Few have the guts to speak the truth

iVillage Member
Registered: 10-25-2006
Few have the guts to speak the truth
71
Mon, 08-15-2011 - 10:40am

Here's one who does:

Stop coddling the super-rich: Buffett
Photo
9:05am EDT

BANGALORE (Reuters) - Billionaire Warren Buffett urged U.S. 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."

(Reporting by Santosh Nadgir; Editing by David Holmes)



http://www.reuters.com/article/2011/08/15/us-buffett-tax-idUSTRE77E13V20110815

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http://www.pnhp.org/news/2009/october/meet_the_new_health_.php

http://www.youtube.com/watch?v=DQTBYQlQ7yM

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iVillage Member
Registered: 04-04-2001
Mon, 08-15-2011 - 11:27am

Mr. Buffett - and others who feel more taxes should be collected - should feel free to make contributions to their hearts content.

iVillage Member
Registered: 04-09-2011
Mon, 08-15-2011 - 11:34am

Really? For years and years, the right claimed we had the best military in the world. If government is inefficient, how'd that happen?

The fact is SS is efficient, and has a 2 trillion surplus. That it might lose money ten years or so from now is not a function of effiiency, but a function of politicians failing to set a proper rate of intake to fund the system. I love seeing the excuses from the right, and there will be lots over Buffett's comments. Is the left perfect? Hardly, nor are our ideas and solutions... but Buffett is calling out the right here, in essence saying your side needs to give too. And that - encouraging a move to the middle by everyone - is probably the right way to go.

iVillage Member
Registered: 10-25-2006
Mon, 08-15-2011 - 12:47pm

The anti-governmen Americans will have this to look forward to, if they are too greedy to give up a little to decrease the wealth gap in our nation:

{Forbes reportedin February:

Harvard economist Kenneth Rogoff, co-author of a best-selling book on financial crises, “This Time It’s Different,” told Forbes today in an exclusive interview, that the high unemployment rate and high levels of debt in the U.S. will sooner or later trigger serious “social unrest from the income disparities in the U.S.”

The Obama administration has “no clue,” he told me what do about this terrible disparity in the economy that is bound to erupt sooner or later, he feels.

“I don’t understand why people don’t wake up to the crisis they are creating,” he said to me just minutes after appearing at a Council on Foreign Relations round-table on “Currency Wars.”}

http://www.washingtonsblog.com/2011/08/austerity-and-runaway-inequality-leads.html

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http://www.pnhp.org/news/2009/october/meet_the_new_health_.php

http://www.youtube.com/watch?v=DQTBYQlQ7yM

iVillage Member
Registered: 01-14-2011
Mon, 08-15-2011 - 12:59pm

Hmmmm...if Buffett says he only pays 17.4% when he should be paying 36%, I think the answer is not in raising the tax rate, but closing the loopholes that Buffett,and probably most of the super rich,

iVillage Member
Registered: 04-04-2001
Mon, 08-15-2011 - 5:48pm

The US military may very well be the best in the world (I hope so but don't know so); however, the expense of maintaining it is increased by government bureaucracy and politics:

iVillage Member
Registered: 03-02-2009
Tue, 08-16-2011 - 1:34am

I love these left wingers that are so ready for tax increases, but take every loophole possible instead of just paying the tax rate that they say we should be paying. They are just obnoxious

"Resist, we much. We must, and we much. About that, be committed."

iVillage Member
Registered: 10-25-2006
Tue, 08-16-2011 - 12:28pm

<>

Although the stimulus has not boosted employment numbers as much as we'd all like, saying is has been a failure is shortsighted.

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http://www.pnhp.org/news/2009/october/meet_the_new_health_.php

http://www.youtube.com/watch?v=DQTBYQlQ7yM

iVillage Member
Registered: 04-04-2001
Tue, 08-16-2011 - 1:19pm

To repeat, the government is inefficient and expensive.

iVillage Member
Registered: 08-12-2011
Tue, 08-16-2011 - 1:46pm

Exactly right...Buffett's gaming the system and them complaining that he's able to game the system.

iVillage Member
Registered: 10-25-2006
Tue, 08-16-2011 - 1:47pm

Nice try......see this from your friends at FOX News:

But the White House said that study is based on "partial information and false analysis."

"The Recovery Act was more than a measure to create and save jobs; it was also an investment in American infrastructure, education and industries that are critical to America's long-term success and investment in the economic future of America's working families," White House spokeswoman Liz Oxhorn said in a statement to FoxNews.com.

"The nonpartisan CBO has confirmed that the Recovery Act delivered as promised, lowering the unemployment rate by as much as 2 percent, boosting GDP by as much as 4 percent and creating and saving as many as 3.6 million jobs," she said.

A White House official told Fox News that the stimulus didn't just fund salaries, it also went to pay for infrastructure such as construction materials and new factories, which are in addition to salaries.

"It's essentially saying part of the cost of a factory construction job is part of the factory itself, but investments like factories have a lasting and larger economic impact beyond just the initial job count," the official said.

The official added that the Weekly Standard cited a 2.4 million job figure instead of the 2.4 million to 3.6 million jobs listed in the White House report.



The article goes on to say that the stimulus had intangible benefits, as well, like increasing confidence in the market sector.

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http://www.pnhp.org/news/2009/october/meet_the_new_health_.php

http://www.youtube.com/watch?v=DQTBYQlQ7yM

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