Bush plan would tax Warren Buffett 3% of income.

[aragorn]

Warren Buffett is the 2nd richest man in the USA after Bill Gates. Mr. Buffett describes Bush's tax plan:

Buffett slams dividend tax cut
One of world's richest calls plan 'voodoo economics,' says it puts burden on low-income families.
May 20, 2003: 10:41 AM EDT

NEW YORK (CNN/Money) - Renewing his criticism of the dividend tax cut laid out by the Senate last week, Berkshire Hathaway's Warren Buffett called the proposal "voodoo economics" that uses "Enron-style accounting."

The Senate's plan for dividends to be 50 percent tax free in 2003, 100 percent tax free in 2004 through 2006 and then face the full tax in 2007 would "further tilt the tax scales toward the rich," Buffett wrote in an opinion piece in the Washington Post.

Buffett posed a hypothetical situation in which Berkshire Hathaway, which does not currently pay a dividend, paid $1 billion in dividends next year.

Through his 31 percent ownership of the company, [b]Buffett said he would receive an additional $310 million in income that would reduce his tax rate from about 30 percent to 3 percent, while his office secretary would still have a tax rate of about 30 percent.[/b]

"The 3 percent overall federal tax rate I would pay -- if a Berkshire dividend were to be tax free -- seems a bit light," Buffett wrote.

Instead of the Senate's tax cut plan, Buffett proposed that it provide tax reductions to those who need and will spend the money in the form of a Social Security tax "holiday" or a tax rebate to lower-income people.

"Putting $1,000 in the pockets of 310,000 families with urgent needs is going to provide far more stimulus to the economy than putting the same $310 million in my pockets," Buffett added.

He closed the piece by saying that the "government can't deliver a free lunch to the country as a whole. It can, however, determine who pays for lunch. And last week the Senate handed the bill to the wrong party."

Edited October 14, 2004 by aragorn

[aragorn]

PLEASE NOTE:

The above article addresses only taxes on stock DIVIDENDS.

The INCOME tax cuts are different and separate. Here is a good article that addresses the INCOME tax cuts:
[url="http://www.detnews.com/2004/specialreport/0409/26/a01-284666.htm"]http://www.detnews.com/2004/specialreport/.../a01-284666.htm[/url]

When you view the DIVIDENDS tax cut together with the INCOME tax cuts, it becomes crystal clear why millionaires are fighting to re-elect George W. Bush.

If you are set on voting for Bush, you should know what you are voting for.

Peace, all.

[cmotherofpirl]

We do

[aragorn]

Do you think Christ would approve of Bush's tax plan, in which billionaires pay virtually zero tax--- around 3% tax on total income?

That is the question for the board to consider.

[azaelia]

Do you think God would approve of Kerry's intentions to uphold Roe v. Wade, appoint pro-choice judges to the Supreme Court, reinstate Third World abortion programs, and thus further the Culture of Death and the murder of 1.6 million unborn babies per year?

Consider that.

Edited October 14, 2004 by azaelia

[Thy Geekdom Come]

Warren Buffet also helps the economy more than most people...

I'm from Omaha...I wouldn't mind if Warren Buffet got the heck taxed out of him, because he's a pro-abortionist, but don't think you can overlook the economics.

[Ash Wednesday]

I'm with azaelia.

mushy mud pie slinging isn't gonna change the outcome of this election.

I could be wrong, but I have a feeling that in the final stretch, unless something catastrophic comes up, Bush will probably win. American attention spans are too short, and the biggest factor isn't Kerry's senate record -- it's that most Americans, despite their mixed feelings about Bush, aren't ready for change.

The greatest "hope" that Democrats have is not November. It's 2008.

[1337 k4th0l1x0r]

I guess only really wealthy people get stock dividends.

Most people who do have stock portfolios - and it's more than just the top 1% - typically reinvest their dividends. A tax cut on the dividend encourages reinvestment in the economy. Yes, it gives big breaks to people like Buffet. He makes relatively very little income in the form of salary as most CEO's do.

'Rich' people typically do one of two things with their money. They either spend it or invest it. Both of these have positive benefits on the economy. Taxation takes money out of the economy and puts it in the hands of the much less efficient government.

[aragorn]

Folks, consider the question:

What do you suppose Jesus would say about a policy that taxes billionaires 3% of total income, and taxes lower-middle class 15% of total income?

Very simple question. Can you even admit to yourself that maybe Jesus wouldn't agree?

[Thy Geekdom Come]

[quote name='aragorn' date='Oct 14 2004, 04:07 PM'] Folks, consider the question:

What do you suppose Jesus would say about a policy that taxes billionaires 3% of total income, and taxes lower-middle class 15% of total income?

Very simple question. Can you even admit to yourself that maybe Jesus wouldn't agree? [/quote]
Well, most democrats are against a flat tax, and that would tax them all the same percent, so what do you think about that?

[azaelia]

Why do people have closed minds and open mouths?!?

[dUSt]

[quote name='aragorn' date='Oct 14 2004, 11:54 AM'] Do you think Christ would approve of Bush's tax plan, in which billionaires pay virtually zero tax--- around 3% tax on total income?[/quote]
You just said that the 3% only applies to dividends. Now you say that billionaires only get taxed 3% of their total income. That's insane. Please check your facts.

[dUSt]

[quote name='aragorn' date='Oct 14 2004, 03:07 PM'] Folks, consider the question:

What do you suppose Jesus would say about a policy that taxes billionaires 3% of total income, and taxes lower-middle class 15% of total income?

Very simple question.  Can you even admit to yourself that maybe Jesus wouldn't agree? [/quote]
I would say that you need to check this link:
[url="http://www.irs.gov/formspubs/article/0,,id=109877,00.html"]http://www.irs.gov/formspubs/article/0,,id=109877,00.html[/url]

Billionaires get taxed [b]35%[/b] compared to lower middle-class getting taxed 15%. Either you're intentionally misleading people or simply misinformed.

[Theoketos]

Would Jesus approve? As long as it is just, and I think it might be.



BTW Smeagol = Aragon?

[azaelia]

[quote name='Theoketos' date='Oct 14 2004, 04:42 PM'] BTW Smeagol = Aragon? [/quote]
Most likely