Does Warren Buffet hate rich people...

[Sir Thrift-a-Lot]

... or is he simply telling the truth?

http://www.nytimes.com/2011/08/15/opinion/stop-coddling-the-super-rich.html

[MasterBlaster]

Two can play at that game.
 
http://techcrunch.com/2011/08/15/screw-the-rich-heres-how/

Then I figured it out. As I wrote then, the super rich won’t mind at all if we “tax the rich” as it’s currently defined. That’s because people who are super rich don’t really pay taxes. They pay taxes on this year’s income, and capital gains on accumulated wealth. But the only “tax” that can ever touch what they’ve already made is inflation.

That’s why a man worth $47 billion dollars can pay just $6,938,744 in federal income taxes and not be accused of a crime. In fact, he can boast about how little he pays, and ask to be charged even more.

That man is Warren Buffett. And his article in today’s NY Times, titled “Stop Coddling The Super Rich” is a huge pile of manipulative garbage.

[OldiesButGoodies]

After reaching a decent level of wealth the rich can afford not to care,  if they chose to.  Their basic needs are met -  a 24% vs 31% vs 40% rate will not change their way of living in any significant way.  This is specially true of  Buffett - He still lives in the same ranch house he bought back in the fifties!!    (and drives an aging Cadillac DTS)

[Bill Cain]

Two can play at that game.
 
http://techcrunch.com/2011/08/15/screw-the-rich-heres-how/

Then I figured it out. As I wrote then, the super rich won't mind at all if we "tax the rich" as it's currently defined. That's because people who are super rich don't really pay taxes. They pay taxes on this year's income, and capital gains on accumulated wealth. But the only "tax" that can ever touch what they've already made is inflation.

That's why a man worth $47 billion dollars can pay just $6,938,744 in federal income taxes and not be accused of a crime. In fact, he can boast about how little he pays, and ask to be charged even more.

That man is Warren Buffett. And his article in today's NY Times, titled "Stop Coddling The Super Rich" is a huge pile of manipulative garbage.

Edit: Post modified by admin to add citation of source

What has Arrington produced; an emotional rant, devoid of logic. A 5% increase in marginal taxes on the rich is not going to alter entrepreneurial behavior one iota. This is simply faith-based libertarian politics from the inner-teenager that read Atlas Shrugged and was impressed.    

Entrepreneurs work because they are crazy and passionate. The vast majority of people who start businesses fail within 5 years. With such odds, you have to have a drive that will not be blocked by a 5% marginal tax on your returns. You're talking about people who are dreaming of 4000% ROI, and 3200% ROI is not going to dissuade them from trying.

Slippery slope rants, such as Arrington's, are juvenile. The world is not binary; 0% taxes vs 100% taxes. No one is even coming close to talking about a 100% marginal tax rate.     That said, why should the government even be in the business of protecting your property rights? Why not follow David Friedman's lead and privatize those, as well. You want government to protect patents, copyrights, or your physical property? Why don't you pay more then, since you have a disproportionate amount of wealth and you should "pay" for your own security.

Let's see how your expenses go up as society continues to devolve into shantytowns surrounding rich enclaves. Let's see how rich you can get in the future when educated workers are harder to get.  Talk about a binary world.... you may get one.

And if taxes are such a disincentive, explain why Silicon Valley, right in the heart of "socialist" "high-tax" California, is a Mecca of entrepreneurs? High cost of living. High state taxes. Yet, incredibly dynamic.

To try and boil down the reasons for entrepreneurial activity, to a single value; taxes, is naive.  But, then, that's what makes a certain part of a certain political party attractive to those naive enough to buy their propaganda.     Let us pray.....

Bill Cain

[Sir Thrift-a-Lot]

I only posted this here because when I said that taxes should be fairly distributed I was accused of "hating the rich".   So, I'll ask again, does Warren Buffet hate the rich?

Two can play at that game.
 
http://techcrunch.com/2011/08/15/screw-the-rich-heres-how/

Then I figured it out. As I wrote then, the super rich won’t mind at all if we “tax the rich” as it’s currently defined. That’s because people who are super rich don’t really pay taxes. They pay taxes on this year’s income, and capital gains on accumulated wealth. But the only “tax” that can ever touch what they’ve already made is inflation.

That’s why a man worth $47 billion dollars can pay just $6,938,744 in federal income taxes and not be accused of a crime. In fact, he can boast about how little he pays, and ask to be charged even more.

That man is Warren Buffett. And his article in today’s NY Times, titled “Stop Coddling The Super Rich” is a huge pile of manipulative garbage.

[Sir Thrift-a-Lot]

Their basic needs are met -  a 24% vs 31% vs 40% rate will not change their way of living in any significant way. 

I agree with this.   So why do they fight tooth and nail to keep their tax breaks?   They don't need the money, is it a game or sociopathology?    (This is a serious question, BTW.)

[Bill Cain]

I only posted this here because when I said that taxes should be fairly distributed I was accused of "hating the rich".   So, I'll ask again, does Warren Buffet hate the rich?

No.  I suspect he might be a bit embarrassed by the current dialogue, or lack thereof, in Congressional circles.   

Bill Cain

[Bill Cain]

Their basic needs are met -  a 24% vs 31% vs 40% rate will not change their way of living in any significant way. 

I agree with this.   So why do they fight tooth and nail to keep their tax breaks?   They don't need the money, is it a game or sociopathology?    (This is a serious question, BTW.)

... based upon a tortured interpretation of reality.  Just a thought.   

Let us pray.........   

Bill Cain

[Anders]

I hate politicians.
I hate that they can steal or tax money and use for their on personal needs like Rick Santorum did to pay for his kids education.
100,000 $ of our money !
He's a thief !

[Falcon]

I hate politicians.
I hate that they can steal or tax money and use for their on personal needs like Rick Santorum did to pay for his kids education.
100,000 $ of our money !
He's a thief !

Slick Rick....   God help us all if this asshole gets elected.

[Reverend]

I don't think Warren Buffet hates the rich, I think he's just expressing his opinion and those of his wealthy friends.  Of course there's probably a reason he wrote this article, i'm sure it wasn't out of the kindness of his heart.  This country is in bad shape and hopefully his intentions were to stir some further talk about the tax issue but who knows.  It was an interesting read anyway.

As for that douche nozzle Santorum, he won't get close to being elected.  For the past 10 or so years if you googled his name, this was the first website that showed up on the list.  http://spreadingsantorum.com/  He's a joke.

[Kingman]

Always remember...Warren Buffet IS rich people!!!!!!  #1 to him...Warren Buffet!

[schwarcw]

I hate politicians.
I hate that they can steal or tax money and use for their on personal needs like Rick Santorum did to pay for his kids education.
100,000 $ of our money !
He's a thief !

Slick Rick....   God help us all if this asshole gets elected.

Very true!  But Rick is an ametuer and petty thief compared to Fast Eddie Rendell.  He did so much damage to the Pittsburgh region but still enjoyed the backing of his loyal voters.  Been to the Pittsburgh Airport lately?  USAir moved to where?  Hmmmm  Eddie's home town!  What a coincidence!

North Shore Connector?  Are you kidding me?  It will be the most expensive tunnel per foot when completed.  Or should I say if completed?  The absence of the North Shore connector hasn't stopped anyone to going to the Steelers games, Pirates games or the Casino.  The Rendell backed Harrisburg patronage got rich!  We need to tax these rich people too!

[Sir Thrift-a-Lot]

Rendell was horrible, no doubt, but how 'bout Corbett's new "be prepared" commercials?   He is spending our tax dollars to tell us that we better get a plan because if something bad happens he ain't helping.

He ain't helping is bad enough, but does he really need to spend our money to tell us so?

[Anders]

Corbett stole the money from the tobacco settlement for adult basic.
I can't stand these thieves !