Forum Post: Taxes and how wrong all of you are using Warren Buffet as an example
Posted 12 years ago on Nov. 18, 2011, 9:35 a.m. EST by otherwisee
(51)
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Hi All,
I'm kind of tired of you all who keep mentioning Warrent Buffet in your tax examples. You all apparently have no idea what he's talking about.
Okay in Tax there are brackets, but there are different types of taxes! ie: Capital gains tax, sale tax, income tax, Dividend tax, corporate tax, etc!
Warren Buffet uses in his example in where he gets taxes at a SUPER LOWER Rate! Now how does he do it? He does not get taxed at a Income tax rate totally or part of his income. He gets taxed one of two ways capital gains tax, which is at 15%.<Stock market gains and losses/ other way of capital gains etc... Then there is the Qualified dividend tax which again is at 15%
This is done probably by use of a pay company that pay him as a shareholder a dividend.
The difference between him and his millionaire employees is that they do not take part of this type of transaction! They get taxed by the income tax. This is the NORMAL way everyone gets taxed. A bracket that is more PROGRESSIVE in the way people get taxed. I would say 99% of people including Wall streeters get taxed this way. Which is usually about 35% or more when you start to make millions.
So stop comparing wall street people to Warren Buffet. Warrent Buffet is a special case, where many wall streeters do NOT fit in.
Corporations themselves do not get this preferential treatment of 15%. They get the 35% treatment for the most part.
Sorry to all my tax and financial buddies...I tried to make this as simple as possible...
To all protesters look up Forbes Magazine richest people in the world and you will see those who pay the lowest rates of taxes. Oh yes and that includes some of your LIBERAL superstars who support you.
Who cares?
You've clearly missed the point - and it is an important one. That point is this:
Even those with tremendous wealth are not as united in their thinking and their actions as the repelican party in Congress on policy issues.
There are divisions among them. Some of them even support us. Should we deny them that opportunity? I say no. If they are genuinely with us, their support is without question a valuable asset to the Occupy Movement.
By their fruit they will be known.
Stay on topic. You've missed my point that you're comparing apples to oranges.
So - the OWS is all about taxes?
This is a global movement. Apples and oranges are simply two of the fruit - we're talking about whole systems! And Systems of Systems!
This is my topic. I am talking about using Warren Buffet as a representation of how Wall streeters and Corporations are taxed.
You obviously don't understand that.
I'm saying that what you are saying is beside the point.
I'm saying that what Warren Buffett believes is why he has been used as an example.
Wow, you have no idea what Warren Buffet wrote. I suggest you go back and read it. He's talking about the tax imposed on himself which in itself is a very special tax and not an income tax.
99% of Wall street and corporation are not at warren buffets level of riches.
tax revolt 2012, take the money back,end corptocracy..let the communities decide whats best for their communities,Let tax structure trickle up instead of down, Greedy people make sure not much is left to trickle down..Community, State ,Then National general Assemblies,with Referendums on key issues..People take a more active part in managing their communities and resources, with respect and in a responsible manner..
Buffet has been fighting the IRS for years not wanting to pay millions they he owes in taxes, then on the other hand says we should redistribute wealth.
There are many rich who say we should tax the rich more. That doesn't make sense for them to say that, so why do they?
No Clue. In my opinion I think there should be some type of progressive tax after being worth 10 million for individuals not corporations.
This whole ows is total bs because none of them understand what a corporation is.
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The Ryan Curve calculates that at a maximum combined Fed/State/Local tax rate of 20% (About 14% Fed) the poor will receive the most. (10% for classic Government, 10% for transfer payments). At lower rates the poor could get more. At higher rates, the economy is suppressed such that the over the life of our kids and grandkids the poor receive less. We are overly generous today because we are extremely shortsighted.
Sorry I don't follow. Receive the most what?