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
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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: 10-25-2006
Thu, 08-18-2011 - 9:11am

Businesses do fail occasionally.

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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: 07-09-2011
Thu, 08-18-2011 - 10:48am

"The truth is that the double taxation of dividends and capital gains doesn't hurt corps and shareholders a bit--it is THEY who prospered during Bush's rule, not the middle- and low-wage earners."

iVillage Member
Registered: 07-09-2011
Thu, 08-18-2011 - 10:54am

"Businesses do fail occasionally"

Many were obviously doomed to fail before they were even started, but that didn't keep our government from wastefully

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Community Leader
Registered: 01-25-2010
Thu, 08-18-2011 - 12:36pm

dragowoman

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Community Leader
Registered: 01-25-2010
Thu, 08-18-2011 - 12:56pm

Un fortunitly it is just that "closing of the loophole which in a way has caused some of the problems.

dragowoman

iVillage Member
Registered: 04-22-2003
Thu, 08-18-2011 - 1:17pm

That is correct, All rich guys including

iVillage Member
Registered: 04-22-2003
Thu, 08-18-2011 - 1:21pm

All Businessmen would take advantage of loopholes. By closing the loopholes, Congress can

iVillage Member
Registered: 04-22-2003
Thu, 08-18-2011 - 1:43pm

That is correct. Taxing incoming goods is not a sound economic policy. The problem is not about of shoring the manufacturing to Asia but not exporting more to goods to

iVillage Member
Registered: 04-22-2003
Thu, 08-18-2011 - 1:46pm

So true about the education. We need to create new wealth by innovation which is possible only through education. I would really like to see economics taught at high school level so we have more informed new generations.

iVillage Member
Registered: 05-03-2011
Thu, 08-18-2011 - 2:42pm
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Do you have a link to back that up? I ask because even prevailing wages for laborers in Oregon appears to be half of that.

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