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News & Politics News & Politics

Warren Buffett..I could end the deficit in 5 minutes...

Posted by on Jan. 4, 2013 at 4:47 PM
  • 16 Replies
1 mom liked this


Warren Buffett, in a recent interview with CNBC, offers one of the best quotes about the debt ceiling:

"I could end the deficit in 5 minutes," he told CNBC. "You just
pass a law that says that anytime there is a deficit of more
than 3% of GDP, all sitting members of Congress are ineligible
for re-election.

The 26th amendment (granting the right to vote for 18 year-olds)
took only 3 months & 8 days to be ratified! Why? Simple!
The people demanded it. That was in 1971 - before computers, e-mail,
cell phones, etc.

Of the 27 amendments to the Constitution, seven (7) took one (1) year
or less to become the law of the land - all because of public pressure.

Warren Buffet is asking each addressee to forward this email to
a minimum of twenty people on their address list; in turn ask
each of those to do likewise.

In three days, most people in The United States of America will
have the message. This is one idea that really should be passed
around.

Congressional Reform Act of 2012

1. No Tenure / No Pension.

A Congressman/woman collects a salary while in office and receives no
pay when they're out of office.

2. Congress (past, present & future) participates in Social
Security.

All funds in the Congressional retirement fund move to the
Social Security system immediately. All future funds flow into
the Social Security system, and Congress participates with the
American people. It may not be used for any other purpose.

3. Congress can purchase their own retirement plan, just as all
Americans do.

4. Congress will no longer vote themselves a pay raise.
Congressional pay will rise by the lower of CPI or 3%.

5. Congress loses their current health care system and
participates in the same health care system as the American people.

6. Congress must equally abide by all laws they impose on the
American people.

7. All contracts with past and present Congressmen/women are void
effective 12/1/12. The American people did not make this
contract with Congressmen/women.

Congress made all these contracts for themselves. Serving in
Congress is an honor, not a career. The Founding Fathers
envisioned citizen legislators, so ours should serve their
term(s), then go home and back to work.

by on Jan. 4, 2013 at 4:47 PM
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Replies (1-10):
JustCJ
by on Jan. 4, 2013 at 4:48 PM

This guy has it straight up! Love it.bouncing

rocketracer
by Gold Member on Jan. 4, 2013 at 4:49 PM
3 moms liked this

Hey WB,

How about your Bershire Hathaway pays what it owes in back taxes and penalties...rougly 1BILLION dollars.?

JustCJ
by on Jan. 4, 2013 at 4:58 PM

woah wait what?

Quoting rocketracer:

Hey WB,

How about your Bershire Hathaway pays what it owes in back taxes and penalties...rougly 1BILLION dollars.?


DSamuels
by Gold Member on Jan. 4, 2013 at 6:25 PM

This is from Huffpo back in 2011. I haven't heard that he's paid them yet.

A little over two weeks ago, Berkshire Hathaway CEO Warren Buffett, the third-richest person in the world, penned an op-ed critical of the low tax rates for the superrich. It would seem his own company hasn't prioritized paying its rightful share in a timely fashion either.

Berkshire Hathaway, the eighth-largest public company in the world according to Forbes, openly admits to still owing taxes for years 2002 through 2004 and 2005 through 2009, according to the New York Post. The company says it expects to "resolve all adjustments proposed by the US Internal Revenue Service" within the next year.

But The Post doesn't focus on the issue of a major corporation not paying its correct amount in taxes in a timely manner. Instead, the newspaper criticizes Buffett's position that America's rich should be taxed at a higher rate, taking issue with Buffett's claim that he gave 17 percent of his income to the government in 2010. The Post contends that since the majority of his income comes from dividends and capital games -- taxed indirectly through the corporate income tax -- "his effective rate would really be well north of 40 percent for a big chunk of his income."

"And if [Buffett's] firm wants to keep its tax bill low, well, that’s its right," The Post editors write. "But it would be nice if this 'pro-tax-hike' tycoon were a bit more honest about it."

This isn't the first conservative criticism of Buffett since his Op-Ed. Jon Stewart recently singled out one Fox News commentator who asked if Buffett was "completely a socialist?" Yes, the same man who last week dreamt up a $5 billion BofA deal in the bathtub

What The Post hence assumes is that Berkshire Hathaway pays taxes at the top marginal rate of 35 percent. The corporation's effective tax rate was last put at 29 percent, according to Forbes. More generally, due to a variety of breaks and loopholes, many U.S. corporations don't pay the top marginal rate. Over one-fourth of the U.S. corporations comprising the S&P 500 paid a corporate tax rate below 20 percent over the last half-decade, The New York Times recently reported.

At a minimum, "United States corporations pay only slightly more on average than their counterparts in other industrial countries," according to The New York Times. Indeed, corporate tax revenues are now nearing historic lows as a percentage of GDP.

Even historically, corporate tax rates and capital gains are low. From the 1950s to mid-1980s, the top marginal corporate tax rate hovered around 50 percent, according to Visualizing Economics. The capital gains tax, lowered to 15 percent in 2003, previously hadn't been that low since the Great Depression.

It's not only rich corporations that are legally able to avoid paying taxes either. Some 1,400 millionaires paid no income taxes whatsoeverin 2009, according to tax data from the Internal Revenue Service.

gsprofval
by Gold Member on Jan. 4, 2013 at 6:42 PM
2 moms liked this

Yes, and let's add all those in Congress and working for the government who have not paid their taxes, too.

Quoting rocketracer:

Hey WB,

How about your Bershire Hathaway pays what it owes in back taxes and penalties...rougly 1BILLION dollars.?


SallyMJ
by Ruby Member on Jan. 4, 2013 at 6:46 PM

I thought Buffett was going to pay off the deficit himself.

Why can't Warren Buffett send his own email? The addresses are on the Congressional websites.Or in his case, he could use Fed-Ex for everyone.

I think it is really insensitive for him to expect others to do his work for him. He has plenty of money to hire people at excellent wages- and with Obamacare.

gsprofval
by Gold Member on Jan. 4, 2013 at 7:31 PM
4 moms liked this

He has valid points and we need to use his points to write to Congress.

Ednarooni160
by Eds on Jan. 4, 2013 at 7:35 PM
1 mom liked this

I love the "do as I say and not as I do" coming from some people.. It's "grand" to be able to point fingers while two is point back at ya..

Sisteract
by Socialist Hippie on Jan. 4, 2013 at 7:59 PM
2 moms liked this

I'm all for it-


sweet-a-kins
by Ruby Member on Jan. 4, 2013 at 8:21 PM
It says it was to he paid within the year

So it should be paid


Quoting DSamuels:

This is from Huffpo back in 2011. I haven't heard that he's paid them yet.

A little over two weeks ago, Berkshire Hathaway CEO Warren Buffett, the third-richest person in the world, penned an op-ed critical of the low tax rates for the superrich. It would seem his own company hasn't prioritized paying its rightful share in a timely fashion either.

Berkshire Hathaway, the eighth-largest public company in the world according to Forbes, openly admits to still owing taxes for years 2002 through 2004 and 2005 through 2009, according to the New York Post. The company says it expects to "resolve all adjustments proposed by the US Internal Revenue Service" within the next year.

But The Post doesn't focus on the issue of a major corporation not paying its correct amount in taxes in a timely manner. Instead, the newspaper criticizes Buffett's position that America's rich should be taxed at a higher rate, taking issue with Buffett's claim that he gave 17 percent of his income to the government in 2010. The Post contends that since the majority of his income comes from dividends and capital games -- taxed indirectly through the corporate income tax -- "his effective rate would really be well north of 40 percent for a big chunk of his income."

"And if [Buffett's] firm wants to keep its tax bill low, well, that’s its right," The Post editors write. "But it would be nice if this 'pro-tax-hike' tycoon were a bit more honest about it."

This isn't the first conservative criticism of Buffett since his Op-Ed. Jon Stewart recently singled out one Fox News commentator who asked if Buffett was "completely a socialist?" Yes, the same man who last week dreamt up a $5 billion BofA deal in the bathtub

What The Post hence assumes is that Berkshire Hathaway pays taxes at the top marginal rate of 35 percent. The corporation's effective tax rate was last put at 29 percent, according to Forbes. More generally, due to a variety of breaks and loopholes, many U.S. corporations don't pay the top marginal rate. Over one-fourth of the U.S. corporations comprising the S&P 500 paid a corporate tax rate below 20 percent over the last half-decade, The New York Times recently reported.

At a minimum, "United States corporations pay only slightly more on average than their counterparts in other industrial countries," according to The New York Times. Indeed, corporate tax revenues are now nearing historic lows as a percentage of GDP.

Even historically, corporate tax rates and capital gains are low. From the 1950s to mid-1980s, the top marginal corporate tax rate hovered around 50 percent, according to Visualizing Economics. The capital gains tax, lowered to 15 percent in 2003, previously hadn't been that low since the Great Depression.

It's not only rich corporations that are legally able to avoid paying taxes either. Some 1,400 millionaires paid no income taxes whatsoeverin 2009, according to tax data from the Internal Revenue Service.

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