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US Credit Rating Downgraded To AA+

Debating with the enemy


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Old 08-16-2011, 12:53 PM   #91
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Re: US Credit Rating Downgraded To AA+

Pat Buchanan Responds to Warren Buffett’s Tax Policy Op-ed | Video | TheBlaze.com

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“I’m a little fed up with these people who come on, you know, their big op-eds, all these admonitions. Why doesn’t he set an example and send a check for $5 billion to the federal government? He’s got about $40 billion. You know, you had a plan up there, I talked to Howie Carr at Boston where the super-rich could contribute an extra amount. It was something like one-tenth of one percent did it. You get all this noise from these big rich folks. Let them send checks and set an example instead of writing op-eds.”
Whats stopping Buffet from just sending in his money to the govt?

I think there needs to be some tax increases, namely in the form of closing loopholes.
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Old 08-16-2011, 01:03 PM   #92
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Re: US Credit Rating Downgraded To AA+

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Rubio will either be on the ticket as Veep in 2012 or run in 2016. He's quietly laying the ground work to be a national player. I don't see why he shouldn't be a serious contender in 2016.

The GOP field will be considerably stronger in 2016.
I hadnt thought about VP. I know he turned down requests for him to run for president this year because he has only been a senator for 6 months or so and he wanted to finish out his term..... kind of like someone else in 2008, but the opposite.

There seems to be a lot of young and talented politics out there, Rubio and Warner are 2 that come to mind (even though Warner has kind of been around for a while, 10 years). Hopefully we get more of these guys in the coming years. Term limits would be a great way to facility this..
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Old 08-16-2011, 01:24 PM   #93
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Re: US Credit Rating Downgraded To AA+

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Originally Posted by mlmpetert View Post
Pat Buchanan Responds to Warren Buffett’s Tax Policy Op-ed | Video | TheBlaze.com



Whats stopping Buffet from just sending in his money to the govt?

I think there needs to be some tax increases, namely in the form of closing loopholes.
That's a silly argument, why doesn't Buffet send his money to Govt? I'm sure he's sending what he's required to and would send more if it would help the country.
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Old 08-16-2011, 01:54 PM   #94
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Re: US Credit Rating Downgraded To AA+

no one gives up anything, unless they are told to do so. if one of the richest people in our country says to raise his taxes, why wouldnt we? i know the answer to that. how many millionaires are sitting in congress? probably all of them
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Old 08-16-2011, 02:09 PM   #95
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Re: US Credit Rating Downgraded To AA+

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Originally Posted by mlmpetert View Post
Pat Buchanan Responds to Warren Buffett’s Tax Policy Op-ed | Video | TheBlaze.com



Whats stopping Buffet from just sending in his money to the govt?

I think there needs to be some tax increases, namely in the form of closing loopholes.
For one thing his money alone isn't enough to bring this country out of deficit. Secondly, his stance is a matter of fairness and simply giving away his money isn't going to solve the core issue of his secretary having to pay more percentage of her income on taxes. Lastly, most of his money has already be allocated to the Gates Foundation.

Comprende?
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Old 08-16-2011, 03:14 PM   #96
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Re: US Credit Rating Downgraded To AA+

Because we know that cutting taxes and turning billionaires into trillionaires will help the economy recover faster.
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Old 08-16-2011, 03:25 PM   #97
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Re: US Credit Rating Downgraded To AA+

Im not saying he should send all his money in, just an amount equal to how much he thinks he should pay. But if hes so adamant about the super rich paying more in taxes, why doesnt he set an example. Im sure he can raise 1 billion and give it to the government as an example for others.

I respect Warren Buffet…. as a investor but that’s all he is. Just a genius value investor, not an economist or politician. The Koch brothers probably want to get rid of taxes. George Soros probably wants to double taxes on rich and triple entitlements. Just because someone’s successful and rich doesn’t mean they know whats best for us. So when 12th says Warren Buffet says this, I say so what. I absolutely don’t think Buffet should write a big check that’s crazy, but I would be a lot more interested in his opinion if he did. Actions > words, for me.

I honestly think we need to completely overhaul our tax code. I think we should have something simply enough that regardless of wealth and income, anyone with a high school education should be able to complete their taxes in less than 30 minutes the day taxes are due as long as they have their w2 and 1099’s in hand. A corporation should be able to do it in under an hour. At least those are my ideals.

A lot of these so called “loopholes” are going to be difficult to cut. Things like corporate jet write offs and oil company credits are small potatoes and wont do anything to raise revenues, just hurt oil companies and jet companies. The things that matter are the Healthcare funded by your employer credit (275 billion), mortgage interest (90 billion), 401k contributions (60 billion), charitable donations (40 billion), state and local taxes paid credits (40 billion). You cant cut these things unless you make MASSIVE reform to the tax code. Welfare credits like the earned income credit (60 billion) need to go in my opinion. Raising taxes on capital gains and qualified dividends to make them equal to your earned income rate is probably also a good idea, and I think that’s the major thing Buffet is campaigning for.

I think raising “total income” (earned or otherwise) top tier rates slightly make sense, but only if in conjunction with tax code reform and a reduction in corporate taxes. Corporate taxes only account for about 15% (380 billion) of total revenue and are the highest and most complicated in the world. Raising taxes via the elimination of social aid to lower income individuals need to happen too. We cant expect 50% of Americans to pay no taxes at all, while 5% of Americans pay half of all the taxes. People who don’t pay anything don’t feel like they own anything. Let the poor take ownership in their country.
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Old 08-16-2011, 03:41 PM   #98
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Re: US Credit Rating Downgraded To AA+

Mlmpetert, I think you're completely missing the point in Mr. Buffet's comments. He's already a responsible tax paying citizen who also happens to be a role model of philanthropy. Him giving a bigger check to a government that won't fix what's already within it's power won't add to Buffet's stature in my opinion. But him sending a good portion of his wealth to those who are powerless and in need, on the other hand, says a lot about the type of individual he is and that's a worthy example to follow. It's perfectly reasonable for him to voice his opinion about a dysfunctional government and the lack of fairness in our tax code, which you've also pointed out.

I saw a statistic today that if Warren Buffet donated all of his money to the government tomorrow, it would only dent the deficit by approximately 3%. So we accomplish two things: Warren Buffet is now broke and we still haven't solved our problem. But the underlying premise of your Buffet should lead by example means that only those follow-up with action can critique our government? I think Buffet's comments are more symbolic than anything. If he's saying this then I'm sure there are many more in his income tax bracket that share his sentiment.
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Old 08-16-2011, 04:44 PM   #99
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Re: US Credit Rating Downgraded To AA+

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Because we know that cutting taxes and turning billionaires into trillionaires will help the economy recover faster.
are you ronald regan? that stupid philosphy doesnt work. already been there, done that
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Old 08-16-2011, 05:23 PM   #100
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Re: US Credit Rating Downgraded To AA+

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are you ronald regan? that stupid philosphy doesnt work. already been there, done that
He was being sarcastic.
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Old 08-16-2011, 05:29 PM   #101
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Re: US Credit Rating Downgraded To AA+

Yeah he was being sarcastic. However in my own attempt, lets get more people on food stamps asap. Every dollar of food stamps = $1.84 of economic activity! Food stamps will save the US. FACT!

Obama Ag Secretary: More People On Food Stamps Means More Jobs - YouTube
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Old 08-23-2011, 09:01 AM   #102
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Re: US Credit Rating Downgraded To AA+

^ Great news for our economy:

USA becomes Food Stamp Nation but is it sustainable? - Yahoo! News
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Old 08-25-2011, 10:35 AM   #103
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Re: US Credit Rating Downgraded To AA+

^ Bad news for our economy:

Federal Government Tries To Stop Food Stamp 'Water Dumping' Fraud | FoxNews.com
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Old 09-08-2011, 05:05 PM   #104
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Re: US Credit Rating Downgraded To AA+

^ Good news for our economy.... i think:

Restaurants want a piece of food stamp pie – USATODAY.com
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Old 09-08-2011, 05:19 PM   #105
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Re: US Credit Rating Downgraded To AA+

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I hadnt thought about VP. I know he turned down requests for him to run for president this year because he has only been a senator for 6 months or so and he wanted to finish out his term..... kind of like someone else in 2008, but the opposite.

There seems to be a lot of young and talented politics out there, Rubio and Warner are 2 that come to mind (even though Warner has kind of been around for a while, 10 years). Hopefully we get more of these guys in the coming years. Term limits would be a great way to facility this..
Marco Rubio will run for president in 2016 and unless Hillary Clinton runs, I think he'll win.
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