1. Welcome to SportsJournalists.com, a friendly forum for discussing all things sports and journalism.

    Your voice is missing! You will need to register for a free account to get access to the following site features:
    • Reply to discussions and create your own threads.
    • Access to private conversations with other members.
    • Fewer ads.

    We hope to see you as a part of our community soon!

Buffett: Stop coddling the super-rich

Discussion in 'Sports and News' started by Alma, Aug 15, 2011.

Thread Status:
Not open for further replies.
Page 4 of 90
  1. Mizzougrad96

    Mizzougrad96 Active Member

    I agree with you. My issue is what do they consider "Super Rich?" I know people who live in NYC or LA who make $250K a year, who have the same concerns that people who make 25 percent of that in other regions.

    Put the tax on people who make over $5 million. I don't think people would have the same complaints...
     
    Mizzougrad96, Aug 16, 2011
    #37
  2. BrianGriffin

    BrianGriffin Active Member

    I agree with this. I know there are a ton of loopholes that can be exploited to get to where he claims to be, but I can't sit here and speculate as to what those are or speculate that he's full of shit. But I also can't take him at his word.

    I've just glanced through this thread and seen a lot about corporate taxes. Would money that is taxed as corporate tax technically be "his" money to be taxed? Again, I've just given this a cursory glance.
    Big red flag here Ragu. On the other thread YOU were talking strictly income tax while others were not. Here you are talking big tax picture while others are not.

    It would seem that convenience would be the best reason to do that. The progressiveness of the income tax as discussed in the other thread is only appropriately discussed in the context of the entire tax code so to ignore the rest of the tax code makes little sense.
     
    BrianGriffin, Aug 16, 2011
    #38
  3. The Big Ragu

    The Big Ragu Moderator Staff Member

    Brian. Period. We have the most progressive tax system in the world. That was the point being discussed on the other thread. It is still relevant on this thread.

    EDIT: And I am just having the discussion appropriate to each thread. We weren't discussing effective tax rates or corporate tax rates on the other thread. The become relevant when Warren Buffett says what his effective tax rate is, because the bulk of what he has earned that goes to the government gets taken before he takes distributions or pays taxes on long-term gains. If he doesn't include the effect of that taxation on his income, he is not giving a true effective tax rate.
     
    The Big Ragu, Aug 16, 2011
    #39
  4. dixiehack

    dixiehack Well-Known Member

    Trouble is that others were discussing effective overall rates on the other thread and you wouldn't address it.
     
    dixiehack, Aug 16, 2011
    #40
  5. Baron Scicluna

    Baron Scicluna Well-Known Member

    $5 million is too high. I'd settle for $500K. Even in NYC or LA, someone can be pretty comfortable on $500K.
     
    Baron Scicluna, Aug 16, 2011
    #41
  6. The Big Ragu

    The Big Ragu Moderator Staff Member

    TAX RECEIPTS. NOT EFFECTIVE TAX RATES. TAX RECEIPTS!!!!. Tax receipts are all that matter. Look at what comes into the treasury and then tell me who paid that money.

    This is getting ridiculous.

    Based on tax receipts, the U.S. has the most progressive tax system in the world. Can that be any more clear?!?!?

    The wealthiest Americans pay more than the wealthiest citizens of any other developed country. That has nothing to do with marginal tax rates or effective tax rates. It is a straightforward measure of WHO paid the receipts the treasury brings in.

    I got this from a study the OECD did in 2008. They were measuring income distribution and poverty. What they found, among many other things, was that the richest decile in the U.S. pays 45.1 percent of the Federal income taxes--that has nothing to do with RATES. It has to do with the share of taxes the top 10 percent of earners pay in this country. Compare that to the other countries on the spreadsheet. Here it is. Anyone on here can download it: http://dx.doi.org/10.1787/422013187855
     
    The Big Ragu, Aug 16, 2011
    #42
  7. doctorquant

    doctorquant Well-Known Member

    I don't see how you can look at corporate net income (before taxes) as belonging to anyone other than the shareholders.
     
    doctorquant, Aug 16, 2011
    #43
  8. LongTimeListener

    LongTimeListener Well-Known Member

    Do those other countries have a varied tax code that addresses income taxes as different from payroll taxes as different from FICA as different from capital gains/investment taxes? And what is their exemption structure, i.e. Do they have mortgage interest and retirement account deductions that overwhelmingly favor the rich?

    So your overburdened top tenth, what is their effective tax rate, then, since it's such a great way to discredit what Buffett says? It is around 20 percent, just like the rest of the nation. And does the share of tax receipts they contribute vary in any meaningful way from the share of income they draw? It does not.

    People around the country are waking up to this silliness. Not enough people in the House of Representatives, not yet, but hopefully we will get there.
     
    LongTimeListener, Aug 16, 2011
    #44
  9. Mr. Sluggo

    Mr. Sluggo Active Member

    Ignoring OASDI/Medicare taxes is the key.
     
    Mr. Sluggo, Aug 16, 2011
    #45
  10. The Big Ragu

    The Big Ragu Moderator Staff Member

    Go read the study yourself. Yes, that is a measure of all Federal income taxes -- social security and welfare programs of those various countries are included, as they are Federal taxes. They didn't include employer contributions, though. It's simply a measure of what percentage of total tax revenues are paid by various income levels. The OECD keeps a detailed tax database.
     
    The Big Ragu, Aug 16, 2011
    #46
  11. Mizzougrad96

    Mizzougrad96 Active Member

    I just still think that a flat tax, with no exemptions is the way to go. Even if you bump up the taxes for the wealthy, they're the ones who can find all the tax shelters. Get rid of the exemptions and that could be really good for this country.
     
    Mizzougrad96, Aug 16, 2011
    #47
  12. pressmurphy

    pressmurphy Member

    Mr. Buffett's newspaper today came as close to imploring Obama to not run for a 2nd term as any major paper I've seen thus far:

    http://www.buffalonews.com/editorial-page/buffalo-news-editorials/article523618.ece
     
    pressmurphy, Aug 16, 2011
    #48
Page 4 of 90
Thread Status:
Not open for further replies.

Share This Page