Barackface: Warren Buffett

Showing posts with label Warren Buffett. Show all posts

Monday, August 15, 2011

The Stupid, Stupid Bush Tax Cuts

Image via WikipediaThe Bush tax cuts are the reason the Great Recession happened. The continuation of the same is the reason we are not fully out of the recession yet. And now I have Warren Buffett seconding that opinion.

New York Times: Stop Coddling the Super-Rich: While the poor and middle class fight for us in Afghanistan, and while most Americans struggle to make ends meet, we mega-rich continue to get our extraordinary tax breaks. Some of us are investment managers who earn billions from our daily labors but are allowed to classify our income as “carried interest,” thereby getting a bargain 15 percent tax rate. Others own stock index futures for 10 minutes and have 60 percent of their gain taxed at 15 percent, as if they’d been long-term investors. ........ These and other blessings are showered upon us by legislators in Washington who feel compelled to protect us, much as if we were spotted owls or some other endangered species. It’s nice to have friends in high places. ...... Last year my federal tax bill — the income tax I paid, as well as payroll taxes paid by me and on my behalf — was $6,938,744. That sounds like a lot of money. But what I paid was only 17.4 percent of my taxable income — and that’s actually a lower percentage than was paid by any of the other 20 people in our office. Their tax burdens ranged from 33 percent to 41 percent and averaged 36 percent. ....... If you make money with money, as some of my super-rich friends do, your percentage may be a bit lower than mine. But if you earn money from a job, your percentage will surely exceed mine — most likely by a lot. ....... Last year about 80 percent of these revenues came from personal income taxes and payroll taxes. The mega-rich pay income taxes at a rate of 15 percent on most of their earnings but pay practically nothing in payroll taxes. It’s a different story for the middle class: typically, they fall into the 15 percent and 25 percent income tax brackets, and then are hit with heavy payroll taxes to boot. ........ I have worked with investors for 60 years and I have yet to see anyone — not even when capital gains rates were 39.9 percent in 1976-77 — shy away from a sensible investment because of the tax rate on the potential gain. People invest to make money, and potential taxes have never scared them off. And to those who argue that higher rates hurt job creation, I would note that a net of nearly 40 million jobs were added between 1980 and 2000. You know what’s happened since then: lower tax rates and far lower job creation. ........ In 1992, the top 400 had aggregate taxable income of $16.9 billion and paid federal taxes of 29.2 percent on that sum. In 2008, the aggregate income of the highest 400 had soared to $90.9 billion — a staggering $227.4 million on average — but the rate paid had fallen to 21.5 percent. ........ 88 of the 400 in 2008 reported no wages at all, though every one of them reported capital gains. Some of my brethren may shun work but they all like to invest. (I can relate to that.) ....... I would leave rates for 99.7 percent of taxpayers unchanged and continue the current 2-percentage-point reduction in the employee contribution to the payroll tax. This cut helps the poor and the middle class, who need every break they can get. ....... for those making more than $1 million — there were 236,883 such households in 2009 — I would raise rates immediately on taxable income in excess of $1 million, including, of course, dividends and capital gains. And for those who make $10 million or more — there were 8,274 in 2009 — I would suggest an additional increase in rate.

Thursday, September 09, 2010

Hillary's Peace Efforts In The Mideast

Time: Hillary Clinton's Risky Return To Mideast Peace Talks: last March, when she called Israeli Prime Minister Benjamin Netanyahu to scold him for a perceived slight to Vice President Joe Biden. ..... see her take center stage in this week's meetings relaunching peace talks between Netanyahu and Palestinian Authority President Mahmoud Abbas...... she also has the ability to talk to these leaders as a significant political figure in her own right and also as a political figure who can appreciate their dilemmas and can help them work through the tough politics on both sides......Netanyahu and Abbas have agreed to meet every two weeks ..... Behind the scenes, Clinton has been preparing for her new role. She ordered a review of all previous U.S. efforts in the peace process, including analyses of what worked and what didn't.... she thinks it's possible

Hillary was a great choice for Secretary Of State. I rooted for her the first chance I got. For someone who almost became president to agree to become Secretary Of State, I appreciated the gesture.

This Mideast permanent mess is one area where she can rely greatly on her husband. Bill Clinton is the last guy who came really, really close to getting it done. If Arafat had settled for a good peace instead of the perfect peace he wanted, it would have been done back in 2000.

The pendulum swung the other way for a decade. Now it is time to get the pendulum swinging our way one more time. It is time to engage, it is time to talk peace.

I don't think there is any debate that a two state solution is where it is at. Even the roadmap is quite obvious. It is the drama of all the intermediate steps that is the challenge.

Could Hillary dance the dance? If she could she will get something Bill Clinton never got, although I can't imagine he did not want to, a Nobel. That guy also wanted Warren Buffett's money.

I am confident she can get it done. For one, she is not starting in the final year of a two term president.

Sunday, August 29, 2010

Tea Party Astroturfing

New York Times: The Billionaires Bankrolling the Tea Party: Rupert Murdoch.... the brothers David and Charles Koch, are even richer, with a combined wealth exceeded only by that of Bill Gates and Warren Buffett among Americans...... given the recession-battered electorate’s unchecked anger and the Obama White House’s unfocused political strategy ...... the du Pont brothers spawned the American Liberty League in 1934 to bring down F.D.R. .... the John Birch Society-Barry Goldwater assault on J.F.K. and Medicare to the Koch-Murdoch-backed juggernaut against our “socialist” president. ..... Only the fat cats change — not their methods and not their pet bugaboos (taxes, corporate regulation, organized labor, and government “handouts” to the poor, unemployed, ill and elderly). ..... The other major sponsor of the Tea Party movement is Dick Armey’s FreedomWorks ...... Under its original name, Citizens for a Sound Economy, FreedomWorks received $12 million of its own from Koch family foundations. ..... Koch-controlled foundations gave out $196 million from 1998 to 2008 ...... free promotion 24/7 from Murdoch’s Fox News, where both Beck and Palin are on the payroll. ...... Koch-supported lobbyists, foundations and political operatives are at the center of climate-science denial ...... inexorably the Koch agenda is morphing into the G.O.P. agenda ....... the new kid on the block, Alaska’s anti-Medicaid, anti-unemployment insurance Palin protégé, Joe Miller. ...... t has no objection to running up trillions in red ink in tax cuts to corporations and the superrich; apologizes to corporate malefactors like BP and derides money put in escrow for oil spill victims as a “slush fund” ...... Do any of the Fox-watching protestors at the “ground zero mosque” know that Fox’s profits are flowing to a Obama-sympathizing Saudi billionaire in bed with Murdoch? As Jon Stewart summed it up, the protestors who want “to cut off funding to the ‘terror mosque’ ” are aiding that funding by watching Fox and enhancing bin Talal’s News Corp. holdings. ..... Franklin Roosevelt’s triumphant 1936 re-election campaign pummeled the Liberty League

The New Yorker: Covert Operations

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