The Buffett Plan For Reducing The Trade Deficit

Discussion in 'Economics' started by libertad, Jul 14, 2008.

  1. yeah, more interference is EXACTLY what we need!!! <sarcasticly>:confused:
  2. Warren's plan sounds far too complicated and it will end up causing a lot of retaliation from trading partners. Wouldn't it be so much simpler to just let the American dollar depreciate 5 or 10% more?
  3. 50_Bip


    We should legalize weed and tax the crap out of it..
  4. Covert


    Unbelievable- I don't remember ole WB proposing socialist/protectionist ideas like this while he was building his fortune. If he's proposing something like this, it's because he feels that it won't hurt BRK's constituent companies. Similar to his objection to repealing the death tax. Find out how much his insurance concerns make selling term life to older people. It's used to cover the huge death tax that these estates are subject to. And guess what, he's already committed to giving most of his fortune to 55% tax on his billions going to the govt.

    Listen, he's a brilliant guy and the greatest investor of all time. Let's not forget that he's got an agenda, and he's not the benevolent, absent-minded professor that he'd like you to think he is. He's a calculating businessman, and as of late, his interests don't exactly link up with most investors.

  5. Isn't that what makes him great though? He built his empire on his ability to flex his mindset to fit the fiscal times.

    Plus, anyone that is donating 100% of their estate when they die can never be called "not benevolent".
  6. Covert


    You've missed the point, but I will concede that giving away 55bil to charity is a magnificent act- and to give it to another foundation because he didn't feel that he had the capacity to administer the money is truly a selfless act devoid of ego.

    My point was, that when he goes on CNBC and tells people with a straight face that he's paying 22% of his income in taxes and his secretary is paying 31%, he's not being totally truthful. The secretary is paying regular income, and Buffet is paying mainly capital gains. When he tells us that he feels that the govt. needs the money they get from the death tax, he doesn't tell you that his insurance companies make a ton of $ selling policies to people so they can pay this tax.

    He didn't 'flex his mindset' whatever that means- he's seen a huge increase in BRK's stock price since 1982 when....taxes started coming down. Now that he's made it, he feels like taxes are too low....could that be an attempt to slow down competition?
  7. The reason weed's illegal is that anyone can grow it, so it's no good for taxing... :confused:
  8. MGJ


    Old news, is it not?

  9. Working Paper No. 538
    The Buffett Plan for Reducing the Trade Deficit
    Dimitri B. Papadimitriou
    The Levy Economics Institute
    Greg Hannsgen
    The Levy Economics Institute
    Gennaro Zezza
    The Levy Economics Institute and the University of Cassino

    July 2008

    The authors thank Wynne Godley for helpful comments on an earlier draft. They also
    gratefully acknowledge the support of the Economic Policy Institute (EPI) and the Alfred
    P. Sloan Foundation.
    The Levy Economics Institute Working Paper Collection presents research in progress by
    Levy Institute scholars and conference participants. The purpose of the series is to
    disseminate ideas to and elicit comments from academics and professionals.
    The Levy Economics Institute of Bard College, founded in 1986, is a nonprofit,
    nonpartisan, independently funded research organization devoted to public service.
    Through scholarship and economic research it generates viable, effective public policy
    responses to important economic problems that profoundly affect the quality of life in
    the United States and abroad.
    The Levy Economics Institute
    P.O. Box 5000
    Annandale-on-Hudson, NY 12504-5000
    Copyright © The Levy Economics Institute 2008 All rights reserved.
    #10     Jul 14, 2008