[mlmpetert]

Im not saying he should send all his money in, just an amount equal to how much he thinks he should pay. But if hes so adamant about the super rich paying more in taxes, why doesnt he set an example. Im sure he can raise 1 billion and give it to the government as an example for others.

I respect Warren Buffet…. as a investor but that’s all he is. Just a genius value investor, not an economist or politician. The Koch brothers probably want to get rid of taxes. George Soros probably wants to double taxes on rich and triple entitlements. Just because someone’s successful and rich doesn’t mean they know whats best for us. So when 12th says Warren Buffet says this, I say so what. I absolutely don’t think Buffet should write a big check that’s crazy, but I would be a lot more interested in his opinion if he did. Actions > words, for me.

I honestly think we need to completely overhaul our tax code. I think we should have something simply enough that regardless of wealth and income, anyone with a high school education should be able to complete their taxes in less than 30 minutes the day taxes are due as long as they have their w2 and 1099’s in hand. A corporation should be able to do it in under an hour. At least those are my ideals.

A lot of these so called “loopholes” are going to be difficult to cut. Things like corporate jet write offs and oil company credits are small potatoes and wont do anything to raise revenues, just hurt oil companies and jet companies. The things that matter are the Healthcare funded by your employer credit (275 billion), mortgage interest (90 billion), 401k contributions (60 billion), charitable donations (40 billion), state and local taxes paid credits (40 billion). You cant cut these things unless you make MASSIVE reform to the tax code. Welfare credits like the earned income credit (60 billion) need to go in my opinion. Raising taxes on capital gains and qualified dividends to make them equal to your earned income rate is probably also a good idea, and I think that’s the major thing Buffet is campaigning for.

I think raising “total income” (earned or otherwise) top tier rates slightly make sense, but only if in conjunction with tax code reform and a reduction in corporate taxes. Corporate taxes only account for about 15% (380 billion) of total revenue and are the highest and most complicated in the world. Raising taxes via the elimination of social aid to lower income individuals need to happen too. We cant expect 50% of Americans to pay no taxes at all, while 5% of Americans pay half of all the taxes. People who don’t pay anything don’t feel like they own anything. Let the poor take ownership in their country.