Warren Buffett has paid Federal Income Tax Every Year Since 1944 when he was 13 Yrs. Old.

DrHoops

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Per this article:


Warren Buffet pays an effective tax rate of 16%. Now, how many of you think Warren Buffett is a dimwit who just cant figure out the tax laws? How many of you think Trump is a fraudster and a tax cheat. I'm not sure how anyone, after reading the NY Times article, could come away thinking Trump is just a savvy businessman.

Buffett: "The total charitable contributions I made during the year were $2,858,057,970, of which more than $2.85 billion were not taken as deductions and never will be. Tax law properly limits charitable deductions."

This Twitter thread by Dan Alexander of Forbes is a pretty good summation:

 
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El Drado

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Buffet is profitable, and has a strong cash flow....and pretty damn humble for the amount of wealth he has. People like him (and me :)) don't have a problem paying people what they owe. If you are making money, it is ok for others to make money off of you. Again, you have to be profitable though and not have a stack of bank notes on your balance sheet.
 
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IUNorth

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A Buffett/Trump comparison is interesting. But when comparing, you quickly realize they’re way more different than similar. Similarities are they’re both old, white dudes that people perceive as ultra wealthy.

How they got there, how they live, how they do business...apple and orange.
 

DrHoops

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It seems that the only profitable time he's ever had was being on salary from The Apprentice. He's an incredibly terrible businessman.
 
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It seems that the only profitable time he's ever had was being on salary from The Apprentice. He's an incredibly terrible businessman.
The real hoot is that everybody in our little circle of friends is objectively more successful than Mr. Mango. I'm guessing all of us are worth somewhere between 1.5-10 million. None of us were handed $400 million to jump start our lives, if we had been I'm sure we all could have tripled that over the last 30 years.

Hell he can't compete with me, let alone Buffett or Bezos. ;)
 
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DrHoops

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The real hoot is that everybody in our little circle of friends is objectively more successful than Mr. Mango. I'm guessing all of us are worth somewhere between 1.5-10 million. None of us were handed $400 million to jump start our lives, if we had been I'm sure we all could have tripled that over the last 30 years.

Hell he can't compete with me, let alone Buffett or Bezos. ;)
He's his own worst enemy in every, single, way.
 

meridian

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Four years later and I still can't believe anyone could vote for that disgusting charlatan. Bizarro world.
Ask Mas-sa-suta!
But then, disgusting charlatans tend to appreciate other disgusting charlatans. That's the way the world turns!
 
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outside shooter

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I'm guessing all of us are worth somewhere between 1.5-10 million. None of us were handed $400 million to jump start our lives, if we had been I'm sure we all could have tripled that over the last 30 years.
Well, none of us probably have the assets he has, but none of us has personally guaranteed 400 million dollars in loans that are coming due soon, loans that are tremendous liabilities, never mind a risk for national security.

So on the whole, I'd take my finances over Don's any day. I could not sleep well as night if I were such a sleezeball.

Cars are paid off, house is paid off, our retirement fund set up & doing well, 3 kids are through college with no student debt. Life is good and I'm still in my 50s. I am sleeping well because I have never shafted anyone. I don't fret too much about folks wanting to stick a knife in my back because of any misdeeds on my part.
 

DrHoops

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Well, none of us probably have the assets he has, but none of us has personally guaranteed 400 million dollars in loans that are coming due soon, loans that are tremendous liabilities, never mind a risk for national security.

So on the whole, I'd take my finances over Don's any day. I could not sleep well as night if I were such a sleezeball.

Cars are paid off, house is paid off, our retirement fund set up & doing well, 3 kids are through college with no student debt. Life is good and I'm still in my 50s. I am sleeping well because I have never shafted anyone. I don't fret too much about folks wanting to stick a knife in my back because of any misdeeds on my part.
Over the years of having a business, I have had opportunities to "do the wrong thing". I have never crossed that line or even contemplated it. Once you do, you can't go back and it surely gets easier and easier with each opportunity.

Sounds like you've done the right thing and probably have done business with good people. I have tried to do likewise. Life is too short to do business with scumbags.
 
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HillzHoozier

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Obama said none of you built what you have. When will you back-slappers pay your fair share?
 

DrHoops

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mcmurtry66

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The real hoot is that everybody in our little circle of friends is objectively more successful than Mr. Mango. I'm guessing all of us are worth somewhere between 1.5-10 million. None of us were handed $400 million to jump start our lives, if we had been I'm sure we all could have tripled that over the last 30 years.

Hell he can't compete with me, let alone Buffett or Bezos. ;)
I wouldn’t have. I’d be dead. Would have had fun tho.
 

DrHoops

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Sure I do. That's how I found the article. What's your point? I already knew what I posted was correct. That's why I posted it.


If you were being facetious, you are wrong:


"In a 2007 interview, Buffett explained that he took a survey of his employees and compared their tax rates to his. All told, he found that while he paid a total tax rate of 17.7%, the average tax rate for people in his office was 32.9%."

Now to be clear, Buffett's employees are not paying a higher tax bill; rather, they're paying a higher tax rate relative to their own income. But still, that calls out a major injustice with the tax system, and one that Buffett has been very vocal about.

FAIL
 

Spartans9312

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If you were being facetious, you are wrong:


"In a 2007 interview, Buffett explained that he took a survey of his employees and compared their tax rates to his. All told, he found that while he paid a total tax rate of 17.7%, the average tax rate for people in his office was 32.9%."

Now to be clear, Buffett's employees are not paying a higher tax bill; rather, they're paying a higher tax rate relative to their own income. But still, that calls out a major injustice with the tax system, and one that Buffett has been very vocal about.

FAIL
Why are both parties against tax simplification ?
 

DrHoops

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"We fact-checked Warren Buffett's statements about taxes in the New York Times. Buffett said that his taxes amounted to "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." Individual tax filings are private, so there was no way we could compare Buffett's actual tax return with that of his secretary and other co-workers. (We contacted his office when we did the fact-check and didn't hear back.) So instead, we checked Buffett's statement that the "mega-rich" pay about 15 percent in taxes, while the middle class "fall into the 15 percent and 25 percent income tax brackets, and then are hit with heavy payroll taxes to boot." We rated the statement True."



Sure I do. That's how I found the article. What's your point? I already knew what I posted was correct. That's why I posted it.
 

DrHoops

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Did you read your own link?

Buffett said of his own tax rate in an appearance on CNBC Monday. "But the differential between me and the rest of the office, not just my secretary but the rest of the office, was greater than that. It'll be closer, but I'll probably be the lowest paying taxpayer in the office."

http://money.cnn.com/2013/03/04/investing/buffett-federal-reserve/index.html?iid=EL
 

hookyIU1990

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"We fact-checked Warren Buffett's statements about taxes in the New York Times. Buffett said that his taxes amounted to "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." Individual tax filings are private, so there was no way we could compare Buffett's actual tax return with that of his secretary and other co-workers. (We contacted his office when we did the fact-check and didn't hear back.) So instead, we checked Buffett's statement that the "mega-rich" pay about 15 percent in taxes, while the middle class "fall into the 15 percent and 25 percent income tax brackets, and then are hit with heavy payroll taxes to boot." We rated the statement True."
I said I thought he paid a lower tax rate than his secretary's rate, posted an article that says exactly that and then you posted articles that further prove I was right. Where did I fail?
 

DrHoops

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I said I thought he paid a lower tax rate than his secretary's rate, posted an article that says exactly that and then you posted articles that further prove I was right. Where did I fail?
You were questioning the OP. Quit lying, moron.
 

hookyIU1990

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You were questioning the OP. Quit lying, moron.
If I was going to question the OP, I wouldn't have posted an article that agrees with the OP going back even further from the same source. I'm the moron though.
 

sparkeyreturns

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Buffet is profitable, and has a strong cash flow....and pretty damn humble for the amount of wealth he has. People like him (and me :)) don't have a problem paying people what they owe. If you are making money, it is ok for others to make money off of you. Again, you have to be profitable though and not have a stack of bank notes on your balance sheet.
He also pays his secretary 45k a year.
 

HillzHoozier

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You built roads and bridges that you drive on? Or... did someone else make that happen? Did you have a great teacher? She or he is someone else who helped you. How hard is this to understand and not butcher?
There are fine people on both sides.
 

82hoosier

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Per this article:


Warren Buffet pays an effective tax rate of 16%. Now, how many of you think Warren Buffett is a dimwit who just cant figure out the tax laws? How many of you think Trump is a fraudster and a tax cheat. I'm not sure how anyone, after reading the NY Times article, could come away thinking Trump is just a savvy businessman.

Buffett: "The total charitable contributions I made during the year were $2,858,057,970, of which more than $2.85 billion were not taken as deductions and never will be. Tax law properly limits charitable deductions."

This Twitter thread by Dan Alexander of Forbes is a pretty good summation:

Well if he paid taxes every year he must not have been a very good businessman!😛😄
 
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