Shifting the tax burden to the wealthy class does NOT harm the economy

[Dad2three]

President Barack Obama, eager to bash Republican businessman Mitt Romney without actually coming across as anti-business, recruited multibillionaire Warren Buffett as his supporter. Obama liked Buffett's "Buffett Rule," which held that millionaires and billionaires should pay more as a percentage of their income than the middle class.
No one really disagreed with Buffett's rule, but Obama beat Romney over the head regarding tax "unfairness." Obama wanted the rich to pay a higher share of their income, and after he won election in 2012, the Bush tax rates for the highest income earners expired.
Fast forward to today. Buffett is helping Miami-based Burger King finance a purchase of Canada-based Tim Hortons. Tim Hortons is a major Canadian doughnut-and-coffee shop that is more popular than hockey.
It's also more profitable than Burger King.
So the $10 billion deal will need help. In comes Warren Buffett and his Berkshire Hathaway company. For choice stock, they will offer $3 billion in financing. Pretty standard stuff.
Except, get this: Once Burger King seals the deal with Tim Hortons, the burger chain will "invert" itself. That means, they will declare their headquarters to be in Oakville, Ontario, where Tim Hortons is based -- not Miami.

Weird, perhaps CONGRESS could do something about that? Nah

 

[g5000]

I think Mr. Buffett is directing the debate away from the obscene corporate bailouts that have been going on since the financial crisis of 2008 and on to a contrived issue of class warfare that will do little to address America’s severe financial problems. If we are really serious about fixing the deficit, then let’s stop the bailouts. Mr. Buffett is supposed to be an expert investor. So, why do so many of the companies he owns or invests in need to be bailed out! What kind of strategy is this? It looks to me like Buffett made some bad bets, and when they blew up, he became an advisor to the administration. Then, he watched as the bailouts not only saved his bacon, but made him and his shareholders even more insanely rich than they already were.

Yes, the bailouts have entirely warped our capitalist system. Broken, corrupt business models are being shored up by the government, keeping more efficient and transparent business models from thriving and succeeding. The corruption and fraud of the bad models is being condoned and sanctioned by the State.

It's sickening.

Yep, bailing out the US after the GOP's great depression, Ronnie's S&L crisis, Clinton's Asian/Latin America debt crisis and now Dubya's subprime bubble, socialism bailing out capitalism!

Pretty sick. Perhaps decide conservatives policy sucks?

It's not conservative policy to bail out failures. That's why I said I would never forgive Dubya and the mock GOP Congress for taking the conservative movement so far off the reservation.

 

[Dad2three]

Day-to-day, it means nothing. No stores will close. But it means the corporate tax that BK pays will be cut, because those Canadians have been lowering their corporate rate for years. No more U.S. corporate rate.
The corporate tax rate in the United States is one of the highest in the world, and the highest in the Organization for Economic Cooperation and Development (OECD) nations.
It's 39.1 percent. Canada's corporate rate is 26.3 percent.
Buffett preached that the U.S. rich pay their fair share, but is now helping Burger King headquarters flee to Canada. The inversion appears to be one the main reasons that BK decided to buy Tim Hortons.
It's odd too. Usually Canadians head to Miami. Now Miami types head to Ontario, Canada. That is the power of taxation.

Yet the GOP blocks Obama proposal of a 28% Corp tax rate? lol

 

[g5000]

I think Mr. Buffett is directing the debate away from the obscene corporate bailouts that have been going on since the financial crisis of 2008 and on to a contrived issue of class warfare that will do little to address America’s severe financial problems. If we are really serious about fixing the deficit, then let’s stop the bailouts. Mr. Buffett is supposed to be an expert investor. So, why do so many of the companies he owns or invests in need to be bailed out! What kind of strategy is this? It looks to me like Buffett made some bad bets, and when they blew up, he became an advisor to the administration. Then, he watched as the bailouts not only saved his bacon, but made him and his shareholders even more insanely rich than they already were.

Yes, the bailouts have entirely warped our capitalist system. Broken, corrupt business models are being shored up by the government, keeping more efficient and transparent business models from thriving and succeeding. The corruption and fraud of the bad models is being condoned and sanctioned by the State.

It's sickening.

Yep, bailing out the US after the GOP's great depression, Ronnie's S&L crisis, Clinton's Asian/Latin America debt crisis and now Dubya's subprime bubble, socialism bailing out capitalism!

Pretty sick. Perhaps decide conservatives policy sucks?

obama voted for the "Bush" bailout you idiot

you're embarrassing yourself

Bush began the bailout, Obama has continued it.

 

[bedowin62]

I think Mr. Buffett is directing the debate away from the obscene corporate bailouts that have been going on since the financial crisis of 2008 and on to a contrived issue of class warfare that will do little to address America’s severe financial problems. If we are really serious about fixing the deficit, then let’s stop the bailouts. Mr. Buffett is supposed to be an expert investor. So, why do so many of the companies he owns or invests in need to be bailed out! What kind of strategy is this? It looks to me like Buffett made some bad bets, and when they blew up, he became an advisor to the administration. Then, he watched as the bailouts not only saved his bacon, but made him and his shareholders even more insanely rich than they already were.

Yes, the bailouts have entirely warped our capitalist system. Broken, corrupt business models are being shored up by the government, keeping more efficient and transparent business models from thriving and succeeding. The corruption and fraud of the bad models is being condoned and sanctioned by the State.

It's sickening.

Yep, bailing out the US after the GOP's great depression, Ronnie's S&L crisis, Clinton's Asian/Latin America debt crisis and now Dubya's subprime bubble, socialism bailing out capitalism!

Pretty sick. Perhaps decide conservatives policy sucks?

how does the S & L crisis belong to Reagan?
how does the "Clinton.................crisis" belong to clinton?

who approved of subprime lending? democrats, in the name of fainess

socialism cant bail out anything idiot; because it relies on people's taxes that made it FROM capitalism

what a joke you are

 

[bedowin62]

By deriving the bulk of his annual wealth from his investments, Buffett enjoys the lower 15 percent rate for capital gains and dividends. But the "rule," levying a 30 percent rate on any income for folks like Romney, Buffett and Obama, represents a massive new tax on investment and ignores the fact that corporate profits are already taxed at 35 percent before any gain is realized and even after any dividend is distributed.
Moreover, history shows that the "demand" for capital gains is, in economic terms, the most of elastic of all. If rates go up, gains simply aren't realized, depriving the government of revenue. If rates decline, then revenue tends to rise along with after tax earnings. This is exactly what has occurred every time the capital gains rate was adjusted over the last four decades.
Regardless of the numbers, the larger ethical question remains. If paying more of one's income in taxes is such a moral imperative, why haven't those screaming the loudest for more government revenue voluntarily complied with their own rule?

 

[Dad2three]

I think Mr. Buffett is directing the debate away from the obscene corporate bailouts that have been going on since the financial crisis of 2008 and on to a contrived issue of class warfare that will do little to address America’s severe financial problems. If we are really serious about fixing the deficit, then let’s stop the bailouts. Mr. Buffett is supposed to be an expert investor. So, why do so many of the companies he owns or invests in need to be bailed out! What kind of strategy is this? It looks to me like Buffett made some bad bets, and when they blew up, he became an advisor to the administration. Then, he watched as the bailouts not only saved his bacon, but made him and his shareholders even more insanely rich than they already were.

Yes, the bailouts have entirely warped our capitalist system. Broken, corrupt business models are being shored up by the government, keeping more efficient and transparent business models from thriving and succeeding. The corruption and fraud of the bad models is being condoned and sanctioned by the State.

It's sickening.

Yep, bailing out the US after the GOP's great depression, Ronnie's S&L crisis, Clinton's Asian/Latin America debt crisis and now Dubya's subprime bubble, socialism bailing out capitalism!

Pretty sick. Perhaps decide conservatives policy sucks?

obama voted for the "Bush" bailout you idiot

you're embarrassing yourself

Bush began the bailout, Obama has continued it.

Yep, we should let US go back to the GOP great depression right?

 

[bedowin62]

how many left-wing gazillionaires have voluntarily raised the amount they pay to the government by just cutting Uncle Sam a check???????

 

[bedowin62]

I think Mr. Buffett is directing the debate away from the obscene corporate bailouts that have been going on since the financial crisis of 2008 and on to a contrived issue of class warfare that will do little to address America’s severe financial problems. If we are really serious about fixing the deficit, then let’s stop the bailouts. Mr. Buffett is supposed to be an expert investor. So, why do so many of the companies he owns or invests in need to be bailed out! What kind of strategy is this? It looks to me like Buffett made some bad bets, and when they blew up, he became an advisor to the administration. Then, he watched as the bailouts not only saved his bacon, but made him and his shareholders even more insanely rich than they already were.

Yes, the bailouts have entirely warped our capitalist system. Broken, corrupt business models are being shored up by the government, keeping more efficient and transparent business models from thriving and succeeding. The corruption and fraud of the bad models is being condoned and sanctioned by the State.

It's sickening.

Yep, bailing out the US after the GOP's great depression, Ronnie's S&L crisis, Clinton's Asian/Latin America debt crisis and now Dubya's subprime bubble, socialism bailing out capitalism!

Pretty sick. Perhaps decide conservatives policy sucks?

obama voted for the "Bush" bailout you idiot

you're embarrassing yourself

Bush began the bailout, Obama has continued it.

Yep, we should let US go back to the GOP great depression right?

you're retarded right?

 

[bedowin62]

No one forced the president or Warren Buffett to arrange their affairs in such a way to minimize their individual burden. It is, after all, one thing for those who think taxes are already too high to take advantage of every conceivable strategy to lower their effective rate. It's quite another for those sanctimonious liberal souls yearning for "fairness" to do the same.

 

[bedowin62]

Yet if lower taxes on investment income so offend the sensibilities of the revenue-raisers, let me suggest a modest proposal: Lower the top marginal rate to, say, 20 percent, then tax all sources of income at that rate. Presto -- you've done away with the Buffett dodge without raising taxes overall.
Don't hold your breath -- because this runs directly counter to the administration's increasingly transparent strategy of raising taxes on a select few while taking larger and larger numbers of voters off the roles entirely for crass political gain

 

[Dad2three]

Note how Clinton had a Republican-majority Congress and one Ronald Reagan had a Democrat-majority congress to work with

idiots and hypocrites

Yep, Ronnie had a GOP Senate for 6 years AND Clinton had a GOP Congress the last 6 years AFTER the Dems helped him set the path to surpluses with the 1993 budget bill that created 3 new brackets and took the top rate from 31% to 39.6% WITHOUT a single GOP vote

 

[bedowin62]

Note how Clinton had a Republican-majority Congress and one Ronald Reagan had a Democrat-majority congress to work with

idiots and hypocrites

Yep, Ronnie had a GOP Senate for 6 years AND Clinton had a GOP Congress the last 6 years AFTER the Dems helped him set the path to surpluses with the 1993 budget bill that created 3 new brackets and took the top rate from 31% to 39.6% WITHOUT a single GOP vote

what a joke you are; nothing came close to being balanced when Clinton had a Dem-majority Congress

 

[bedowin62]

Note how Clinton had a Republican-majority Congress and one Ronald Reagan had a Democrat-majority congress to work with

idiots and hypocrites

Yep, Ronnie had a GOP Senate for 6 years AND Clinton had a GOP Congress the last 6 years AFTER the Dems helped him set the path to surpluses with the 1993 budget bill that created 3 new brackets and took the top rate from 31% to 39.6% WITHOUT a single GOP vote

you forgot to mention Reagan had a Democrat-majority House for all 8 years

tool

lol

 

[Dad2three]

I think Mr. Buffett is directing the debate away from the obscene corporate bailouts that have been going on since the financial crisis of 2008 and on to a contrived issue of class warfare that will do little to address America’s severe financial problems. If we are really serious about fixing the deficit, then let’s stop the bailouts. Mr. Buffett is supposed to be an expert investor. So, why do so many of the companies he owns or invests in need to be bailed out! What kind of strategy is this? It looks to me like Buffett made some bad bets, and when they blew up, he became an advisor to the administration. Then, he watched as the bailouts not only saved his bacon, but made him and his shareholders even more insanely rich than they already were.

Yes, the bailouts have entirely warped our capitalist system. Broken, corrupt business models are being shored up by the government, keeping more efficient and transparent business models from thriving and succeeding. The corruption and fraud of the bad models is being condoned and sanctioned by the State.

It's sickening.

Yep, bailing out the US after the GOP's great depression, Ronnie's S&L crisis, Clinton's Asian/Latin America debt crisis and now Dubya's subprime bubble, socialism bailing out capitalism!

Pretty sick. Perhaps decide conservatives policy sucks?

It's not conservative policy to bail out failures. That's why I said I would never forgive Dubya and the mock GOP Congress for taking the conservative movement so far off the reservation.

IT WAS THE CONSERVATIVE POLICY OF "HANDS OFF" THAT GOT US IN TROUBLE THOUGH!!!!!

Just like Reagan's S&L and Clinton's debt crisis the Banksters had!!

 

[Arizona Willie]

This is true, however society has deemed that it is not always " fair " for people with the same incomes to pay the same tax.

There are other factors involved.

A senior with 50K income and a 30 year old with a 50K income should not necessarily pay the exact same tax. The 30 year old may have 3 kids and a wife. Is it fair to burden him with the same tax as a senior whose home is paid for and who has virtually no bills but still has a 50K income?

Society says no.
Society says I should pay more, and I agree.
When I was young I got those deductions and paid less.

That's why we have ALWAYS had a progressive tax system in this country.

We believe in fairness and fairness is NOT THE SAME AS EXACT TO THE PENNY EQUALITY.

Every single one of the Republican tax plans ( Trump has no plan just trust him ... he's great ) sends more money to the wealthy. Every single one of them.

We have been giving the wealthy tax cuts for over 30 years based on the promise ( lies ) that giving the wealthy more money would result in more jobs. Well the lie was that the jobs would be in America. The wealthy HAVE used the extra money to create more jobs --- BUT NOT IN AMERICA.
They sent that money to the factories they built in China and India.
They lied to you ... took your money ... and fucked you.
Why would you continue giving them more tax-cuts?
Do you want to see more jobs go to China?

If so, I hope one of them is YOUR job.

Why would anyone who is not a multi-millionaire vote for Republicans?
They DO NOT have your interest at heart.

==================.

We have an utterly corrupt system which provides a transfer of wealth from the pockets of the common man into the pockets of higher income people.

We have an utterly corrupt system which allows the bribing of our American Politboro to put these tax expenditures in the tax code which enable this wealth redistribution up the food chain.

We have an utterly corrupt system in which people earning identical incomes are paying radically different federal taxes.

We have utterly corrupt system which has resulted in higher tax rates and massive debt.

How anyone could defend this scheme is beyond me.

 

[bedowin62]

I think Mr. Buffett is directing the debate away from the obscene corporate bailouts that have been going on since the financial crisis of 2008 and on to a contrived issue of class warfare that will do little to address America’s severe financial problems. If we are really serious about fixing the deficit, then let’s stop the bailouts. Mr. Buffett is supposed to be an expert investor. So, why do so many of the companies he owns or invests in need to be bailed out! What kind of strategy is this? It looks to me like Buffett made some bad bets, and when they blew up, he became an advisor to the administration. Then, he watched as the bailouts not only saved his bacon, but made him and his shareholders even more insanely rich than they already were.

Yes, the bailouts have entirely warped our capitalist system. Broken, corrupt business models are being shored up by the government, keeping more efficient and transparent business models from thriving and succeeding. The corruption and fraud of the bad models is being condoned and sanctioned by the State.

It's sickening.

Yep, bailing out the US after the GOP's great depression, Ronnie's S&L crisis, Clinton's Asian/Latin America debt crisis and now Dubya's subprime bubble, socialism bailing out capitalism!

Pretty sick. Perhaps decide conservatives policy sucks?

It's not conservative policy to bail out failures. That's why I said I would never forgive Dubya and the mock GOP Congress for taking the conservative movement so far off the reservation.

IT WAS THE CONSERVATIVE POLICY OF "HANDS OFF" THAT GOT US IN TROUBLE THOUGH!!!!!

Just like Reagan's S&L and Clinton's debt crisis the Banksters had!!

you mean like barney franks saying HANDS-OFF FANNIE AND FREDDIE?

UR A JOKE
keep making a fool of yourself

 

[bedowin62]

the poor got MUCH POORER and the very richest got RICHER under the governance of Progressives; both richer and poorer at AT FASTER RATE UNDER PROGRESSIVES than was the case under Republicans


why does anybody vote for Democrats when they fail the very people they claim to care for the most???

 

[Dad2three]

how does an excess need to be "NOW paid back" leftard?

CONservatives don't understand Ronnie's excess SS payments (to hide the REAL costs of tax cuts for the rich) went into GOV'T BONDS that need to be repaid, with interest? I'm shocked you are that ignorant. Well not really Bubs

 

[bedowin62]

how does an excess need to be "NOW paid back" leftard?

CONservatives don't understand Ronnie's excess SS payments (to hide the REAL costs of tax cuts for the rich) went into GOV'T BONDS that need to be repaid, with interest? I'm shocked you are that ignorant. Well not really Bubs

you sad ignorant idiot. again nothing reagan did happened without the consent of his Dem-majority congress

stop lying to yourself