Buffett: "Tax Cuts For All But The Rich"

Jermyn Davidson · #1 10-05-2010, 04:49 PM

These are some of his notable quotes from that interview.

"I think we should raise taxes on the very rich."

"We’re taking in about 15 and a fraction% of GDP and income in the United States, that isn’t enough. We’re gonna have to get more money from somebody. The question is do we get more money from the person that’s gonna serve me lunch today or do we get it from me and I think they should get it from me."

"We're not taking enough money (at the Federal level)."

"There are spending cuts to be done I'm sure."

"There is only but a few places to get it. You get it from corporations and you get it from individuals…. If we’re gonna get it from individuals, it shouldn’t be the bottom 98% it should be more form the people at the top."

"If you get a $100 billion more from taxes (just pick a number) from people like me at the top, it means you borrow $100 billion less out of the economy. Somebody’s gonna come up with the $100 billion either way."

Buffett thinks lowering taxes even further than the Bush tax-cuts for the bottom 98% of all Americans is a good idea.

coadie · #2 10-05-2010, 04:57 PM

Quote:

Originally Posted by Jermyn Davidson

These are some of his notable quotes from that interview.

"I think we should raise taxes on the very rich."

"We’re taking in about 15 and a fraction% of GDP and income in the United States, that isn’t enough. We’re gonna have to get more money from somebody. The question is do we get more money from the person that’s gonna serve me lunch today or do we get it from me and I think they should get it from me."

"We're not taking enough money (at the Federal level)."

"There are spending cuts to be done I'm sure."

"There is only but a few places to get it. You get it from corporations and you get it from individuals…. If we’re gonna get it from individuals, it shouldn’t be the bottom 98% it should be more form the people at the top."

"If you get a $100 billion more from taxes (just pick a number) from people like me at the top, it means you borrow $100 billion less out of the economy. Somebody’s gonna come up with the $100 billion either way."

Buffett thinks lowering taxes even further than the Bush tax-cuts for the bottom 98% of all Americans is a good idea.

But the core issue is jobs. Obama's programs choke job growth. That is a source of tax revenues.

Praxeas · #3 10-05-2010, 05:29 PM

Quote:

Originally Posted by Jermyn Davidson

These are some of his notable quotes from that interview.

"I think we should raise taxes on the very rich."

"We’re taking in about 15 and a fraction% of GDP and income in the United States, that isn’t enough. We’re gonna have to get more money from somebody. The question is do we get more money from the person that’s gonna serve me lunch today or do we get it from me and I think they should get it from me."

"We're not taking enough money (at the Federal level)."

"There are spending cuts to be done I'm sure."

"There is only but a few places to get it. You get it from corporations and you get it from individuals…. If we’re gonna get it from individuals, it shouldn’t be the bottom 98% it should be more form the people at the top."

"If you get a $100 billion more from taxes (just pick a number) from people like me at the top, it means you borrow $100 billion less out of the economy. Somebody’s gonna come up with the $100 billion either way."

Buffett thinks lowering taxes even further than the Bush tax-cuts for the bottom 98% of all Americans is a good idea.

Questions: How did he define "the very rich"?

Did he mention fixing the many loopholes that allows someone like him to not pay taxes no matter what the tax rate is?

Jermyn Davidson · #4 10-06-2010, 08:26 AM

Quote:

Originally Posted by Praxeas

Questions: How did he define "the very rich"?

Did he mention fixing the many loopholes that allows someone like him to not pay taxes no matter what the tax rate is?

"The Very Rich" = the top 2% of earners in America.

Bottom line is: Warren Buffett agrees with this Conservative.

No he did not address any loop holes.

scotty · #5 10-06-2010, 08:31 AM

I don't believe the top 2% should have higher tax rates. I believe the top 2% should collectively pay off at least 75% of the deficit in one lump sum and then oversee all government spending to protect their investment.

Oh , but wait, that would be "the people" running the government. Well, we can't have that now can we.

coadie · #6 10-06-2010, 08:52 AM

Quote:

Originally Posted by scotty

I don't believe the top 2% should have higher tax rates. I believe the top 2% should collectively pay off at least 75% of the deficit in one lump sum and then oversee all government spending to protect their investment.

Oh , but wait, that would be "the people" running the government. Well, we can't have that now can we.

Half of America's national debt is held in America by the wealthy. If we take away their money, how do the "intellectual liberals" expect to borrow more money from these wealthy?

scotty · #7 10-06-2010, 08:54 AM

Quote:

Originally Posted by coadie

Half of America's national debt is held in America by the wealthy. If we take away their money, how do the "intellectual liberals" expect to borrow more money from these wealthy?

Exactly , they couldn't, most of the wealthy like Buffet and Gates got wealthy by good money management. We would do well with their oversight.

coadie · #8 10-06-2010, 08:58 AM

Quote:

Originally Posted by scotty

Exactly , they couldn't, most of the wealthy like Buffet and Gates got wealthy by good money management. We would do well with their oversight.

Two very different cases. Warren Buffet nearly never sells stock. He also doesn't spend money. America would have no welfare programs if we quit spending.
When Warren raised a son, he gave him 100 dollars to buy a bike to ride to work. The bike was stolen and Warren didn't replace it. Socialsm can't work that way.