http://finance.yahoo.com/news/buffett-blames-cong…
Is this just more proof that legendary investory Warren Buffet has lost all connection with reality?
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What's so strange about what he said?
I don't get what's so odd either? He has been saying the same forever now, about how he actually paid a lower effective rate than his secretary and all that. He is one of the few calling for tax reforms for the wealthy. Whether or not that's right is a different debate, but it doesn't seem like he has lost toch with reality based on that.
Heister, what makes you say that?
He is spreading half truths. While their personal tax rate is lower, it is also higher then what their returns show. They get paid on cap gains, these are paid via shareholder distributions and share price inflation. Both of these are figured post corporate taxes. They are gettind double taxed currently.
Everyone is double taxed. Sales tax is double taxation. Property tax is double taxation. Fuel taxes are double taxation. What's your point? Double taxation is quite common.
Those are not double taxation those are consumption based taxes. Property tax is the only think you listed that considered double taxation.
Warren Buffet is off his rocker with this tax raise shit, like stealing more money from people right now is the right thing do to...
I suppose. Sales are frequently double taxed as well. It doesn't matter if it's consumption or income. It just matters that the stream/transaction is taxed twice.
It's totally irrelevant though. What's important is tax rate. I would prefer double taxation of 1% twice as opposed to a single tax of 30%.
The real question is whether the taxation structure within the US is correct regarding non-wage income. I suspect we will see massive increases in those tax rates in order to balance our budget.
If that happens you will see a stagnant economy, job losses, and a tripple dip.
And? It's either that or inflation through the Fed. I don't really have a problem with either. Someone is going to have to pay the piper eventually.
The people who have money will care. Its not like I was getting unemployment.
I think they should eliminate the corporate income tax entirely and tax capital gains of, say, more than $1 million at the ordinary income tax rate. Simply raising taxes is dumb. The whole system needs to be re-worked.
Corporate income taxes are probably the most counterproductive taxes ever conceived. The most obvious problem with corporate income taxes is that they encourage companies to move out of the country. Corporate taxes also encourage heavily the practice of lobbying Congress for special tax considerations. Finally, the obvious problem with corporate taxes is that the cost of compliance and taxation are past on to consumers, withheld from investor, or withheld from employee total compensation.
But corporate taxes also miss the point that corporations pay taxes throughout the entire process. They pay sales taxes, they collect sales taxes, they pay FICA taxes, the wages they paid are taxed, their wages are used to buy houses and pay property taxes, their wages paid are used to buy all other goods and services that are taxed, the interest they payout on bonds is taxed, and the dividends and capital gains that are paid out are taxed.
Get rid of the corporate income tax and you'll see a wave of American corporate tax revenues and new American hires. A lot of what's lost in direct corporate income tax will get made up in taxation on new wages and in greater revenues from capital gains taxes.
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