Author Topic: Buffett on Daily Show  (Read 8796 times)

Myth465

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Re: Buffett on Daily Show
« Reply #20 on: November 29, 2012, 06:28:36 PM »
Thanks Eric, will look at the post in more detail tonight, I am still trying to get my arms around this franking.

Whats funny is I am probably one of the few members of the board who is seriously double taxed. All my income is subject to both US and AUS taxes. I get the worst of both worlds, and have really thought about the best way to structure my holdings due to it....


meiroy

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Re: Buffett on Daily Show
« Reply #21 on: November 29, 2012, 06:32:42 PM »
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

Fantastic. Thank you.

txlaw

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Re: Buffett on Daily Show
« Reply #22 on: November 29, 2012, 06:46:42 PM »
Ha, and we come back full circle to the discussion on franking we had over two years ago.

http://www.cornerofberkshireandfairfax.ca/forum/general-discussion/future-dividend-taxes/msg18332/#msg18332

Myth, what was that you said about this being debated ad nauseam in the past?

PlanMaestro

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Re: Buffett on Daily Show
« Reply #23 on: November 29, 2012, 06:52:02 PM »
Very interesting comments. Out of curiosity, why the US does not have a value added tax?

http://worthwhile.typepad.com/worthwhile_canadian_initi/2009/08/economic-policy-advice-for-the-ndp-part-iii-the-gst.html

rimm_never_sleeps

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Re: Buffett on Daily Show
« Reply #24 on: November 29, 2012, 07:12:44 PM »
Rimm,

I don't know what others' arguments are and that someone else you referred to is not posting here. So let us stick to the merits/flaws in the argument presented w/o name calling.

Anyhow, the main point made is still valid: an investor in a corporation still pays (indirectly) corporate income taxes. So, he/she is not paying zero taxes even if there is no dividend income or capital gains. By the way, I have been a shareholder of Berkshire for more than 10 years, and I deeply admire & respect Buffett. I happen to disagree on some (but not all) aspects of his arguments. In general I favor a more balanced taxation/spending approach with tax increases being part of the solution. I also think current lower dividend/cap gains taxes get a bad rap (when compared to ordinary rates) as if those are the only taxes an investor pays.

I realize that reasonable people may disagree.

Rich people do a lot more than collect dividends. they buy and sell stocks, bonds, gold and other commodities, options, currencies, vacation homes, town houses, paintings, and private businesses. There is no double taxation here.

Myth465

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Re: Buffett on Daily Show
« Reply #25 on: November 29, 2012, 07:51:31 PM »
Ya this is one of the saner discussions lol, which is why I decided to throw my hat in, it also appears to be a discussion and not just everyone stating their ideology. This is a very simple problem, too many people are wedded to their ideology and its more about getting what you want and being pure vs. solving the fiscal issues facing this great nation.

These discussions have a very distinct process flow.

Buffett says something on taxes. It gets posted here. Many great fans of Buffett here say,

1 he is a hypocrite because of his tax breaks and tax avoidance,
2 he isnt giving proper care to double taxation or spending cuts
3 the old man was much better when he didnt comment on these things and he should stick to investing
4 the government spends too much and taxation is akin to physical rape

Debate ensues between liberals, libertarians, anarchists, and conservatives
Mostly along Ideological lines.
Hitler is eventually brought up.
Debate ends with no one having grown, learn, or changed their minds.

The process begins all over again when Buffett post another article or grants an interview and speaks on taxes.

I decided to clock out this year, but its so tough to stay away.......
Fun to watch though.
« Last Edit: November 29, 2012, 07:53:07 PM by Myth465 »

txlaw

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Re: Buffett on Daily Show
« Reply #26 on: November 29, 2012, 07:56:15 PM »
LMAO

ERICOPOLY

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Re: Buffett on Daily Show
« Reply #27 on: November 29, 2012, 08:10:24 PM »
Ha, and we come back full circle to the discussion on franking we had over two years ago.

http://www.cornerofberkshireandfairfax.ca/forum/general-discussion/future-dividend-taxes/msg18332/#msg18332

Myth, what was that you said about this being debated ad nauseam in the past?


There is enough frustration over the government never making a decision to get me to bring it up again (out of frustration).

The Democrats seemingly could finally get one thing they want (keeping more jobs onshore) if they could just give the Republicans some of what they want (US onshore corporate income won't get taxed twice).

Instead they keep on trying all sorts of stimulus measures to get consumers to spend more, when part of the problem is that we already consume enough things that simply aren't produced here.  Can't they at least make it relatively more profitable to do more business in the US by dangling a carrot to the Republicans?  Maybe with more US jobs we'd need less unemployment benefits, and thus be part of the way to resolving "The Cliff".

It seems painfully clear to me that one big benefit to the Australian dividend franking system is that it only applies to Australian sourced corporate income.  An added incentive to not offshore your operations.
« Last Edit: November 29, 2012, 08:14:08 PM by ERICOPOLY »

meiroy

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Re: Buffett on Daily Show
« Reply #28 on: November 29, 2012, 08:13:07 PM »
Debate ensues between liberals, libertarians, anarchists, and conservatives
Mostly along Ideological lines.
Hitler is eventually brought up.

*cough*

http://www.cornerofberkshireandfairfax.ca/forum/general-discussion/ot-comedy-hitler-misses-the-bull-market/msg8767/#msg8767