I don’t need the link-- it’s Buffett. I read about that a few weeks ago.
But IIRC, it’s basically because of FICA, right? He’s still subject to the AMT (28%) on his dividends and other investments that are normally taxed at a lower rate (eg, 15% for dividends). So, the challenge should be for politicians to fix FICA. Good luck with that… Alternatively, someone could clean up the loopholes that rich people can take advantage of. The problem isn’t so much the tax rates, it’s FICA and the hundreds of crazy deductions.
Meh. Get back to me when more people are emigrating from the US to these other countries than the other way around. It sucks to be poor in the US, but ain’t no better place to be middle class or higher. People with drive and aspirations look for more economic freedom. People who want to play it safe look for places where they can get freebies. Perhaps the world as a whole benefits from having both types of places.
I still think you should just bite the bullet and move to Europe. The US is never going to be the kind of place you want it to be.
Exactly right. The tax rates might even be a little high and could actually be adjusted down, if the bulk of the deductions were removed. Now find a politician that will actually A) have the balls to do it and B) actually get enough Congressman and Senators to go along with fixing it.
Dirigisme is a synonym for authoritarianism in which government controls not only the economy, but social affairs as well. Fabianism is a kinder, gentler socialism in which the government controls the economy but without the upheaval required to wrench ownership from individuals.
There are alternate ways of accounting for why, in some cases, things are better in Europe than they are here. And there are cases (like the French) where enough has become enough, and wholesale economic changes are underway. F.A. Hayek proved years ago that a socialist economy is untenable.
Party like a fuckin rock star. I’d put aside a few hundred mil then wouldn’t give two shits what happens to the rest. Maybe set up a foundation to redistribute it. What the hell I could only spend so much myself. Having more than a few hundred million is just tacky. Hell lib I would set aside enough to pay your taxes for the rest of your life. What the hell your kids and grand kids in perpetuity too. Shit I would probably appoint you and BrainGlutton as heads of the redistribution foundation. Of course I would have to appoint John Mace to resolve disagreements between you two. Definately give a million or two to Lekatt for NDE research cause it would be so funny.
Actually, it would be ridiculously easy to “fix” this problem. Since we know that FICA clicks off at roughly $98k, all that is needed to “fix” the problem is to rejigger the tax brackets so that there’s a 9% rise in the tax bracket after $98k in taxable income. Things might not work out perfectly because of differences in deductions, and the revenue would go to the General Fund instead of for Social Security, but in terms of fairness (if one is inclined to view it as a fairness issue, such as people like Buffett, Mark Cuban and a few others mentioned in the article) it wouldn’t be too tough to do conceptually.
Of course, as many here have stated, many don’t view progressivity as an issue of fairness. Or maybe I should say they think a progressive tax system is unfair.
Thanks to Bush’s 2003 tax cut, dividends and capital gains are exempt from the AMT. So Buffett’s taxed at 15% on pretty much all his income, if (as I assume) it’s practically all dividends and cap gains. (Which are also not taxed by FICA, fwiw.)
Okay, good. And how would react when your accountant told you that very little of that wealth is actual currency, and that as you begin to liquidate, what you are selling (scraps of paper, mostly, plus some hard assets) becomes worth less and less the more you sell? Also, what happens to all the foundations, companies, and people whom you had been financing because now you’ve decided pretty much just to hoard what you can and blow the rest?
Christ, Lib, Buffet has said that he’s going to give $37 billion dollars to charity during his lifetime, but you’re making out like such a thing is impossible. If the Oracle is capable of doing that without compromising his lifestyle, I’m sure askeptic could hire the right people to allow him to party like a rockstar and give the rest away.
CALVIN: What do you think is really the secret to happiness? Is it money, power, or fame? I’d choose money. That way you could buy fame and power and be really happy! Happiness is being famous for your financial ability to indulge in every kind of excess!
HOBBES: :rolleyes: Well, I guess that’s one way to look at it.
CALVIN: The part I’d like best would be crushing people who get in my way!
That’s because it is. What he is giving is 85% of his wealth, which is worth $37 billion dollars. Wealth and currency are not the same. It is not the case that his bank is going to pack a few trucks with cash and send them to Bill Gates’ bank. Wealth of that magnitude is managed in (electronic) “books”, with one account credited and another debited. But the only point I’m making to Askeptic is that if he cannot manage what little he has (given how he would waste Buffet’s fortune), how will he manage something much greater? If he treats it like a drunk packing a fat wallet, he will lose all of it, and a lot of people who depend on him will lose right along with him.
The part I’d like best would be crushing people who get in my way!