Warren Buffett: Tax the rich; Don't coddle us for new jobs

http://money.cnn.com/2011/08/15/news/economy/buffett_tax_jobs/index.htm?hpt=hp_t2

NEW YORK (CNNMoney) -- Billionaire investor Warren Buffett, saying he doesn't want to be "coddled" by Congress, says that wealthier Americans should pay higher taxes, and that higher taxes do not dampen job growth.

The philanthropist said that his 2010 federal tax bill, including income and payroll taxes, was $6,938,744.

"That sounds like a lot of money," wrote the Omaha, Neb.-based billionaire. "But what I paid was only 17.4% of my taxable income - and that's actually a lower percentage than was paid by any of the other 20 people in our office."

He added that some investment managers were taxed only 15% on billions of dollars in income. He compared that to the middle**** with its income tax bracket of up to 25%.

Why can't all millionaries/billionaires think like this guy?

He's probably looking to get something out of this.

But thumbs up anyway.

I've saidit before, I'll say it again, there needs to be a new tax bracket/level. The six figure folk get more than taxed their share. Someone making six figures should not be lumped in with the people making $10m or $100m a year. There needs to be a super-rich bracket.

I've saidit before, I'll say it again, there needs to be a new tax bracket/level. The six figure folk get more than taxed their share. Someone making six figures should not be lumped in with the people making $10m or $100m a year. There needs to be a super-rich bracket.

Pirate700

Agreed 100%.

We had a thread about this yesterday...

http://www.gamespot.com/forums/topic/28812248/stop-coddling-the-super-rich?tag=topics%3Btitle

the guy that thinks the us should have a AAAA credit rating because they can print their own money, just like zimbabwe?lloveLamp

When you consider facts like the US coming to the aid of countries like Zimbabwe, with money, food, medical supplies and UN support, then yes, they should get a Quadruple-A rating from Standard and Fools.

We had a thread about this yesterday...

EsYuGee

I've saidit before, I'll say it again, there needs to be a new tax bracket/level. The six figure folk get more than taxed their share. Someone making six figures should not be lumped in with the people making $10m or $100m a year. There needs to be a super-rich bracket.

Pirate700

Definitely a viable option with just how much money the top 3% is making.. But on the other hand he also points out a good point.. That higher taxes during the 70s didn't stop the people from continuing the deal or wanting to succeed.. This myth that higher taxes stop people from wanting to succeed or becoming more ambitious is riduculous.. Now this isn't suggesting that this shouldn't happen, I just think its a ridiculous claim..

We had a thread about this yesterday...

And outsourcing SCUM, like Steve Jobs, who sells Apple contracts to Chinese-manufacturing plants instead of investing in US-based plants should be heavily penalized on their BILLIONS in profits off foreign-made products while the US unemployment rate hovers around 10% every year.

Why do companies like Apple, Intel, Nvidia, AMD-ATI, IBM, Microsoft, etc... etc... get to set up shop in the USA while they outsource all their manufacturing jobs to China?

They aren't helping anyone in this country except their investors.

And outsourcing SCUM, like Steve Jobs, who sells Apple contracts to Chinese-manufacturing plants instead of investing in US-based plants should be heavily penalized on their BILLIONS in profits off foreign-made products while the US unemployment rate hovers around 10% every year.

Why do companies like Apple, Intel, Nvidia, AMD-ATI, IBM, Microsoft, etc... etc... get to set up shop in the USA while they outsource all their manufacturing jobs to China?

They aren't helping anyone in this country except their investors.

Netherscourge

Look no jobs will be created untill the zombie banks are put to death and who better then putting zombies to death then video gamers:).

[QUOTE="Netherscourge"]

And outsourcing SCUM, like Steve Jobs, who sells Apple contracts to Chinese-manufacturing plants instead of investing in US-based plants should be heavily penalized on their BILLIONS in profits off foreign-made products while the US unemployment rate hovers around 10% every year.

Why do companies like Apple, Intel, Nvidia, AMD-ATI, IBM, Microsoft, etc... etc... get to set up shop in the USA while they outsource all their manufacturing jobs to China?

They aren't helping anyone in this country except their investors.

comp_atkins

Where they manufacture at is more important economically than who they sell to is. (so far as local economies are concerned)

China has a 4% Unemployment rate, along with decades of growth... The USA is currently around 9.1% unemployment and growth is... well, slow and shaky.

It's time to reel some of these fish back in.