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What's Really The Point Of The Buffett Rule?


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#16 mmmbeans

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Posted 12 April 2012 - 04:19 PM

What your friend is doing is NOT taking advantage of loopholes. If they are not valid business expenses that he is claiming...he is committing tax fraud and not taking advantage of loopholes.

If he gets audited, he may be in deep poo.


this.

#17 Epistaxis

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Posted 12 April 2012 - 04:27 PM

Indeed.

Also we must remember that it is not as if the entire expense is "written off", the entire amount does not come off the top of his taxable income. We are talking about a percentage, with depreciation.

It doesn't work the way the complainers say it does.

#18 cookinwithgas

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Posted 12 April 2012 - 04:46 PM

Point of thread:

He's the President but I think they should do what I want them to first because I am an awesome internets poster!

#19 Davidson Deac II

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Posted 12 April 2012 - 05:29 PM

To the original post. The point of the Buffet rule (or at least all the discussion about it now) is to make political points during an election season. If you go to the website as I did, you will see that most of the time it overestimates what the average person pays in taxes. Romney had an effective tax rate of around 14%, while the average middle class family has an effective tax rate of 12%. But it looks good in a political soundbyte.

Or it has something to do with all you can eat restaurants. :)

#20 cotblock

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Posted 12 April 2012 - 05:51 PM

I wanna know, why does Jimmy Buffet get to make the rules?

#21 LongTriad

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Posted 12 April 2012 - 06:35 PM

There should be a law that no one should have to pay over a million. Disgusting that someone has to pay more income tax than that.

#22 chris999

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Posted 12 April 2012 - 10:02 PM

There should be a law that no one should have to pay over a million. Disgusting that someone has to pay more income tax than that.


This is the part that I cant understand though.

Wealthy business owners love America when they are living the dream, owning a business, making millions of dollars, living in safe neighborhoods, sending their children to decent schools, buying fancy clothes at the mall, driving on nice interstates...

but when it is time to pay for those luxuries, they want to bitch and complain about having to pay taxes, when they already pay a lesser percentage them most. If they think they can go own a business in Mexico, India or Pakistan, and make as much money there as they do here off of the American consumers and an American economy, then they should just go move there and quit bitching about it.

Good luck owning a business in China, with the government taking whatever they want from you, whenever they feel like it. The American dream isnt free.

When you account for the loopholes, America has a cheaper tax rate than any other industrialized nation.

Maybe they should move to Norway or Sweeden, and pay a 40% tax rate, I bet they would love that.

#23 googoodan

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Posted 12 April 2012 - 10:32 PM

This is the part that I cant understand though.

Wealthy business owners love America when they are living the dream, owning a business, making millions of dollars, living in safe neighborhoods, sending their children to decent schools, buying fancy clothes at the mall, driving on nice interstates...

but when it is time to pay for those luxuries, they want to bitch and complain about having to pay taxes,


Owning a business, making money, decent schools (I'm assuming private schools), clothes and malls don't come from tax money. Interstates do, but "nice" Interstates remain to be seen.


When you account for the loopholes, America has a cheaper tax rate than any other industrialized nation.

Maybe they should move to Norway or Sweeden, and pay a 40% tax rate, I bet they would love that.


http://www.huffingto..._n_1392310.html

#24 chris999

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Posted 12 April 2012 - 10:40 PM

http://www.huffingto..._n_1392310.html


quoted from that article

Across most of the political spectrum there is broad agreement that the U.S. corporate tax rate is too high, though few corporations actually pay that rate because the loophole-riddled tax code gives them lower "effective" rates.



#25 g5jamz

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Posted 12 April 2012 - 10:50 PM

I find it hilarious that Obama's pushing this with no hope of getting it passed....and yet Harry Reid still doesn't have the balls to propose a single budget.

What's HIS excuse.

#26 chris999

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Posted 12 April 2012 - 11:00 PM

Owning a business, making money, decent schools (I'm assuming private schools), clothes and malls don't come from tax money. Interstates do, but "nice" Interstates remain to be seen.



My point is that they enjoy all the things that comes along with living in America, but then want to complain when tax time comes.

If someone wants to pay less taxes (and make less money), then they are free to go live in China, India or Mexico where taxes are far cheaper, but where they wont have near the life of luxury that they have taken for granted though.

The "American Dream" isnt free.

#27 chris999

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Posted 12 April 2012 - 11:05 PM

I find it hilarious that Obama's pushing this with no hope of getting it passed....and yet Harry Reid still doesn't have the balls to propose a single budget.

What's HIS excuse.


As much as I despise Obama, I think that this was a brilliant move on his point.

When it is time for this to come to a vote, all of congress has to worry about getting re-elected if they dont oppose the end of extra tax incentives for the ultra wealthy.

#28 g5jamz

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Posted 13 April 2012 - 06:31 AM

It's already been blocked once...they'll do it again.

Are those balls?

#29 MadHatter

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Posted 13 April 2012 - 08:46 AM

My point is that they enjoy all the things that comes along with living in America, but then want to complain when tax time comes.

If someone wants to pay less taxes (and make less money), then they are free to go live in China, India or Mexico where taxes are far cheaper, but where they wont have near the life of luxury that they have taken for granted though.

The "American Dream" isnt free.


Ttheir complaint (and mine) is about the nearly 50% of people in this country that don't pay ANY federal income taxes.

#30 g5jamz

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Posted 13 April 2012 - 08:51 AM

This country needs an expanded tax payer base.


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