Tuesday, August 23, 2011

Bashing Buffet

Warren Buffet must be either a fool or a knave.  Or maybe he's just ready for the dog track.

While I was in the Canadian wilderness, Warren Buffet said the rich should pay more taxes.  No doubt some rich should pay more, particularly the hedge fund and private equity fund managers ... and Warren Buffet himself.

Buffet gets most of his income and wealth from stock in Berkshire Hathaway, which he has held for many years, thus qualifying for long term capital gains tax treatment on whatever shares he sells.  That rate is 15%.

But does he even pay that?  Nope.

He donates stock to charities such as the Gates Foundation and pays nothing - the gain is never realized for his tax return.  And he even gets a tax deduction on the full value of the stock donated.  That deduction offsets whatever other ordinary income which would be taxed at rates as high as 35%.  In summary, he pays no gain on the stock donated, yet gets a full value tax deduction for its value:  that's free money.

And he says he'll leave all his wealth to the Gates Foundation, thus avoiding any estate taxes.  No capital gains taxes will ever be paid.

Warren Buffet is shirking paying his fair share to support the government, including the elderly and the poor and for national defense and for all the other services which benefit him

He's a freeloader.

How can those loopholes be closed?

Make all capital gains be realized and due when any transfer of the stock occurs, whether on donation or on death.  Do not permit those taxes (already low) to be offset by charitable donations.

Then billionaire freeloaders would be forced to pay their fair share.

Word of the Day

"Hie" - verb, intransitive and / or reflexive [$10] Shakespeare.  Archaic and poetic.
Hie means go quickly
Sentence:  Warren, hie to the dog track, you old hypocrite.

29 comments:

Bud said...

a fine post Bman..............one i can finally agree with

Bud said...

what's a 'real' egg ?? aren't those eggs i buy at Publix 'real' ???


i was looking forward to the omelette recipe

Bud said...

Bman do you consider a GLD long ownership in 'physical gold' ??


Bman what % of your assetts are in physical gold ??

Bunkerman said...

on camping, some people take powdered eggs - ugh!

Bunkerman said...

re GLD, partly. It represents a share in ownwership of physical gold, unlike a futures contract.

BUT in civil stife or armageddon, one will not be able to take possion of the gold to use it.

I keep some truly physical gold (as coins) for my ultimate backup. I use GLD to increase my allocation as needed in the model.

Bunkerman said...

the recipe will appear tomorrow, Btw, it's not an omelette.

Spin-em said...

Didn't you just make Buffet's point???

Spin-em said...

in civil stife or armageddon,

in civil strife...I doubt Sam Drucker will be exchanging products for gold.....you shoot the guy and take his shoes and rob his beans...lol...at least...I think so

Spin-em said...

Bunk our buddy's daughter runs for NYAC...they have a cool baseball hat it's orange...blue/white nyac letters...simple but real nice...you have to get one of those next time ur in for kryptonites...lol

Frosty said...

QEIII QEIII QEIII

Frosty said...

ED VZ PG sugar half, free shot at BAC 6.04 wtf, Mrs B knows what Iam talkin bout, she's the best.

Bunkerman said...

Buffet wants to increase ordinary income taxes.

I want to make sure his capital gains get taxed, whether nhe donates them to charity or not or dies with them unrealized..

The two are different.

Bunkerman said...

that cap might be fun ... will look for it.

Bunkerman said...

sdure there will be some shooting, etc. but history proves gold & silver have value for peaceful exchanges in strife, war, etc.

uh ... you've seem Kelly's Heroes, no?

Bud said...

mrs B may know you talkin about.............but i don't


you long BAC at 6.04 ??? is that what that post meant.........wtf???????

Bud said...

enough with the QE3 cheerleading................the dollar isn't low enough for you ???????????



Ben makes me sick



PS.........Bman should dr bernanke be tried for treason ?? should tim geithner be chareged as a co-conspirator ??

Bud said...

Bman what is the most famous treason trial in the history of the US ???

Spin-em said...

uh ... you've seem Kelly's Heroes, no?

ROFFLLLLL...Ok Crap Game.....

Bunkerman said...

most famous treason trial was Aaron Burr.

Spin-em said...

PREPARE THE PEMMICAN PATTIES AND RUN FOR THE HILLS!!!

E*A*R*T*H*Q*U*A*K*E!!!!!!!!!!

Spin-em said...

ALL IS WELLLL!!!!.....ALL IS WELLLL!!!

Bunkerman said...

lol, I am prepared :))

Spin-em said...

DONT FORGET YOUR GOLD COINS!!!...YOU'LL NEED IT TO TRADE!!!

Bunkerman said...

Californians must be laughing at these easterners whimpering hundreads of miles from a little bitty 5.9 quake.

Bunkerman said...

naw, but maybe some loaded mags if a riot occurs.

Spin-em said...

loool...loaded mags

Spin-em said...

meanwhile on the golf course....

great putt Mr President

Spin-em said...

on 9th tee..The president sends in his order

yes we'd like 4 lemonades..4 dogs...

Spin-em said...

TELL THOSE MF's IM ONNN VACATION