============= Exactly. He should practice what he preaches.Also most of the world would consider ANY American super rich, so he said perhaps more than he thought.LOL Making a God out of gov, will NOT work. Mr AK-47 may want to look @ some more charts, if he thinks the US gov does not have a spending problem. Rush is right, lower the debt, not raise it; & tax cuts tend to get more gov revenue, same reason people tend buy more silver when its VERY low priced
it is shocking.... that our govt has become so perverted that his office workers pay 33 to 41 percent of the money they earn to the govt. Those workers may spending half their waking lives working and commuting for him? 17% sounds about right for buffet and the top end 15% or lower sounds about right for people. Peasants used to revolt if the king wanted 20% from them. (according to grant noble in one of the first books I read on trading.) Why the hell should the govt be confiscating so much of people lives? Why are so many people willing to pervert our country and confiscate even more of people lives. This country was found on liberty and a right to keep your own property. The problem is that half of americans dont pay taxes. If they did we would see a call for tariffs and not income taxes. The tax code needs to get more spread out otherwise it will get like CA where only a third of the people pay income tax. I believe on those paying income tax should vote and therefore everyone should pay income tax... even on govt benefits. Let the freeloaders feel the 30% bite. you would soon see them arguing for a 12 percent flat tax.
finally, what a crock of shit. here charlie munger calls absolute bullshit on Buffet idea about taxes not mattering. Buffet's number 2 calls the idea of EBITDA bullshit earnings. http://buyingvalue.com/2009/05/munger-on-ebitda/ What is the Problem with EBITDA? Well let me give an example: Company A earns $1M and pays $.75M in interest, taxes, & depreciation. Company B earns $.5M and pays $.1M in interest, taxes, & depreciation. Which company would you want to own? Right, that is the problem with EBITDA. EBITDA hides reality by concealing normal expenses a company will encounter, and gives a false sense of the profit potential of the business. Valid Users of EBITDA EBITDA exists in a world of fantasy where there are no taxes or other inclining of reality. The only way to make this measure useful then is to either change reality; or to find a way not to care about taxes and depreciation. So even if you were to reply and say if taxes go up from all then the companies might stay relatively the same... you see that earnings go down as taxes go up... and we know from Munger - investments are all about earnings.
in the coup de grace... munger explains flexible business owners will just move the company out of the high tax area... There are only two groups who are capable of this feat: a small group of flexible business buyers, and lenders/financiers. If an industrious individual is willing to buy the company and has the capacity to refinance the debit, and possibly move the company to a another region with a better tax plan, they may be able to unlock more of the earnings shown in EBITDA. The other group who can use EBITDA are lenders who can garner some use for this number as they can access earnings before taxes are paid out- and certainly before depreciated machines are replaced. I say âsome useâ as EBITDA gives no indication of what other lenders are already in finance arrangements with the company in question. hence... the conclusion Obama and the democrats are responsible for the unemployment picture because flexible business buyers and lenders will move that business to unlike profits. Perhaps like GE just did.
this is ricter playing the setup guy... are you familar with the tea party... I mean the one in boston... where the colonists got pissed at the further taxation without representation. similar to what is happening today.... when only 50% of the people pay income tax.... that 50% is essentially be taxed by democrats... democrats are not really representing those who pay income taxes. Not even buffet is happy with his representation. Income tax is inherently unfair for this reason. it causes a distortion of govt representation.