Warren Buffet wall to wall CNBC. Guy is a jerk.

[Tommy Ryan]

Quote from poyayan:

Income will always be taxed more than capital gain.

People can't move but money can.. It is a matter of supply and demand.

I give you an example. The company I work for registered in Singapore, but almost all its R&D operations are in the US.

Our customer assemble everything outside of US and our manufacturing is sub-contract out too. So, basically, our company only pay US tax when our customer sell its product back to US. All international sales has no US tax in it whatsoever.

On a historic basis you are absoloutely correct -- the rational for taxing labor at a higher rate was that it was locked in, it could not move. And of course capital always moved away from exxecisive taxation.

One of our current problems is the way large sophisticated multi-nationals outsource they are effectively moving the work to a seperate pool of low wage workers.

I think tax policies will need to recognize that the old concept of labor being "locked in" is outdated. It is now laborers who are locked in but the actual labor, although it is not as mobile as capital, is far more mobile than ever before.

Tommy

 

[Pa(b)st Prime]

Quote from Tommy Ryan:

On a historic basis you are absoloutely correct -- the rational for taxing labor at a higher rate was that it was locked in, it could not move. And of course capital always moved away from exxecisive taxation.

One of our current problems is the way large sophisticated multi-nationals outsource they are effectively moving the work to a seperate pool of low wage workers.

I think tax policies will need to recognize that the old concept of labor being "locked in" is outdated. It is now laborers who are locked in but the actual labor, although it is not as mobile as capital, is far more mobile than ever before.

Tommy

Nice post.

 

[Cesko]

People can't move but money can.. It is a matter of supply and demand.

You meant it's a matter of balance of power right? Structure of societies changes only when balance of power between groups of people shifts. Nobody ever gave up power voluntarily. Reg. taxation, so called social democracy system is the most efficient predator ever designed. Kings and Queens of the past don't even come close.

 

[SH_DW]

Quote from ggoyal:

its tax haven, not heaven

WHO the HELL cares?

 

[RL8093]

Quote from ggoyal:

its tax haven, not heaven

Actually, I don't know that the 2 are mutually exclusive (or that the 1st choice is not correct).

R

 

[Cesko]

Social democracy:
Lowest common denominator conspires with bureaucrats, they share the loot with big corporations which join in as much as their financial power allows. Majority- decent hard working people(small business etc) gets screwed.
Big part of lowest common denominator are vultures called minorities which get something for nothing because it's relatively easy to pay them off.

 

[turkeyneck]

Quote from ggoyal:

its tax haven, not heaven

Do you pay tax in heaven?

 

[piezoe]

Quote from freewilly:

Oh, good, let's turn the USA to a communist country. Why doesn't uncle Sam TAX 100% and give what people they need?

I am worried that this country is going to a wrong direction too far. The FED bailout of those banks, reducing interest rate are against capitalism.

Capitalism has great appeal to me. I wish USA would give it a try. It might turn out to be better than the present system of joint government/business cartels and monopolies. Admittedly, more money can be made with monopolies and cartels, but there might be some benefits to capitalism that could potentially outweigh the money factor. (Who am i kidding?) I would still like to see us give it a try.

If we decided to become both a democracy and a capitalist country all at once that might create too much up upheaval. Perhaps we should follow China's lead and introduce both practices slowly so as not to alarm the populace.

 

[LT701]

I agree that capital income should be taxed at the same rate as wage income

But I'd argue that it already is. FIrst it's taxed as corporate income, then it's taxed as individual capital gains income

But why should obama and 'the oracle of omaha' care?

they've got theirs

 

[hottpotat0]

Quote from Pa(b)st Prime:

I agree Buffet's a jerk. Duplicitous, preachy, parasitic....

OTOH, I too favor an increase in cap gains and a MASSIVE reduction in ordinary rates.

Wages are a product of work. Earned wages are sacrosanct.

Most capital gains are a product of inflation. Earnings ect. tend to keep pace with prices paid. Price as we know reflects devalued dollars. Thus longer term gains are often caused ipso facto by crap government policies.

Render unto Caesar the things which are Caesar's, and unto God the things that are God's.

amen brother!