Tax the Super Rich now before the 99% rise up and trigger a new American Revolution

[Nebulizah]

Fuck the super rich.

Little known fact: G.E. made over $14 billion in profits last year...

How much did they pay in taxes?

They didn't pay a single dime to the federal government... in fact, WE paid THEM over $3 billion in federal tax credits. ON TOP of their $14 billion profit that they made.

So, not only did G.E. not pay a dime in taxes, and get $3 billion back from us... but now they want more concessions from their workers. Pension, pay, everything. You tell me what's wrong with that picture?

Oh, and for the icing on the cake... Guess who Obama appointed to head his "jobs commission"? G.E. CEO Jeffrey Immelt.

Wake up, America.

 

[MaC A$$ ViC]

when shit hits the fan im rollin with my tio chapo in sinaloa

 

[fillyacup]

she wanted rico so bad and died happy

thats why its our duties as brehs if a girl wants the biz, make her happy and give it to her. you never know when a warrior bug may come from behind and stab her in the chest multiple times.

 

[Gordon Gekko]

Why aren't you rich?


Super-Rich Delusion

You don't know anything about me.

And for those complaining about the tax system, you all obviously don't know how it works. You could get similar tax benefits if only you knew about the loopholes.

 

[Nebulizah]

And for those complaining about the tax system, you all obviously don't know how it works. You could get similar tax benefits if only you knew about the loopholes.

Wow, do I even need to begin to explain to you what's wrong with that statement? Seriously?

 

[fillyacup]

loopholes?

sometimes fucking the system over includes fucking over the citizens the system is there to help..

but thats right, fuck the system right? me me me.

 

[ColdBlooded]

You don't know anything about me.

Except that you're not rich


Super-Rich Delusion

 

[Gordon Gekko]

Except that you're not rich


Super-Rich Delusion

And you know this, how? Because you want to believe that? Or because you did your research and can back it up with facts?

I'm not saying that I am rich, but I'm far from broke. I probably make in one month than you make in an entire year.

 

[Gordon Gekko]

loopholes?

sometimes fucking the system over includes fucking over the citizens the system is there to help..

but thats right, fuck the system right? me me me.

Yes, loopholes. Why do you think the super wealthy get tax benefits? Because they know the rules. When new tax laws, grants and other sources of tax breaks are available, who do you think are the first to know about it? The only difference between you and them is that they know and you don't.

 

[Gordon Gekko]

Wow, do I even need to begin to explain to you what's wrong with that statement? Seriously?

Actually, you can save your explanation because you'll lose. Have you ever done any research to see what kind of tax benefits are available to you? 9 times out of 10, your answer is going to be no. So therefore, you have no room to talk. It would blow your mind if you knew how much money Americans are leaving on the table every year simply because they don't know about tax credits, write-offs, donations, and a whole lot more. One example: Do you think it's a coincidence that every business is "going green" nowadays? And why a lot of homeowners are also doing the same thing?

 

[Nebulizah]

....fuck it. not even worth the time of day to argue with you.

 

[Mr. Nice Guy]

I do not think that is what ColdBlooded meant, dude-holmes said 99% of the population is not rich because they lack the initiative/are too lazy to become rich. If that's the case why ain't dude-holmes rich?

My point is - why can't dude-holmes be a lazy 99 percenter that still believes that taxing people at different rates is wrong.

Why does he need to be in the 1% for his opinion to carry weight?



Not mention, we don't know whether he is rich or not so assuming one way or another is completely unfounded.

 

[Mr. Nice Guy]

even animal species help each other out humans fuck over each other.

1) Humans help each other :ermm:

http://en.wikipedia.org/wiki/Altruism

2) In your opinion; why should people help each other simply because we are classified in the same biological category?

 

[Mac Jesus]

NEW YORK, June 26 -- Warren E. Buffett was his usual folksy self Tuesday night at a fundraiser for Sen. Hillary Rodham Clinton (D-N.Y.) as he slammed a system that allows the very rich to pay taxes at a lower rate than the middle class.

Buffett cited himself, the third-richest person in the world, as an example. Last year, Buffett said, he was taxed at 17.7 percent on his taxable income of more than $46 million. His receptionist was taxed at about 30 percent.

Buffett said that was despite the fact that he was not trying to avoid paying higher taxes. "I don't have a tax shelter," he said. And he challenged Congress and his audience to see what the people who "clean our offices" are taxed, to loud applause.

A populist tone permeated the 70-minute talk with the billionaire investor and philanthropist in Manhattan on Tuesday night. The talk, given to about 600 Wall Street bankers and money managers, raised at least $1 million for Clinton's presidential campaign, the Associated Press reported.

The event comes as public frustration has grown over executive compensation and disparity in pay. It also comes as Congress debates changes to the tax code that would decrease take-home pay for managers of private-equity firms and hedge funds, pools of money for wealthy families and institutional investors. The rich can take advantage of tax loopholes, including one that allows those managers to pay the capital gains tax rate of 15 percent instead of the ordinary top income tax rate of 35 percent.

Buffett said that he and other privileged Americans must do more to help the less fortunate.

"We have the chance in 2008 to repair a lot of damage," Buffett said.

"We have a wonderful economy. . . . Our problem is how we conduct ourselves in the world." Buffett, the chairman and chief executive of Berkshire Hathaway in Omaha, has not endorsed Clinton for the Democratic presidential nomination.

But he has already donated the maximum $4,600 allowed by an individual to Clinton's presidential campaign. Buffett called Clinton "the person to run the country." He has not donated to any other candidate, according to public records, although he has said he would also support Sen. Barack Obama (D-Ill.) in a similar event.

Buffett is on the board of directors of The Washington Post Co.

Clinton acted as moderator. Topics included Buffett's views on the impact of the real estate slump on the economy (he doesn't see it spilling over to the broader market) and how to get started in investing (you are more likely to find diamonds in the rough among small companies).

Clinton finished by asking Buffett, "Why are you a Democrat?"

Buffett said he thought Democrats would do a better job in evening out the field for those who had drawn the unlucky tickets in life.

Thought this was interesting.

 

[Mr. Nice Guy]

Thought this was interesting.

I am very familiar with Buffet's stance on taxes.

Let him pay 99% in taxes if he wants, why does he think he should be able to tell me how much I should pay? Unless he is some kind of elitist that thinks because he has lots of money he should be able to tell other people what they should and should not do.

 

[fahrenheit]

I probably make in one month than you make in an entire year.

Yeah umm this probably isn't the right place to be bragging about how much of a "baller" you are...

 

[Mac Jesus]

I thought it was interesting that he paid 17.7 percent while his receptionist paid 30.

 

[ColdBlooded]

And you know this, how? Because you want to believe that? Or because you did your research and can back it up with facts?

Cuz you wouldn't be here if you were.

I'm not saying that I am rich

You won't be ever either. But you're deluded.

I probably make in one month than you make in an entire year.

Maybe, I doubt it, but maybe. You might be ballin outta control on 99% of the siccness and frontin on the rest, but you're not rich. You won't be either. But you're deluded.

 

[Rumpelstiltskin]

Yes, loopholes.

There are no loopholes. The IRS isn't stupid, contrary to everyone's beliefs. They are black and white guidelines that the company or individual filing must follow. The wealthy don't find ways to sneak through. They may utilize certain benefits or claims, or put their money in the right places, but those aren't loopholes that get patched up later. They are standard guidelines that most people don't follow, or really don't pay someone who can tell them which direction to go.

The reason most people don't follow them is because they don't have someone who is qualified doing their taxes. Then again, they don't need one because they aren't in that tax bracket. Can't justify the expense. Straight W2, file before April 15th, etc. There is not much to it.

 

[Dirty Nappy]

http://news.yahoo.com/s/ac/20110326...ion_on_general_electrics_zero_income_tax_bill

It is hard to imagine that General Electric (GE), whose nuclear plants have been in the spotlight since the recent Japanese earthquake and subsequent tsunami, would have anything positive to say about that natural disaster, but the media uproar that followed it meant that the world's newspapers were distracted from the multinational corporation's recent SEC filing. That filing, Form 10-K, revealed that in 2010, for the second year in a row, General Electric paid zero federal income taxes.

The 258 page long PDF document was finally analyzed this week by reporters who latched onto phrases like "GE's effective tax rate is reduced because active business income earned and indefinitely reinvested outside the United States is taxed at less than the U.S. rate." The New York Times in particular took pleasure in writing a long-winded four-page diatribe that all but accused GE's tax department, led by John Samuels, a former Treasury official, of committing tax evasion in an effort to avoid paying the 35% federal income tax rate on tax profits.

What most readers of the New York Times, and anyone else not well versed in accounting rules and tax regulations, is likely unaware of, is that tax profits are different than book profits. There are expenses that can be deducted for accounting records but not for tax liabilities and vice versa. Major corporations like GE do complicated calculations each quarter to find out exactly what those differences are so that there are no ugly surprises when they report information to both their shareholders and the taxing authorities.

One of the New York Times' accusations is that GE pays no taxes in the United States. Logic tells us, though, that this simply is not true. With nearly 150,000 employees in the United States, GE pays millions in payroll taxes like employers of all sizes. GE also may pay income taxes to those states that it has a significant presence. While each state defines nexus, which triggers income tax return filing requirements, differently, considering GE's size, it is likely that they file and pay taxes in many states in this country. They also likely pay franchise tax fees as well as sales tax to various states and cities.

GE also has operations overseas and pays taxes to those countries. Like many large companies they hold profits overseas rather than have them repatriated to the United States and taxed at the 35% rate. While the New York Times criticized President Barack Obama's remarks that he wanted to reduce the corporate tax rate, the reason for doing so is to compete with these low tax countries. While the New York Times and others may not like that there are more than a hundred other countries in which GE and other companies can build factories and have offices, the reality is that there are. If the United States' citizens want to keep those jobs in our country, then competing with those countries' tax rates and laws is an essential part of doing so.

Although the New York Times criticized Samuels and his 975-employee department for "looking to exploit opportunities to reduce tax" as part of their day-to-day mission, that tax-accounting-speak really just means cutting costs. Taxes have a huge impact on a business's decisions, and to pretend that GE, which must work constantly to remain profitable amongst its competitors, should not work to cut that cost is naive and absurd.

The most ridiculous part of the New York Times' report though was the moronic extrapolation of the statement "U.S. current tax provision on continuing operations" to mean that the $2.7 billion tax benefit listed on GE's accounting records was a check from the IRS. All this means is that during the time period covered, GE erroneously accrued an expense of $3.2 billion in income taxes. When they did not have to pay that income taxes, they reversed that expense.

The bottom line? GE did what it had to do in 2010 to remain in business, which is to obey the laws while staying competitive. The New York Times on the other hand failed to hire competent writers, editors or researchers in 2011.