Occupy Wall Street

[Riot]

Originally Posted by slotdirt

Whether or not I'm ever lucky enough to make that much money, I'll still never agree with the premise that rich people need to be taxed at a higher percentage simply because they're rich.

Small point ... that's not what they are saying, and we have a progressive, not regressive, tax system.

And: Warren Buffett released some of his income tax information today

Earned: $63 million last year
Paid less than $7 million in federal income tax.

Mr. Buffett's adjusted gross income was $62,855,038 in 2010, according to the letter, while his taxable income was $39,814,784. He said he paid $15,300 in payroll tax, and $6,923,494 in federal income tax. That made for an effective tax rate of 17.4%.

According to the Tax Policy Center, a nonpartisan group, the average tax rate for taxpayers in the middle quintile—those earning between $34,000 and $60,000 a year—is 12%, including payroll and income taxes. Those earning from $103,000 to $163,000--the top 80% to 90% of earners—pay 18.2%. Those earning from $163,000 to $211,000 pay 19.8%, and those earning from $211,000 to $533,000 pay 20.4%.

http://online.wsj.com/article/SB1000...875519978.html

[dellinger63]

Originally Posted by Riot

Small point ... that's not what they are saying, and we have a progressive, not regressive, tax system.

And: Warren Buffett released some of his income tax information today



http://online.wsj.com/article/SB1000...875519978.html

What were Mr. Buffet's claimed charitable deducttions? Under the current tax code he is able to write them off!

Damn charities and rich people who support them!

If Buffet was half a man he'd drop what he was doing and live in a tent on Wall Street.

[Riot]

Originally Posted by dellinger63

What were Mr. Buffet's claimed charitable deducttions? Under the current tax code he is able to write them off!

Damn charities and rich people who support them!

If Buffet was half a man he'd drop what he was doing and live in a tent on Wall Street.

Buffett never announced his charitable deductions, but it is calculated to be about 23 billion - yes billion - dollars to Gates Foundation. Buffett has always said that when he and his wife die, the vast majority of their money will go to Gates Foundation (rather than leave a huge estate to the kids).

Buffett is fully supportive of the OWS movement. Buffett released this information in an attempt to garner congressional support for increasing the tax revenue from the rich by decreasing the loopholes, etc. that allow the more wealthy to pay a far lesser rate than the less wealthy.

[slotdirt]

Originally Posted by Riot

Small point ... that's not what they are saying, and we have a progressive, not regressive, tax system.

And: Warren Buffett released some of his income tax information today



http://online.wsj.com/article/SB1000...875519978.html

I don't know how many times it has to be stated that Buffett pays 17.4 percent of his earned income to Uncle Sam and not 35 percent because he makes virtually all of his money off investments that aren't subject to the federal income tax. I realize Mr. Buffett is suggesting that people of his ilk should pay higher taxes, but I can't imagine he's suggesting that dividends and capital gains should be taxed at a higher rate. I can assure you that idea would hit many, many more people than just the top echelon of income earners.

In any event, Warren Buffett himself could just stroke a check for $30 billion or so and it would save the government just as much money as letting the Bush tax cuts expire for the current 35 percent tax bracket.

[Riot]

Originally Posted by slotdirt

I realize Mr. Buffett is suggesting that people of his ilk should pay higher taxes, but I can't imagine he's suggesting that dividends and capital gains should be taxed at a higher rate.

Why don't you read what Warren Buffett himself has said about that very thing, you know, in the article, about it? Then you won't have to imagine and speculate.

[Cannon Shell]

Originally Posted by jms62

Wow.

Their point is that our government is being bought by special interests and they are making rules that benefit those special interests at our expense. If you think that you are or ever will be part of this 1% then you are delusional. Additionally you and the Dino's of the world may not be directly affected NOW however this is like a cancer. As our economy spirals downwards you and your business will directly be affected. As jobs become scarce and DEFLATION takes hold everything you everyworked for will become worth less and less.

This has always been and will always be. Please enlighten me as to what country this isn't true?


Our economy isnt headed downward because of the amount of money rich people pay in taxes.