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Re: How the rich get richer
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Woe B Gone
Feb 25, 2018, 12:22:55 PM2/25/18
to
On 2/25/2018 9:31 AM, Cafe Racer wrote:
> Warren Buffet said, of his company's $65 billion profits, " --- $29bn was delivered to us in December when Congress rewrote the US tax code.”
>
He also bragged on his gambling chops::
(Buffett also used his letter to take a victory lap over winning his $1
million bet with a hedge fund that a passively managed index fund would
achieve a superior return that a basket of hedge funds.)
“The bet illuminated another important investment lesson: Though markets
are generally rational, they occasionally do crazy things. Seizing the
opportunities then offered does not require great intelligence, a degree
in economics or a familiarity with Wall Street jargon,” he wrote. “What
investors then need instead is an ability to both disregard mob fears or
enthusiasms and to focus on a few simple fundamentals. A willingness to
look unimaginative for a sustained period — or even to look foolish — is
also essential.”
But that is now and this was then:
https://www.forbes.com/sites/timworstall/2012/04/23/if-warren-buffett-wants-to-pay-more-taxes-why-doesnt-warren-buffett-just-pay-more-taxes/#68935c9c6d1a
There's a delightful argument going on on the economics blogs about
Warren Buffett just at the moment. If he wants to pay more in taxes then
why doesn't he just write a check and pay more in taxes?
It started at Bleeding Heat Libertarians and they're making a point I
made myself a few years back. If you think you're not being taxed enough
then all you have to do is write a check and send it to this address:
Gifts to the United States
U.S. Department of the Treasury
Credit Accounting Branch
3700 East-West Highway, Room 6D37
Hyattsville, MD 20782
When I looked into it there was several million dollars sent in each
year. I also did the same research in the UK and the US looks rather
good by comparison. In the UK that year an entire 5 people had paid
extra taxes and four of those were dead, leaving bequests, leaving just
that one person who thought they were not paying enough tax.
http://abcnews.go.com/Politics/warren-buffett-raise-taxes-wealthy-friends/story?id=14307993
Warren Buffett, one of the richest men in the country, wants to pay more
taxes and thinks his super-rich friends should too.
Buffett, who is estimated to be worth more than $47 billion, called on
Congress to commit to "shared sacrifice" and raise taxes on people
earning more than $1 million. Buffett said the rich are "coddled" by
Congress "as if we were spotted owls or some other endangered species."
"While the poor and middle class fight for us in Afghanistan, and while
most Americans struggle to make ends meet, we mega-rich continue to get
our extraordinary tax breaks," Buffett wrote in a Sunday New York Times
Op-ed.
President Obama cited Buffett's op-ed today during his remarks at the
first stop on his presidential Midwest bus tour. The president said
Buffett's call for taxing the wealthy shows that his "balanced" approach
to deficit reduction is the best option.
Obama said Buffett enjoyed a lower tax rate because the majority of his
income comes from capital gains, which are taxed at a lower rate.
"You don't get those tax breaks," Obama said to the Cannon Falls, Minn.
audience. "You're paying more than that and I think you're a little less
wealthy than he is."
Laugh, laugh, laugh, laugh!
Anyone want to hold their breath while Warren writes a $29 billion "gift
check" back to the US Treasury?
Class?
Buehler?
Anyone?
No?
> Perfect capitalism. Warren gets $29 billion dollars, and the poorest Americans lose $29 billion dollars-worth of health/education/services.
>
Oh my, a direct orthogonal relationship shows that entire $29 billion is
directly attributable to HES cuts which are only impacting "the poorest
Americas" and no other economic demographic????
Citation?
No?
Uh huh.
http://www.foxbusiness.com/markets/poor-americans-dont-fare-well-under-trumps-tax-cut-plan
One reason the poorest families wouldn't get much of a tax break is that
many don't pay federal income taxes. About 44 percent of U.S. households
pay no federal income tax, according to the Tax Policy Center. Most of
these people pay other federal taxes, including payroll taxes.
However, when it comes to the income tax, most low-income families
receive tax credits that are greater than the amount of taxes they owe.
They receive the tax credits in the form of a tax refund, even though
they paid no taxes.
Maag said this would not change under Trump's tax plan.
> And some of those poor suckers VOTED FOR DONALD TRUMP.
>
> That's a heck of a deal.
That's a heck of a lot of money put back into private investment in America.
But what the heck, it was going to create so many /more jobs/ just
servicing payments on the national debt of course...
Anyhow it's clear now that Trump must be stopped before another Canadian
snowflake melts down before spring arrives!
Inhuman torture for them all is what he is.
The bastard!
> Warren Buffet said, of his company's $65 billion profits, " --- $29bn was delivered to us in December when Congress rewrote the US tax code.”
>
He also bragged on his gambling chops::
(Buffett also used his letter to take a victory lap over winning his $1
million bet with a hedge fund that a passively managed index fund would
achieve a superior return that a basket of hedge funds.)
“The bet illuminated another important investment lesson: Though markets
are generally rational, they occasionally do crazy things. Seizing the
opportunities then offered does not require great intelligence, a degree
in economics or a familiarity with Wall Street jargon,” he wrote. “What
investors then need instead is an ability to both disregard mob fears or
enthusiasms and to focus on a few simple fundamentals. A willingness to
look unimaginative for a sustained period — or even to look foolish — is
also essential.”
But that is now and this was then:
https://www.forbes.com/sites/timworstall/2012/04/23/if-warren-buffett-wants-to-pay-more-taxes-why-doesnt-warren-buffett-just-pay-more-taxes/#68935c9c6d1a
There's a delightful argument going on on the economics blogs about
Warren Buffett just at the moment. If he wants to pay more in taxes then
why doesn't he just write a check and pay more in taxes?
It started at Bleeding Heat Libertarians and they're making a point I
made myself a few years back. If you think you're not being taxed enough
then all you have to do is write a check and send it to this address:
Gifts to the United States
U.S. Department of the Treasury
Credit Accounting Branch
3700 East-West Highway, Room 6D37
Hyattsville, MD 20782
When I looked into it there was several million dollars sent in each
year. I also did the same research in the UK and the US looks rather
good by comparison. In the UK that year an entire 5 people had paid
extra taxes and four of those were dead, leaving bequests, leaving just
that one person who thought they were not paying enough tax.
http://abcnews.go.com/Politics/warren-buffett-raise-taxes-wealthy-friends/story?id=14307993
Warren Buffett, one of the richest men in the country, wants to pay more
taxes and thinks his super-rich friends should too.
Buffett, who is estimated to be worth more than $47 billion, called on
Congress to commit to "shared sacrifice" and raise taxes on people
earning more than $1 million. Buffett said the rich are "coddled" by
Congress "as if we were spotted owls or some other endangered species."
"While the poor and middle class fight for us in Afghanistan, and while
most Americans struggle to make ends meet, we mega-rich continue to get
our extraordinary tax breaks," Buffett wrote in a Sunday New York Times
Op-ed.
President Obama cited Buffett's op-ed today during his remarks at the
first stop on his presidential Midwest bus tour. The president said
Buffett's call for taxing the wealthy shows that his "balanced" approach
to deficit reduction is the best option.
Obama said Buffett enjoyed a lower tax rate because the majority of his
income comes from capital gains, which are taxed at a lower rate.
"You don't get those tax breaks," Obama said to the Cannon Falls, Minn.
audience. "You're paying more than that and I think you're a little less
wealthy than he is."
Laugh, laugh, laugh, laugh!
Anyone want to hold their breath while Warren writes a $29 billion "gift
check" back to the US Treasury?
Class?
Buehler?
Anyone?
No?
> Perfect capitalism. Warren gets $29 billion dollars, and the poorest Americans lose $29 billion dollars-worth of health/education/services.
>
Oh my, a direct orthogonal relationship shows that entire $29 billion is
directly attributable to HES cuts which are only impacting "the poorest
Americas" and no other economic demographic????
Citation?
No?
Uh huh.
http://www.foxbusiness.com/markets/poor-americans-dont-fare-well-under-trumps-tax-cut-plan
One reason the poorest families wouldn't get much of a tax break is that
many don't pay federal income taxes. About 44 percent of U.S. households
pay no federal income tax, according to the Tax Policy Center. Most of
these people pay other federal taxes, including payroll taxes.
However, when it comes to the income tax, most low-income families
receive tax credits that are greater than the amount of taxes they owe.
They receive the tax credits in the form of a tax refund, even though
they paid no taxes.
Maag said this would not change under Trump's tax plan.
> And some of those poor suckers VOTED FOR DONALD TRUMP.
>
> That's a heck of a deal.
That's a heck of a lot of money put back into private investment in America.
But what the heck, it was going to create so many /more jobs/ just
servicing payments on the national debt of course...
Anyhow it's clear now that Trump must be stopped before another Canadian
snowflake melts down before spring arrives!
Inhuman torture for them all is what he is.
The bastard!
Woe B Gone
Feb 25, 2018, 12:29:20 PM2/25/18
to
On 2/25/2018 9:58 AM, Kixi wrote:
> matter who wins the elections.
No nominal Yuropeon socialism allowed?
Oh botheration!
We can't have that stuff.
> One of Hitler's phrases was, "the only source of wealth is work".
As he enslaved tens of thousands in his Wolfsburg slave labor assembly
lines...
http://time.com/3877191/volkswagen-photos-from-the-wolfsburg-factory-1951/
One well-documented example of VW's paradoxical history: in its early
days, during World War II, Volkswagen used slave labor (the company has
admitted as much) to build vehicles for the Nazi war effort; decades
later, the archetypal Volkswagens, the Beetle and the T1 bus, would
become the four-wheeled symbols of the "peace and love" movement of the
1960s. From Hitler to hippies: not many other companies, automobile or
otherwise, can lay claim to that sort of stranger-than-fiction corporate
narrative.
> Buffet's "wealth" was not sourced from his own work but from the work
> of millions of others.
Oh my, you mean Buffet has the chutzpa to /invest/ in viable firms
instead of actually physically working for them?
How dare he!
I bet he spends all day playing video poker instead of running his
immense and complex closed end fund.
No wonder you Neonazis are so easily triggered...
LOLOLOLOLOL.
> On 2018-02-25 at 08:31:34 Cafe Racer wrote:
>
>> Warren Buffet said, of his company's $65 billion profits, " --- $29bn
>> was delivered to us in December when Congress rewrote the US tax
>> code.”
>>
>
>> Warren Buffet said, of his company's $65 billion profits, " --- $29bn
>> was delivered to us in December when Congress rewrote the US tax
>> code.”
>>
>> Perfect capitalism. Warren gets $29 billion dollars, and the poorest
>> Americans lose $29 billion dollars-worth of health/education/services.
>>
>> Americans lose $29 billion dollars-worth of health/education/services.
>>
>> And some of those poor suckers VOTED FOR DONALD TRUMP.
>>
>> That's a heck of a deal.
>
> Exactly! It's the establishment's congress and administration, no
>>
>> That's a heck of a deal.
>
> matter who wins the elections.
No nominal Yuropeon socialism allowed?
Oh botheration!
We can't have that stuff.
> One of Hitler's phrases was, "the only source of wealth is work".
As he enslaved tens of thousands in his Wolfsburg slave labor assembly
lines...
http://time.com/3877191/volkswagen-photos-from-the-wolfsburg-factory-1951/
One well-documented example of VW's paradoxical history: in its early
days, during World War II, Volkswagen used slave labor (the company has
admitted as much) to build vehicles for the Nazi war effort; decades
later, the archetypal Volkswagens, the Beetle and the T1 bus, would
become the four-wheeled symbols of the "peace and love" movement of the
1960s. From Hitler to hippies: not many other companies, automobile or
otherwise, can lay claim to that sort of stranger-than-fiction corporate
narrative.
> Buffet's "wealth" was not sourced from his own work but from the work
> of millions of others.
Oh my, you mean Buffet has the chutzpa to /invest/ in viable firms
instead of actually physically working for them?
How dare he!
I bet he spends all day playing video poker instead of running his
immense and complex closed end fund.
No wonder you Neonazis are so easily triggered...
LOLOLOLOLOL.
Kixi
Feb 25, 2018, 1:30:38 PM2/25/18
to
> instead of actually physically working for them?
>
> How dare he!
>
> I bet he spends all day playing video poker instead of running his
> immense and complex closed end fund.
>
> No wonder you Neonazis are so easily triggered...
>
> LOLOLOLOLOL.
Banks and other financiers are an important component of today's high
>
> How dare he!
>
> I bet he spends all day playing video poker instead of running his
> immense and complex closed end fund.
>
> No wonder you Neonazis are so easily triggered...
>
> LOLOLOLOLOL.
productivity but, even after financiers invested in complex machinery,
you still need humans and their work to create wealth and make those
automated machines in the first place.
Wealth can be created with almost no financing. It is just that the use
of heavy equipment instead of hand tools to create autobahns is much
more productive.
"The only source of wealth is work". When the Jews were boycotting
Germany in 1933 he went on to say "If we don't help ourselves, no-one
else will". This policy worked wonders without the Warren Buffets
skimming wealth from the labours of the German people. Yes, that is the
"S" in NASDP.
Woe B Gone
Feb 25, 2018, 2:48:56 PM2/25/18
to
On 2/25/2018 9:31 AM, Cafe Racer wrote:
> Warren Buffet said, of his company's $65 billion profits, " --- $29bn was delivered to us in December when Congress rewrote the US tax code.”
>
> Warren Buffet said, of his company's $65 billion profits, " --- $29bn was delivered to us in December when Congress rewrote the US tax code.”
>
> Perfect capitalism. Warren gets $29 billion dollars, and the poorest
Americans lose $29 billion dollars-worth of health/education/services.
>
Americans lose $29 billion dollars-worth of health/education/services.
>
Oh my, a direct orthogonal relationship shows that entire $29 billion is
directly attributable to HES cuts which are only impacting "the poorest
Americas" and no other economic demographic????
Citation?
No?
Uh huh.
http://www.foxbusiness.com/markets/poor-americans-dont-fare-well-under-trumps-tax-cut-plan
One reason the poorest families wouldn't get much of a tax break is that
many don't pay federal income taxes. About 44 percent of U.S. households
pay no federal income tax, according to the Tax Policy Center. Most of
these people pay other federal taxes, including payroll taxes.
However, when it comes to the income tax, most low-income families
receive tax credits that are greater than the amount of taxes they owe.
They receive the tax credits in the form of a tax refund, even though
they paid no taxes.
Maag said this would not change under Trump's tax plan.
directly attributable to HES cuts which are only impacting "the poorest
Americas" and no other economic demographic????
Citation?
No?
Uh huh.
http://www.foxbusiness.com/markets/poor-americans-dont-fare-well-under-trumps-tax-cut-plan
One reason the poorest families wouldn't get much of a tax break is that
many don't pay federal income taxes. About 44 percent of U.S. households
pay no federal income tax, according to the Tax Policy Center. Most of
these people pay other federal taxes, including payroll taxes.
However, when it comes to the income tax, most low-income families
receive tax credits that are greater than the amount of taxes they owe.
They receive the tax credits in the form of a tax refund, even though
they paid no taxes.
Maag said this would not change under Trump's tax plan.
> And some of those poor suckers VOTED FOR DONALD TRUMP.
>
> That's a heck of a deal.
>
> That's a heck of a deal.
Woe B Gone
Feb 25, 2018, 2:49:40 PM2/25/18
to
On 2/25/2018 9:58 AM, Kixi wrote:
> On 2018-02-25 at 08:31:34 Cafe Racer wrote:
>
>> Warren Buffet said, of his company's $65 billion profits, " --- $29bn
>> was delivered to us in December when Congress rewrote the US tax
>> code.”
>>
>
>> Warren Buffet said, of his company's $65 billion profits, " --- $29bn
>> was delivered to us in December when Congress rewrote the US tax
>> code.”
>>
>> Perfect capitalism. Warren gets $29 billion dollars, and the poorest
>> Americans lose $29 billion dollars-worth of health/education/services.
>>
>> Americans lose $29 billion dollars-worth of health/education/services.
>>
>> And some of those poor suckers VOTED FOR DONALD TRUMP.
>>
>> That's a heck of a deal.
>
>>
>> That's a heck of a deal.
>
> Exactly! It's the establishment's congress and administration, no
> matter who wins the elections.
No nominal Yuropeon socialism allowed?
Oh botheration!
We can't have that stuff.
> One of Hitler's phrases was, "the only source of wealth is work".
As he enslaved tens of thousands in his Wolfsburg slave labor assembly
lines...
http://time.com/3877191/volkswagen-photos-from-the-wolfsburg-factory-1951/
One well-documented example of VW's paradoxical history: in its early
days, during World War II, Volkswagen used slave labor (the company has
admitted as much) to build vehicles for the Nazi war effort; decades
later, the archetypal Volkswagens, the Beetle and the T1 bus, would
become the four-wheeled symbols of the "peace and love" movement of the
1960s. From Hitler to hippies: not many other companies, automobile or
otherwise, can lay claim to that sort of stranger-than-fiction corporate
narrative.
> Buffet's "wealth" was not sourced from his own work but from the work
> of millions of others.
Oh my, you mean Buffet has the chutzpa to /invest/ in viable firms
> matter who wins the elections.
No nominal Yuropeon socialism allowed?
Oh botheration!
We can't have that stuff.
> One of Hitler's phrases was, "the only source of wealth is work".
As he enslaved tens of thousands in his Wolfsburg slave labor assembly
lines...
http://time.com/3877191/volkswagen-photos-from-the-wolfsburg-factory-1951/
One well-documented example of VW's paradoxical history: in its early
days, during World War II, Volkswagen used slave labor (the company has
admitted as much) to build vehicles for the Nazi war effort; decades
later, the archetypal Volkswagens, the Beetle and the T1 bus, would
become the four-wheeled symbols of the "peace and love" movement of the
1960s. From Hitler to hippies: not many other companies, automobile or
otherwise, can lay claim to that sort of stranger-than-fiction corporate
narrative.
> Buffet's "wealth" was not sourced from his own work but from the work
> of millions of others.
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