Editorial Rewrite
Yesterday I commented on this editorial. Here is my rewrite. I don’t think I missed a bit of the message or the substance.
Don’t you hate rich people? They think they’re all that. Greedy pigs. We should take some of that money from them and spread it around. Ya, right, like Bushitler and the other Republicans would ever go for that. Halliburton.
Don’t you hate rich people? They think they’re all that. Greedy pigs. We should take some of that money from them and spread it around. Ya, right, like Bushitler and the other Republicans would ever go for that. Halliburton.
posted by steve u. at 7/27/2007
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What did Warren Buffett have to say about this - Corporate income taxes in fiscal 2003 accounted for 7.4% of all federal tax receipts, down from a
post-war peak of 32% in 1952. With one exception (1983), last year’s percentage is the lowest recorded
since data was first published in 1934.
Even so, tax breaks for corporations (and their investors, particularly large ones) were a major part
of the Administration’s 2002 and 2003 initiatives. If class warfare is being waged in America, my class is
clearly winning. Today, many large corporations – run by CEOs whose fiddle-playing talents make your
Chairman look like he is all thumbs – pay nothing close to the stated federal tax rate of 35%.
In 1985, Berkshire paid $132 million in federal income taxes, and all corporations paid $61
billion. The comparable amounts in 1995 were $286 million and $157 billion respectively. And, as
mentioned, we will pay about $3.3 billion for 2003, a year when all corporations paid $132 billion. We
hope our taxes continue to rise in the future – it will mean we are prospering – but we also hope that the
rest of Corporate America antes up along with us. link
But I am sure Warren Buffett hates rich people also...right? Or maybe your perspective of business and our tax code in America is better than his. Steve you should read the whole thing, you might learn something.
Well, the question is this: when we tax a corporation, who are we taxing? Each individual in that company has an individual income tax levied on their personal earnings. Corporate taxes, specifically targeting businesses, only stifle the corporations' ability to expand and grow.
Income taxes on the rich still account for the vast majority of federal revenue.
Marshall,
Warren Buffett does not suffer from class envy. The Trib editorial board does.
Warrent Buffett's discussions of economic issues are sophisticated. The Trib editorial board's are simplistic.
Speaking of simplistic analysis, did you read the link you provided? Buffett is griping that other corporations aren't paying what they should.
And, if you'll read his comments again, you'll notice that Buffett is talking about corporate income taxes. The Trib editorial discussed personal income taxes, not corporate income taxes. Also, if you read my comments to Friday's piece, you'll see that I acknowledge thoughts Buffett has expressed elsewhere about individuals accumulating great wealth on untaxed appreciation of assets (which is not taxed as it increases).
So, I wouldn't say that my perspective is better than Buffett's. I'd say it's fairly aligned with his but that you don't understand much about taxes.
Gee Steve I read this - Even so, tax breaks for corporations (and their investors, particularly large ones) were a major part of the Administration’s 2002 and 2003 initiatives.
Why would Buffett say that? Is it because the two issues are interconnected? Is it because he understands that the speculators on wall street that create no value are getting a free ride?
I also read this in the editorial that you have such a problem with - ...the Bush tax cuts, which overwhelmingly favor the wealthiest Americans. The top marginal income tax rate today is 35 percent, and the top capital-gains tax rate is 15 percent.
For me at least this is the issue. You want to make this about class envy when it seems people like you have a problem with class fairness. Is it fair that a dollar made digging a ditch is taxed at a higher rate than the same dollar made at these private equity firms and speculators on wall street?
Is that fair Steve?
Aaaargh. Class envy and fairness have nothing to do with accuracy of facts.
If the dollar is earned by a rich American and is taxed as personal income, then it is taxed at a much higher rate than if it is earned by a ditch digger who is poor.
The point I believe you want to make is that the dollar made by the investors likely is NOT taxed at all, because it is an appreciated asset (like a stock) that has not been sold to realize a gain. I have acknowledged that point several times before, and I do so again. Uncle.
But that is not the point the Trib's editorial made.
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