"Buffet is a tool."
I've never seen you be quite this jealous, your rage against Buffett is comical. A trader complaining about someone who has more money than he has. Classic. As if your job as a trader ever contributed anything to society. What a crack up.
Oh well, another case of sour grapes from waaaaay past his prime. You remind me of the baboons at the zoo who spend their time showing their ass to the public...just your nature I guess.
Capitol gains are income. It sure as hell ain't outgo...
If a man lives by the sweat of his brow, white or blue collar...and someone else was born with a trust fund full of dividend bearing stocks, or got lucky in some business investments that he nets for his income or that he sells for the proceeds....
Now you tell me why the one whose income is from dividends or sale of those stocks isn't getting income that deserves to be taxed just as hard as the wage earner...
Most of the laws we currently have that protect the ruling class, like the klannish move to give dividends a tax free status (which is insane not to tax income, as only those with high net worths and lots of dividend stocks benefit to great a great degree---oh it helps fixed income retirees, but they are generally low enough income that it doesn't make a big difference) is a payoff to the wealthy and ruling class.
A revolution is coming, and the klannish know it and are terrified, as the middle class sinks back into the oblivion it came from. The blinder are slowly coming off the American dream as people will wake up to the con job they allowed to be perpetuated on them.
The current ruling class learned nothing from history, and in time they too will be overthrown as the masses are growing in poverty, not in wealth.
The klannish and the klownish regressives always shrink like a turtle when talk of class struggle is brought up, as they know that the ruling class and the privileged are the ones making the tax laws and other laws to perpetuate their species.
Americans are flat out stupid to allow such disparity in the tax codes, all because they have this idiot dream that one day they will be multi-millionaires if they don't get taxed. This is just as ignorant and stupid as all the kids in Comptons who thinks they is going to play in the NBA yet have no talent or height for the game.
It is a foolish dream that comes to fruition only to a minute few...
It saddens me to think how bad things are going to have to get before the people rise up, but the trend is in place, and the day of judgment for the klannish is coming...
p.s. I am not going to argue the $3,000 cap is nuts for the middle class, but it should apply to the upper class/high end investment class so they don't purposely have companies that on the books are losing money.
Quote from Pa(b)st Prime:
Do any of you rocket scientists understand the immense difference between capital gains and earned income?
After reading Buffet's quotes again I fail to understand his point.
For starters he's talking about apples vs. oranges. If Buffet makes a paid speech, he's taxed at 39.6%. If Buffet sells a stock he's owned for over a year he's taxed at 18%. Is that not clear to him?
Further there's caveats. While that 39.6 is pretty darn high it allows deductions. That's why the BOTTOM 40% of U.S. wage earners pay ZERO income tax. The cap gains tax though starts at dollar one. Hence a guy who "earns" 20k in a year may pay NO taxes while someone who sells an asset for 20k in profit pays $3600 unless of course they have a corresponding loss.
On top of it, if you sell something at a loss and in 2001-2002 many American's learned a bitter lesson about taxes, those losses are limited as writeoffs to only 3k a year. Thus Buffet seems to advocate a system where you pay even MORE on long term profits while you get MINIMAL relief on long term losses.
Buffet is a tool. But then again when have logic and common sense ever been attributes of the Left?
