Posted by jiml60 on 9/9/2011 3:04:00 PM (view original):
"The world can always use more ditch diggers."

I disagree with you on almost everything, but thanks for the Bushwood reference.  Good for a quick LOL.

Posted by MikeT23 on 9/9/2011 7:05:00 PM (view original):

Posted by jiml60 on 9/9/2011 3:49:00 PM (view original):

Posted by MikeT23 on 9/9/2011 1:49:00 PM (view original):

Posted by jiml60 on 9/9/2011 12:00:00 PM (view original):

Posted by MikeT23 on 9/9/2011 11:55:00 AM (view original):

So one is absolved of responsibility because they took advantage of an opportunity?

I don't recall absolving anyone of responsibility, placing more blame on certain groups yes.

Are these not your word?

"The blame for our financial mess lies in Washington and Wall Street."

I see no mention of individuals who defaulted on loans they couldn't afford.

If loan officers, bank auditors, state and federal auditors were doing their job - those loans would/should have not been made in the first place.
Congress created the atmosphere for this mess, Wall Street and the banks/financial institutions exploited it.  I'm laying the majority of blame at their feet.
I'm not and did not absolve any individual of blame for their personal dumbassedry. They're paying the price with foreclosures and bankruptcy while the thieves on Wall Street and bank boardrooms across the country got off with bail-outs, bonuses and no jail time.

Honestly, I think we kind of agree.  However, I'm just not willing to say "If they hadn't been offered......"

Equate it to the email saying "I am Sayim Abed Akbar.  I am an Arabian prince.  I have 50m in the bank but I need your help....."   Do you feel sorry for anyone who discloses every bit of personal information after getting this email?   I'm assuming "no".  Because, when you're offered something that you know you shouldn't be entitled to, you should think "WTF is the catch?"    People were accepting loans that they should have known they couldn't pay.  I don't think guns were held to anyone's head.  Laying the majority of the blame at the guy offering isn't right.   Personal responsibility.  

 

Thanks for the advice, Dr. Laura!

Good piece by Robert Reich on the "job creators" and their fair share of taxes:

robertreich.org/post/10360054909 

Posted by willgibson on 9/7/2011 1:59:00 PM (view original):
"I agree - government waste is all over and is not one party or the other. Both need to stop ludicris spending and make the necessary and difficult budget cuts to reign in the out-of-control deficit."

The biggest problem is political expediency will prevent anybody acting on this issue until it reaches a crisis. And when it does, neither side will want to lose credibility with their respective constituencies so there will be plenty of posturing and brinksmanship until America's creditors lower the hammer.

"Warren Buffett loses more and more credibility every day with me. The man has his own agenda - I guarantee you that."

He has a pretty clear agenda -- and a fantastic track record -- of making money for the investors of Berkshire Hathaway. As far as his agenda here goes, I respect him as he appears to be speaking out against his own interest. That's pretty rare these days, either from politicians or anybody else.

"As for closing loopholes... close one loophole and 3 more will open. it can't be done under the current tax structure combined with lobbyists."

Agreed

"Thats one reason why I like the fair tax - no loopholes - no lobbying to create loopholes. Its a flat sales tax across ALL industries.... and individuals don't file taxes so no loopholes or tax breaks/shelters there. The fair tax has its flaws but I think it does way more good than harm.... still though - the gov't will have to do its part and reduce wasted spending for any tax reform to be effective."

The fair tax works far better in principle than an income tax although you might create an underground economy where people exchange goods and services under the table to avoid it. No system is perfect. In ideal world, I'd favour a flat sales tax and a flat income tax (no shelters or exemptions) for people and corporations who make more than 30k a year.

As I suspected... Buffett's clear agenda.... and factual data that Buffett was way overstating the tax figures in his office worker tax scenario (....it was baffling that admin assts would pay from 33-41% in taxes after standard deductions, interest deductions, etc).  Great article with factual data from the IRS to support the claim.  

http://blogs.marketwatch.com/election/2011/09/21/billionaire-buffett-goes-to-bat-for-obama-again/

EDIT: deleted previous response.  

There is no point in debating with someone that read an article only to pick out one side and ignore the rest.... not to mention someone who obviously doesn't pay US taxes, or they'd know NO ONE pays 33-41% in federal taxes. NO ONE.

I'm pretty sure I read the article more closely than you did.

Adjusted Gross Income, 2009	Average Federal   Income Tax Rate (%)
$10,000 under $15,000	6.8%
$15,000 under $20,000	6.6%
$20,000 under $25,000	8.7%
$25,000 under $30,000	9.7%
$30,000 under $40,000	10.0%
$40,000 under $50,000	10.6%
$50,000 under $75,000	11.6%
$75,000 under $100,000	12.3%
$100,000 under $200,000	16.3%
$200,000 under $500,000	24.6%
$500,000 under $1,000,000	28.8%
$1,000,000 under $1,500,000	29.4%
$1,500,000 under $2,000,000	29.6%
$2,000,000 under $5,000,000	29.7%
$5,000,000 under $10,000,000	29.1%
$10,000,000 or more	26.3%
Average	17.8%

from the IRS website - and a link from the article which you must have glazed over.   How much do you think his secretary earned last year? Buffet said he paid 17.4%.

Oh, and I'm pretty sure you don't pay US taxes or you'd know this already.

That's it, keep on defending Buffett from himself, moy.  I'm sure he'll thank you for it eventually, when he regains his senses.

I just checked my tax returns from 2010:

11.87% Effective Rate for me.  17.4% for Buffett.

10.92% in 2009 for me.  17.4% for Buffett.   

Posted by rcrusso on 9/21/2011 11:19:00 PM (view original):
No one gives a crap how much you paid moy! As far as I am concerned you did not pay enough!

probably true ---- tax the middle class!

but the other 20 people in buffett's office DID NOT pay 33-41% in federal taxes....