Buffett: Stop coddling the super-rich

One thing he writes that doesn't make sense (I think you pointed out earlier) is that his employees are paying a federal tax rate of 35%, or even 41%... the top marginal tax rate is 28%, right?

What else is he including there? These employees must be making a s-load of money of their effective rate, after deductions, is at the top or even higher than the highest marginal rate.

 

Ragu, on the debt ceiling thread, you continually argue the old trope that the rich are getting screwed because the poor don't pay any Federal Income Tax -- ignoring that federal income tax is a very narrow measure that doesn't come close to including all the taxes paid, and that in terms of overall taxation the rates are barely progressive if they are progressive at all. Here you argue that Warren Buffett is painting an inaccurate picture by limiting his argument to the Federal Income Tax instead of the full taxation picture.

Which is it -- is federal income tax an accurate measure of taxation? No, it is not, and you are acknowledging it here.

Your own politicized agenda comes shining through.

 

How can anyone disagree with this?

 

Sentience?

 

You guys can parse it all you want, but when the richest guy in the world pays the lowest tax rate in his office we have problems. Period.

 

Why do you and Buffett hate the job creators and trickle-downers?

 

I've never got the sense that Ragu's argument is that the rich are screwed by the not-rich not paying much in the way of income taxes. Rather, I've interpreted his arguments to be that the not-rich aren't as savvy consumers of government as they might be otherwise.

And Buffett is being disingenuous. His effective tax rate, when you factor in the fact that his firms' profits are first taxed via the corporate income tax, is much higher than 17.4 percent.

 

Using Warren Buffett quotes as a validation of increased taxes has become a cliche.

Are we all expected to roll over just because Warren Buffett said it.

 

Well unless the tea party slipped one past everyone, I believe the top marginal rate is still 35%. He might be including state tax or FICA in here, not sure. Or maybe the Medicare tax. FICA and Medicare should definitely be included when anyone is talking about anyone under the age of about 55 because most of those people will never see a penny of that money so all of it is, in effect, another tax.

 

Either way, it sounds like Buffett is willing to pay more taxes. He just wants the government to tell him to do so.

Unlike a lot of wealthy people who are whining about paying an extra 4 percent of personal income tax while shipping jobs to China and India. At least Buffett sounds willing to step up to the plate.

 

Corporate welfare.