WSJ: The Tax That Won't Die

[Mnphats]

Quote from jem:

He is a hypocrite because as he was voicing his concerns for the average worker he owned a strong stake in moodys. Which certified toxic crap as investment grade and allowed wall street to suck out millions and billions from pension plans.

Well said he is a hypocrite on a few different levels.

He escapes paying income taxes for the most part and enjoys 15% cap gains on stock sales.

 

[Gabfly1]

Quote from Mnphats:

Well said he is a hypocrite on a few different levels.

He escapes paying income taxes for the most part and enjoys 15% cap gains on stock sales.

Forgive me, but that is an utterly clueless post. On the plus side, you're in good company here.

 

[libertad]

Quote from Angrycat:

I like the sales tax. Taxing what you take out of the economy (consume) makes much more sense than taxing the income resulting from what you put into the economy (produce).

How about a flat consumption tax? Or even a progressive consumption tax instead of any income tax at all.

......................................


You are 1000% correct....


A 10/5 C tax should replace the current tax structure....

No income or corporate taxes.....

Otherwise the US will continue its economic decline....

 

[Angrycat]

Quote from Gabfly1:

No, Angrycat, you are missing the point and are responding on a tangent. Perhaps your anger is clouding your judgment. Buffett made his view known and is acting on that view. His integrity is intact. You, on the other hand, are just a bundle of rage seeking expression.

You can imagine just how much an idiot's armchair psychology means to me.

If you can't understand that Buffet wishes t dispose of his wealth as he sees fit but advocates for forcing you to dispose of your wealth (well, probably you don't have any, but the point remains) as he wishes as well, then I can't help you.

You seem to have an unnatural fascination with The Buffet. It's pointless for me to interfere with your worship.

carry on, dear.

 

[Gabfly1]

I don't know where all that rage stems from, but you go, girl!

P.S. Any relation to Ayn Rand?

 

[Mnphats]

Quote from Gabfly1:

Forgive me, but that is an utterly clueless post. On the plus side, you're in good company here.

Feel free to rebut.

Your free to leave as well.

 

[Free Thinker]

Quote from Scataphagos:


They money has already been "taxed up the wazoo"... likely at least twice or more, and as "personally owned property", should pass to the beneficiary of the owner's choice without being taxed yet again, simply because it changes owners.

nonsense. if capital assets are passed through inheritence to a new owner they escape all taxes without an inheritence tax. capital assets recieve a stepped up basis when passed through an estate.
example: a farmer buy a farm in the fifties for $50 per acre. when he dies it is worth $5000 an acre. when the property passes to his children they recieve the property with a cost basis of $5000. they can instantly turn around and sell the land and there is 0 cap gains or income tax due. without a death tax these assets escape taxation. great deal for the heirs but not fair to other taxpayers.

 

[PlusMinus]

Quote from Gabfly1:

Personally, I like Buffett's take on estate tax:

"I believe in keeping equality of opportunity," said Buffett. "You don't get to be a quarterback ... because your father was a quarter back 20 years ago."

http://money.cnn.com/2007/11/14/pf/taxes/buffett_hearing/index.htm

Society is better served by meritocracy than by aristocracy. An estate tax is a step in that direction.

What a crock. It is not the role of government or society to reclaim what was earned by individuals over a lifetime. This is an absolute asinine argument. In fact the only purpose given for taxing AT ALL in the constitution is to pay for the cost of running the government, not to establish "equality".

I weep for the republic. This kind of tripe is a travesty on this nation. Our schools have failed us and there is probably no turning back when one reads this kind of garbage.