The Many Faces of US Politics...

[muppet]

Contrary to some of the far-right rubbish being spouted on this thread, here's a man who knows a thing or two about the fecked up state of the US taxation system.

Stop Coddling the Super-Rich
By WARREN E. BUFFETT

OUR leaders have asked for "shared sacrifice." But when they did the asking, they spared me. I checked with my mega-rich friends to learn what pain they were expecting. They, too, were left untouched.

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. Some of us are investment managers who earn billions from our daily labors but are allowed to classify our income as "carried interest," thereby getting a bargain 15 percent tax rate. Others own stock index futures for 10 minutes and have 60 percent of their gain taxed at 15 percent, as if they'd been long-term investors.

These and other blessings are showered upon us by legislators in Washington who feel compelled to protect us, much as if we were spotted owls or some other endangered species. It's nice to have friends in high places.

Last year my federal tax bill — the income tax I paid, as well as payroll taxes paid by me and on my behalf — was $6,938,744. That sounds like a lot of money. But what I paid was only 17.4 percent of my taxable income — and that's actually a lower percentage than was paid by any of the other 20 people in our office. Their tax burdens ranged from 33 percent to 41 percent and averaged 36 percent.

If you make money with money, as some of my super-rich friends do, your percentage may be a bit lower than mine. But if you earn money from a job, your percentage will surely exceed mine — most likely by a lot.

To understand why, you need to examine the sources of government revenue. Last year about 80 percent of these revenues came from personal income taxes and payroll taxes. The mega-rich pay income taxes at a rate of 15 percent on most of their earnings but pay practically nothing in payroll taxes. It's a different story for the middle class: typically, they fall into the 15 percent and 25 percent income tax brackets, and then are hit with heavy payroll taxes to boot.

Back in the 1980s and 1990s, tax rates for the rich were far higher, and my percentage rate was in the middle of the pack. According to a theory I sometimes hear, I should have thrown a fit and refused to invest because of the elevated tax rates on capital gains and dividends.

I didn't refuse, nor did others. I have worked with investors for 60 years and I have yet to see anyone — not even when capital gains rates were 39.9 percent in 1976-77 — shy away from a sensible investment because of the tax rate on the potential gain. People invest to make money, and potential taxes have never scared them off. And to those who argue that higher rates hurt job creation, I would note that a net of nearly 40 million jobs were added between 1980 and 2000. You know what's happened since then: lower tax rates and far lower job creation.

Since 1992, the I.R.S. has compiled data from the returns of the 400 Americans reporting the largest income. In 1992, the top 400 had aggregate taxable income of $16.9 billion and paid federal taxes of 29.2 percent on that sum. In 2008, the aggregate income of the highest 400 had soared to $90.9 billion — a staggering $227.4 million on average — but the rate paid had fallen to 21.5 percent.

The taxes I refer to here include only federal income tax, but you can be sure that any payroll tax for the 400 was inconsequential compared to income. In fact, 88 of the 400 in 2008 reported no wages at all, though every one of them reported capital gains. Some of my brethren may shun work but they all like to invest. (I can relate to that.)

I know well many of the mega-rich and, by and large, they are very decent people. They love America and appreciate the opportunity this country has given them. Many have joined the Giving Pledge, promising to give most of their wealth to philanthropy. Most wouldn't mind being told to pay more in taxes as well, particularly when so many of their fellow citizens are truly suffering.

Twelve members of Congress will soon take on the crucial job of rearranging our country's finances. They've been instructed to devise a plan that reduces the 10-year deficit by at least $1.5 trillion. It's vital, however, that they achieve far more than that. Americans are rapidly losing faith in the ability of Congress to deal with our country's fiscal problems. Only action that is immediate, real and very substantial will prevent that doubt from morphing into hopelessness. That feeling can create its own reality.

Job one for the 12 is to pare down some future promises that even a rich America can't fulfill. Big money must be saved here. The 12 should then turn to the issue of revenues. I would leave rates for 99.7 percent of taxpayers unchanged and continue the current 2-percentage-point reduction in the employee contribution to the payroll tax. This cut helps the poor and the middle class, who need every break they can get.

But for those making more than $1 million — there were 236,883 such households in 2009 — I would raise rates immediately on taxable income in excess of $1 million, including, of course, dividends and capital gains. And for those who make $10 million or more — there were 8,274 in 2009 — I would suggest an additional increase in rate.

My friends and I have been coddled long enough by a billionaire-friendly Congress. It's time for our government to get serious about shared sacrifice.

Warren E. Buffett is the chairman and chief executive of Berkshire Hathaway.


http://www.nytimes.com/2011/08/15/opinion/stop-coddling-the-super-rich.html?_r=4

Notice he mentioned exceeding the million dollars a year
quite the contrast to the 250k (super rich) that Obummer has going!

Because $250,000 a year is below the breadline?

[Tyrones own]

Contrary to some of the far-right rubbish being spouted on this thread, here's a man who knows a thing or two about the fecked up state of the US taxation system.

Stop Coddling the Super-Rich
By WARREN E. BUFFETT

OUR leaders have asked for "shared sacrifice." But when they did the asking, they spared me. I checked with my mega-rich friends to learn what pain they were expecting. They, too, were left untouched.

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. Some of us are investment managers who earn billions from our daily labors but are allowed to classify our income as "carried interest," thereby getting a bargain 15 percent tax rate. Others own stock index futures for 10 minutes and have 60 percent of their gain taxed at 15 percent, as if they'd been long-term investors.

These and other blessings are showered upon us by legislators in Washington who feel compelled to protect us, much as if we were spotted owls or some other endangered species. It's nice to have friends in high places.

Last year my federal tax bill — the income tax I paid, as well as payroll taxes paid by me and on my behalf — was $6,938,744. That sounds like a lot of money. But what I paid was only 17.4 percent of my taxable income — and that's actually a lower percentage than was paid by any of the other 20 people in our office. Their tax burdens ranged from 33 percent to 41 percent and averaged 36 percent.

If you make money with money, as some of my super-rich friends do, your percentage may be a bit lower than mine. But if you earn money from a job, your percentage will surely exceed mine — most likely by a lot.

To understand why, you need to examine the sources of government revenue. Last year about 80 percent of these revenues came from personal income taxes and payroll taxes. The mega-rich pay income taxes at a rate of 15 percent on most of their earnings but pay practically nothing in payroll taxes. It's a different story for the middle class: typically, they fall into the 15 percent and 25 percent income tax brackets, and then are hit with heavy payroll taxes to boot.

Back in the 1980s and 1990s, tax rates for the rich were far higher, and my percentage rate was in the middle of the pack. According to a theory I sometimes hear, I should have thrown a fit and refused to invest because of the elevated tax rates on capital gains and dividends.

I didn't refuse, nor did others. I have worked with investors for 60 years and I have yet to see anyone — not even when capital gains rates were 39.9 percent in 1976-77 — shy away from a sensible investment because of the tax rate on the potential gain. People invest to make money, and potential taxes have never scared them off. And to those who argue that higher rates hurt job creation, I would note that a net of nearly 40 million jobs were added between 1980 and 2000. You know what's happened since then: lower tax rates and far lower job creation.

Since 1992, the I.R.S. has compiled data from the returns of the 400 Americans reporting the largest income. In 1992, the top 400 had aggregate taxable income of $16.9 billion and paid federal taxes of 29.2 percent on that sum. In 2008, the aggregate income of the highest 400 had soared to $90.9 billion — a staggering $227.4 million on average — but the rate paid had fallen to 21.5 percent.

The taxes I refer to here include only federal income tax, but you can be sure that any payroll tax for the 400 was inconsequential compared to income. In fact, 88 of the 400 in 2008 reported no wages at all, though every one of them reported capital gains. Some of my brethren may shun work but they all like to invest. (I can relate to that.)

I know well many of the mega-rich and, by and large, they are very decent people. They love America and appreciate the opportunity this country has given them. Many have joined the Giving Pledge, promising to give most of their wealth to philanthropy. Most wouldn't mind being told to pay more in taxes as well, particularly when so many of their fellow citizens are truly suffering.

Twelve members of Congress will soon take on the crucial job of rearranging our country's finances. They've been instructed to devise a plan that reduces the 10-year deficit by at least $1.5 trillion. It's vital, however, that they achieve far more than that. Americans are rapidly losing faith in the ability of Congress to deal with our country's fiscal problems. Only action that is immediate, real and very substantial will prevent that doubt from morphing into hopelessness. That feeling can create its own reality.

Job one for the 12 is to pare down some future promises that even a rich America can't fulfill. Big money must be saved here. The 12 should then turn to the issue of revenues. I would leave rates for 99.7 percent of taxpayers unchanged and continue the current 2-percentage-point reduction in the employee contribution to the payroll tax. This cut helps the poor and the middle class, who need every break they can get.

But for those making more than $1 million — there were 236,883 such households in 2009 — I would raise rates immediately on taxable income in excess of $1 million, including, of course, dividends and capital gains. And for those who make $10 million or more — there were 8,274 in 2009 — I would suggest an additional increase in rate.

My friends and I have been coddled long enough by a billionaire-friendly Congress. It's time for our government to get serious about shared sacrifice.

Warren E. Buffett is the chairman and chief executive of Berkshire Hathaway.


http://www.nytimes.com/2011/08/15/opinion/stop-coddling-the-super-rich.html?_r=4

Notice he mentioned exceeding the million dollars a year
quite the contrast to the 250k (super rich) that Obummer has going!

Because $250,000 a year is below the breadline?

Is it a mark of wealth?

[Puckoon]

For a household - not specifically depending on the situation - but anyone household earning 250 K is in fantastic shape.

For an individual salary - it's a mark of wealth - for sure.

[Tyrones own]

Reno...Maybe.., here, not so much.

[Puckoon]

So where would it sit in the breadline to wealth scale? Anyone thinking 250K wont get the job done needs to cut back a little in house spending...

http://www.payscale.com/research/US/Location=San-Francisco-CA/Salary

. Software Engineer / Developer / Programmer $105,214         
Software Engineer $80,011   
Executive Assistant $57,796   
Attorney / Lawyer $101,936   
Administrative Assistant $40,676   
Marketing Manager $66,715   
Project Manager, Construction $86,837

Popular Employers  Salary Range
 
University of California, San Francisco $39,380 - $143,611
Wells Fargo Bank $41,419 - $124,184
Oracle Corp. $61,042 - $155,155
The Gap Inc. $50,704 - $122,960
Genentech, Inc. $60,729 - $153,558


 
Master of Business Administration (MBA) $57,500 - $163,902
Juris Doctor (JD) $66,819 - $187,195
Bachelor of Science (BS/BSc/SB) $70,412 - $105,646
attorney $71,000 - $127,750

[Tyrones own]

So where would it sit in the breadline to wealth scale? Anyone thinking 250K wont get the job done needs to cut back a little in house spending...

http://www.payscale.com/research/US/Location=San-Francisco-CA/Salary

. Software Engineer / Developer / Programmer $105,214         
Software Engineer $80,011   
Executive Assistant $57,796   
Attorney / Lawyer $101,936   
Administrative Assistant $40,676   
Marketing Manager $66,715   
Project Manager, Construction $86,837

Popular Employers  Salary Range
 
University of California, San Francisco $39,380 - $143,611
Wells Fargo Bank $41,419 - $124,184
Oracle Corp. $61,042 - $155,155
The Gap Inc. $50,704 - $122,960
Genentech, Inc. $60,729 - $153,558


 
Master of Business Administration (MBA) $57,500 - $163,902
Juris Doctor (JD) $66,819 - $187,195
Bachelor of Science (BS/BSc/SB) $70,412 - $105,646
attorney $71,000 - $127,750

Not at all...sure just go to the bank and borrow more,
Be careful..that kind of fiscally responsible talk might get you accused of being a teabagger

[Eamonnca1]

Because $250,000 a year is below the breadline?

I'd like to say it depends on who you talk to, but really it depends on who you talk to as well as who they're talking about and when. For example Fox News say that $250,000 isn't a lot of money in America today when the topic of debate is taxing the rich. But when the exact same commentators are talking about teachers who are fighting to protect their collective bargaining rights in Wisconsin, the $60,000 salaries of teachers are the highest in all creation.

[Oraisteach]

TO, where do you live that 250K would not put you in fantastic shape, Beverley Hills?  What, are you a reincarnation of Jed Clampett?  Are you yourself subsisting on a paltry 150K?

All questions are, of course, rhetorical since you seem averse to definitive answers.

[Eamonnca1]

[seafoid]

Especially for the resident Fox moron

http://www.haaretz.com/print-edition/opinion/with-friends-like-glenn-beck-1.380155

With friends like Glenn Beck...

Glenn Beck has used his media platforms to promote secular anti-Semitic conspiracy theorists and evangelical end-times prophets. What these two groups have in common is an obsession with Jews and the belief that Jews control and manipulate the lives and destiny of non-Jews.

By Rachel Tabachnick Tags: anti-Semitism Glenn Beck Knesset
   
Israel's international standing and relationship with Jewish-Americans is threatened as Israel is increasingly linked to right-wing political agendas in the United States. This situation has been exacerbated as controversial American broadcaster Glenn Beck has tried to remake himself into Israel's champion. Beck, who is currently in Israel to lead his "Restoring Courage" rally in Jerusalem, has become a marginal and toxic figure in the United States. So much so that Fox News ended his daily show earlier this year.
Beck has used his media platforms to promote secular anti-Semitic conspiracy theorists and evangelical end-times prophets. What these two groups have in common is an obsession with Jews and the belief that Jews control and manipulate the lives and destiny of non-Jews.
Although Beck is a convert to The Church of Jesus Christ of Latter-day Saints (Mormonism ), he has developed close ties with a group of evangelicals who are career Christian Zionists. Beck headlined this year's conference of Christians United for Israel (CUFI ), founded by televangelist John Hagee. Hagee had appeared several times on Beck's show, including one where they speculated the earth as we know it would end within 20 years.Beck's embrace by Israeli leaders is further indication to Americans that support for Israel is becoming linked to an extreme political agenda in the United States. This threatens to alienate Jews and Christians, Democrats and Republicans.
Ironically, this alienation of Israel is seen by Christian Zionists as fulfilling end-times prophecy, which, they claim, requires a second Jewish holocaust before Jesus returns. Surviving Jews must accept Jesus before a 1000-year Christian utopia, ruled from Jerusalem, can begin.
Beck's cultivation of Israeli leaders follows, step by step, the instructions Christian Zionists have used to gain access to Jewish communities and leaders. One of the most popular of these manuals is the 2001 book, "Your People Shall Be My People," by Don Finto. Finto's network of evangelists is encouraging churches around the world to "bless Israel" by supporting Messianic Jewish ministries and proselytizing Jews. His book has been promoted internationally, including by directors of Hagee's CUFI.
Finto's book provides instructions to: 1 ) avoid overt proselytizing, 2 ) vocally repent of the Holocaust, 3 ) tell Jews that Christian Zionist support is modeled after the biblical story of Ruth with no strings attached, and 4 ) emphasize that Christian Zionists are Israel's only friends in an increasingly hostile world.
Simultaneously these evangelists help to foment hostility toward Jews by teaching a narrative in which Jews hold power over the future of Gentiles.
One week before announcing his candidacy for president, Texas Governor Rick Perry led an all-day prayer rally in a stadium in Houston. Don Finto led the prayer for Israel and openly called for Israelis and all Jews to accept Jesus in order to bring "a great revival to the entire world."Fortunately, most Christians today do not accept this interpretation of the bible and do not believe they must convert Jews or promote the evangelization of Israel in order to bring about a Christian utopia on earth. Unfortunately, some Jewish leaders are determined to help Glenn Beck and Christian Zionists camouflage their attack on Jews and Judaism, apparently believing that this is in Israel's best interest.
Judging from the warm reception Beck received at the Knesset last month, many Israeli public figures are unaware of just how problematic he is. If many of them decide to participate in his Jerusalem rally, they risk identifying Israel with all he represents. Israel's relationship with mainstream Jewish-Americans will suffer immense damage, as will its international image.

The writer is an independent researcher specializing in Christian Zionism in the United States.

[Tyrones own]

I see he's taken off on vacation to Martha's Vineyard too while the house burns down around us here, that in itself would normally piss me off in highlighting a complete lack of leadership, but actually it's great for the country when he fcuks off out of town...he's not around to fcuk anything up for a week or is it nine days !
The stock market should rebound nicely in his absence

http://finance.yahoo.com/news/Stocks-jump-Dow-notches-best-apf-248753887.html

You couldn't find time to stay a while longer Mr. Obama, could you?

[dec]

I see he's taken off on vacation to Martha's Vineyard too while the house burns down around us here, that in itself would normally piss me off in highlighting a complete lack of leadership, but actually it's great for the country when he fcuks off out of town...he's not around to fcuk anything up for a week or is it nine days !
The stock market should rebound nicely in his absence

http://finance.yahoo.com/news/Stocks-jump-Dow-notches-best-apf-248753887.html

You couldn't find time to stay a while longer Mr. Obama, could you?

Dow Jones

Jan 20 1993 3,241.95
Clinton (+ 7336.29)
Jan 20 2001 10,578.24
Bush (- 2629.15)
Jan 20 2009 7,949.09
Obama (+ 3227.67)
Today 11,176.76

[FL/MAYO]

http://www.youtube.com/watch?v=-McpNtHet3w

[Tyrones own]

http://www.youtube.com/watch?v=-McpNtHet3w

Fecking racist...oh, wait!   

[muppet]

I see he's taken off on vacation to Martha's Vineyard too while the house burns down around us here, that in itself would normally piss me off in highlighting a complete lack of leadership, but actually it's great for the country when he fcuks off out of town...he's not around to fcuk anything up for a week or is it nine days !
The stock market should rebound nicely in his absence

http://finance.yahoo.com/news/Stocks-jump-Dow-notches-best-apf-248753887.html

You couldn't find time to stay a while longer Mr. Obama, could you?

Dow Jones

Jan 20 1993 3,241.95
Clinton (+ 7336.29)
Jan 20 2001 10,578.24
Bush (- 2629.15)
Jan 20 2009 7,949.09
Obama (+ 3227.67)
Today 11,176.76

Some interesting figures there Dec.

Bush or no Bush the 2001/2011 comparison is scary.