“My luck was accentuated by my living in a market system that sometimes produces distorted results, though overall it serves our country well... I’ve worked in an economy that rewards someone who saves the lives of others on a battlefield with a medal, rewards a great teacher with thank-you notes from parents, but rewards those who can detect the mispricing of securities with sums reaching into the billions. In short, fate’s distribution of long straws is wildly capricious.”
(Buffett Says ‘Capricious’ Economy Requires Charity (Update1) by Hugh Son, Bloomberg, June 16, 2010 16:17 EDT)
http://en.wikipedia.org/wiki/Warren_Buffett#Politics
Originally posted by twhiteheadYou seem to think percentage is relevant. What matters is Buffett is in the maximum bracket in every category and pays way more in total than just about everyone.
Well thats what we were discussing. Does he pay the highest percentage of his income in tax? You are stating it as fact, but is there any evidence that that is the case?
When you were asked that as a direct question, you dodged the question.
Tax rates are different for different streams and so are benefits. My passive income does not help my FICA. I cannot use it for a 401K. There are different levels of risks. You seem to accept that cigarettes and city tax can be at different rates and serve different purposes than income tax. Why do you feel it is intrincally unfair that capital gains is at a different rate too?
Originally posted by quackquackBuffett stated that he only paid 19% of his income for 2006 ($48.1 million) in total federal taxes (due to their being from dividends & capital gains), while his employees paid 33% of theirs, despite making much less money.
You seem to think percentage is relevant. What matters is Buffett is in the maximum bracket in every category and pays way more in total than just about everyone.
Tax rates are different for different streams and so are benefits. My passive income does not help my FICA. I cannot use it for a 401K. There are different levels of risks. You seem to ...[text shortened]... me tax. Why do you feel it is intrincally unfair that capital gains is at a different rate too?
http://en.wikipedia.org/wiki/Warren_Buffett#Politics
Originally posted by quackquackHow do you know how much taxes Buffett pays?
Buffett certainly pays "the most" taxes in absolute terms. He has no greater citizenship rights than you or me but has a much higher tax paying bill. He also pays the highest percentage of taxes in every category of taxes. Thus, he pays a higher percentage of his income in taxes and he pays the same percentage of his income in capital gains.
Nothing ...[text shortened]... s in the highest income tax bracket and he pays his full capital gains taxes as capital gains.
Originally posted by AThousandYoungThat's just his income as CEO of Berkshire Hathaway. Since he is a major stakeholder, and the company's value increases by an average of 20% per year, he pays only a minute amount of his income.
Buffett stated that he only paid 19% of his income for 2006 ($48.1 million) in total federal taxes (due to their being from dividends & capital gains), while his employees paid 33% of theirs, despite making much less money.
http://en.wikipedia.org/wiki/Warren_Buffett#Politics
Originally posted by KazetNagorraOrdinary people own houses. When they appreciates in value, they don't pay taxes until it is realized either. Do you think ordinary people should be billed for unrealized appreciation?
That's just his income as CEO of Berkshire Hathaway. Since he is a major stakeholder, and the company's value increases by an average of 20% per year, he pays only a minute amount of his income.
Originally posted by quackquackI must not know very many ordinary people. The ones who own houses who I know I always thought were extraordinary.
Ordinary people own houses. When they appreciates in value, they don't pay taxes until it is realized either. Do you think ordinary people should be billed for unrealized appreciation?
Originally posted by AThousandYoungWell, the bank really owns the house when you have a mortgage but certainly people like teachers with regular 9 to 5 jobs have houses.
I must not know very many ordinary people. The ones who own houses who I know I always thought were extraordinary.
Originally posted by quackquackWhen did I say such a thing? All I said was that Warren Buffett pays a very small percentage of his income in taxes, quite contrary to what you are asserting.
Ordinary people own houses. When they appreciates in value, they don't pay taxes until it is realized either. Do you think ordinary people should be billed for unrealized appreciation?
Originally posted by KazetNagorraHe is the maximum bracket in every category and pays an insane total. You illogically consider his capital gains a diluting factor when it adds to his total tax bill.
When did I say such a thing? All I said was that Warren Buffett pays a very small percentage of his income in taxes, quite contrary to what you are asserting.
Originally posted by AThousandYoungWarren Buffet is a brilliant man and he knows that he gets infinite amounts of free publicity if he argues that his taxes should be higher. It does not mean I have to agree with his idea of how taxes should be calculated or your idea that only extraordinary people can live in a house.
Warren Buffet doesn't agree with your analysis of how much Warren Buffet pays in taxes.
Originally posted by quackquackRight-o, he is just lying, then. I suppose his pledge to give 99% of his fortune away to charity is a lie, too? He's just doing it for the publicity!
Warren Buffet is a brilliant man and he knows that he gets infinite amounts of free publicity if he argues that his taxes should be higher. It does not mean I have to agree with his idea of how taxes should be calculated or your idea that only extraordinary people can live in a house.
Whatever makes you sleep at night...