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Date: 04/14/12 08:04 AM

63 Responses to The Buffet Rule

  1. Profile photo of tk11
    tk11 Female 18-29
    2 posts
    April 13, 2012 at 10:05 am
    Link: The Buffet Rule - Are the top earners in the US really paying their fair share?
  2. Profile photo of Crabes
    Crabes Male 30-39
    1285 posts
    April 14, 2012 at 8:13 am
    Then some butthurt people will say that the richer pay 70% of usa taxes.
  3. Profile photo of insane_ai
    insane_ai Male 30-39
    799 posts
    April 14, 2012 at 8:14 am
    Instead of raising taxes on the top earners, why not lower the tax rate on the rest of us?

    Penalizing those who finance our economy through investment will not help us at all.

    If you want fair like this guy suggests, we should all be paying the same rate regardless of what we make.
  4. Profile photo of Keyh
    Keyh Male 18-29
    226 posts
    April 14, 2012 at 8:16 am
    1. Why do the lower income families "work hard" but the higher income families don`t?

    2. The issue is not with the tax rate, it`s with tax

    3. Ignore the rate of the "uber" wealthy, and they both make and pay almost 1,000 times more. How isn`t that fair?

    4. Flat Tax.
  5. Profile photo of auburnjunky
    auburnjunky Male 30-39
    10339 posts
    April 14, 2012 at 8:19 am
    Just as an FYI:

    Obama made $800k last year.

    He donated $200k to charity.



    $600k taxable income should = a 35% tax rate right?

    He paid 20% tax.

    HYPOCRITE! He didn`t "pay his fair share".
  6. Profile photo of 5Cats
    5Cats Male 50-59
    32823 posts
    April 14, 2012 at 8:24 am
    And all that "extra income" won`t pay for the massive Obama spending, not even close!

    Look At This!
  7. Profile photo of mcboozerilla
    mcboozerilla Male 30-39
    646 posts
    April 14, 2012 at 8:30 am
    Unfortunately the House of Representatives is being held hostage by an extremist group called the Tea Party. Moderate Republicans should grow some balls.
  8. Profile photo of Gerry1of1
    Gerry1of1 Male 50-59
    36683 posts
    April 14, 2012 at 8:32 am

    As in all things politica, it`s slanted.
    The richer you are the more deductions, credits, and tax diversions you can use. Those options aren`t allowed to the lower incomes.

    Middle Class guy, I pay 23-27 percent, depending on who`s in office. Warren Buffet says he pays 13%. Drop mine or raise his to the same level, that`s all I ask. Fair, flat taxes everyone pays.
  9. Profile photo of 5Cats
    5Cats Male 50-59
    32823 posts
    April 14, 2012 at 8:37 am
    Correct @Gerry1: In the 60`s (on his chart) the rich paid a "higher rate" BUT there were so many loopholes they actaully paid LESS of the overall taxes than they do today!

    So this guy is basically shilling for the Democrats, not one ounce of truth involved in his `lecture`.
  10. Profile photo of cuthere2
    cuthere2 Male 30-39
    317 posts
    April 14, 2012 at 8:38 am
    Funny how Liberals like to ignore the fact that "EARNINGS" vs. "Investments" on already taxed income are two different things, and the reason for the difference in the tax rate... lol - Wow, open a book and learn the topic before attempting to debate it.

    Also interesting how Buffet spends millions of dollars to pay the minimum amount of tax possible, yet wants to spear-head a campaign such as this? Why? Because he`s not "earning" anything, his income is from investments, two different things folks...
  11. Profile photo of auburnjunky
    auburnjunky Male 30-39
    10339 posts
    April 14, 2012 at 8:38 am
    Warren Buffet pays what he pays, because he has no earned income.

    His income is made up of capital gains. All of it.

    Of course his income is only taxed @15%.

    Also, look at my chart. He says his secretary pays 35%.

    A secretary makes over $350k?!
  12. Profile photo of spedersen
    spedersen Male 18-29
    7 posts
    April 14, 2012 at 8:47 am
    well, half of America doesn`t pay any income tax so how is that fare. a lot of people get more back than they put in with the earned income tax credit. FLAT TAX!!! then no one can cry about how unfair it is
  13. Profile photo of mcboozerilla
    mcboozerilla Male 30-39
    646 posts
    April 14, 2012 at 8:50 am
    The projected deficit for 2015 is NOT $1.2 trillion. It`s $600 billion and this tax will wipe out 3% of that, which is a good start.
  14. Profile photo of skypirate
    skypirate Male 18-29
    2414 posts
    April 14, 2012 at 8:51 am
    didnt warren buffet, bill gates and a bunch of other super wealthy people say they were giving away 99% of their wealth when they die? i`d rather see money go to charities then wasted by the government. but ya, he makes a good point
  15. Profile photo of onoffonoffon
    onoffonoffon Male 30-39
    2353 posts
    April 14, 2012 at 8:54 am
    It`s the welfare payout that is breaking the country. Not the lack of revenue.
  16. Profile photo of skypirate
    skypirate Male 18-29
    2414 posts
    April 14, 2012 at 8:54 am
    but what do you do with people that only make 1$...the founders of google. they get paid 1$ from google per year but are worth billions
  17. Profile photo of DuckBoy87
    DuckBoy87 Male 18-29
    3243 posts
    April 14, 2012 at 8:56 am
    Notice how he doesn`t use hard numbers and uses percentages instead.
    Even if Buffett earned $1million and only paid 10% in taxes, he would pay two times the salary of his secretary (assuming that 40some-k is correct) just in taxes. 100k > 48k.
    Yet the speaker quotes Buffett in saying that Buffett pays less in taxes, besides Capital Gains, how does that even make sense?

    And even if they raised the taxes of the rich, they would find some way to "hide" their money to get into a lower tax bracket.
  18. Profile photo of SilverThread
    SilverThread Male 30-39
    3431 posts
    April 14, 2012 at 9:07 am
    And the average visitor to I am Bored who makes around $11,000, will pay no Federal Income Tax because their wages are all earned under the table, gargling balls.
  19. Profile photo of auburnjunky
    auburnjunky Male 30-39
    10339 posts
    April 14, 2012 at 9:14 am
    No McBoozerilla. The Buffet rule accounts for .001% of payback to the budget. Not worth it.
  20. Profile photo of cman7721
    cman7721 Male 18-29
    618 posts
    April 14, 2012 at 9:22 am
    Are you kidding me? that`s not FAIRNESS. Not by any sense of the word.
    at 16% taxes, the median group pays an average of just under $8000.
    at the same rate, the "UBER 400" paid 17.6 MILLION DOLLARS. thats 360 TIMES MORE. Why should the percentage go up? If anything the percentages should go DOWN. or at least stay the same. DUMB.
  21. Profile photo of PinkRhoid
    PinkRhoid Male 18-29
    1239 posts
    April 14, 2012 at 9:25 am
    And the average visitor to I am Bored who makes around $11,000, will pay no Federal Income Tax because their wages are all earned under the table, gargling balls.

    Now don`t go projecting your life on others.
  22. Profile photo of AntEconomist
    AntEconomist Male 40-49
    349 posts
    April 14, 2012 at 9:26 am
    This is a bait-and-switch. He is using tax figures for the 400 highest income earners to justify a tax that will hit millions of people. I don`t know anything about the top 400, but the Congressional Budget Office reports that the top 1% pay an average rate of 29.5%.
  23. Profile photo of CrakrJak
    CrakrJak Male 40-49
    17514 posts
    April 14, 2012 at 9:40 am
    Obama has already admitted that this a `Gimmick`.
  24. Profile photo of Shelworth
    Shelworth Male 50-59
    385 posts
    April 14, 2012 at 9:48 am
    This guy needs a bigger shovel...
  25. Profile photo of Uthrax
    Uthrax Male 30-39
    77 posts
    April 14, 2012 at 10:03 am
    @cman7721 so they(the uber-400) earn ~2200 times more than the median group, but pay only 360 times the taxes and they should have lower tax rates??
  26. Profile photo of jacos27
    jacos27 Male 18-29
    246 posts
    April 14, 2012 at 10:11 am
    @cman7721...ok, but what does that leave left in their pockets? that`s the whole reason why they need to pay more.

    take 8g`s away from the single mother, that`s <42 grand a year that she can spend. she also had to pay for her living situation, groceries, monthly mills, etc. she`s left with hardly anything she can spend on leisure. In fact, I bet you (though i didn`t do the math on this one) that she probably has no disposable income.

    now take the "UBER 400". take 17.6 mill away from the 110 mill. that`s 92.4 mill they have to pay around with. housing and bills still leave them with plenty of disposable income. In fact, I bet you that most of them probably have been able to pay off their home within a few years, if not, they probably pay their home in full.

    THAT is what isn`t fair in this country. and since govt doesn`t have enough money, they definately could use more, so why not get it from the UBER? They obviously can afford it.
  27. Profile photo of LazyMe484
    LazyMe484 Male 18-29
    10441 posts
    April 14, 2012 at 10:13 am
    Yeah uh, I agree but... 30% That`s kind of low. Round here` it`s between 40-50 depending on the province. Higher in Europe.

    If anything the percentages should go DOWN. or at least stay the same.
    Troll or idiot? Maybe both! I`m going with both.
  28. Profile photo of jacos27
    jacos27 Male 18-29
    246 posts
    April 14, 2012 at 10:14 am
    I also agree with Uthrax. If they earn x% more income, they shouldn`t pay <x% more in takes, they should pay x% more.
  29. Profile photo of FoolsPrussia
    FoolsPrussia Male 30-39
    3446 posts
    April 14, 2012 at 10:16 am
    CrakrJak: That is way, way out of context.

    `The president took aim at critics who say, in his words, "This is just a gimmick, just taxing millionaires and billionaires, just imposing the Buffett Rule won`t do enough to close the deficit. "`

    Source
  30. Profile photo of jacos27
    jacos27 Male 18-29
    246 posts
    April 14, 2012 at 10:16 am
    @Crakrjak.....

    proof?

    .....
  31. Profile photo of FoolsPrussia
    FoolsPrussia Male 30-39
    3446 posts
    April 14, 2012 at 10:24 am
    jacos27: He has none. Look at the link I provided. He took it out of context.
  32. Profile photo of jacos27
    jacos27 Male 18-29
    246 posts
    April 14, 2012 at 10:35 am
    @FoolsPrussia...

    I still want to see where he got that from. I want to see who took advantage of Obama`s phrasing to cut his quote out of context. I`m not saying CrakrJak was right or wrong with my response, i want to see his evidence. I`m more criticizing his arguing technique.
  33. Profile photo of FoolsPrussia
    FoolsPrussia Male 30-39
    3446 posts
    April 14, 2012 at 10:44 am
    jacos27: I imagine he`s citing this opinion piece by Dana Milbank.

    But Milbank cuts the quote off at "I agree." The full quote is ""I agree, that`s not all we have to do to close the deficit. But the notion that it doesn`t solve the entire problem doesn`t mean that we shouldn`t do it at all."
  34. Profile photo of VirtualParty
    VirtualParty Male 18-29
    787 posts
    April 14, 2012 at 1:06 pm
    This made a good deal of sense, and seems extremely fair. It`s a rule of thumb with taxes, graduated income tax indeed.

    Why should some people be exempt from that? Everyone will benefit from the extra money in the system.

    Those of you who argue against this make yourself out to be complete asses. But I may be wrong, and you JUST MIGHT be earning 1million+ a year. That`s the only logical reason anyone would disagree with this.

    Oh...I see. You don`t like it because it`s a "democratic" idea? Your labeling yourself and others?

    Way to let the party system blind your eyes to progress yet again, 30+ age bracket. My generation is doomed to squalor from your poor choices.
  35. Profile photo of
    JJdagdelen
    101 posts
    April 14, 2012 at 1:10 pm
    Buffet Rule or Buffett Rule?
  36. Profile photo of OutWest
    OutWest Male 50-59
    546 posts
    April 14, 2012 at 1:21 pm
    Have all of us pay a flat 15% regardless of our income. The most fair of all.
  37. Profile photo of Fatninja01
    Fatninja01 Male 30-39
    25420 posts
    April 14, 2012 at 1:38 pm
    meh....
  38. Profile photo of banur
    banur Male 18-29
    250 posts
    April 14, 2012 at 3:17 pm
    Those of you who argue against this make yourself out to be complete asses. But I may be wrong, and you JUST MIGHT be earning 1million+ a year. That`s the only logical reason anyone would disagree with this.
    It is just because we aren`t the targeted group?
    What kind of logic is that?
  39. Profile photo of tsiemens
    tsiemens Male 30-39
    515 posts
    April 14, 2012 at 4:10 pm
    The argument is fundamentally flawed - no one should pay more than 10% taxes per year TOTAL.
  40. Profile photo of dmoltrup
    dmoltrup Male 30-39
    162 posts
    April 14, 2012 at 4:18 pm
    The first example is hogwash. A single mother making $49/year wouldn`t pay any taxes. Earned Income Credit would actually PAY HER, depending on the number of children she has.
  41. Profile photo of dmoltrup
    dmoltrup Male 30-39
    162 posts
    April 14, 2012 at 4:25 pm
    That`s a hell of a tax bracket.. Make $999,999 a year, and pay $180,000 in taxes. Make ONE DOLLAR MORE, and have to pay $300,000! You will suddenly see a LOT of people capping their own salaries.
  42. Profile photo of uberrogo
    uberrogo Male 30-39
    41 posts
    April 14, 2012 at 4:55 pm
    Teachers make more than Ive been led to believe.
  43. Profile photo of mocrules
    mocrules Male 18-29
    60 posts
    April 14, 2012 at 4:55 pm
    @dmoltrup: You couldn`t be more wrong. She wouldn`t qualify for EIC as her AGI is too high. She would pay approximately $5,000 in taxes putting her effective FEDERAL tax rate around 14% (this is assuming she has no adjustments to income and uses the standard deduction). This does not include social security (currently @ 4.2 %) and Medicare (@ 1.45%). In total, she pays roughly 22% of her income in taxes. I prepare taxes for high net worth individuals and they frequently pay much less than the average worker as their income is either LT gains (15%), passive investments (free of FICA taxes), or tax free (for federal income tax, not state) investments (Municipal bonds). The facts stated in this video are sound. Also, they would most likely implement a phase in whereby they would not jump to 30% for $1. They might implement a 1% increase for each additional 10,000 earned so they would cap @ 30% around 1,150,000 dollars.
  44. Profile photo of mocrules
    mocrules Male 18-29
    60 posts
    April 14, 2012 at 4:59 pm
    To see a rough estimate of what people pay with various assumptions, use this tool:
    http://www.1040.com/tax-tools/tax-estimator/
  45. Profile photo of pfkdxius
    pfkdxius Male 18-29
    314 posts
    April 14, 2012 at 6:43 pm
    @demoltrup

    That`s not how taxes work in this country. The Buffett rule would be a marginal tax rate. Only income above $1 million would be at 30%. So going from $999,999 to $1,000,000 would increase your taxes by 30 cents.

    He didn`t do a good job of explaining it in the video, bu please learn how taxes work before complaining.
  46. Profile photo of CrakrJak
    CrakrJak Male 40-49
    17514 posts
    April 14, 2012 at 7:50 pm
    Fools & Jaco: Obama Says Buffet Rule is a Gimmick
  47. Profile photo of FoolsPrussia
    FoolsPrussia Male 30-39
    3446 posts
    April 14, 2012 at 7:54 pm
    CrakrJak: Again, the quote is cut off at "I agree." The full quote is "I agree, that`s not all we have to do to close the deficit. But the notion that it doesn`t solve the entire problem doesn`t mean that we shouldn`t do it at all."

    Please admit you`re wrong for once.
  48. Profile photo of Oldfrt
    Oldfrt Male 50-59
    750 posts
    April 14, 2012 at 9:25 pm
    This seems like complaining that the ambulance that came to take you to the hospital isn`t the right color. Fairness is not to goal of taxes. The goal is to raise money to pay for government. If fairness was such an issue, why wouldn`t food prices be progressive too? How much for that cantaloupe? $1 for secretaries, $1.20 for teachers, $2 for doctors and $5 for millionaires. Yes, let`s make everything fair while we`re at it.

    This video also ignores the the fact that most "income" for the Ubers is in capital gains, not wages. Up the tax on capital gains and then pensions funds all over have problems?
  49. Profile photo of 5Cats
    5Cats Male 50-59
    32823 posts
    April 14, 2012 at 9:41 pm
    Welcome back @Oldfrt! You are a beacon of wisdom in a sea of... liberals (ick!).
  50. Profile photo of boreddaddy
    boreddaddy Male 40-49
    16 posts
    April 14, 2012 at 10:16 pm
    Oh boy! lets raise those taxes. Can`t wait.
  51. Profile photo of kemkeiras
    kemkeiras Male 18-29
    1 post
    April 14, 2012 at 11:50 pm
    after all those years in colege, raising taxes is the only idea you have in the video? my grandpa could tell you that
  52. Profile photo of CrakrJak
    CrakrJak Male 40-49
    17514 posts
    April 15, 2012 at 12:41 am
    FoolsPrussia: He still agreed to the full sentiment of his previous sentence, that it is a gimmick.

    It is a gimmick, it shouldn`t be done because it doesn`t even come close to solving the problem and will cause people to invest even less.

    By the way Obama`s secretary pays more, as a percentage of income, than he does at around 20%.
    How is that fair ?
  53. Profile photo of FoolsPrussia
    FoolsPrussia Male 30-39
    3446 posts
    April 15, 2012 at 7:41 am
    CrakrJak: You`re completely twisting his words on this. He said he agrees that it alone won`t solve the problem. He didn`t say he agreed that it`s a gimmick.

    Also, you`re right that Obama didn`t pay much. But unlike the Republicans, he says he should be paying more. The White House told Bloomberg News:

    "The president`s secretary pays a slightly higher rate this year than the president on her substantially lower income which is exactly why we need to reform our tax code and ask the wealthiest to pay their fair share."

    Source
  54. Profile photo of mykunter
    mykunter Male 40-49
    2424 posts
    April 15, 2012 at 8:20 am
    Fair? What? How?
    Everybody should pay the same percentage.
  55. Profile photo of NottaSpy
    NottaSpy Male 40-49
    881 posts
    April 15, 2012 at 10:27 am
    Yeah, let`s all pay the same percentage. How about 15%. That way people who lazily work 2 jobs, doing the jobs you`d never do, make $20,000/year can pay $3,000. Those people will have no money left after they pay rent, food, health insurance, and clothing. They wont be able to save, invest, get an education, or be heard by the politicians. If they are lucky enough to never have a crisis, they can live every year with no chance to pursue happiness. They can basically slave away their lives making money for the rich.

    Then the people who bust ass writing emails for 6 hours a day and make $1,000,000/year can be taxed $150,000. That would leave then a paltry $850,000 to live off of.

    The whole reason people form countries is so that everyone benefits from the whole. That means the rich help the poor because it makes the country stronger and it is the right thing to do.
  56. Profile photo of NottaSpy
    NottaSpy Male 40-49
    881 posts
    April 15, 2012 at 10:27 am
    If you were really concerned with fairness you`d be asking why the hardest working people make the least.
  57. Profile photo of FoolsPrussia
    FoolsPrussia Male 30-39
    3446 posts
    April 15, 2012 at 11:09 am
    Flat taxes are absurdly unfair.
  58. Profile photo of Zuriel
    Zuriel Male 30-39
    554 posts
    April 15, 2012 at 11:39 am
    18% across the board remove ALL deductions and "tricks"..

    ... IS fair, but will never happen because the rich demand their entitlement to get richer.
  59. Profile photo of evanbartlett
    evanbartlett Male 30-39
    559 posts
    April 15, 2012 at 6:17 pm
    Zuriel: The flat-tax model seems like it makes sense, since it is so simple. The problem with it is that those who are at the lowest income levels couldn`t afford a tax rate that high. Too great a percentage of their total income goes to basic essentials like food, shelter and clothing. What`s more, the current model is constructed to incent donations. I`ll be the first to admit that one of the reasons I donate at all is because I know that it lowers my effective tax rate.
  60. Profile photo of CreamK
    CreamK Male 40-49
    1423 posts
    April 16, 2012 at 7:03 am
    The more wealthy you are, the more influence and impact you have on society and thus have more responsibilities too. Why would they get to eat the cake and keep it at the same time? The more you make, the more you have to give.
  61. Profile photo of wake_n_bake
    wake_n_bake Male 18-29
    663 posts
    April 16, 2012 at 7:23 am
    I hope this gets pushed through but I`m almost positive it never will
  62. Profile photo of viperjason
    viperjason Male 18-29
    68 posts
    April 16, 2012 at 11:21 am
    Using his basic premise....400 people at $100 million a piece. Currently pay 18%, but now will pay 30%. That will net an extra....wait for it.....
    5 billion in taxes.

    WHO CARES!

    You could take all of their money in taxes and it wouldnt make a dent in the budget. It wouldnt matter one bit.

    The problem is never about taxes....its about payments....Entitlement programs will be the death of us.
  63. Profile photo of karl1223
    karl1223 Male 40-49
    1 post
    April 16, 2012 at 6:58 pm
    the real reason our country is so far in the red right now!

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