Buffet's secretary belongs to the 1%...

[billc]

Well, it is slowly coming out that the poor, put upon secretary of Warren Buffet may not go to work in a frayed sweater and with eyeglasses held together with bits of tape. It may just be that this poor , put upon woman may very well be making between 200,000 dollars and 500,000 dollars. People are starting to run down wether or not this is true, but it would be really funny if it was. They say she does own two homes, one in arizona with a proffesional grade putting course and pool. Hmmm...it will be interesting following this story...

 

[Empty Hands]

Well, it is slowly coming out that the poor, put upon secretary of Warren Buffet may not go to work in a frayed sweater and with eyeglasses held together with bits of tape. It may just be that this poor , put upon woman may very well be making between 200,000 dollars and 500,000 dollars. People are starting to run down wether or not this is true, but it would be really funny if it was. They say she does own two homes, one in arizona with a proffesional grade putting course and pool. Hmmm...it will be interesting following this story...

She probably does. But the point remains exactly the same, that since her income comes from wages rather than capital gains, she pays a higher tax rate than the richest man in the world. The argument never was that his secretary had to eat cat food to survive, and characterizing it that way makes absolutely no sense.

 

[ballen0351]

She probably does. But the point remains exactly the same, that since her income comes from wages rather than capital gains, she pays a higher tax rate than the richest man in the world. The argument never was that his secretary had to eat cat food to survive, and characterizing it that way makes absolutely no sense.

And there are many reasons why Capital Gains taxes are lower. The very rich are not the only people that have to pay capital gains tax. Ive paid it on selling a house and it sucks

 

[cdunn]

And there are many reasons why Capital Gains taxes are lower. The very rich are not the only people that have to pay capital gains tax. Ive paid it on selling a house and it sucks

Holding stock for a year results in a lower capital gains tax than you did on your house...

 

[ballen0351]

Holding stock for a year results in a lower capital gains tax than you did on your house...

And? Its all double taxed money. If I buy stocks I bought it with money I earned at work. That money is taxed when I earned it. I then buy stocks with the left over and then when I cash that out its taxed again.

 

[cdunn]

If you're paying cap gains on the total sale, rather than your profit alone.. meaning that you recover the initial investment without paying further taxes, you need to have a chat with a tax lawyer.

 

[billc]

Warren Buffet's secretary is being sold as a woman making a small salary as a secretary who is getting hammered by taxes when her billionaire boss isn't. Sorry, that is the way they are marketing her and using her to slam rich people. Besides, even if the Buffet only pays 15%, 15% of a billion dollars, even with every tax trick in the book, is more money handed over to corrupt and greedy politicians than most people make in a lifetime. And he pays that each year. Of course, for those on the left, it isn't how much you actually pay, but how much you have left after you are double taxed and then get hit with the death tax. Be careful though, the politicians are now eyeing all that money from individual retirement plans, and they want it bad. They have already held hearings on confiscating that money and giving people garaunteed government retirement plans in exchange. After all, Social security is working out so well, isn't it.

Here is an article from a quick search on seizing retirement accounts...I originally heard about it on the news somewhere...

http://thenewamerican.com/usnews/po...ation-plans-to-seize-401k-retirement-accounts

The plan, as sketched in the 43-page document, calls for the creation of something called “Guaranteed Retirement Accounts” (GRAs). Biden slyly shifts the onus for the idea through weasel words typical of the federal government: “Some have suggested the creation of Guaranteed Retirement Accounts (GRAs), which would give workers a simple way to invest a portion of their retirement savings in an account that was free of inflation and market risk, and in some versions under discussion, would guarantee a specified real return above the rate of inflation.”
These accounts would be “free of inflation and market risk” because they would be under the direct and absolute control of the federal bureaucracy. There would be no risk because the funds would no longer be moored to the free market and subject to the fluctuations thereof. Rather, the retirement funds of every hard-working American dependent on a 401(k) for their retirement security would be nationalized and made subject to the whims and will of the executive branch.

 

[Empty Hands]

I like this new talking point about double taxation. Everything is double-, triple-, quadruple- and so forth taxed as money cycles through the economy with it's usual velocity. Use your personal income to purchase items subject to sales tax? Double taxation. Buy a beer? Triple or more taxation. Rent a car? Triple or more taxation. And so forth. Trying to claim the corporate taxes paid on interest which is then cashed out and paid to people like Romney is "double-taxation" is even more nonsensical. By this argument, since all of our employers pay taxes on their income, then everyone's income is double taxed. Hooray, no taxes for anyone ever!

Come up with a better talking point.

 

[Tez3]

]Warren Buffet's secretary is being sold as a woman making a small salary as a secretary who is getting hammered by taxes when her billionaire boss isn't. Sorry, that is the way they are marketing her and using her to slam rich people. Besides, even if the Buffet only pays 15%, 15% of a billion dollars, even with every tax trick in the book, is more money handed over to corrupt and greedy politicians than most people make in a lifetime. And he pays that each year. Of course, for those on the left, it isn't how much you actually pay, but how much you have left after you are double taxed and then get hit with the death tax. Be careful though, the politicians are now eyeing all that money from individual retirement plans, and they want it bad. They have already held hearings on confiscating that money and giving people garaunteed government retirement plans in exchange. After all, Social security is working out so well, isn't it.

Here is an article from a quick search on seizing retirement accounts...I originally heard about it on the news somewhere...

http://thenewamerican.com/usnews/po...ation-plans-to-seize-401k-retirement-accounts

Is she worth buying or should we hold out and buy a woman with a bigger salary?

 

[ballen0351]

If you're paying cap gains on the total sale, rather than your profit alone.. meaning that you recover the initial investment without paying further taxes, you need to have a chat with a tax lawyer.

That brings up an entire different problem with the tax code. You shouldn't need to hire a person to complete somthing that's required by law. It should be a simple process to do your taxes. I pay my tax guy pretty good money to make sure the govt is not keeping too much. It shouldn't be that hard.

 

[elder999]

If this woman earns less than$380000 a year, she isn't quite in the 1%. More later.....(on the phone.)

 

[crushing]

If this woman earns less than$380000 a year, she isn't quite in the 1%. More later.....(on the phone.)

If she does earn $380,000 a year, she is in the 1%. The same 1% as someone earning nearly $63,000,000 a year. Yes, it does show how silly the whole 99% thing is.

 

[elder999]

On the other hand, if she earns, say, $250,001 a year, she's paying at a higher income tax rate, around %34. That's $85,000.

On the other hand, if someone is collecting $700,000 a year from a trust-fund or mutual fund, they're paying around %15 capital-gains tax.That's $85,000.

 

[billc]

Yes, from what everyone is pointing out, the income tax rates need to be lowered to close to if not equal to the capital-gains tax rate. Then the person who has a trust fund will be paying more than someone who is still working for their money.

 

[elder999]

1457535[/URL]]Yes, from what everyone is pointing out, the income tax rates need to be lowered to close to if not equal to the capital-gains tax rate. Then the person who has a trust fund will be paying more than someone who is still working for their money.

And if, in fact, that flat 15% were applied across to the board to all income-including capital gains and corporate income-above $45,000 a year, it would be a very, very, good thing, but it will never happen.

 

[Steve]

And if, in fact, that flat 15% were applied across to the board to all income-including capital gains and corporate income-above $45,000 a year, it would be a very, very, good thing, but it will never happen.

absolutely! It won't happen because the only people it would really benefit would be the people in the middle. A flat 15% tax on all income, across the board, would result in a tax increase for the richest and the poorest.

And it would eliminate the entire industry of taxation, from the IRS to the accountants to the people who make money offering advances on tax returns.

There's a lot of money to be made in the business of taxation.