Our Tax System

Warren Buffet describes a major problem he sees with our current tax system and what we should do to change it

Category:

Education

Tags:

• Taxes
• Warren
• Buffet
• progressive
• tax
• problem

[KenMacMillan]

Debunking Warren Buffett and other tax myths

/watch?v=6drf0DsnHRw

[Bren565]

@richis2fast4u

thank you, someone knows math. :)

[richis2fast4u]

@SPGhettus Reasonable taxes are not socialism, no matter how much the GOP would like you to believe. I'd like tax rates from Kennedy on back. I agree though, Reagan's tax rates would be far better than these bush tax cuts.

[Texasjim2007]

On next years tax forms Congress should let taxpayers check off which party in Congress they want to authorize to manage their money. Then Democrats can raise taxes from all those rich Democrats for projects beneficial to Democrats and pay off their own debts anyway they want and Republicans will be able to cut programs not beneficial to Republicans and only have Republican debts to pay off.

[SPGhettus]

@stevenrszabo Oh, sweet irony. One of America's most successful capitalists is a socialist? What an idiotic idea.

Warren isn't a hypocrite, but is well aware that an extra 5-10% from him would make no practical difference. If he AND all his fellow richies did this, (over 3 million millionaires in the US) we're talking serious deficit reduction. No one is "passing judgement", either. We just want a return to the normal, historical rates. The ones Reagan passed would work for me.

[SPGhettus]

@foreyswizard You're right, I've studied income inequality in the US, and it has been growing. There is also ample evidence that this is harmful to society. If anyone is full of it on this, it's not you. He's probably repeating what he heard on talk radio.

Check out social mobility, if you haven't yet. The conservative agenda with help from big money in politics is also creating almost permanent upper and lower classes. They are killing the American Dream. 

[MaudsPas]

It's crazy that Americans will only listen to a rich person and what he thinks the top tax rate should be.

The middle class shouldn't be allowed to have say? Nonsense.

[foreyswizard]

@ericclaptonismygod31 dude, give me a link to these studies you are reading, or the authors.  I can't believe I am even arguing this point. rising income inequality is FACT and has been fact for decades. Also, great job on defending your opinions by telling me I am full shit. never a more convincing argument has been made.

[ericclaptonismygod31]

You are full of shit, mate.

Have a look at the NBER data on income differentials from the 1980s until 2010.

[foreyswizard]

Also, to diverge

1. What? Income inequality has definitely risen in the last 20 years. definitely, not even arguable(preponderance of data(NBER included) backs that up)

2.Obviously economic conditions are different between now and 1950, but that doesn't mean it isn't relevant (especially in the case of taxes=less work" a psychological and sociological issue not economic) or that its the same as comparing it to late 19th century(World war industrialization, urbanization, electricity etc etc etc)