No one really wants to pay higher taxes

[Amberchgo]

Warren Buffett is unquestionably the most successful investor of our times and perhaps ever. But he needs to stop letting others use him as a political prop.



From today's WSJ ...

Investors undertook their annual pilgrimage to Omaha this weekend to hear Warren Buffett opine on markets and the world. One surprise is that the Berkshire Hathaway CEO seems to have adapted his famous Buffett Rule of taxation when it applies to his own company.

Readers may recall the original Buffett Rule that President Obama offered as part of his re-election campaign that essentially posited a minimum tax rate for the rich of about 30%. Mr. Buffett heartily endorsed the idea and Mr. Obama hauled out St. Warren as a soak-the-rich cudgel to beat up Mitt Romney in countless speeches.

So it was fascinating to hear Mr. Buffett explain that his real tax rule is to pay as little as possible, both personally and at the corporate level. "I will not pay a dime more of individual taxes than I owe, and I won't pay a dime more of corporate taxes than we owe. And that's very simple," ...

The billionaire was even more explicit about his goal of reducing his company's tax payments. "I will do anything that is basically covered by the law to reduce Berkshire's tax rate," he said. "For example, on wind energy, we get a tax credit if we build a lot of wind farms. That's the only reason to build them. They don't make sense without the tax credit."

Think about that one. Mr. Buffett says it makes no economic sense to build wind farms without a tax credit, which he gladly uses to reduce his company's tax payments to the Treasury. So political favors for the wind industry induce a leading U.S. company to misallocate its scarce investment dollars for an uneconomic purpose. Berkshire and its billionaire shareholder get a tax break and the feds get less revenue, which must be made up by raising tax rates on millions of other Americans who are much less well-heeled than Mr. Buffett.








No one really wants to pay more to the Gov't. Just look at what they waste that money on!

 

[4est_4est_Gump]

It's an old story only because it is an annual story.



When Government gets so powerful that its purchase price is cost effective, even imperative, to business, then business will purchase government indulgences.
A_J, the Stupid

 

[islandman]

Warren Buffett is unquestionably the most successful investor of our times and perhaps ever. But he needs to stop letting others use him as a political prop.



From today's WSJ ...

Investors undertook their annual pilgrimage to Omaha this weekend to hear Warren Buffett opine on markets and the world. One surprise is that the Berkshire Hathaway CEO seems to have adapted his famous Buffett Rule of taxation when it applies to his own company.

Readers may recall the original Buffett Rule that President Obama offered as part of his re-election campaign that essentially posited a minimum tax rate for the rich of about 30%. Mr. Buffett heartily endorsed the idea and Mr. Obama hauled out St. Warren as a soak-the-rich cudgel to beat up Mitt Romney in countless speeches.

So it was fascinating to hear Mr. Buffett explain that his real tax rule is to pay as little as possible, both personally and at the corporate level. "I will not pay a dime more of individual taxes than I owe, and I won't pay a dime more of corporate taxes than we owe. And that's very simple," ...

The billionaire was even more explicit about his goal of reducing his company's tax payments. "I will do anything that is basically covered by the law to reduce Berkshire's tax rate," he said. "For example, on wind energy, we get a tax credit if we build a lot of wind farms. That's the only reason to build them. They don't make sense without the tax credit."

Think about that one. Mr. Buffett says it makes no economic sense to build wind farms without a tax credit, which he gladly uses to reduce his company's tax payments to the Treasury. So political favors for the wind industry induce a leading U.S. company to misallocate its scarce investment dollars for an uneconomic purpose. Berkshire and its billionaire shareholder get a tax break and the feds get less revenue, which must be made up by raising tax rates on millions of other Americans who are much less well-heeled than Mr. Buffett.








No one really wants to pay more to the Gov't. Just look at what they waste that money on!

BH is taking advantage of the tax rules to its greatest benefit, so how is that a "mis-allocation"? Buffet just told you that it was an optimal allocation of its investment dollars as it reduces the company's tax liability.

 

[4est_4est_Gump]

BH is taking advantage of the tax rules to its greatest benefit, so how is that a "mis-allocation"? Buffet just told you that it was an optimal allocation of its investment dollars as it reduces the company's tax liability.

The problem is his hypocrisy and championing the Administration's rhetoric even as he employs the lobbyists that provide him with his breaks. For example, when the new oil boom was in its infancy, he went heavily into rail stock and now, surprise, surprise, surprise, he's opposed to the Keystone pipeline indicating that like Obama on green energy and his own cronyism, Warren Buffet puts his agenda ahead of the wealth of the nation.

 

[Ishmael]

It is an absolute truth that no one wants to pay higher taxes..............there are more than a few that do want everyone else to pay higher taxes. It is that very fact that enables the democrat party.

Ishmael

 

[4est_4est_Gump]

It is an absolute truth that no one wants to pay higher taxes..............there are more than a few that do want everyone else to pay higher taxes. It is that very fact that enables the democrat party.

Ishmael

Every liberal truly believes that their dream of equality and Social Justice stops at their front door.

 

[islandman]

The problem is his hypocrisy and championing the Administration's rhetoric even as he employs the lobbyists that provide him with his breaks. For example, when the new oil boom was in its infancy, he went heavily into rail stock and now, surprise, surprise, surprise, he's opposed to the Keystone pipeline indicating that like Obama on green energy and his own cronyism, Warren Buffet puts his agenda ahead of the wealth of the nation.

It's interesting to note that it's called "hypocrisy" when championing for the other team, yet it's "business as usual" when shilling for the Republican party.

He's a capitalist, a dyed in the wool member of the money party. He doesn't give a damn if his secretary pays more in taxes than he does. Anyone who thought otherwise ought to check back into the hospital and complete that lobotomy.

 

[BotanyBoy]

The problem is his hypocrisy and championing the Administration's rhetoric even as he employs the lobbyists that provide him with his breaks. For example, when the new oil boom was in its infancy, he went heavily into rail stock and now, surprise, surprise, surprise, he's opposed to the Keystone pipeline indicating that like Obama on green energy and his own cronyism, Warren Buffet puts his agenda ahead of the wealth of the nation.

Along with the vast majority of human beings....it all comes down to the WIIFM.

It is an absolute truth that no one wants to pay higher taxes..............there are more than a few that do want everyone else to pay higher taxes. It is that very fact that enables the democrat party.

Ishmael

I like how it's the DNC that enables...the GOP is far to principled to be subject to human nature like everything else right ish??

Fucking douche....

It's interesting to note that it's called "hypocrisy" when championing for the other team, yet it's "business as usual" when shilling for the Republican party.

Left does the same, they just preface theirs with "BUT THE FEELS!! THEY MAKE OURS MORE NOBLE THAN THEIRS!!!" And sometimes they are right.....sometimes not....but that's their MO.

But we all do this....and it all comes back to the WIIFM

 

[RobDownSouth]

How's the job search coming, Chief?

Every liberal truly believes that their dream of equality and Social Justice stops at their front door.

http://i1239.photobucket.com/albums/ff502/Soonyigump/soonyi_zps8e65d2a3.jpgSoon Yi says: AJ-San velly smart. Only he know what evil liberals truly believe.

 

[garbage can]

It's interesting to note that it's called "hypocrisy" when championing for the other team, yet it's "business as usual" when shilling for the Republican party.

He's a capitalist, a dyed in the wool member of the money party. He doesn't give a damn if his secretary pays more in taxes than he does. Anyone who thought otherwise ought to check back into the hospital and complete that lobotomy.

The Libs use that line a lot.

 

[islandman]

The Libs use that line a lot.

And Republicans often say "no new taxes!", but then raise taxes.

 

[Ishmael]

It's interesting to note that it's called "hypocrisy" when championing for the other team, yet it's "business as usual" when shilling for the Republican party.

He's a capitalist, a dyed in the wool member of the money party. He doesn't give a damn if his secretary pays more in taxes than he does. Anyone who thought otherwise ought to check back into the hospital and complete that lobotomy.

One of the most bullshit lines he ever uttered. There is a reason his sec. pays more in taxes than he does.

Ishmael

 

[islandman]

One of the most bullshit lines he ever uttered. There is a reason his sec. pays more in taxes than he does.

Ishmael

And that reason would be?

 

[Ishmael]

And that reason would be?

His wealth is in assets, he has complete, day by day, control of what he can report as 'income' whereas she, like all the other wage slaves out there, gets a paycheck and has to pay taxes on all of her income.

He knows this, she knows this, I know this. It's the nature of our federal tax structure.

Ishmael

 

[Amberchgo]

And Republicans often say "no new taxes!", but then raise taxes.

Truth is both parties waste our money.

Once people get to D.C. they become whores for money. Only way to fix it is to give D.C. a set amount of money and thats it. Sort of like your spendthrift daughter on an allowance.

 

[Amberchgo]

His wealth is in assets, he has complete, day by day, control of what he can report as 'income' whereas she, like all the other wage slaves out there, gets a paycheck and has to pay taxes on all of her income.

He knows this, she knows this, I know this. It's the nature of our federal tax structure.

Ishmael

Correct. He pays a lower tax rate because that's the way the tax laws are written.

 

[islandman]

Truth is both parties waste our money.

Once people get to D.C. they become whores for money. Only way to fix it is to give D.C. a set amount of money and thats it. Sort of like your spendthrift daughter on an allowance.

Is you daughter responsible for spending on emergencies, such as floods or tornatoes? What happens if a bridge is in urgent need of repair, but that wasn't factored into her allowance? Will you force her to drive over said bridge regardless of the risk until there's allowance set aside for that?

The analogy is comforting - right up there with the tried-and-true "If I have to balance my checkbook, then so should the government - but it isn't based in reality. The government isn't anyone's daughter because when push comes to shove, the government can't turn around and ask "daddy" for help. The problem isn't one of not holding steadfast to an allowance, but rather the daughter thinking that she's got an unlimited credit card.

 

[Amberchgo]

Is you daughter responsible for spending on emergencies, such as floods or tornatoes? What happens if a bridge is in urgent need of repair, but that wasn't factored into her allowance? Will you force her to drive over said bridge regardless of the risk until there's allowance set aside for that?

The analogy is comforting - right up there with the tried-and-true "If I have to balance my checkbook, then so should the government - but it isn't based in reality. The government isn't anyone's daughter because when push comes to shove, the government can't turn around and ask "daddy" for help.

Then you have what we have. Out of control Gov't spending. But hey, as long as someone else has to pay.. who cares right?

 

[islandman]

Then you have what we have. Out of control Gov't spending. But hey, as long as someone else has to pay.. who cares right?

I care, as do a lot of other people.

But we're not responsible for your inability to understand the essence of the problem, choosing instead to apply simpleton thinking to something that requires infinitely more reasoning than "an allowance" that cures all.

When people like you understand that actual nature of the issue, then we can move forward to solving it. In the meantime, we're bogged down with this third-grade rationale that only serves to make those who speak it seem very out of touch with the role of the government and how it impacts our daily lives.

I'd also like to point out that your pseudo-righteous indignation is free, but that doesn't mean you should spread it around as though it is free.

 

[Amberchgo]

I care, as do a lot of other people.

... When people like you understand that actual nature of the issue, then we can move forward to solving it. ..... .

Please, in your infinite wisdom, do share the "actual nature of the issue"

 

[islandman]

Please, in your infinite wisdom, do share the "actual nature of the issue"

See the first graph of post #17. And, it's not my infinite wisdom; anyone who has taken the time to understand the problem can explain it to you. You just have to want to understand it for yourself.

In brief, the issue is to spend rationally instead of irrationally, the latter being what we have now. If you decide that an "allowance" system is what's required, then you're essentially writing off property and people that haven't been budgeted for in said "allowance". A rational plan would be to have an allowance AND the ability to cover unexpected spending, say like the kind necessary to rebuild parts of Arkansas after the tornadoes there recently. A rational plan would also ensure that any new spend would have to be offset by a reduction in spending elsewhere. A rational plan would do away with the almost $4B/year subsidy the sugar industry gets from the government. But tell that to Congress, who has kept what was supposed to be a temporary measure put in place during the Great Depression and is still sucking at the government's teet today.

 

[garbage can]

.

Please, in your infinite wisdom, do share the "actual nature of the issue"

But we're not responsible for your inability to understand the essence of the problem, .

While you're at it, please explain the essence of the problem.

.....

 

[RobDownSouth]

I don't always agree with Islandman's positions, but I'm enjoying watching him deftly eviscerate Ish and that talking-point regurgitator Amberwavesofderp.

 

[islandman]

Please, in your infinite wisdom, do share the "actual nature of the issue"


While you're at it, please explain the essence of the problem.

.....

Someone beat you to that punchline, bub.

But you, you I hope never change. There's too much comedy in what you post.

 

[RobDownSouth]

Garby: Play Defense! PLAY DEFENSE DAMMIT!

Please, in your infinite wisdom, do share the "actual nature of the issue"


While you're at it, please explain the essence of the problem.

.....

Why don't you go outside and play, Garby. The adults are having a conversation here. Or go find another thread to spread your passive-aggressive nonsense