Buffett Speaks The Truth

(Reuters) - Billionaire Warren Buffett urged lawmakers to raise taxes on the country's super-rich to help cut the budget deficit, saying such a move will not hurt investments.
"My friends and I have been coddled long enough by a billionaire-friendly Congress. It's time for our government to get serious about shared sacrifice," The 80-year-old "Oracle of Omaha" wrote in an opinion article in The New York Times.
Buffett, one of the world's richest men and chairman of conglomerate Berkshire Hathaway Inc , said his federal tax bill last year was $6,938,744.
"That sounds like a lot of money. But what I paid was only 17.4 percent of my taxable income - and that's actually a lower percentage than was paid by any of the other 20 people in our office. Their tax burdens ranged from 33 percent to 41 percent and averaged 36 percent," he said.
Lawmakers engaged in a partisan battle over spending and taxes for more than three months before agreeing on August 2 to raise the $14.3 trillion U.S. debt ceiling, avoiding a U.S. default.
"Americans are rapidly losing faith in the ability of Congress to deal with our country's fiscal problems. Only action that is immediate, real and very substantial will prevent that doubt from morphing into hopelessness," Buffett said.
Buffett said higher taxes for the rich will not discourage investment.
"I have worked with investors for 60 years and I have yet to see anyone - not even when capital gains rates were 39.9 percent in 1976-77 - shy away from a sensible investment because of the tax rate on the potential gain," he said
"People invest to make money, and potential taxes have never scared them off."

Warren is right and so was Obama- let's go back to the Clinton tax rates

I have a difficult time understanding how those who are fortunate enough to fall in the upper 2% income bracket have convinced Joe Middle Class to support extending the Bush tax cuts. Unless those supporting Tea Party candidates are much wealthier than I imagined than they are voting against their own self-interest. What is even more perplexing is that they are doing so with a smile on their face.

If someone offered me a position that would pay me $1 million in 2011 but I would have to pay the tax rate that was paid in the year 2000. I would accept that job in a heartbeat. Me and my newly acquired $1 million salary would be smiling all of the way to the bank!

I am the first to admit that I do not mind paying my fair share of taxes. With that said, I do not want to pay a higher percentage of taxes than those who are fortunate enough to make much more than I.

The only way the Buffet plan will get traction with middle America is if the Democrats pledge (and legislative commit) that the xtra tax revenues go ONLY to pay down the debt; not fund the annual defecit budgets of the government...

But of course that isn't what Buffet or Obama are proposing; they want more money into the general treasury to fund bigger government, more entitlements, and more and more debt !!!!!!!!!!

Buffet's rant is another attempt by a Democrat to boost government spending, more government debt and a greater nanny state. Middle America has seen this dance before and won't be suckered by Buffet or Obama into raising taxes.

In addition, the government has to cut the size of government and their budgets.

The only way the Buffet plan will get traction with middle America is if the Democrats pledge (and legislative commit) that the xtra tax revenues go ONLY to pay down the debt; not fund the annual defecit budgets of the government...

But of course that isn't what Buffet or Obama are proposing; they want more money into the general treasury to fund bigger government, more entitlements, and more and more debt !!!!!!!!!!

Buffet's rant is another attempt by a Democrat to boost government spending, more government debt and a greater nanny state. Middle
America has seen this dance before and won't be suckered by Buffet or
Obama into raising taxes.

In addition, the government has to cut the size of government and their budgets. Originally Posted by Whirlaway

Unless Whirly falls in the upper 2% income category, put him in the category of those who regularly votes against their own self-interest!

Unless Whirly falls in the upper 2% income category, put him in the category of those who regularly votes against their own self-interest! Originally Posted by bigtex

Would he be posting in this thread if he was in the 2%+ group? I doubt it.
And yes of course I do agree with the higher tax rates for the rich. And why would you have restrictions on how to use that extra money that WB would pay? You don't have those restrictions for his employees who pay more do you?

Thanks Waverunner; Your post proves my point that the Buffet plan isn't about lowering the debt of our courty, but all about bigger spending and more debt !

Would he be posting in this thread if he was in the 2%+ group? I doubt it.
And yes of course I do agree with the higher tax rates for the rich. And why would you have restrictions on how to use that extra money that WB would pay? You don't have those restrictions for his employees who pay more do you? Originally Posted by waverunner234

Thanks Waverunner; Your post proves my point that the Buffet plan isn't about lowering the debt of our courty, but all about bigger spending and more debt ! Originally Posted by Whirlaway

It proves nothing if you READ my words, I didn't say anything about that, it only proves something about yourself.

Would he be posting in this thread if he was in the 2%+ group? I doubt it.
And yes of course I do agree with the higher tax rates for the rich. And why would you have restrictions on how to use that extra money that WB would pay? You don't have those restrictions for his employees who pay more do you? Originally Posted by waverunner234

Now that you mention it, Whirly seems to be the type who would vote against his own self-interest. He prefers to take his instructions from Rush and Faux News! It is much easier for the Whirly's of the world to allow someone else to do their "thinking!"

Thanks Waverunner; Your post proves my point that the Buffet plan isn't about lowering the debt of our courty, but all about bigger spending and more debt ! Originally Posted by Whirlaway

The stupidity is that the Bush tax cuts are part and parcel for this deficit.

You Tea Folks can't get around that fact. It is the huge elephant in the room that you pretend not to see.

The stupidity is that the Bush tax cuts are part and parcel for this deficit.

You Tea Folks can't get around that fac Originally Posted by WTF

They would love to go around it, but hey those are facts.
Oh and by the way, Clinton raised tax rates, created I think 23 million jobs, now where is Bush with his tax cuts? Where are HIS jobs?

The stupidity is the fact that you (left wing tweekers) actually think more government, more spending, more defecits, more nanny state is the answer !

So of course you ignmore the facts on the table - Buffet wants the debt reduced and proposes more taxes...you agree with him...but the lefties don't want the tax revenue to pay for the debt !


You are a bunch of phonies; I would have more respect for your arguements if you were actually honest about them - I.E. you want to raise taxes, not to reduce the debt but to increase government size and spending ! And that is why you say you support Buffet !

The stupidity is the fact that you (left wing tweekers) actually think more government, more spending, more defecits, more nanny state is the answer ! Originally Posted by Whirlaway

Thank you Rush for your input!

Spoken like a true leftie; You visualize the world in sterotypes...a sign of low IQ.

Thank you Rush for your input! Originally Posted by bigtex

You are a bunch of phonies; I would have more respect for your arguements if you were actually honest about them - I.E. you want to raise taxes, not to reduce the debt but to increase government size and spending ! And that is why you say you support Buffet ! Originally Posted by Whirlaway

Okay then you should have respect for me now because I'll be totally honest!!

I COULDN'T CARE LESS WHAT THEY DO WITH THE MONEY, BURN IT, SPEND IT ON PROVIDERS, OR USE IT HOW THEY SEE FIT.

It's just not fair that an office worker pays a higher % tax than a billionaire. (On his income, not on his wealth)