Anyone see Waren Buffet on TODAY show this morning
I can't find the video link, I will keep looking
But
Tom Brokaw (sp?) interviewed Mr. Buffet about taxes. He resently polled his office. and found the he as an induvidual is in the 15% tax bracket and the majority of his office including his secretary was in the 33% tax braket.
I thought the rich where the ones getting hosed come tax time????
But
Tom Brokaw (sp?) interviewed Mr. Buffet about taxes. He resently polled his office. and found the he as an induvidual is in the 15% tax bracket and the majority of his office including his secretary was in the 33% tax braket.
I thought the rich where the ones getting hosed come tax time????
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Why doesn't he get caught in the AMT at 26%! 0 -
Ever hear of non AMT Muni Bonds? 0 -
The Oracle of Omaha,......Berkshire Hathaway,.......one of the richest men in the world. 0 -
quote:Originally posted by eboydell
Who is he...his name does not ring a bell.
He is the second or third richest man in the world
listed 2nd on the forbes 400 right under Billy Gates0 -
The 15% that Buffet is paying is FAR more than the 33% his secretary is paying....
That being said, rather than complaining about Warren Buffet not paying his "fair share" I think the relevent question is why we assume it is ok for the government to take 15% of anyone's earnings0 -
quote:Originally posted by Rack Ops
The 15% that Buffet is paying is FAR more than the 33% his secretary is paying....
That being said, rather than complaining about Warren Buffet not paying his "fair share" I think the relevent question is why we assume it is ok for the government to take 15% of anyone's earnings
+1[;)]0 -
quote:Originally posted by Rack Ops
The 15% that Buffet is paying is FAR more than the 33% his secretary is paying....
That being said, rather than complaining about Warren Buffet not paying his "fair share" I think the relevent question is why we assume it is ok for the government to take 15% of anyone's earnings
Not complaining I just wanted peoples take on it.
I assume it is ok only becuase it is far better than the alternative.
i.e. PRISION
I personally know a guy that was part of that group of people that said that taxes where voluntary and not manditory. (probally not the right discription but you guys probably know what im talking about)
He unvolunteered himself, and his business for close to 20yrs.
The laywer that headed the group and had talked him into it, went to jail, he personally went to jail shortly after.
He just got out 6mos ago. He served 5yrs, The Fed's took EVERYTHING, He has a remain balance of tax and penalties due of about 500k. He is 58 the feds will own him the rest of his life.0 -
Believe me,......Buffet has paid "his fair share" over his lifetime!
He is in his eighties now, and I believe he does not even draw a salary from BH any longer.
He lives off of the proceeds from investments,i.e. dividends, and non-AMT Muni bonds, I would presume.
WTH,......it is ok for Theresa Heinz Kerry!
All of her money is in what I mentioned above, and that all came out when Kerry was running for POTUS,........no one said a word about her![}:)]
No matter how you crack it, the top wage earners, pay the vast majority of taxes.
Low earners get all of it back, and then some more of other folks that pay out the nose.
Can you say EIC welfare payment?0 -
Warren Buffett is extremely liberal, and he is spinning things to push his liberal agenda.
The truth is, Warren Buffett pay regular income tax rates on any salary he makes. For anyone making really big money, the top rate is 35%:
http://www.irs.gov/formspubs/article/0,,id=164272,00.html
Interestingly, if Buffett's "secretary" is being taxed federally at 33% he/she is making (according to the above chart) at least $160,850.00.
Now Buffett does pay 15% of any long term capital gains. Long term capital gains is the return (over the original purchase price) on any investment purchased and held for over one year. Everyone in the US gets the 15% rate for long term cap gains. If you go out and buy one share of Google, hold it for a year, then sell it for $100 more than you paid for it your tax rate is 15% of the $100 profit = $15.00. If you hold it less than a year, any return you make is taxed at whatever your regular tax rate is.
The reason Buffett says he pays 15% is that his salary is dwarfed by his $45 BILLION+ worth of investments, the ROI of which is mostly taxed at 15% because it is long term cap gains.
Long term cap gains rates are an incentive for people and companies to make investments. While some of the mega-rich like Warren Buffett take advantage of it, the truth is that long term cap gains mostly benefits the small businessman. Let's you start a company, put 10 years of hard work into it, build it up and sell it for $1 million. You started with nothing so your basis is essentially zero. If you did not have a long term cap gains rate, you would be taxed as regular income on this one-time transaction, so you would pay 35% or $350,000 of your hard-earned money in taxes. With the long-term cap gains rate you would pay $150,000 and get to keep the rest.
For every mega-rich Warren Buffett there are thousands of small business owners whose family and kids benefit from the long term cap gains rate. It serves as an incentive for people to start businesses and rewards them by letting them keep more of the fruit of their labor. There is nothing stopping any one of you from doing the exact same thing - make an investment or start a business.0 -
Wasn't getting into his politics,.....just the facts![;)]
That info is correct, and anyone can participate.
Most don't though, other than through a 401K, or such.
It is there for everyone to take advantage of,.......at least for now.0 -
quote:Originally posted by Odawgp
I thought the rich where the ones getting hosed come tax time????
Ever had to pay capital gains?0 -
quote:Originally posted by Rockatansky
quote:Originally posted by Odawgp
I thought the rich where the ones getting hosed come tax time????
Ever had to pay capital gains?
Yup, just last yr. Me and my dad sold some property, which was tied up in my dad horse shoeing buisness. It would have taken a yr to break the property out of the buisness. and with the houseing market crashing we opted to sell. Good thing we didnt wait we got 155k per acre had we waited we might have gotten half. We paid 165k in capital gain tax it sucked0 -
quote:Originally posted by Odawgp
quote:Originally posted by Rockatansky
quote:Originally posted by Odawgp
I thought the rich where the ones getting hosed come tax time????
Ever had to pay capital gains?
Yup, just last yr. Me and my dad sold some property, which was tied up in my dad horse shoeing buisness. It would have taken a yr to break the property out of the buisness. and with the houseing market crashing we opted to sell. Good thing we didnt wait we got 155k per acre had we waited we might have gotten half. We paid 165k in capital gain tax it sucked
Odawgp,......sounds like you are just down the rung from Buffet![:D]
Yes,.......it does suck![xx(]0 -
FLAT TAX!!! 0
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