Billionaire Warren Buffett says stop coddling the super-rich

I am certain this will fall on deaf Tea Party ears, regardless of who it comes from. All of the Republicans running for Pres. say they will not raise taxes on the rich. They have not been paying their fair share for thirty years. Why continue this failed theory of Trickle Down Economics?

 

Because the majority are racist close minded short sighted asshole. I've yet to hear one person explain how cutting produces revenue. This will result in either mass emmigration of the remaining middle class or revultion.

 

I :smt049 me some Mr. Buffet.

A fascinating look into why we're in this situation was somewhat prophetically written by a man named David Cay Johnston a few years ago. Perfectly Legal: The Covert Campaign to Rig Our Tax System to Benefit the Super Rich--and Cheat Everybody Else is the story about how BOTH parties have conspired to get us here. Fascinating read.

 

People that make $250,000 a year are considerably richer than the majority of Americans. The median income of HOUSEHOLDS is about $46,000/year, which means that 50 percent of American households are living on less than $46,000 annually.

1.5% of American households earn in excessive of $250,000/year - and obviously some of *those* are two earner families, meaning that the percentage of Americans who actually *earn* $250,000 a year is even less.

If I were in the top 1.5% of income in my household, yes, I'd consider myself wealthy. And I wouldn't bitch about paying an extra 2-3% in taxes, especially considering my income would allow for the use of tax loopholes not available to ordinary Americans.

The median household income in the United States is $46,326. Here in California people have a hard time understanding that yes, 50 percent of our population live on $46,000 or less a year. Even today, all the elixirs and remedies being thrown around fail to focus on income and the big brother of income, solid employment. Dual earner households have a higher median income at $67,348.


As you can see from the above chart, only 17.8% of all U.S. households make more than $118,200 a year. Only 2.67% make more than $200,000. The fact that only 34% make more than $65,000 is astounding given how expensive other cost of living items have gotten over the past decade. That is why the middle class is feeling squeezed from all different sides.

What is even more fascinating, is how even amongst the super wealthy income is not distributed evenly. There are approximately 146,000 (0.1%) households with incomes exceeding $1,500,000 a year. Even at that, the top 0.01% of households had incomes of $5,500,000 and accounted for 11,000 households. The 400 highest tax payers in the nation brought in a stunning $87,000,000 a year. Now that is wealth.

How Much Does the Average American Make

 

Warren Buffett may have just saved the Obama Presidency.

There's no quicker way to bring down the deficit than through taxes. The conservatives wanted to make deficit reduction THE issue during the Obama term, guess what??

They got exactly what they wanted.

 

Dude I swear to God sometimes I ride with you on fiscal conservatism because I think there is heavy mismanagement but when you say incredibly dumb shit like people making 250000 thousand a year are a couple of pay checks away from being on the streets you sound like a lunatic trying to make a losing point.
I live in one of the most expensive places on EARTH and unless you are living far beyond your means 250000 a year is a lot of money to live on and live a great lifestyle. So consider a banker living out of Austin Texas making that, she won't be hurt by paying the exact same amount of money she would have been paying before the Bush tax cuts. Someone made a great point on here recently(hope I repped them for it) if the top 5%, which includes the 250000 and over crowd, makes close to 60% of the wealth shouldn't they pay exactly that amount of the taxes. No is asking that they give up going to Tavern On The Green twice a week just one less bottle of moet while we try to dig out of this hole. How can you truly cut deficits without creating revenue? Not one conservative or republican has answered that question.

 

Unfortunately most people are too dumb to see it. They'd rather take party sides and ignore the real issues.

1 thing that has destroyed my faith in government beyond repair is that not ONE single person has gone to jail over the mortgage crisis not a single ONE.
The American people bailed out all those banks and got nothing for it. We should have at least gotten the toxic assets and not put people one the street. Now they're going to bull doze millions of homes that people aren't buying while millions live in cars and tents. The fact there isn't a revolt or a march on Washington makes me sick to my stomach

 

I wasn't rude fam I just said that's how you came across. I'm not putting you down but I seriously wish people like yourself who seem to be all about fiscal conservatism direct your energy in a more productive manner or at the very least in a way that supports your interests. Why are you fighting so hard for those who won't even feel a 3 percent hike compared to cutting and destroying millions of jobs for people who are barely making ends meet. I truly am being sincere when I say please help me follow your logic. I just don't understand.

 

The top less than 2% are not wealthy? What planet are you living on? Hell, when I was making six figures I went out of my way NOT to take some of the deductions (like for charitable contributions - how charitable is it if I'm doing it for a tax break?) to which I was entitled. I figured I was doing really well, and ought to pay my fair share.

In a nation where 1 in 4 or 5 children go to bed hungry every night, people making $250,000 a year can *afford* to help out their fellow human beings. Anything less is pure, selfish greed, IMO.

 

What's more, the government is now basically selling off those properties to slumlords. Government Subsidized Slumlords


It reminds me of the downfall centuries of the Roman Empire. Give the people bread and circuses, and they'll tolerate anything. Our government is skipping the bread part, but the people without that have no voice in government, and no time to get involved because they are too busy trying to make enough to pay for bread. The rest are too busy watching Jersey Shores, or some other reality crap where people make fools of themselves and it's labeled "entertainment."

At least the Romans got chariot races. We get dumb assess embarrassing themselves on television.

That book I mentioned, DK? It's a tiny bit dry as it's got a lot of facts/figures, but I think you'd really find it fascinating. Highly recommend.

 

The whole income tax system is messed up, that is why I think we need the fair tax.

 

One of those few billionaires who talks sense. Wished there are more like him.

 

he wasnt rude he was stating facts. warren said this shit a long time ago back in 2010 or 2009. he said that his secretary made 71,000 per year paying an effective rate of 34% while he paid an effective rate of 17%. he stated he would pay more if govt told him to.

OLD NEWS.

paniro, just because someone disagrees with you and have facts doesnt mean they are being rude. you just cant take the fact that the republicans are screwing the country and will not deal with facts

 

because its too much like right....thats why they will not do it. they need to do it with the flat rate tax also.

 

[YOUTUBE]d6ZHamB45Ng&feature=BFa&list=ULEctzP_jjrbM&index=21[/YOUTUBE]

 

You were't rude at all, you pointed out a fact. Anyone individual earning a salary of that magnitude is "rich" by any objective standard. It's more than disingenuous, it's laughable that anyone could be so uninformed as to think those people are a couple of paychecks from being on the streets, especially when they themselves have NO idea what it's like to earn even a quarter of that salary.

It's often those with the least, scraping by themselves, that hold such irrational views. Unfortunately, people continue to cling to these philosophies and vote against their own interests, even as they and their families see their lifestyles negatively impacted. Maybe they will get it when they are on the streets themselves.

 

u heard what the man said...get fucked


Lmao

 

really paniro. LOL. what is dumb ? the fact that warren pays an effective rate of 17% and his help pay 34% and he should pay more than his secretary ? speak oh wise one.

OH who called you a name and where did I call you a name ?

 

OH OK. you pulled my name and I thought u were talki8ng to me. anyway what I dont get is the payroll tax (i think that what it is) . that is some dumb shit there

 

u know goodlove has suspect reading comprehension

it's true tho...when someone starts saying ur comments are dumb, that's an insult

but as usual, just like with football, people only see the second guy doing something foul..never the first that actually provoked it