Warren Buffett is a nice guy.

The other day, Warren Buffett made a big splash in the tax debate by saying we need to stop coddling the super-rich and that they need to pay more taxes with in opinion piece in the NY Times.  He then goes on to say how he doesn’t really do anything productive but just makes money off of moving stocks around and this allows him to fall in the 15% income bracket.  (As discussed in an earlier post.)  He later brags about how he really only paid 17.4% (huh?) but that he was the lowest in his office where others had a significantly more tax liability percentage.

“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.”

He later starts blathering about how the leeches of our economy are really nice people and very patriotic and want to be told to pay more taxes.  I kid you not.  You can read it all here.  That is, if you want to be impress with hypocrisy, double talk and delusion.

Oh, he forgot to mention how he doesn’t pay the damned taxes that he owes to begin with.

“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.”

You can read about it here if you want to see HuffPos spin.  Or here if you’re more of the Fox persuasion.

Warren Buffet and his ilk do nothing to increase the wealth of the U.S. but rather detract from true value of our goods and products.  They are a leech upon and amongst us.  They do nothing to increase our GDP and only profit from other people’s money most often in the form of other people’s losses.

James

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35 Responses to Warren Buffett is a nice guy.

  1. suyts says:

    Hmm, no takers on Warren…….. remember when he and Bill pledged their fortunes to charity?

  2. Latitude says:

    remember it well..
    ..I have my eye on Katia
    I don’t think she’s going to make her turn on time
    If she don’t turn by 75, I’m out of here…………….
    I have absolutely no faith – less than zero – in those computer games

    • suyts says:

      Your instincts were pretty spot on with Irene…….. Keep yourself safe, bro.

      • Latitude says:

        I prefer to think of it as my spider senses are tingling….

        I don’t like the way the low is setting up in the gulf, and the weakness that kaita is supposed to follow, is closing up……That all points to sucking katia west……
        I hope that sucker builds and gets that upper level going soon, that will make it’s own weather….

      • suyts says:

        lol, ok, your spidey senses. You know way more about this stuff than I do (hurricanes), but I know about that little voice that sets a person’s hair on end. When it starts yelling its time to start moving. Don’t wait until its screaming at you!

    • Mike Davis says:

      Lat:
      I am sticking with my DC landfall for Katia! If I stick with that location there is a possibility that eventually one will hit there, no matter how unrealistic!
      If it does not shift in the next day or so contact me because I have the Smokies to hide behind! and have room for a RV to park!

  3. Latitude says:

    BTW…..if you want a good laugh
    Here’s the model runs on 93

  4. suyts says:

    But, about Buffett ……. and his ilk. ……….. Before I go on, I should acknowledge, Buffett is the best at what he does. He sucks capital out of circulation. He creates nothing. He innovates nothing. He finances nothing other than people and businesses that go about creating nothing, innovating nothing and only sucking capital out of circulation.

    Does anyone ask themselves, ……. the people that make so much money on Wall street, where does that money come from? Social Security is much safer than throwing money at a vehicle the simply serves to make people like Warren Buffett more money. But, we all do it. Heck, our paystubs will show us exactly how much we’ve contributed!

  5. Mike Davis says:

    One of the Growth industries: Speculation. Making money off the gullibility of others.
    Charitable foundations are just that.
    Entrepreneur is a person looking for ways to fleece others.
    For only 19.95 USD I will show you the secret of life and how you to can live in 20 mansions while pulling in millions of dollars per week. If you sign up within the next 24hours I will give you a huge discount on my on-line get rich quick tutorial which others are paying 10,000 per lesson and getting multiples of that in return!
    Does that work for you? 😉
    You probably already know I am a fan of the Scumbags!
    They were among my customers and I was required to be neutral!

    • Mike Davis says:

      Speculation would be the Umbrella definition that covers Climatology as well!

    • suyts says:

      Where do I sign?!?!??!

    • suyts says:

      “One of the Growth industries: Speculation. Making money off the gullibility of others.”

      That’s one of the points I wanted to make. Warren Buffet doesn’t do anything but extract capital from our economy. And, I think it important to make the distinction between him and past suprer wealthy people like Howard Hughes and H. L. Hunt. In the past, for one to amass such a fortune usually required either innovation or production. Warren Buffet doesn’t participate in either. He simply moves wealth from other people’s pockets to his. And then he has the audacity to preach to people that do about taxes which he, himself, seeks to escape.

      Normally, I wouldn’t have a problem with his actions. If the markets had remained the rich man’s casino, I’d be good with it. But it didn’t. Buffett and people of his ilk convinced millions of American workers they could retire wealthy if they just blindly invested into the markets. We are now moving through the second decade in which the market hasn’t moved. If anyone wonders where the money comes from for people to still make money at the market, look no further than the pensions of the gullible.

      • Mike Davis says:

        Hughes developed products and proved to the government they needed to buy them at an inflated cost. And there are many others that did the same. The “Rich” became that way by taking advantage of others.
        Bubbles always burst eventually and there are many waiting to burst at the appropriate time.
        I attempted to prepare for that by relocating to my current location where a small group of people can live off the land, Almost!
        I kept this property from being subdivided and the 3500 acre property behind me also as the only access is over my property other than by boat or a massive road project that the EPA will not allow at this time. I bought 27 acres from the owner of the property next to mine that could have been used for access to the rear property.
        This was an investment for a future generation but I will enjoy my privacy for awhile!

      • suyts says:

        Good call on the property.

        Hughes, at least contributed to the GDP. While Buffett, subtracts from the wealth generated by the GDP. Many of Hughes’ contributions are still seen today, engaging in service, production and innovation. Buffett? ……. a leech.

      • Mike Davis says:

        Hughes Corporation was a big thing in Las Vegas and donated money for an engineering complex.
        He wanted to move his operation to Southern Nevada and that is why he bought up so much land there. His corporation was into creating jobs to create wealth. But it was still about the bottom line!

        • suyts says:

          Oh, to be sure! I don’ t want to give the wrong impression, I’m all for people accumulating as much wealth as they desire. I don’ t begrudge anyone wealth. I just think it is important to distinguish the differences between people like Buffett and other ultra-rich people such as was Hughes.

      • Mike Davis says:

        To me it is a matter of balance. That and the fact that more jobs could have been created rather than some getting richer. You make just as much profit selling 10,000 items with a profit of 1.00 dollars as you do selling one item for a profit of 10,000.00 dollars.

  6. Latitude says:

    I know this is way OT…….
    What a difference a day makes…..the models didn’t see it…I didn’t see it…..and the models still don’t see it…….shields up for Florida

  7. Pingback: Why won’t Obama’s plan work? | suyts space

  8. Donn Tarris says:

    Hello from Canada. Thank you for the invite to read and post!

    I read about Buffet asking to be taxed and thought pretty much the same as most people would at first – why doesn’t he just give his money away?

    Something to think about. A number of the billionaires around the globe could decide to give away every penny they have. it would do quite a bit of good in the right hands. But it wouldn’t change the system. If you’re going to be magnanimous with your billions because just maybe you’ve found some higher power to answer to, like common decency, then you may want to do more than just give away or share your wealth. Whether for personal karma or to ensure no-one else decides to just redirect your shared wealth to themselves, you might want to ensure that everyone has to share at the same time – level the playing field. Recommend taxing the wealth and it not only happens to all millionaire/billionaires at the same time, it also continues until some other government decides to give away the store.

    Help him get his wish. Push for the tax change… make sense?

    • suyts says:

      Donn, thanks for coming by. Sorry about the delay in approving the comment, but I went to sleep.

      Donn, I’ve put up some tax numbers in a post, https://suyts.wordpress.com/2011/08/23/the-fair-share/ …. obviously this would be different for Canada, but I’d assume it would be similar. The point of the post is, the rich already pay much more in taxes than the rest and governments give us a horrible return on the money invested through taxes.

      As you can tell by my writing, I’ve no use for people such as Buffett. The fact is, he’s already pledged his fortune to the Gates foundation. I think they’re still waiting on the check. If Buffett is asking for his taxes to be raised, that only means he’s already figured a way out of them.

      Further, taxing the wealthy more doesn’t ensure equity. It simply ensures wealth moved from the private sector to the public. I’m sure you’ve seen the several examples of money freely given from the public sector back to the favorites of the administrations. Our Solyndra would be a perfect example. $500 million simply lined the pockets of the already rich. In my mind, it doesn’t make sense to me to take from the rich only to give back to the rich that line the pockets of the politicians.

      Donn, all of this has been tried before. The reason why we are seeing more and more disparity between the rich and the middle class/poor, is because we’ve got away from doing the things that creates wealth. The service industry detracts rather than add to the net value of a nation.

      A commentator here once stated, “The function of value creation, real value creation, only comes from: farming, mining, and manufacturing. These are the well-springs of wealth creation.” Were we to get back to doing these things, the lot of the general populous would be significantly improved. Further, the governments’ revenues would be significantly improved.

      Domm, I consider equality for one and all one of the most important goals a person could pursue. But, it is the equality for opportunities, not outcomes that I wish to ensure. We cannot ensure equality in outcomes, nor should we attempt to do so.

      There’s more to say, and I’ll probably write a post or two explaining some of the thoughts I’ve outlined here.

      Welcome,

      James

  9. Mike Davis says:

    CAIN: Don’t blame Wall Street. Don’t blame the big banks. If you don’t have a job and you’re not rich, blame yourself. It is not a person’s fault because they succeeded. It is a person’s fault if they failed.

    And blame the governments for the financial disasters in the USA and Europe.
    From:
    http://notrickszone.com/2011/10/07/good/

    • suyts says:

      I don’t blame Wall Street, nor the banks. They’re simply doing what they do. I don’t blame anyone but myself for my lot in life. But, I do blame the politicians we’ve elected for the neglect some have suffered. In the end, it is our fault. We tolerate this madness. And we keep voting for the same cloned pinheads over and over again. Once the people pull their heads out of their collective posteriors, all of this would stop.

  10. Mike Davis says:

    Small business has been run out in favor of big business and small neighborhood churches have been run out in favor of Mega Churches that are the Walwarts of religion.

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