Republicans to Buffett: Show Us Your Tax Returns

CatholicCrusader · Sep 24, 2011

Republicans to Buffett: Show Us Your Tax Returns
Friday, 23 Sep 2011 11:50 AM
By Dan Weil

Some Republicans in Congress are frustrated with the insertion of legendary billionaire investor Warren Buffett into the debate about raising taxes on the wealthy. So they want him to release his own tax returns, The Hill reports.

Buffett has repeatedly called for a tax increase on the wealthy in recent months, complaining that his own taxes are too low. President Barack Obama proposed a tax hike on the wealthy again Monday, calling it the ?Buffett rule.?

Republicans are responding with vigor.

?Will Warren Buffett release his tax returns so we can see why he should be the standard for tax policy?? Sen. John Cornyn, R-Texas, questioned on Twitter Thursday.

Freshman Rep. Tim Huelskamp, R-Kan., sent an open letter to Buffett asking for his tax filings.

?Given the use of your name and your story as the guiding force for the president?s policy prescription, it is my hope that the evidence to justify such a change in policy will soon be available for public review,? Huelskamp wrote.

http://www.newsmax.com/TheWire/Repu...s/2011/09/23/id/412101?s=al&promo_code=D1E7-1

Patrick · Sep 24, 2011

Buffet is just turning into an ass in his old age. Or maybe he has rich person "guilt" for succeeding. As a number of people pointed out, why doesn't he just send the government a check for, say, $10 billion?

Buffet certainly knows how to pick stocks, but he's no economist or tax expert.

Once again, the stupidest thing you can do in a recession is raise taxes. But then how do you reduce the national debt? Hold on - this is REALLY difficult, sort of like general relativity:

YOU CUT SPENDING

skapdap7 · Oct 3, 2011

taxes

I think everyone in congress and billionaires as well should release their taxes.

DodgeFB · Oct 3, 2011

skapdap7 said:
I think everyone in congress and billionaires as well should release their taxes.

Everyone that works for the "government" or sticks their bill into other peoples business should release their tax returns. Old Buffy seems to have some guilt about all the "poor" people he stepped on getting to where he is. So he should release everything. But just your plain old billionaire minding his own business should be able to keep his records private.

Supposn · Nov 6, 2011

The issue is not Warren Buffett's financial affairs but rather how and why taxpayers are paying various amounts of taxes upon the same amounts of net incomes.

There are two Congresswomen Sanchez?s from California in the U.S. Congress. I think I addressed this letter to Congresswoman Loretta Sanchez from the 47th CD of CA.

Respectfully, Supposn
///////////////////////////////////

Congresswoman Sanchez, I?m pleased that you advocate (to whatever extent possible) we receive the maximum economic stimulus from every portion of Bush?s tax cuts that the U. S. Congress chooses to retain. I agree that if we?re reducing our revenue and increasing our debt, we want maximum value for our financial risk.

I heard you speak in favor of the reduced tax rate for long term capital gains. I?m opposed to special strokes for special folks or the government determining which classification of income should be favored over other incomes.

USA?s tax discount for long term capital gains reduces government?s revenues but it does not increase the net amounts invested within the USA. It induces aggregate shifting of investments to favor one category of investment over another. The incomes of those who nurture and reinvest their efforts and wealth into their enterprises are certainly economically no less worthy than that of investors who take the money and run after some time in excess of 365 days.

I'm not opposed to speculation. I'm opposed to government favoring speculators which is not optimum economic policy (if we really trust neutral public markets and free enterprise).

Investors are pragmatists. They don?t generally spend time arguing with the financial environments governments? create; they simply function within those environments.

Respectfully,

dabdab · Nov 11, 2011

Patrick said:
Buffet is just turning into an ass in his old age. Or maybe he has rich person "guilt" for succeeding. As a number of people pointed out, why doesn't he just send the government a check for, say, $10 billion?

Buffet certainly knows how to pick stocks, but he's no economist or tax expert.

Once again, the stupidest thing you can do in a recession is raise taxes. But then how do you reduce the national debt? Hold on - this is REALLY difficult, sort of like general relativity:

YOU CUT SPENDING

that is a stupid idea
what make your economy so Weak is you borow mony to gamble with it you don't invest it in the production of goods and services you tied it to wall street which is no more than a glorified gambling club .

YOU CUT gambling
and start investing in the people who produce goods and services

DodgeFB · Nov 11, 2011

dabdab said:
that is a stupid idea
what make your economy so Weak is you borow mony to gamble with it you don't invest it in the production of goods and services you tied it to wall street which is no more than a glorified gambling club .

YOU CUT gambling
and start investing in the people who produce goods and services

I think I understand what you are saying. I can certainly see what you are saying.:giggle:

In my world it would be stupid to borrow money for a new truck just to ride around in and look cool. But could be a good investment if I was hauling produce or cattle to market making the money for repayment of the loan.

Am I on the right track?

dabdab · Nov 11, 2011

DodgeFB said:
I think I understand what you are saying. I can certainly see what you are saying.:giggle:

In my world it would be stupid to borrow money for a new truck just to ride around in and look cool. But could be a good investment if I was hauling produce or cattle to market making the money for repayment of the loan.

Am I on the right track?

more important than making the money is adding value to the product ; by hauling it from one place to another were it is needed . Also it is even more stupid to borrow money and gamble with it than borrowing money for a new truck just to ride around in and look cool. there is bad and there is worst and of course there is better which is your choice . yes you are on the right track here .

Abbott Presley · Dec 16, 2020

Republicans to Buffett: Show Us Your Tax Returns

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