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Date: 08/15/11 04:27 PM

65 Responses to Warren E. Buffet Bitch-Slaps His Fellow Richies

  1. Profile photo of fancylad
    fancylad Male 30-39
    18939 posts
    August 15, 2011 at 4:30 pm
    Link: Warren E. Buffet Bitch-Slaps His Fellow Richies - `My friends and I have been coddled long enough by a billionaire-friendly Congress.` Damn, this is a ballsy billionaire.
  2. Profile photo of Autiger
    Autiger Male 18-29
    2 posts
    August 15, 2011 at 4:45 pm
    This from the same guy who endorses(sp?) a 55% death tax yet does everything he can to make sure he gets out of that tax?
  3. Profile photo of fancylad
    fancylad Male 30-39
    18939 posts
    August 15, 2011 at 4:53 pm
    techgeek07: I`m sorry, you submitted this link as I was posting it. All credit goes to techgeek07 for this one.
  4. Profile photo of techgeek07
    techgeek07 Male 30-39
    2593 posts
    August 15, 2011 at 4:55 pm
    Thanks, Fancy
  5. Profile photo of cyborg
    cyborg Male 13-17
    2790 posts
    August 15, 2011 at 5:01 pm
    ...huh...
  6. Profile photo of Sachi001
    Sachi001 Male 30-39
    599 posts
    August 15, 2011 at 5:05 pm
    Yeah and what is stopping Warren from donating 50% of his income. Only himself.
  7. Profile photo of evanbartlett
    evanbartlett Male 30-39
    559 posts
    August 15, 2011 at 5:07 pm
    "...yet does everything he can to make sure he gets out of that tax?"

    I`m not sure if you`re trolling or just misinformed...
  8. Profile photo of techgeek07
    techgeek07 Male 30-39
    2593 posts
    August 15, 2011 at 5:13 pm
    @Sachi001
    He`s one of the people that have agreed to donate almost all of their money to charities.
  9. Profile photo of thenedman
    thenedman Male 18-29
    294 posts
    August 15, 2011 at 5:26 pm
    @Sachi001 he is the guy who started the pledge campaign to get the mega rich to donate their money. he has pledged to give 99% of it.
  10. Profile photo of Altaru
    Altaru Male 18-29
    3483 posts
    August 15, 2011 at 5:31 pm
    "Shared suffering" indeed.

    Shared among the millions of lower-class so the upper-class can stay up there.

    Glad to see someone with wealth and power who didn`t let either get to his head. He understands that, to have a healthy economy, you need to build a strong base more than a heavy top.
  11. Profile photo of Agent00Smith
    Agent00Smith Male 18-29
    2581 posts
    August 15, 2011 at 5:36 pm
    He is absolutely right... and it should be government mandated if he is the only one donating it isn`t enough anyway.
  12. Profile photo of techgeek07
    techgeek07 Male 30-39
    2593 posts
    August 15, 2011 at 5:43 pm
    @agent00smith
    He`s not. Him, Bill Gates, and quite few others have made similar pledges.
  13. Profile photo of madest
    madest Male 40-49
    7378 posts
    August 15, 2011 at 6:30 pm
    Yeah and what is stopping Warren from donating 50% of his income. Only himself.
    --------------
    Our tax system isn`t based on donations. If it were the welfare receiving Tea-baggers would have nothing to cry about.
  14. Profile photo of RecycleElf
    RecycleElf Male 18-29
    3621 posts
    August 15, 2011 at 6:46 pm
    i cant bother to read all this
  15. Profile photo of sickboyoao
    sickboyoao Male 18-29
    12 posts
    August 15, 2011 at 6:54 pm
    Since Mr. Buffet doesn`t get paid any salary, the only tax he pays is capital gains... which is 15% of his profit on stocks. So what he is proposing is ridiculous. If he wants to pay more taxes, why doesn`t he just take it upon himself to pay more taxes!
  16. Profile photo of Cartunze
    Cartunze Male 60-69
    841 posts
    August 15, 2011 at 6:58 pm
    Yeah and what is stopping Warren from donating 50% of his income. Only himself.

    Warren Buffet has already given many illions of dollars to his friend Bill Gates in the form of donations to the Bill and Melinda Gates Foundation. That is astounding to me that a man can just turn over billions of dollars to someone else so that they can make a difference in the world. Much respect for this man.
  17. Profile photo of apedrana
    apedrana Male 18-29
    144 posts
    August 15, 2011 at 7:22 pm
    the negative comments on this post is why america is f*cked! You cant see the wood from the trees. The figures on the top 400 richest should be alarming enough!
  18. Profile photo of apedrana
    apedrana Male 18-29
    144 posts
    August 15, 2011 at 7:23 pm
    Billionaires are people too
  19. Profile photo of Autiger
    Autiger Male 18-29
    2 posts
    August 15, 2011 at 7:25 pm
    I have mad respect for him for donating him money, dont get my wrong. But he has also recently came out snd stated that upon his death he wanted to give something like $50 billion to the Gates Foundation just so his money wouldn go to taxes.
  20. Profile photo of Gerry1of1
    Gerry1of1 Male 50-59
    36842 posts
    August 15, 2011 at 8:00 pm

    flat tax.
    It`s fair.
    It`s logical.

    And it will never happen.
  21. Profile photo of AntEconomist
    AntEconomist Male 40-49
    356 posts
    August 15, 2011 at 8:13 pm
    Buffet`s money comes from his holdings in Berkshire Hathaway. BH, in turn, makes its money (principally) from selling insurance. So what? Well, life insurance is one of the key means of avoiding estate taxes. The 50% estate tax rate (yes, it`s 50%) doesn`t apply to life insurance payoffs. So, the more we tax the rich, the more the rich will use life insurance policies to avoid estate taxes, and the more money Buffet will make because he *sells* the life insurance policies. His whole argument boils down to leveraging the government to make more money for himself.
  22. Profile photo of CrakrJak
    CrakrJak Male 40-49
    17514 posts
    August 15, 2011 at 8:16 pm
    Mr. Buffet, IF you feel so guilty about your massive wealth then why not write a $5 billion dollar check to the government right now ?
  23. Profile photo of CrakrJak
    CrakrJak Male 40-49
    17514 posts
    August 15, 2011 at 8:22 pm
    madest: [quote">Our tax system isn`t based on donations.[/quote">

    Actually the Dept. Of The Treasury does take donations to reduce the national debt, you nitwit. Here
  24. Profile photo of Gerry1of1
    Gerry1of1 Male 50-59
    36842 posts
    August 15, 2011 at 8:43 pm

    I`m just a humble, working class stiff. A "regular Joe". I don`t know much about the high finance or complicated tax codes. But I do know Warren Buffet is called on by all the news networks as an Expert to explain things. I know he`s published a number of well received books on the topic and he`s pretty much a world famous Smart-Guy about finance.

    So should I believe him, or the experts here at IAB? hmmmmmm
    Tough choice.
  25. Profile photo of OutWest
    OutWest Male 50-59
    546 posts
    August 15, 2011 at 8:50 pm
    I agree Gerry1of1... Unfortunately fair has nothing to do with taxes or our government!

    Some of us want class warfare to keep their people in power, even if veiled in "We Care about you" so we will take from the rich, because they raped the masses to get their money anyway and don`t deserve it. Then some of us want to protect their wealth, and expect others to fight their way to the top while stacking the obstacles as high as possible.

    A flat percentage to us all.... although fair will not have the support of either of the above. They are more interested in protecting their position.
  26. Profile photo of bliznik
    bliznik Male 30-39
    868 posts
    August 15, 2011 at 8:51 pm
    @CrakrJak, he`s not saying that he feels guilty about his wealth. He`s saying that the system isn`t fair.

    Him donating his money to the Federal Government doesn`t make things fair, it would just put him at an equal level with ppl in other tax brackets. He wants to make the system fair.
  27. Profile photo of the_windy
    the_windy Female 18-29
    1589 posts
    August 15, 2011 at 9:02 pm
    tl;dr
  28. Profile photo of Sachi001
    Sachi001 Male 30-39
    599 posts
    August 15, 2011 at 9:23 pm
    @techgeek07

    Yes after he dies. Why not now? He can`t live on a few billion and donate the rest?

    Talk is cheap. Walk the walk not the talk.
  29. Profile photo of apedrana
    apedrana Male 18-29
    144 posts
    August 15, 2011 at 9:38 pm
    and what would buffet donating money to the government achieve? If he was going to give money away, a worthy cause would make sense, which he does. Giving a free handout to the same people who got the country into this mess solves nothing. The guy has a point, and if you don`t agree, keep thinking the trickle down effect is working... or you can just wait for all the rich people to donate money to the treasury
  30. Profile photo of Draculya
    Draculya Male 40-49
    14653 posts
    August 15, 2011 at 9:46 pm
    Berkshire Hathaway is trading at $109,000 per share. He`s saying his investors should pay more taxes.
  31. Profile photo of CrakrJak
    CrakrJak Male 40-49
    17514 posts
    August 15, 2011 at 9:49 pm
    bliznik: How much `fairer` can it be ? The lowest 50% of income earners pay nothing, The top 10% of income earners pay 70% of all the income tax collected, The top 1% pay 40% of it.

    Please tell me how that is unfair.
  32. Profile photo of CrakrJak
    CrakrJak Male 40-49
    17514 posts
    August 15, 2011 at 9:53 pm
    bliznik: I would agree that loopholes and income deductions should be eliminated from the top 10% of earners. Rich people like that should not be able to hide their money in foreign banks to avoid it being taxed.

    As far as the income tax rates themselves they are fair.
  33. Profile photo of techgeek07
    techgeek07 Male 30-39
    2593 posts
    August 15, 2011 at 10:26 pm
    @Crakrjack
    Where the hell did you get you numbers? The top 10% pay for about 90% of the taxes. But, they also have 99% of the revenue. How`s that fair?
  34. Profile photo of techgeek07
    techgeek07 Male 30-39
    2593 posts
    August 15, 2011 at 10:30 pm
    Also, the article is from Warren F-ing Buffett. If he even agrees that it`s lopsided, why would you defend poor practices?
  35. Profile photo of techgeek07
    techgeek07 Male 30-39
    2593 posts
    August 15, 2011 at 10:36 pm
    My biggest problem is that the middle class is being erased... It`s by far turning into the have and the have nots in this country. I`m not looking for a hand out or anything like that. I work. I pay my taxes. And I`m doing better than a lot of people. But, WE are the norm. WE are the ones that should matter. We`re losing our say in this...
  36. Profile photo of MrPeabody
    MrPeabody Male 30-39
    1920 posts
    August 15, 2011 at 11:04 pm
    I think this sums it up:
    The Money Hole
  37. Profile photo of CrakrJak
    CrakrJak Male 40-49
    17514 posts
    August 16, 2011 at 2:17 am
    techgeek: My numbers are derived from IRS receipts for the year 2010.

    The top 10% pay do NOT pay 90% of the taxes, NOR make 99% of the revenue.
  38. Profile photo of cuthere2
    cuthere2 Male 30-39
    317 posts
    August 16, 2011 at 4:26 am
    Either Warren is an idiot, or he`s being deliberately disingenious... His entire comparison of 17.5% being LOWER than regular old office workers is based on comparing CAPITAL GAINS taxes, to those peoples INCOME taxes!!! Uhhhh. can you say apples vs. oranges?

    Those capital gains taxes are based on money that has ALREADY been taxed... But of course, none of the liberals with an agenda will call him out on that... Why don`t we compare income tax vs income tax? Hmmmmmmmm?
  39. Profile photo of Listypoos
    Listypoos Male 40-49
    3069 posts
    August 16, 2011 at 5:00 am
    Doesn`t really sound like he`s bitch-slapping his fellow richies...he`s slapping the folks that set the tax limits.
  40. Profile photo of madest
    madest Male 40-49
    7378 posts
    August 16, 2011 at 5:37 am
    Since Mr. Buffet doesn`t get paid any salary, the only tax he pays is capital gains... which is 15% of his profit on stocks.
    --------------
    More nonsense from someone who doesn`t do any research. Warren Buffet earns a salary of $100k a year. At least he did in 2008. Google is your friend. Use it.
  41. Profile photo of dang007
    dang007 Male 30-39
    599 posts
    August 16, 2011 at 7:00 am
    15% tax rate that higher than I pay and I am in a pretty high bracket. If Buffet feels so guilty, then he can cut a check today. Otherwise he is just a typical liberal trying to make himself feel superior to others by taking what they have.

    >More nonsense from someone who doesn`t do any research. Warren Buffet earns a salary of $100k a year. At least he did in 2008. Google is your friend. Use it.<

    Then his tax rate on that $100,000 is the SAME tax rate as anyone else pays. Thus he is NOT getting some secret special deal for the rich.
  42. Profile photo of McGovern1981
    McGovern1981 Male 30-39
    14268 posts
    August 16, 2011 at 7:14 am
    Gee thanks Bil and Warren for helping out all those other poor countries while watching the one that helped make you filthy rich spiral down the sh**ter cause you outsourced to China!! HEY EVERYONE LETS BUILD GOLDEN STATUES OF THESE GREAT PEOPLE!!!!!
  43. Profile photo of random882
    random882 Male 18-29
    325 posts
    August 16, 2011 at 8:53 am
    gerry 1 of 1 makes a few good points..
    1: flat tax is fairest of all taxes...
    2: believe a man that has billions of dollars or some schmucks on IAB...
  44. Profile photo of grindinblade
    grindinblade Male 18-29
    234 posts
    August 16, 2011 at 9:20 am
    While Buffet`s salary income from 2008 was 100,000 his profits from capital gains and dividends is far more as this is where the majority of his wealth comes from. I believe that is his point, we tax capital gains at only 15%, and large hedge fund managers then only need to pay 15% on the millions of dollars as it is mostly due to investment.
  45. Profile photo of Gerry1of1
    Gerry1of1 Male 50-59
    36842 posts
    August 16, 2011 at 9:43 am

    Warren Buffet is not the only rich patriot.

    Rich people and corporation that don`t want to pay some tax to get the country out of this mess are short sighted. In the long run, their greed hurts them.
    Wealth For Common Good org

    But if they were taxed more, does anyone believe that Congress would use the money wisely? I don`t.
  46. Profile photo of grindinblade
    grindinblade Male 18-29
    234 posts
    August 16, 2011 at 10:29 am
    First a flat tax is not fair, as 80% of economist agree a progressive tax is necessary because it will ease stress off of low income families who can barely afford rent+food+ utilities, while also maintaining a healthy revenue for the government.

    Second buffet is arguing for an increase in capital gains taxes, which are taxed at a very low rate. He also believes there should be increased tax rate for those making millions (not 250k).

    From 93-2000 the tax rate for about 370k income was 39.6%, that is now 35% after Bush`s tax cuts. This 4.6% tax difference is the largest cut among all tax brackets.

    Finally a point on distribution of income/taxes. In 2010 the top 1% of earners made 20% of total AGI and paid 38% of taxes. The top 10% made 45% of total AGI and paid 70% of taxes. The bottom 50% of americans made 12% of total AGI (less than the top 1%) and paid 2.7% of national taxes. While some may argue the taxes on rich is to great, so is their income.
  47. Profile photo of Thetas
    Thetas Male 18-29
    1540 posts
    August 16, 2011 at 11:14 am
    @random882
    Instead of income tax and sales tax, have them both fall under sales tax.
  48. Profile photo of Gerry1of1
    Gerry1of1 Male 50-59
    36842 posts
    August 16, 2011 at 11:52 am

    It`s easy to confuse this issue by grinding numbers out as if they meant something. Take a tax rate that sounds high but don`t bother listing all of the deductions and write-offs that are only available to the rich.

    And the end of the tax cycle, the check they write, while a bigger number, is a smaller percentage of their income.
  49. Profile photo of Fatninja01
    Fatninja01 Male 30-39
    25420 posts
    August 16, 2011 at 2:12 pm
    We shall see...
  50. Profile photo of MichaelBored
    MichaelBored Male 40-49
    206 posts
    August 16, 2011 at 2:44 pm
    Meanwhile, Fox News Clown Eric Bolling thinks Warren Buffett is a socialist.

    Rightwingers. We wouldn`t make so much fun of them if they weren`t so f*@%ing stupid.
  51. Profile photo of Altaru
    Altaru Male 18-29
    3483 posts
    August 16, 2011 at 4:53 pm
    A flat tax rate across the board would NOT be fair to the lower class.

    Think about it. Set it at 10%, perhaps.

    Make $10 million: pay $1 million.

    You still have $9 million to do whatever you want with. That`s enough to pay just about any bills unless you`re trying to live beyond your means even if you kept the whole $10 million.

    Make $10,000: pay $1,000.

    You`re left with $9,000. It`s pretty hard to live on $10,000, and for low-income families an extra thousand a year can make a HUGE difference.

    Imagine if you were to crank the percentage up. Make it 25%. That`s $2.5 million out of the rich man`s pocket, which means *gasp!* no new mansions this year, but everything he NEEDS is covered, with plenty of money left over to, maybe, invest and make more money. On the other hand, that`s $2,500 out of the poor man`s pocket, which means big sacrifices just to survive.
  52. Profile photo of M_Archer
    M_Archer Male 18-29
    525 posts
    August 16, 2011 at 7:56 pm
    I heard that the top 50% of rich people pay 96% of all taxes (I could be wrong about this). The people that are against tax cuts for the wealthy aren`t for justice--they want to redistribute the wealth and forcibly take it from the hands from those who earned it, from those who don`t.

    I think that`s fine that Warren Buffet wants to give more of his hard-earned money away; what bothers me is that he thinks it`s HIS place to tell other people how to use their money.

    @Altaru: What bothers me is that you`re telling the rich man what he needs and what he should do with his money--you`re speaking as if that`s your money to use. If the rich man wants to donate his money that he earned to charity or spend it on his twentieth yacht or mansion, that`s none of your damn business; he earned it, he`s rightfully entitled to every single penny.

    @MichaelBored: Are you going to explain why rightwingers are stupid, or are you going to continue with your Appeal to Ridicule fall
  53. Profile photo of Isafan
    Isafan Male 18-29
    243 posts
    August 16, 2011 at 7:57 pm
    I`m wondering why we`re taxed so much. I`m not poor, nor rich... but I thought about it the other day... EVERYTHING is taxed. EVERYTHING. Where`s all our money going to? And why? For what? I live in Minnesota where the state shut down for 3 weeks... they lost millions in revenue and are now wanting to tax more. I just don`t get it...

    It`s like a bully at school that keeps making me give him part of my lunch money. I`m the one that worked hard and did my chores so I could buy ice cream along with my lunch :( Ya big bullies...
  54. Profile photo of M_Archer
    M_Archer Male 18-29
    525 posts
    August 16, 2011 at 8:06 pm
    @MichaelBored: Are you going to explain why rightwingers are stupid, or are you going to continue with your Appeal to Ridicule fallacy?

    Damn, I was CLEARLY within the 1000 character limit.

    Anyone who proposes to introduce additional taxes or opposes tax cuts for the wealthy (or anyone, for that matter) explicitly and implicitly declares that the money is his to use (or in this case, the government`s).

    People like Altaru are declaring that it`s their money they`re talking about i.e. they`re treating their fellow human beings as slaves.

    Also at the end of the article he says, "shared sacrifice"? I can see how people would think he`s a socialist.
  55. Profile photo of BluishOrange
    BluishOrange Female 50-59
    87 posts
    August 16, 2011 at 9:29 pm
    Rich people wouldn`t be rich if they didn`t have healthy, educated people to employ. Well, that`s not true. Lots of people have got rich on the backs of diseased and ignorant slaves. But who wants to live in a world where where the next Warren Buffet dies in the gutter? The wealthy should gladly and thankfully pay back, with interest, what they have been in the privileged position to withdraw.
  56. Profile photo of M_Archer
    M_Archer Male 18-29
    525 posts
    August 16, 2011 at 11:34 pm
    @BluishOrange: "Pay back" implies that they took something. Warren Buffet, Bill Gates and Steve Jobs never took anything--they CREATED their wealth. They rightfully earned it.

    The only people who can "pay back" are thieves; I think it`s immoral to equate thieves with successful businessmen.
  57. Profile photo of Altaru
    Altaru Male 18-29
    3483 posts
    August 17, 2011 at 8:29 am
    Every man earns what he`s paid, but only because someone (in this case, the people) is willing to pay him.

    And just like a company, when the people have less money to pay, EVERYONE has to take a pay cut.

    Just because you reach the top of the hill, regardless of how you do it, doesn`t mean you should be safe when the hill starts collapsing.

    If they don`t want to help America out of the mess, then they can get the hell out. After all, they have the money to afford it, right? Just like companies and products, if they don`t like it they don`t have to buy it. If they don`t like America, they don`t have to live here.
  58. Profile photo of patridiot
    patridiot Male 30-39
    118 posts
    August 17, 2011 at 12:51 pm
    If it hasn`t already been mentioned in this forum, the 400 wealthiest US citizens have more money than over 50% of the US population combined. This can`t be good for any economy, can it?
  59. Profile photo of M_Archer
    M_Archer Male 18-29
    525 posts
    August 17, 2011 at 10:43 pm
    @Altaru: So you`re saying that a man doesn`t have the right to exist for himself i.e. he exists to serve a collective (e.g. other people, governments) as a slave. He doesn`t have the right to use his money that he earned in any way he sees fit.

    Your last paragraph is the classic Argument by Dismissal fallacy; you`re not convincing anyone.
  60. Profile photo of Groogle
    Groogle Male 30-39
    2172 posts
    August 18, 2011 at 1:21 am
    "I know well many of the mega-rich and, by and large, they are very decent people. They love America and appreciate the opportunity this country has given them. Many have joined the Giving Pledge, promising to give most of their wealth to philanthropy. Most wouldn’t mind being told to pay more in taxes as well, particularly when so many of their fellow citizens are truly suffering."

    I`m laughing to tears here. The brain is really mush under that dead animal on his head.

    They are decent people = opinion
    They love America and appreciate the opportunity this country has given them = Especially the opportunity
    promising to give most of their wealth to philanthropy = As long as they can claim that money back with tax relief
    Most wouldn’t mind being told to pay more in taxes as well = They don`t mind if you tell them but don`t actually raise their taxes because it`s going to hit the fan
    particularly when so man
  61. Profile photo of Groogle
    Groogle Male 30-39
    2172 posts
    August 18, 2011 at 1:23 am
    Most wouldn’t mind being told to pay more in taxes as well = They don`t mind if you tell them but don`t actually raise their taxes because it`s going to hit the fan
    particularly when so many of their fellow citizens are truly suffering = Like they give two s&%t

    :->
  62. Profile photo of Groogle
    Groogle Male 30-39
    2172 posts
    August 18, 2011 at 1:24 am
    Buffet`s a joke.
  63. Profile photo of BluishOrange
    BluishOrange Female 50-59
    87 posts
    August 19, 2011 at 9:44 pm
    M. Archer, nobody earns a billion dollars on his (or her) own, or a million either. In the first place, he receives the upbringing and education to make it possible, either because he`s born to personal fortune that others earned before him, or because he`s lucky enough to grow up in a country that collects taxes to educate its citizens. In the second place, he relies on the labour of others to "create" his wealth. I work eight or more hours a day to earn my living, and in the process, I "create wealth" for my very, very wealthy employers, as do many, many others. I pay tax in the top margin on a slim portion of my earnings, and I consider myself fortunate (although I`m just getting by). I never complain about paying my taxes, because I believe in the collective good. If tax revenue is ill spent, it exasperates me, but paying taxes doesn`t anger me; and I have my own notions of what "ill spent" means. Supporting the arts, for instance, does not fall in tha
  64. Profile photo of BluishOrange
    BluishOrange Female 50-59
    87 posts
    August 19, 2011 at 9:47 pm
    that category.
  65. Profile photo of Altaru
    Altaru Male 18-29
    3483 posts
    August 19, 2011 at 11:20 pm
    So you`re saying that a man doesn`t have the right to exist for himself i.e. he exists to serve a collective (e.g. other people, governments) as a slave.
    If he wants to earn money, a man has to work for someone. Whether it be a collective of people or a specific individual, any man who earns money works for someone. The only man that doesn`t work for someone is the self-sufficient man living in the woodlands who doesn`t need a paycheck or human interaction.

    When that someone, or collective of someones (in this case the entire country), has less money to pay the man, he takes a cut in his pay to lower costs. Or he gets laid off (in this case, see getting out of the country).

    It works that way for every other employee of any other company or person. Why doesn`t it work that way for the rich people?

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