Tilted Forum Project Discussion Community - View Single Post - "You Can't Soak the Rich"

aceventura3 · 05-21-2008, 11:46 AM

Host,

I noticed you avoided responding to a direct question regarding what your behavior would be, why?

Since you won't respond consider the liberal minded wealthiest man on the planet, Warren Buffet. Uncle Warren says his taxes are too low, he comments that his secretary pays a higher percentage of her income than he does. O.k., but let's look at billionaire behavior.

In 2007 his net worth increased $10 billion. I bet his income taxes paid did not change. Want to know why?

Warren Buffets' company pays him a modest salary, that did not change much. So his income taxes are based on a constant amount from year to year.
Warren Buffet's company doe not pay a dividend, which would be taxed as income.
Warren Buffet does not sell stock in his company, which would generate long or short term capital gains that would be taxed at the capital gains rate or as income.
Warren Buffet's children have their own wealth based on their investments in his company. They are already rich and don't need his estate after he dies. There most likely will be no estate tax.
Warren Buffet is giving billions to charity, namely the Gates Foundation. This is tax free. He seems to trust the Gates Foundation more than he trusts government.
If Buffet want to fly anywhere in the world, he owns a charter jet company. He gets the service at no personal cost. If he want a lifetime supply of free ice cream, guess what, he owns Dairy Queen.

Basically Uncle Warren can can do whatever he wants and have no personal income tax consequences. He manages his taxes. The joke is on everyone that buys into his false concerns about how little he pays in personal taxes.

On your point about France. If Uncle Warren wants to buy a home in France he will do it, one way or another, but I bet he will do it in a way that minimizes the tax consequences. It is the middle class and near "rich" who don't have choice and carry the real burden.

At least acknowledge that you understand this, so we can move on.

05-21-2008, 11:46 AM	#28 (permalink)
aceventura3 Junkie Location: Ventura County	Host, I noticed you avoided responding to a direct question regarding what your behavior would be, why? Since you won't respond consider the liberal minded wealthiest man on the planet, Warren Buffet. Uncle Warren says his taxes are too low, he comments that his secretary pays a higher percentage of her income than he does. O.k., but let's look at billionaire behavior. In 2007 his net worth increased $10 billion. I bet his income taxes paid did not change. Want to know why? Warren Buffets' company pays him a modest salary, that did not change much. So his income taxes are based on a constant amount from year to year. Warren Buffet's company doe not pay a dividend, which would be taxed as income. Warren Buffet does not sell stock in his company, which would generate long or short term capital gains that would be taxed at the capital gains rate or as income. Warren Buffet's children have their own wealth based on their investments in his company. They are already rich and don't need his estate after he dies. There most likely will be no estate tax. Warren Buffet is giving billions to charity, namely the Gates Foundation. This is tax free. He seems to trust the Gates Foundation more than he trusts government. If Buffet want to fly anywhere in the world, he owns a charter jet company. He gets the service at no personal cost. If he want a lifetime supply of free ice cream, guess what, he owns Dairy Queen. Basically Uncle Warren can can do whatever he wants and have no personal income tax consequences. He manages his taxes. The joke is on everyone that buys into his false concerns about how little he pays in personal taxes. On your point about France. If Uncle Warren wants to buy a home in France he will do it, one way or another, but I bet he will do it in a way that minimizes the tax consequences. It is the middle class and near "rich" who don't have choice and carry the real burden. At least acknowledge that you understand this, so we can move on. __________________ "Democracy is two wolves and a sheep voting on lunch." "It is useless for the sheep to pass resolutions on vegetarianism while the wolf is of a different opinion." "If you live among wolves you have to act like one." "A lady screams at the mouse but smiles at the wolf. A gentleman is a wolf who sends flowers."