I should pay more tax, says US billionaire Warren Buffett - Page 2

Noblese_Oblige · #11 (**permalink**) 11-01-2007, 12:29 AM

It is kind of comparing apples and oranges when comparing percentagees.

18% of millions of dollars is a greater nominal sum than 30% on tens of thousands.

Gordon Shumway · #12 (**permalink**) 11-01-2007, 12:36 AM

Quote:

Originally Posted by cnredd

Here's the actual tax rates...

The left column is the way taxes were collected BEFORE Bush...

The right column is the tax rate Bush implemented and has been in place since...

Single Single
$0 to $27,050 15%-----------$0 to $6,000 10%
$27,050 to $65,550 28%------$6,000 to $27,050 15%
$65,550 to $136,750 31%-----$27,050 to $136,750 25%
$136,750 to $297,350 36%-----$136,750 and above 33%
$297,350 and above 39.60%

Head of Household Head of Household
$0 to $36,250 15%-----------$0 to $10,000 10%
$36,250 to $93,650 28%------$10,000 to $36,250 15%
$93,650 to $151,650 31%-----$36,250 to $151,650 25%
$151,650 to $297,350 36%-----$151,650 and above 33%
$297,350 and above 39.60%

Married- Joint Filing Married- Joint Filing
$0 to $45,200 15%-----------$0 to $12,000 10%
$45,200 to $109,250 28%------$12,000 to $45,200 15%
$109,250 to $166,500 31%-----$45,200 to $166,500 25%
$166,500 to $297,350 36%-----$166,500 and above 33%
$297,350 and above 39.60%

* Taxable income is income less deductions and personal exemptions.

This leads to this conclusion...

Either Buffet has a list of things he can write-off(deductions and exemptions)...or he's an outright liar...

He must be a liar. I don't see a tax table set at 17.7%.

cnredd · #13 (**permalink**) 11-01-2007, 12:40 AM

Quote:

Originally Posted by Gordon Shumway

He must be a liar. I don't see a tax table set at 17.7%.

He could END UP paying 17.7% after going through some IRS loopholes that have been there for the last 30 years and other things (amortization on assets...sold stocks at a loss, etc.), but that doesn't change the fact that the Bush plan has him at 33%...

foundit66 · #14 (**permalink**) 11-01-2007, 01:35 AM

Quote:

Originally Posted by Noblese_Oblige

It is kind of comparing apples and oranges when comparing percentagees.
18% of millions of dollars is a greater nominal sum than 30% on tens of thousands.

In which case I'll take the 18% of millions option...

And these are apples vs apples. Not apples and oranges.
The fact that the rich man has an orchard as opposed to the poorer man's bushel does not mean the bushel is suddenly "oranges".

Quote:

Originally Posted by cnredd

He could END UP paying 17.7% after going through some IRS loopholes that have been there for the last 30 years and other things (amortization on assets...sold stocks at a loss, etc.), but that doesn't change the fact that the Bush plan has him at 33%...

I don't know how accurate it would be to say that the "Bush plan has him at 33%" when he obviously pays a lot less than that with no effort on his end.
That brings into question the whole need for "tax cuts for the rich" based on a pretense of taxation inequity (in heavier taxation) for the rich.

Kind of like having a dam that is leaking water over the last 30 years.
And then Bush comes along and introduces more water flow out of the dam.
Whether or not his "plan" includes the actual water loss is irrelevant compared to the reality of the actual water loss.

Mikeyy · #15 (**permalink**) 11-01-2007, 02:08 AM

I would be happy to pay the percentage Warren pays. Wouldn't that be a good rate for everyone?

Adept1 · #16 (**permalink**) 11-01-2007, 01:33 PM

PLEASE PLEASE PLEASE

Do your homework and at least check out "The Fair Tax".
Every person I have found that insists on denigrating it actually has not even learned about it and the concepts involved. I went into it thinking that it couldn.t possibly be a good idea and I keep finding more and more about it that are great ideas and could actually work to make taxation fair and free up our economy for growth. Absolutely EVERYONE agrees that our current system is UNFAIR, regressive, and oppressive; Yet no one wants to embrace any new ideas. Please this one is worth doing the homework on. You will quickly learn that all of your knee-jerk reactions are actually addressed in the book and its sequel.

NOTE....I have no dogs in this fight other than trying to make my country more fair.

Spencer Collins · #17 (**permalink**) 11-01-2007, 06:33 PM

The Fair Tax

Here's a good source!

http://www.factcheck.org/taxes/unspi...e_fairtax.html

dabateman · #18 (**permalink**) 11-01-2007, 06:41 PM

Quote:

Originally Posted by cnredd

Here's the actual tax rates...

The left column is the way taxes were collected BEFORE Bush...

The right column is the tax rate Bush implemented and has been in place since...

Single Single
$0 to $27,050 15%-----------$0 to $6,000 10%
$27,050 to $65,550 28%------$6,000 to $27,050 15%
$65,550 to $136,750 31%-----$27,050 to $136,750 25%
$136,750 to $297,350 36%-----$136,750 and above 33%
$297,350 and above 39.60%

Head of Household Head of Household
$0 to $36,250 15%-----------$0 to $10,000 10%
$36,250 to $93,650 28%------$10,000 to $36,250 15%
$93,650 to $151,650 31%-----$36,250 to $151,650 25%
$151,650 to $297,350 36%-----$151,650 and above 33%
$297,350 and above 39.60%

Married- Joint Filing Married- Joint Filing
$0 to $45,200 15%-----------$0 to $12,000 10%
$45,200 to $109,250 28%------$12,000 to $45,200 15%
$109,250 to $166,500 31%-----$45,200 to $166,500 25%
$166,500 to $297,350 36%-----$166,500 and above 33%
$297,350 and above 39.60%

* Taxable income is income less deductions and personal exemptions.

This leads to this conclusion...

Either Buffet has a list of things he can write-off(deductions and exemptions)...or he's an outright liar...

No, that's the President's proposal, not whats in effect. But read that proposal closer... His numbers are all off. 1600 isn't going to buy gas for 2 cars for a year. Not anymore... 1600 isn't going to take care of 24 months of electric bills...

Smoking crack this proposal is...

Mikeyy · #19 (**permalink**) 11-02-2007, 09:36 AM

Here is how I see it. We all want a fair uncomplicated flat tax. Or value added tax. Something that is fair across the board.

The Politicians claim that they agree with our belief about taxes. Yet nothing really changes. So what is the hold up?

IMO The tax code is like a drug to the politicians. They can't leave it alone. And the reason is that its a catch all.

Having trouble putting a kid through school?

Can't afford your medical insurance?

Is the answer to deal with school costs? Or to deal with medical costs? Why take the political risk when you can simply adjust the tax code and claim you have tackled the problem.

Adept1 · #20 (**permalink**) 11-04-2007, 02:37 AM

The very fact that politicians derive power from unfairly administering taxes shows you why we must remove them from controlling the way taxes are assessed. If you tax on how much a person spends it WILL tax the wealthy more and also promote savings and investments. Worried about the poor......Once a month or once a year (can be set up in almost any time period) each person will be paid by the government the amount that equals the amount of taxes they will be paying for the basic necessities (what now are deductions). In short the first part of your taxes will be paid for you in order to unburden the not so wealthy. If you choose to spend more than the amount for necessities you will be paying the taxes on it.
Corporate taxes will be removed allowing many prices to fall. Billions spent on tax accounting and "bookkeeping" to defeat taxation will disappear from the cost of goods. The payroll taxes assessed on the individual and on the company will disappear again lowering the costs of business.
Again I ask you to please check out "The Fair Tax" ideas this program deserves support just to get the politicians OUT of the loop.

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