The Oracle has spoken: tax the top 2% more

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    Oct 06, 2010 2:23 AM GMT
    http://money.cnn.com/video/news/2010/10/05/f_mpw_buffett_taxes.fortune/

    "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? I think we should get it from me."
    "If you get a hundred billion more of taxes -- just pick a number -- from people like me at the top, it means you borrow a hundred billion less out of the economy. Somebody's gonna come up with a hundred billion. You're taking the money from the economy either way. The only question is if you take it by borrowing or by taxes."

    He also said that if we're going to be getting more [taxes] from individuals [as opposed to corporations] it should not be the bottom 98%.

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    Oct 06, 2010 2:39 AM GMT
    And before anybody spews out things like "And 50% of Americans don't pay taxes..."
    Tax-Composition-by-Bracket-e127439094550

    http://ponderingfinance.com/?p=32What about analyses showing that 50% of Americans don’t pay taxes? Three answers. First, such analyses typically only consider Federal Income taxes, not total taxes paid. Second, some of these analyses are based on the 141 million tax returns reported by the IRS, 45 million of which don’t pay taxes. Many of these $0 tax returns are from households where other household members pay taxes (e.g. children) – remember, there are only 117 million households, but 141 million tax returns. Third, such analyses often offset taxes paid with benefits received. While this is certainly valid, it’s not a part of my analysis.
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    Oct 06, 2010 2:50 AM GMT
    Well, he had to be right about something eventually. icon_lol.gif
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    Oct 06, 2010 3:09 AM GMT
    SB , please watch the clip before commenting. He acknowledged that cuts will need to be made.
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    Oct 06, 2010 3:52 AM GMT
    southbeach1500 said
    q1w2e3 saidhttp://money.cnn.com/video/news/2010/10/05/f_mpw_buffett_taxes.fortune/

    "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? I think we should get it from me."
    "If you get a hundred billion more of taxes -- just pick a number -- from people like me at the top, it means you borrow a hundred billion less out of the economy. Somebody's gonna come up with a hundred billion. You're taking the money from the economy either way. The only question is if you take it by borrowing or by taxes."

    He also said that if we're going to be getting more [taxes] from individuals [as opposed to corporations] it should not be the bottom 98%.



    Or... here's a novel thought.... CUT SPENDING!!!!!!


    Cut what? Seriously, you keep hemming and hawing about cutting spending, but tell me what you would cut and how you would keep this country from turning into a banana republic if you cut SS, Medicare and Medicaid? Who will take care of an elderly population that is growing and living longer? We all recognize that there are systemic problems but you can't just say "cut spending" and that will be that.

    In fact, the people you have said to support and continue to support will do nothing to cut spending in a meaningful way. if you think the Koch brothers, foreign governments, and Rupert Murdoch want us to divest from the military or withdraw from the oil producing countries we currently occupy, you're crazy. If you think that putting SS in the stock market will make anything better, you're also crazy.

    So tell us what would you do and, if you plan to cut the very welfare programs that we are all paying into, how will you manage the fallout?

    Otherwise, quit whining.
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    Oct 06, 2010 3:24 PM GMT
    Christian73 said
    southbeach1500 said
    q1w2e3 saidhttp://money.cnn.com/video/news/2010/10/05/f_mpw_buffett_taxes.fortune/

    "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? I think we should get it from me."
    "If you get a hundred billion more of taxes -- just pick a number -- from people like me at the top, it means you borrow a hundred billion less out of the economy. Somebody's gonna come up with a hundred billion. You're taking the money from the economy either way. The only question is if you take it by borrowing or by taxes."

    He also said that if we're going to be getting more [taxes] from individuals [as opposed to corporations] it should not be the bottom 98%.



    Or... here's a novel thought.... CUT SPENDING!!!!!!


    Cut what? Seriously, you keep hemming and hawing about cutting spending, but tell me what you would cut and how you would keep this country from turning into a banana republic if you cut SS, Medicare and Medicaid? Who will take care of an elderly population that is growing and living longer? We all recognize that there are systemic problems but you can't just say "cut spending" and that will be that.

    In fact, the people you have said to support and continue to support will do nothing to cut spending in a meaningful way. if you think the Koch brothers, foreign governments, and Rupert Murdoch want us to divest from the military or withdraw from the oil producing countries we currently occupy, you're crazy. If you think that putting SS in the stock market will make anything better, you're also crazy.

    So tell us what would you do and, if you plan to cut the very welfare programs that we are all paying into, how will you manage the fallout?

    Otherwise, quit whining.


    Translation:

    Since cutting anything is just too painful for the welfare of our people, we will just have to keep spending what we don't have! And if you've been paying attention to everything I write, you'll notice that I'm in favor of increasing spending!.