Adjusted Gross Income, 2009 Average Federal Income Tax Rate (%) $10,000 to $15,000 6.8% $15,000 to $20,000 6.6% $20,000 to $25,000 8.7% $25,000 to $30,000 9.7% $30,000 to $40,000 10.0% $40,000 to $50,000 10.6% $50,000 to $75,000 11.6% $75,000 to $100,000 12.3% $100,000 to $200,000 16.3% $200,000 to $500,000 24.6% $500,000 to $1,000,000 28.8% $1,000,000 to $1,500,000 29.4% $1,500,000 to $2,000,000 29.6% $2,000,000 to $5,000,000 29.7% $5,000,000 to $10,000,000 29.1% $10,000,000 or more 26.3% Average 17.8%
"While Foreign Terrorists were plotting to murder and maim using homemade bombs in Boston, Democrap officials in Washington DC, Albany and here were busy watching ME and other law abiding American Citizens who are gun owners and taxpayers, in an effort to blame the nation's lack of security on US so that they could have a political scapegoat."
So let's have ALL the facts and DISCLOSE how much the lady makes and how much Buffet makes. In the end this is a way to raise the rate on cap gains. If you take all the cap gains and tax it at 100% FROM THE RICH, it will not do enough to erase the deficit. You need to get it from ALL the classes of people - the retirees, the widows, the middle aged who have mutual funds for retirement. THEN, you can take their wealth and put them on government reliance and INSURE their votes for the left wing for many years! SOUNDS LIKE A PLAN! (TO THE DEMOCRAPS!)
"While Foreign Terrorists were plotting to murder and maim using homemade bombs in Boston, Democrap officials in Washington DC, Albany and here were busy watching ME and other law abiding American Citizens who are gun owners and taxpayers, in an effort to blame the nation's lack of security on US so that they could have a political scapegoat."
Graham, you weren't supposed to actually research it. The oracle of Omaha speaks, you listen, and believe EVERYTNING he says.
Buffett made his BILLIONS over the past 30 years, each year watching the national debt increase by the trillions every year. He never said a word. He had no problem with the tax code except when he sent his army of tax attorneys to the IRS to dispute his taxes because he thought he was paying TOO MUCH. The deficit was never a concern to ole Warren until this year - coincidently an election year.
Graham is correct. Buffett is more concerned with preserving his place at the top. He didn't suddenly have an epiphany and decide he wanted to pay more taxes. This is calculated, Buffett didn't make his billions by being on the wrong side of a deal. The "1%" is willing to take an increase on capital gains because they know the tax on the collective wealth that will be taken from the retiring middle class(baby boomers), driving them into the lower class, will eventually end up in their pockets. Graham is correct; the Buffett millionaire tax argument is a red herring. They need to get to the baby boomer capital gains. I imagine that collective number is greater than the 1% capital gains.
Or this video where Warren Buffett calls for HIGHER TAXES ON THE RICH... From a 2005 program on Nebraska public television.
Cicero gets it WRONG once again!!!
The modern conservative is engaged in one of man's oldest exercises in moral philosophy; that is, the search for a superior moral justification for selfishness. John Kenneth Galbraith
Oh...Sorry-2005...My apologies, obviously he was a tax advocate his whole life.
Why does he make it a practice to move his Bershire Hathaway money around to avoid taxes? About a billion dollars he owes to the IRS. You would think he would willingly pay that tax without a fight.
Quoted Text
Using only publicly-available documents, a certified public accountant (CPA) detailed Berkshire Hathaway’s tax problems to ALG. AlG President Bill Wilson cites the company’s own 2010 annual report, which states at one point that “At December 31, 2010… net unrecognized tax benefits were $1,005 million”, or about $1 billion.”
“Unrecognized tax benefits represent the company’s potential future obligation to the IRS and other taxing authorities,” ALG explained in its report. “They have to be recorded in the company’s financial statements.”
“The notation means that Berkshire Hathaway’s own auditors have probably said that $1 billion is more likely than not owed to the government,” the ALG report explained.
That $1 billion represents about 0.2 percent of the company’s $372 billion in total assets, according to ALG.
As Wilson points out, “On one hand Buffett advocates for paying more taxes, but when it comes to his own company’s taxes, he has gone through great lengths to pay less. That’s rich.”
Here's the key section from Berkshire's report:
“We anticipate that we will resolve all adjustments proposed by the U.S. Internal Revenue Service (‘IRS’) for the 2002 through 2004 tax years at the IRS Appeals Division within the next 12 months," the report states. "The IRS has completed its examination of our consolidated U.S. federal income tax returns for the 2005 and 2006 tax years and the proposed adjustments are currently being reviewed by the IRS Appeals Division process. The IRS is currently auditing our consolidated U.S. federal income tax returns for the 2007 through 2009 tax years.”
Wilson also points to a prior tax fight the company fought. “Apparently, this is not the first time that Berkshire Hathaway has tangled with the IRS. They fought a 14-year battle over the dividends received deduction. That case was just resolved in 2005,” Wilson reports..
“Although the prior case was settled in Buffett’s favor, it demonstrates a decades-long pattern of behavior by Buffett to minimize his taxes. That’s the important part of the story,” Wilson writes.
And Buffett this week is at the center of another tax controversy, according to The Wall Street Journal. His recent decision to invest in Bank of America "represents another tax-avoidance triumph for the Berkshire chief executive," the Journal wrote in an editorial Wednesdy.
It turns out that U.S. corporations are subject to a top federal income tax rate of 35 percent, the second highest in the world. But Berkshire won't pay anything close to that on their investment in BofA preferred shares.
"Berkshire will hold the investment in a property-casualty insurance subsidiary. Such corporations can exclude from taxation 59.5% of the dividends they receive from an investment in another corporation," the Journal reported. "This exclusion is intended to prevent double- or even triple-taxation as money is earned by one company, paid to another company and then ultimately paid out to shareholders. The policy makes sense; we only wonder why the exclusion isn't 100%.
"With the exclusion for Mr. Buffett and his fellow shareholders, Berkshire will enjoy an effective tax rate of 14.175% on the $300 million in dividends it will receive each year from Bank of America," the Journal reported
Read more on Newsmax.com: Report: Buffett's Berkshire Owes $1 Billion In Back Taxes
Mr. Buffet DOESN'T DO HIS TAXES AND NEITHER DO THE 99% MORONS WE ELECT....NEITHER DO THE MORONS THAT MAKE MILLIONS FLAUNTING THEIR BOOBS/ASSES/PECS/HAIR/FACES ETC.......
so here we are licking our sloppy chops over some proposed steak that Buffet and Buddies are seasoning for the plebs....
what an F'EN joke........
...you are a product of your environment, your environment is a product of your priorities, your priorities are a product of you......
The replacement of morality and conscience with law produces a deadly paradox.
STOP BEING GOOD DEMOCRATS---STOP BEING GOOD REPUBLICANS--START BEING GOOD AMERICANS
Oh...Sorry-2005...My apologies, obviously he was a tax advocate his whole life.
Cic just makes it up as he goes along, then acts as if it was a minor point. Cic's statement: "The deficit was never a concern to ole Warren until this year - coincidently an election year". is our latest example of Cicero Political Fiction. If he thinks it... it must be true!
The modern conservative is engaged in one of man's oldest exercises in moral philosophy; that is, the search for a superior moral justification for selfishness. John Kenneth Galbraith
Cic just makes it up as he goes along, then acts as if it was a minor point. Cic's statement: "The deficit was never a concern to ole Warren until this year - coincidently an election year". is our latest example of Cicero Political Fiction. If he thinks it... it must be true!
This year he was warming up to the OWS.......so they wouldn't actually follow the $$ trail and look up his and buddies so called skirt....the system exists based on regulation/legislation and those in the positions to do such....HAVE NO FU(KING CLUE what we do, day to day.....not in a liveable sense......
...you are a product of your environment, your environment is a product of your priorities, your priorities are a product of you......
The replacement of morality and conscience with law produces a deadly paradox.
STOP BEING GOOD DEMOCRATS---STOP BEING GOOD REPUBLICANS--START BEING GOOD AMERICANS
The modern conservative is engaged in one of man's oldest exercises in moral philosophy; that is, the search for a superior moral justification for selfishness. John Kenneth Galbraith
Willard 'Mitt' Romney is a disgusting, heartless, unconcerned and ignorant TWIT who is not FIT for the roll of President of these Great United States..... I would prefer that the FBI and IRS look into his greedy and duplicitous means of EVADING taxes -- taxes that all good Americans see fit to PAY.
"We have to talk about liberating minds as well as liberating society." ---Angela Davis
"When you put a tiny and despised minority up for a popular vote, the minority usually loses." ---Andrew Sullivan
Warren Buffett's Secretary Likely Makes Between $200,000 And $500,000/Year
"Approval ratings go up and down for various reasons... An example is the high post 911 support for GWB even though he could be said to be responsible for the event." --- Box A Rox '9/11 Truther'
Melania is a bimbo... she is there to look at, not to listen to. --- Box A Rox and his 'War on Women'
Mr. Buffet should now be embarrassed that we now know that is paultry pay for HIS secretary......shame on him.....she should be making a cool mil.....then maybe the rest of us would understand what the hell he is talking about...
...you are a product of your environment, your environment is a product of your priorities, your priorities are a product of you......
The replacement of morality and conscience with law produces a deadly paradox.
STOP BEING GOOD DEMOCRATS---STOP BEING GOOD REPUBLICANS--START BEING GOOD AMERICANS
The modern conservative is engaged in one of man's oldest exercises in moral philosophy; that is, the search for a superior moral justification for selfishness. John Kenneth Galbraith
Talk about "front group". This is another diagram from THINKPROGRESS, Which is an outlet for the Center For American Progress. The CEO for CAP is Neera Tanden, and the prior CEO is John Podesta - both Clintonites who work or worked for both Hilary and Bill Clinton. This is pure political propaganda from the Democrat Party.
Talk about "front group". This is another diagram from THINKPROGRESS, Which is an outlet for the Center For American Progress. The CEO for CAP is Neera Tanden, and the prior CEO is John Podesta - both Clintonites who work or worked for both Hilary and Bill Clinton. This is pure political propaganda from the Democrat Party.
Good! If it's propaganda... then which part ISN'T TRUE?
The modern conservative is engaged in one of man's oldest exercises in moral philosophy; that is, the search for a superior moral justification for selfishness. John Kenneth Galbraith
Logged
Cicero gets it WRONG once again!!!
