? It seems he's paid a fair share. I'd rather it got to a charity then the gov't as well.

I'm a bit conservative on the debt issue, actually. Here's the things I would do, in order, if I were in office.


1. Cut spending.

We have some departments and programs who aren't pulling their weight, and a defense budget that can be hemmed in as well. And I'm sorry, I'm not trying to push Grandma into the grave, but we need vast Medicare/Medicaid reform (and SS). Sorry, but you're not getting a new hip on the government's dollar at age 90. Not happening. The boomers were lied to, and the government grossly overpromised. But if we don't cut some benefits now, younger generations will suffer greatly.

2. Everyone gets involved.

Most economists say that our debt problems are solvable only if we have both spending cuts and tax increases. Diet and exercise, if you will. But in order to have long-lasting and worthwhile tax reform, it does have to include everybody. Cut out some deductions, but everyone needs to pay at least a little bit more. Though I have one big beef with the tax codes' benefit for the wealthy...

3. Tax Capital Gains as Ordinary Income.

It's a problem when you have a tax code that makes it easier to make money with OTHER money than with labor. There is class warfare in this country. It's being waged by the super-wealthy, and they are winning (it's not even close).

[sanfran22]

I'm a bit conservative on the debt issue, actually. Here's the things I would do, in order, if I were in office.


1. Cut spending.

We have some departments and programs who aren't pulling their weight, and a defense budget that can be hemmed in as well. And I'm sorry, I'm not trying to push Grandma into the grave, but we need vast Medicare/Medicaid reform (and SS). Sorry, but you're not getting a new hip on the government's dollar at age 90. Not happening. The boomers were lied to, and the government grossly overpromised. But if we don't cut some benefits now, younger generations will suffer greatly.

2. Everyone gets involved.

Most economists say that our debt problems are solvable only if we have both spending cuts and tax increases. Diet and exercise, if you will. But in order to have long-lasting and worthwhile tax reform, it does have to include everybody. Cut out some deductions, but everyone needs to pay at least a little bit more. Though I have one big beef with the tax codes' benefit for the wealthy...

3. Tax Capital Gains as Ordinary Income.

It's a problem when you have a tax code that makes it easier to make money with OTHER money than with labor. There is class warfare in this country. It's being waged by the super-wealthy, and they are winning (it's not even close).

I agree on 1 and pretty much 2 (sadly it's gonna have to happen I think).
On 3, didn't they get taxed on the money once before? The gains are kinda like a double tax?? (taxing on money made off of the first taxed money?)

[pghin08]

I agree on 1 and pretty much 2 (sadly it's gonna have to happen I think).
On 3, didn't they get taxed on the money once before? The gains are kinda like a double tax?? (taxing on money made off of the first taxed money?)

Most of the time, yes. There are certain investments in which they wouldn't (of course ROTH IRA's, etc). However, this is not just a tax on the rich. Most middle class people have some stake in the markets, and they pay taxes on that money as well prior to investing.