You’re also not required to use the tax code to find the minimum amount you should pay. You don’t have to pay an accountant to squeeze every deduction into your return you can find.
What has he done to get the codes changed? Just run his mouth, as far as I can see. In fact, he’s bragged that the new codes put into effect under the previous administration will only make him and his company more money.
Look, I get that he’s doing nothing “wrong” by following the current codes. And he’s doing a lot of good with his unprecedented philanthropy. But y’all are acting like he’s some sort of Billionaire messiah who’s sticking it to the man. Telling truth to power. When what I see is just another obscenely rich guy who hasn’t said anything new, hasn’t done anything to make the laws more equitable, and is spending his money the way he wants to just like all the rest of them.
I believe he supports the Democrats. Plus, he and some fellow billionaires have run op-eds supporting higher taxes for people like them.
Please cite this. I’d be surprised if he bragged about it – rather, I suspect he said how bad that tax law was.
The rest of your post is not really worth responding to – I’ve already done so. His paying more in taxes will do nothing for the US government. His pushing for a more equitable tax code could have a real effect, and in the meantime, he’s giving billions away.
What I posted was statistical data from IRS releases. So you will be sadly disappointed.
As usual, this crowd completely misses the point and spews back their straight down the line rhetoric. If the White House wanted to prepare the wealthy to see a higher tax rate, then saying that they’ve gotten a free ride is disingenuous and false. They should have chosen different wording. It comes off as partisan, which is why I don’t believe that Biden himself said it.
For the rest of you comrades that believe that people should be paid in tighter wage bands, who would be responsible for establishing those wages? Some task force within the department of labor?
Currently the market determines peoples wages. Over the last 3-6 months we have seen the market forces working to raise wages of certain segments of the labor force significantly. Much more than would have been possible via a bill passed at the Federal level. And yes, market forces also drive the wages and compensation of executives. It’s not some sort of boys club that establishes those.
I’ll let you all get back to your regular discussion of how Republicans are out to screw the little man.
This is false. You wrote that, for example, the top 1% pay 40% of all taxes collected by the US government. The very first reply to your thread proved that wrong – it’s 40% of all income taxes, and leaves out payroll taxes and lots of other taxes as well.
No, it really isn’t. If you read that article, you’ll see that taxes are only a little progressive. So, it really totally undercuts your initial point.
Whatever – feel free to read all the garbage that comes out of the Heritage Foundation and the WSJ Editorial page. You won’t be well informed, but you’ll be comfortable in your ignorance.
I will say that there might be a better way to convey the message, but the Democrats just rode “Defund the Police” into the ground and into Political Hell in the last cycle. I have to say (especially as a former Republican) that the right might be better at branding initiatives and selling the sizzle, but Democrats most certainly have the better ideas, concepts, policies, moral compass, etc.
As for the portion quoted, they did break up the trusts and limited the robber barons. It could be done, it would require some adjustments but it could be done. (And probably should be done.)
If the Biden administration and the congressional Democrats keep pushing the far left agenda, they will face the consequences in 2022. Just as Trump’s win in 2016 wasn’t a mandate on his brand of stupidity, but more of a veto against Hillary. The 2020 victories were not a mandate on the far left agenda, but a veto against Trump.
“It’s particularly a tailwind if you’ve got … lots of deprecation and taken bonus deprecation upfront. So it’s a big item there.”
Buffett has long been against lowering taxes, especially for wealthy Americans like himself. In October, he told CNBC the old corporate tax rate was not hurting American businesses in the world economy.
But he said at the time that he hoped the corporate tax rate would be lowered. “I would like it in the sense that it would be good for a million shareholders of Berkshire in terms of their returns.”
…said he hopes President Donald Trump has a successful administration and positive effect on the economy."
He’s no different than any other greedy business man. He talks a good game but when it comes to walking the walk…nothing
You think because he’s said some obvious things, that everybody already knows, but sounds surprising coming from someone like him, that he’s on your side.
You think because he gives to Democrats and to charitable organizations that you approve of that he’s some sort of Robbin Hood working the system from the inside.
He’s no different from the Kochs or the Sacklers or Bezos or any of the others. He’s made his money, and continues to make it, off of the labor of others. He’ll do whatever he can to pay the minimum of taxes. He spends his money however and on whatever he sees fit; he knows best. You think he’s on your side because you temporarily have common goals. The second he decides that those goals no longer suit him he’s gone, and won’t think about you one second more.
Some people in this thread don’t know those obvious things.
Buffet isn’t robin hood, but he at least acknowledges that the system is wrong, generally supports changing it so that it is a little less wrong, and doesn’t fight to scrape even more money into his own pocket by shifting the tax burden to people who have a millionth of his net worth.
A side issue related to executive compensation that I think is relevant:
From time to time I’ll read about some company whose results are somewhere between just shy of mediocre to abysmal. The Board of Directors has therefore decided to fire the CEO.
When Lee in Logistics just isn’t cutting it, the company gives two weeks’ severance and a security guard escort out of the building. When CEO Sam isn’t cutting it, his contract calls for some large sum of money, often in the millions, to be paid.
Mr. Middon and I always react: “Gee, I would have run that company into the ground for a tenth of that amount.”
‘A billionaire complaining about paying an extra $1 million in taxes is equivalent to someone worth $100,000 complaining about paying $100. Think about that. The scale of wealth among the 1% is so vast, it’s ridiculous that raising their taxes is somehow considered controversial.’
The notion that “the Biden administration and the congressional Democrats keep pushing the far left agenda” is so risible it is hard to grasp onto any facts to actually dispute. Biden has been more amenable to progressive ideas to the limited extent that he has executive authority to affect and more friendly to labor than any president in living memory, but it isn’t as if he is pushing some kind of Marxist overhaul of the economy or even something approaching the social safety net of the European social democracies. His main thrust, aside from dealing with the COVID-19 pandemic, extricating the United States from on the ground involvement in Afghanistan, is pushing infrastructure improvements, which has somehow become political even though the need for infrastructure repair and replacement is indisputable and entirely necessary to maintaining an industrial economy. I guess pushing for transition to clean, sustainable energy is somehow a “far left” position although why it should be so is beyond me except that whether to accept facts or endorse “alternative facts” have also become a political issue.
Joe Biden, the “Far Left” president who is pretty much universally despised by the Far Left.
What exactly is he supposed to do? If he sent extra money to the IRS (I just sent them $22k for a 2018 tax thing a few days ago), they’d review what he owed and send it back. What do you envision is “walking the walk” ?