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“Quote of the Day”

Via: Think Progress

“The interesting thing about the corporate rate is that corporate profits, as a percentage of GDP last year were the highest or just about the highest in the last 50 years. They were ten and a fraction percent of GDP. That’s higher than we’ve seen in 50 years. The corporate taxes as a percentage of GDP were 1.2 percent, $180 billion. That’s just about the lowest we’ve seen.

So our corporate tax rate last year, effectively, in terms of taxes paid for the United States, was around 12 PERCENT, which is well below those existing in most of the industrialized countries around the world.

So it is a MYTH that American corporations are paying 35 PERCENT or anything like it…Corporate taxes are not strangling American competitiveness.”

– Warren ‘he ought to know’ Buffett

http://thinkprogress.org/economy/2012/02/27/432749/buffett-corporate-tax-myth/

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February 28, 2012 Posted by | Uncategorized | , , , , , | Leave a comment

‘STOP CODDLING the Super-Rich’ – by Warren E. Buffett

Via: NYT

OUR leaders have asked for “shared sacrifice.” But when they did the asking, they spared me. I checked with my mega-rich friends to learn what pain they were expecting. They, too, were left untouched.

While the poor and middle class fight for us in Afghanistan, and while most Americans struggle to make ends meet, we mega-rich continue to get our extraordinary tax breaks. Some of us are investment managers who earn billions from our daily labors but are allowed to classify our income as “carried interest,” thereby getting a bargain 15 percent tax rate.

Others own stock index futures for 10 minutes and have 60 percent of their gain taxed at 15 percent, as if they’d been long-term investors.

These and other blessings are showered upon us by legislators in Washington who feel compelled to protect us, much as if we were spotted owls or some other endangered species. It’s nice to have friends in high places.

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.

If you make money with money, as some of my super-rich friends do, your percentage may be a bit lower than mine. But if you earn money from a job, your percentage will surely exceed mine — most likely by a lot.

~

Please read the rest, HERE:

http://www.nytimes.com/2011/08/15/opinion/stop-coddling-the-super-rich.html?_r=1&smid=tw-nytimesbusiness&seid=auto

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personal thought:

I believe the teabaggers want to reduce the deficit by cutting costs, instead of equalizing the tax burden.

Why do they want to do that?

Because many believe they will, someday, win the POWERBALL.

Fucking, morons!

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August 15, 2011 Posted by | Uncategorized | , , , , , , , , , | Leave a comment

Buffett: GOP Threatening To ‘Blow Your Brains Out’ Over Debt Ceiling

Via: Huffington Post

Republicans are playing a dangerous game by refusing to raise the debt ceiling, according to Berkshire Hathaway CEO Warren Buffett.

We RAISED the debt ceiling SEVEN TIMES during the BUSH Administration,”  Buffett told CNBC on Thursday. Now, the Republican-controlled Congress is “trying to use the incentive now that we’re going to blow your brains out, America, in terms of your debt worthiness over time.”

If Congress fails to raise the borrowing limit of the federal government by August 2, the date when the U.S. will reach the limit of its borrowing
abilities, it will likely begin defaulting on its loans.

According to the U.S. Debt Clock, America’s total public debt equals close to $14.3 trillion which, according to the CIA World Factbook, is roughly 60 percent of the annual gross domestic product.

But even with this information, Buffett is unfazed.

“We had debt at 120 PERCENT of the GDP, far higher than this, after World War II and no one went around threatening that we’re going to RUIN the CREDIT of the United States or something in order to get a better balance of debt to GDP.”

July 8, 2011 Posted by | GOP morons | , , , , , , | Leave a comment