What do you think about what Warren Buffet said on the Boomberg interview?

R

Real Patriot

New member
When asked if he believes taxes on the top 400 earners in America should be raised one of the richest men in America did not hesitate in saying yes he believes taxes should be raised on the very rich. Why don't more people listen to him? Warren is one of the shrewdest businessmen in the world and one of the richest. Why would any right minded American (other than greedy rich) disagree with Warren?
 
Yep and didn't say one thing about capital gains did he. He's so smart and most people are so dumb. Out of all his earnings, only 10% is taxable like us. The rest are under the umbrella of capital gains.

Let me explain. He is taxed at around 20% of the amount he is talking about in that interview. That big whopping 10% is what he and all the pro taxers talk about. While the rest of his earnings or 90% is taxed at a cool 5%. Heck yea to give himself goodwill to all the ignorant, he's telling you to tax him higher. He wouldn't care if you tax that 10% at 90 or 100%. Besides when he contributes, that wipes his tax bill clean.

Now look at interviews with him with capital gains. Not saying that at all. He knows where his money is and what needs taxed.
 
Several years back he complained how his secretary paid a higher percentage of taxes than he did. What he didn't explain, is his secretary pays payroll income taxes, with no choice. Whereas because of his position and situation, he could take income as payroll, and not only pay a higher percentage, but much more actual taxes. Instead by choice, he takes income as cap gains, and pays a lower percentage.

Ask him if cap gains taxes should be raised, and you will get a lot different response.
 
Warren Buffet has said this before. However, his view is based on some careful research and assessment of the economic facts and implications.

The Republican view is based on ideology and ignorance. They have taken statements made by some very good economists (e.g. Milton Friedman) out of conext as props for a doctrine of "no new taxes." There's no empirical evidence to support their position.

Nor do they understand what they are saying. This will be a little clearer if you look at an example from a closely related issue: efforts to promote job growth via tax breaks to small business. We've heard an outcry from Republicans that we need such tax breaks fo large corporations to create jobs. The problem with the GOP position on this point is it is simply wrong. Large companies simply don't create a lot of jobs. Most job growth comes from small business. It's obvious that the (GOP) speakers simply are ignorant of this basic economic fact.

The same is true re taxes. Friedman did say that EXCESSIVE taxation would reduce capital investment and hurt economic growth. He did not say that we should never raise taxes and he did not single out the rich for preferential tax tratment. Nor did he ever suggest that we should cut taxes (or fail to make reasonable hikes) in the face of major deficits Yet all of this has become central to the GOP ideology.
 
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