Friday, October 14, 2011

No Reason to change the tax code

Warren Buffett made 62 Million Dollars last year and paid taxes on 39 Million!
Warren paid 17.4% tax rate on his taxable income.
Therefore Warren was able to shelter 23 million dollars from being taxed.
Explain this to middle America Jim and see if you get them to understand it. Get them to somehow see the fairness in our tax laws.
This is what the OCW street people see even if that can't verbalize it. The tax laws in this country are full of special loopholes, special exemptions, and has been paid for by lobbyists for the wealthy, this isn't class war, Jim it's common sense and common math.


Eric Martin said...

Yes. Your position is simple, correct and reasonable.

Baxter said...

We are currently bringing in 15%/GDP in federal revenues. We need to bring in about 24%, which is 35% +/- higher than the post-war norm. That is the price of trillions in debt and an aging population.

If we move spending from 24% to 21% or so, we will be able to pay off the debt in a generation.

Jim G. said...

Don't you guys get tired of lying?

Terry, I know your economic literacy leaves much to be desired, but you obviously know that Mr. B pays most of his tax on the basis of Capital Gains.

The money Mr. B leaves in the market provides more jobs than his income tax payments.

Terry, are you suggesting that Capital Gains should be taxed at a higher rate? Why?

Now let's get to is that the purpose of the tax code? To promote fairness, not raise revenue?

It is not the conservative position that Government should be manipulating behavior, yes that has happened because it is going to happen anytime you give your rulers too much power.

Our side is arguing to simplify the tax code...not yours.

And Terry, what next? What happens next year.

You have had 3 years of magic, we are in the dump. Tax revenues are down, are you so stupid, like the protestors and Rich to think that raising rates will raise receipts?

Cuz if you are, you are dumb.

Jim G. said...

So Rich, you want to raise taxes by 50%? Not even consider dramatic cuts in spending, not eliminating some programs, not anything...just raise rates by 50%

Baxter said...


If you noticed, I want to bring relative spending down about 15%, which is dramatic, especially in the face of all our debt (which will get more expensive to service) and the aging of America.

Relative revenues are at 60 year lows, which is a prime cause of the deficit. Thanks to Bush/GOP Congress, we have a MASSIVE STRUCTURAL DEFICIT. The Democrats couldn't simply take over and raise taxes while in a deep, worldwide recession. Unlike the GOP, we learned the lessons of the Great Depression and don't car to repeat the mistakes of Hoover (R).

Tax hikes once growth reliably returns? Absolutely! The alternative is far worse. I look forward to repeating the success of Clinton (D).