Warren Buffett creating a ruckus
He has come forward and said that his receptionist pays about 33% of income as tax, and that he pays close to half that at 18%.
He has challenged the richest men in America, saying that if one can come forward and demonstrate that he pays a higher percentage than his receptionist, that he will donate $1 million to the charity of his/her choice. So the media is contacting all those tycoons. Not a single one has come forward, all have declined to comment. It's crickets, baby. Warren Buffet doesn't think it's right that the richest Americans pay less tax, proportionally, than those that are not rich. Yes, I know many of the poorest don't pay income taxes, after refund, but still I admire Buffet stirring things up. |
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(Buffet_Income * 0.18) - (Receptionist_Income * 0.33) = ???
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WHERE IS THE JUSTICE!!!! |
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I am sure buffet_income*0.18 >>> receptionist_income*1.00. So what? |
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ABC contacted at least 40 or so they said.
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Warren Buffet pays a low rate from getting a ton of income from long term capital gains, is my guess, and being the CEO he probably gets a lot of perks (car, travel, etc) paid by Berkshire-Hathaway that his receptionist doesn't. I no longer can figure out the tax rate, I just fill in all the info, w2 income, short/long cap gains, dividends, etc and have to let the software figure it out. It does tell me at the end what our flat tax rate would have been (tax/unadjusted gross), and its usually around 15%, if I recall correctly. If I want a guesstimate as far as planning what to put in the 401k I always ballpark the marginal rate (Fed+State) at at least one-third. I guess I'm one of those sad-sacks paying the bills for Buffett, Trump, et al. I at least admire Buffett for being a true value investor and not one to chase the latest fad investment vehicle or stock sector. |
I figured with the basic deductions I get with five kids, large mortgage, and tithing and then taking down my income with maxed 401K and health care FSA, you don't pay any income tax whatsoever on anything less than 100K income.
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If she had adjusted gross income and no deduction after that and was single and made $1,036,000 a year, she would be paying roughly 32.33%. If she is a receptionist and makes over $1,000,000 I don't feel too sorry for her. (this is based on the 2006 tax rate schedule I looked up). For a single taxpayer you don't even hit the highest marginal tax rate until $336,550 in income. That means you pay 35% on anything over that. So I guess Buffet meant total taxes as a percent. Fed Income, State INcome, Property taxes, sales tax, gasoline tax, etc. Of course the rich pay a smaller percentage on all those taxes. When someone steps up and buys a gallon of gas do you think the gas tax should be a progressive tax too. Let's see, show me your income statement and we will let you know how much you have to pay in gas tax. Your sales tax on this banana is $450 sir because of your income. Nice stir up. He stirred up the "tax the rich" crowd who don't think things through, right Mike? |
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Santos didn't stir me up. My claim was if I made any more money. I never said I pay 45% in income taxes. My claim was if I make another dollar, what would my tax be on that additional $. Obviously you don't understand how the progressive tax system works and marginal tax rates. Federal marginal rate 35%, state of Utah rate 7.5%. Sure that is 42.5%. I am off by 2.5% You call that ridiculous? Now, you could call bull shit and say I don't make that much money and I couldn't disprove you, because I am not going to show you any personal records to prove rather I do or don't. |
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That person will be paying probably at least $70,000 in Federal and State taxes this year. His secretary doesn't make that much. As a percentage of income, that person also pays more fed and state income tax than his secretary. |
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good stuff!!
Your banter was fun to read, but the pictures were the best part of it. Just admit that the tax code and those than pay and those that don't is messed up and you'll hit the nail on the head. Everyone has the same right to adjust their affairs in such a way to pay the least possible taxes.(according to Judge Learned Hand of the supreme court MANY years ago)
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