Every so often Warren Buffett goes on TV and calls for higher taxes. This from the guy who’s paid, according to Forbes, perhaps less than $10 million in taxes, a tiny percentage of his $50 billion net worth. I say perhaps because, to the best of my knowledge, Buffett has never made his tax returns public.
Buffett is big-business, with his Berkshire Hathaway holding company stock selling (today) at $119,675.00 per share. Berkshire Hathaway has 1 million shares, which means that Buffett heads a company worth more that the gross national product of a few small Latin American countries.
How does Buffett manage to pay so little in taxes? For one, Buffett, who wants everybody to pay for big-spending big government, donates sizable amounts to tax-exempt philanthropies, such as the Gates Foundation. Forbes, again,
He donates appreciated Berkshire Hathaway stock — which costs him pennies on the dollar — to charity, and receives a fat, juicy tax deduction at the appreciated price without having to pay a capital gains tax on the appreciation. (And, note that the money actually sits in his own charitable organization.) He’s saving income taxes with the ordinary deduction so it’s essentially a tax shelter.He builds up his massive net worth and doesn’t have to sell stock while deferring capital gains. When he does take a capital gain, it’s at a 15% rate, and he lives in a low-tax state.
Buffett has been known to complain that he paid taxes on the lower-rated capital gains rate rather than the higher income-tax rate. Well, play me the world’s smallest violin, Warren.
Mind you, I’m all for capitalism. America is the greatest country in the world because historically it afforded its citizens the ability to legally prosper and live in abundance. What I object to is billionaires who got their own aiming to prevent anyone else from attaining the same, or more, as they.
This latest time around Buffett was on ABC’s This Week, and told Christiane Amanpour that “People at the high end, people like myself, should be paying more taxes”,
Deficit Commission Co-Chair Erskine Bowles Falsely Claims Social Security ‘Runs Out Of Money In 2037′
Last week, Alan Simpson and Erskine Bowles, the co-chairs of President Obama’s deficit reduction commission, released a report outlining their recommendations for reducing the federal budget deficit. One of their most contentious proposals is to gradually raise the retirement age to 69, a move the co-chairs claim is meant to maintain the system’s solvency.
This morning, Simpson and Bowles appeared on MSNBC’s Morning Joe to discuss their proposals. At one point, Simpson explained his view that balancing the budget would require going “to where the meat is. And the meat is health care, Medicare, Medicaid, Social Security.” Host Joe Scarborough then complained that while AFL-CIO president Richard Trumka attacked the proposals for cutting Social Security, Scarborough said he doesn’t think the co-chairs went far enough (co-host Mika Brzezinski agreed). Bowles then defended their proposal, saying, “What we’ve done is make Social Security solvent for the next 75 years. As you all know, Social Security runs out of money in 2037. We’re not making it up. That’s the law”:
SIMPSON: You’ve gotta go where the meat is. And the meat is health care, Medicare, Medicaid, Social Security. Not balancing the books on the backs of poor old staggering seniors to make the damn thing solvent for 75 years.
SCARBOROUGH: We were stunned, Erskine, by some of the things that were said after the commission report came out, saying, “Seniors are going to be thrown out on the street!” I looked at the numbers to be really honest with you, and I didn’t think you moved fast enough on Social Security and Medicare. We calculated that I guess, it was Trumka, who I like very much, Trumka said that this throws old people out. My two year old son Jack will get Social Security at 69. People in their 20′s and 30′s will be just fine.
BRZEZINSKI: In fact, I think you could’ve gone further.
SIMPSON: I know Rich very well. He’s a good egg. He has to say for what he has to say for his membership. But he knows I’m right.
BOWLES: What we’ve done is make Social Security solvent for the next 75 years. As you all know, Social Security runs out of money in 2037. We’re not making it up. That’s the law.
Watch it:
Social Security is currently projected to be fully solvent until the year 2037. After that, it is expected to be able to pay out 75 percent of benefits until 2084, which basically equals full benefits, once inflation is accounted for. There is no threat of the program running out of money any time soon — certainly not in 2037. That does not mean that there aren’t positive and progressive changes that could possibly be made to the system.
However, the hike in retirement age that the MSNBC co-hosts and deficit commission co-chairmen are praising would be a very punitive way to ensure further solvency. As a Government Accountability Office report recently obtained by the AP found, “Raising the retirement age for Social Security would disproportionately hurt low-income workers and minorities, and increase disability claims by older people unable to work.”
Scaborough may not be entirely wrong to shrug off the possibility of his son Jack retiring at 69, if his son ends up being in the same socioeconomic class as him. Almost all of the gains in life expectancy over the past few decades have been among upper income earners. If current trends continue, middle and lower class Americans will see very little gain in life expectancy by the time the co-chairs plan to hike the retirement age. And “nearly half of workers over the age of 58 work at jobs that are either physically demanding or involve difficult work conditions,” meaning that if those trends continue, blue-collar workers will be hurt particularly hard by raising the retirement age.
Unfortunately, most Americans are not highly-paid TV hosts like Brzezinski and Scarborough.
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bench craft company scam
Every so often Warren Buffett goes on TV and calls for higher taxes. This from the guy who’s paid, according to Forbes, perhaps less than $10 million in taxes, a tiny percentage of his $50 billion net worth. I say perhaps because, to the best of my knowledge, Buffett has never made his tax returns public.
Buffett is big-business, with his Berkshire Hathaway holding company stock selling (today) at $119,675.00 per share. Berkshire Hathaway has 1 million shares, which means that Buffett heads a company worth more that the gross national product of a few small Latin American countries.
How does Buffett manage to pay so little in taxes? For one, Buffett, who wants everybody to pay for big-spending big government, donates sizable amounts to tax-exempt philanthropies, such as the Gates Foundation. Forbes, again,
He donates appreciated Berkshire Hathaway stock — which costs him pennies on the dollar — to charity, and receives a fat, juicy tax deduction at the appreciated price without having to pay a capital gains tax on the appreciation. (And, note that the money actually sits in his own charitable organization.) He’s saving income taxes with the ordinary deduction so it’s essentially a tax shelter.He builds up his massive net worth and doesn’t have to sell stock while deferring capital gains. When he does take a capital gain, it’s at a 15% rate, and he lives in a low-tax state.
Buffett has been known to complain that he paid taxes on the lower-rated capital gains rate rather than the higher income-tax rate. Well, play me the world’s smallest violin, Warren.
Mind you, I’m all for capitalism. America is the greatest country in the world because historically it afforded its citizens the ability to legally prosper and live in abundance. What I object to is billionaires who got their own aiming to prevent anyone else from attaining the same, or more, as they.
This latest time around Buffett was on ABC’s This Week, and told Christiane Amanpour that “People at the high end, people like myself, should be paying more taxes”,
Deficit Commission Co-Chair Erskine Bowles Falsely Claims Social Security ‘Runs Out Of Money In 2037′
Last week, Alan Simpson and Erskine Bowles, the co-chairs of President Obama’s deficit reduction commission, released a report outlining their recommendations for reducing the federal budget deficit. One of their most contentious proposals is to gradually raise the retirement age to 69, a move the co-chairs claim is meant to maintain the system’s solvency.
This morning, Simpson and Bowles appeared on MSNBC’s Morning Joe to discuss their proposals. At one point, Simpson explained his view that balancing the budget would require going “to where the meat is. And the meat is health care, Medicare, Medicaid, Social Security.” Host Joe Scarborough then complained that while AFL-CIO president Richard Trumka attacked the proposals for cutting Social Security, Scarborough said he doesn’t think the co-chairs went far enough (co-host Mika Brzezinski agreed). Bowles then defended their proposal, saying, “What we’ve done is make Social Security solvent for the next 75 years. As you all know, Social Security runs out of money in 2037. We’re not making it up. That’s the law”:
SIMPSON: You’ve gotta go where the meat is. And the meat is health care, Medicare, Medicaid, Social Security. Not balancing the books on the backs of poor old staggering seniors to make the damn thing solvent for 75 years.
SCARBOROUGH: We were stunned, Erskine, by some of the things that were said after the commission report came out, saying, “Seniors are going to be thrown out on the street!” I looked at the numbers to be really honest with you, and I didn’t think you moved fast enough on Social Security and Medicare. We calculated that I guess, it was Trumka, who I like very much, Trumka said that this throws old people out. My two year old son Jack will get Social Security at 69. People in their 20′s and 30′s will be just fine.
BRZEZINSKI: In fact, I think you could’ve gone further.
SIMPSON: I know Rich very well. He’s a good egg. He has to say for what he has to say for his membership. But he knows I’m right.
BOWLES: What we’ve done is make Social Security solvent for the next 75 years. As you all know, Social Security runs out of money in 2037. We’re not making it up. That’s the law.
Watch it:
Social Security is currently projected to be fully solvent until the year 2037. After that, it is expected to be able to pay out 75 percent of benefits until 2084, which basically equals full benefits, once inflation is accounted for. There is no threat of the program running out of money any time soon — certainly not in 2037. That does not mean that there aren’t positive and progressive changes that could possibly be made to the system.
However, the hike in retirement age that the MSNBC co-hosts and deficit commission co-chairmen are praising would be a very punitive way to ensure further solvency. As a Government Accountability Office report recently obtained by the AP found, “Raising the retirement age for Social Security would disproportionately hurt low-income workers and minorities, and increase disability claims by older people unable to work.”
Scaborough may not be entirely wrong to shrug off the possibility of his son Jack retiring at 69, if his son ends up being in the same socioeconomic class as him. Almost all of the gains in life expectancy over the past few decades have been among upper income earners. If current trends continue, middle and lower class Americans will see very little gain in life expectancy by the time the co-chairs plan to hike the retirement age. And “nearly half of workers over the age of 58 work at jobs that are either physically demanding or involve difficult work conditions,” meaning that if those trends continue, blue-collar workers will be hurt particularly hard by raising the retirement age.
Unfortunately, most Americans are not highly-paid TV hosts like Brzezinski and Scarborough.
bench craft company scam
New Dragon Age 2 character unveiled <b>News</b> - Page 1 | Eurogamer.net
Read our news of New Dragon Age 2 character unveiled.
The <b>News</b> Diamond reinterpreted: “Let the crowd have the middle <b>...</b>
Jonathon Shuler has published a post exploring the News Diamond from my Model for a 21st Century Newsroom. As part of that he's added an extra layer to th...
Can Mobile Phones Think?: Tech <b>News</b> «
Nokia's Beta Labs today released a new experimental application called Situations, and it portends a future where context awareness drives the mobile experience, and points to a time when our handsets will do the thinking on our behalf, ...
bench craft company scam
New Dragon Age 2 character unveiled <b>News</b> - Page 1 | Eurogamer.net
Read our news of New Dragon Age 2 character unveiled.
The <b>News</b> Diamond reinterpreted: “Let the crowd have the middle <b>...</b>
Jonathon Shuler has published a post exploring the News Diamond from my Model for a 21st Century Newsroom. As part of that he's added an extra layer to th...
Can Mobile Phones Think?: Tech <b>News</b> «
Nokia's Beta Labs today released a new experimental application called Situations, and it portends a future where context awareness drives the mobile experience, and points to a time when our handsets will do the thinking on our behalf, ...
bench craft company scam
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