US Debt
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Warren Buffett says \"tax me and my rich friends\"
WASHINGTON : Billionaire investor Warren Buffett urged US lawmakers Monday to raise taxes on wealthier Americans to cut Washington's huge budget deficit, saying the move would not dampen investments or jobs.
In a New York Times opinion article, the chief executive of Berkshire Hathaway proposed a tax increase on Americans who make at least $1 million per year and an additional increase on those making $10 million or more.
\"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,\" Buffett wrote.
\"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.\"
The man known as the \"Oracle of Omaha\" said his federal tax rate was 17.4 percent last year, while some investment managers were taxed just 15 percent on income reaching into the billions. He then noted that the middle class is taxed up to 25 percent in its income bracket, along with \"heavy\" payroll taxes.
In contrast, Buffett recalled \"far higher\" taxes rates for the rich in the 1980s and 1990s, and yet nearly 40 million jobs were added from 1980 to 2000.
\"You know what's happened since then: lower tax rates and far lower job creation,\" he said.
\"People invest to make money, and potential taxes have never scared them off.\"
Americans are losing faith with Congress's ability to tackle the country's financial woes, Buffett warned, calling for \"immediate, real and very substantial\" action.
A protracted partisan battle between lawmakers culminated in a last-minute deal on August 2 to raise the $14.3 trillion US debt ceiling and narrowly avoid a US default.
\"My friends and I have been coddled long enough by a billionaire-friendly Congress,\" he added. \"It's time for our government to get serious about shared sacrifice.\"
- AFP/al
http://www.channelnewsasia.com/stories/afp_world_business/view/1147171/1/.html -
tankee:
Fabulous! Gives you the real measure of the man.Warren Buffett says \"tax me and my rich friends\"
\"My friends and I have been coddled long enough by a billionaire-friendly Congress,\" he added. \"It's time for our government to get serious about shared sacrifice.\"
- AFP/al
http://www.channelnewsasia.com/stories/afp_world_business/view/1147171/1/.html -
Yup, gotta like the guy. Read the article this morning and cannot help but wonder if the Singapore ‘rich’ will respond the same way or pack up and ship out.
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Funz:
Yup, gotta like the guy. Read the article this morning and cannot help but wonder if the Singapore 'rich' will respond the same way or pack up and ship out.
he is a US patriot and he is telling Obama how to solve the problem with without o-ba-ka (black eye) -
i thought Obama’s party is in favour of raising taxes, it is the other party that is against higher taxes.
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tankee:
i thought Obama's party is in favour of raising taxes, it is the other party that is against higher taxes.
Yah that was mentioned in the article, that Obama wants to raise taxes but the other party is against it. While Obama wants to increase spending especially on healthcare, the other party wants to cut spending. -
tankee:
i thought Obama's party is in favour of raising taxes, it is the other party that is against higher taxes.
Buffet says the top 400 richest men not taxed enough
EARNING MORE BUT TAXED LESS
Since 1992, the Internal Revenue Service has compiled data from the returns of the 400 Americans reporting the largest income. In 1992, the top 400 had aggregate taxable income of US$16.9 billion and paid federal taxes of 29.2 per cent on that sum. In 2008, the aggregate income of the highest 400 had soared to US$90.9 billion - a staggering US$227.4 million on average - but the rate paid had fallen to 21.5 per cent.
http://www.todayonline.com/Commentary/EDC110816-0000254/Stop-coddling-the-super-rich
the full article -
US debt has been the highest ever since, situation is really bad!
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