-buffett pays taxes in capital gains, not income. when you run a fund you can pay yourself capital gains or filing on a schedule c which should be 15% or whatever his effective rate is after the write downs. im sick of the buffett quote. if he wants to pay higher taxes then he can send a check to the IRS. i dont want to pay higher taxes. i dont the government can be more efficient than i can with money. i dont support the bailout, social security, medicare, medicaid or any other program paid for by taxes that is not for the "general welfare" of all americans. roads, bridges, tunnels fine...but no more monthly checks. we dont have the money anymore (So you think you know more about economics than Warren Buffet?! Wow, you are really bold!
Don't you think that granting EVERY American the chance to have a good education and health benefits whether rich or poor is not going to benefit the general welfare for America as a whole? If not, than you really are out for only yourself! That is the type of person who has no true alligance to anyone other than yourself. This thing called the US of A is bigger than you or me mister!)-if you believe that obama will only tax people making 250k or more then i have bright in brooklyn to sell you
(I never said, "Obama would will only tax people making 250k or more." I said, "IF YOU MAKE LESS THAN $250K A YEAR, YOU WILL NOT BE EFFECTED!" That means people who make less than $250K will not pay higher taxes. Jeezz, not only are you close-minded nor can spell, but you also have trouble reading and comprehending.)
-ask your accountant/cpa about obamanomics, im sure its a very hot topic for them right now...ask him/her to run your numbers under his plan (I went to school with plenty of CPAs and one tax lawyer, and unless they are a close minded conservative like yourself, they even say that I would not pay more taxes.)
I understand how captial gains taxes work, but capital gains cuts were some of the biggest cuts under the Reagan/Bush plans. Who do you think would have the most capital gains income the well off or the middle income? Of course, the well off, and that is who benefits from capital gains tax breaks. I am stating that well off is a household income of $70K plus. If your household makes less than $60K-70K a year while raising kids and/or maintaining a house, you don't have money to put into capital gains! The only way those people save is through their 401k. Dude, like I said earlier, you are not making $250K a year (or I seriously doubt it), so your taxes will not go up!
What you want is true laissez-faire which is never going to happen. You know why? Humans are greedy by nature. I know you are greedy. Contrary to what you think of me, I am greedy too! If there is true laissez-faire marketplaces, one company will be bigger than the others in any given industry. Once that happens, the biggest and strongest company will buy-up all the smaller companies eventually creating a monopoly. Once you have an unchecked monopoly, that monopoly will practice unethical business practices (i.e. price fixing, supply fixing, etc.) because no one is going to have the authority to keep them in check. KOAJ, you can learn more on monopolies and other pitfalls of true laissez-faire economics by reading a Macro-Econcomics 101 book. Please read on the busting of the Trusts (monopolies) during the turn of the 20th century. Also, read on the Panic of 1896.
Btw, I have heard of Arthur Laffer, and he is a smart man. The problem with Art is that he has only worked with Republican leaders, so I will take what he says with a grain of salt for he has an agenda. Plus his experience is pretty limited compared to John Galbraith. The gentleman I referred to, John Kenneth Galbraith, worked with leaders of multipule parties for like 50 years and taught at Harvard for many years, so I am more inclined to believe his views.
KOAJ, I truly believe that you are really only ranting and raving because your "team" lost on Tuesday night by a landslide, and you feel like you will have a Democratic President for the next eight years. The beautiful thing about our Democracy is that, if Obama messes up, we can vote his azz out in four years. If you just shut-up, and let Obama do his thing, this all may blow-up in his face and America will vote be glad to vote him out of office in 2012. If you were really confident his plans won't work, you would be cool and quiet until he does something wrong. On the other hand, I think you have fear that his economic plan just might be what the doctor ordered. Then you will have to deal with a Democratic president until 2016 or later.
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