Author Topic: Buffett on Daily Show  (Read 8914 times)

txlaw

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racemize

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Re: Buffett on Daily Show
« Reply #1 on: November 28, 2012, 09:49:07 AM »
interesting that he said most of his capital gains were from bonds which didn't have double taxation.

Parsad

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Re: Buffett on Daily Show
« Reply #2 on: November 29, 2012, 10:18:00 AM »
If you are not in the U.S., you may not be able to watch that link.  Here is one for Canadians.  Cheers!

http://www.thecomedynetwork.ca/shows/TheDailyShow?videoPackage=127462
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rimm_never_sleeps

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Re: Buffett on Daily Show
« Reply #3 on: November 29, 2012, 10:24:57 AM »
interesting that he said most of his capital gains were from bonds which didn't have double taxation.

in 2009.

Munger_Disciple

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Re: Buffett on Daily Show
« Reply #4 on: November 29, 2012, 01:53:31 PM »
I thought the best question Stewart asked Buffett was about the argument of double taxation. In other words, if you own stock in a company, you are basically paying your share of corporate taxes (paid on your behalf by the company) in addition to any dividend and capital gains taxes. I thought Buffett's reply was evasive and did not really answer the question. The question was a general one, and not about capital gains paid on bonds.

Myth465

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Re: Buffett on Daily Show
« Reply #5 on: November 29, 2012, 02:31:26 PM »
Where is it written that money can only be taxed once?

Munger_Disciple

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Re: Buffett on Daily Show
« Reply #6 on: November 29, 2012, 03:27:08 PM »
The issue is that Buffett is comparing taxes on investment income (in general unearned income) of an individual with earned income of an employee. So it only only fair (for apples to apples comparison) that he takes into account all the taxes paid by an investor either directly or indirectly. Especially since he takes into account the payroll taxes paid by the employee in addition to income taxes paid by the employee to arrive at the total taxes on earned income.

For the record, I am not against higher tax rates per se, but I dearly would like to see the sending cuts materialize. Otherwise, if one wants to know what will happen to the US, he/she simply needs look at California (I live here). We have the highest income tax rates and sales tax rates in the country, and we still have huge state & local budget deficits because our politicians simply do not address the spending issue.

rimm_never_sleeps

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Re: Buffett on Daily Show
« Reply #7 on: November 29, 2012, 03:47:37 PM »
I thought the best question Stewart asked Buffett was about the argument of double taxation. In other words, if you own stock in a company, you are basically paying your share of corporate taxes (paid on your behalf by the company) in addition to any dividend and capital gains taxes. I thought Buffett's reply was evasive and did not really answer the question. The question was a general one, and not about capital gains paid on bonds.

what would paying "your share" of corporate income taxes have to do with paying tax on the profit you make when you sell your share of the business? these Norquist inspired talking points may be somewhat valid for dividends, but not valid at all for disscussion of cap gains on sale of assets. And bonds, paintings, townhomes, and gold do not pay income tax.
« Last Edit: November 29, 2012, 03:49:24 PM by rimm_never_sleeps »

NormR

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Re: Buffett on Daily Show
« Reply #8 on: November 29, 2012, 03:52:06 PM »
For the record, I am not against higher tax rates per se, but I dearly would like to see the sending cuts materialize.

Don't hold your breath

Munger_Disciple

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Re: Buffett on Daily Show
« Reply #9 on: November 29, 2012, 03:55:29 PM »
Rimm,

I respectfully request that you keep personal attacks out of this superb board.