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Ole War Skule
LSU Fan
North Shore
Member since Sep 2003
2686 posts

Buffett on CNBC: what a jerk
Preaching his BS again about redistribution of wealth, excesses of the wealthy, we don't need tax cuts for businesses or individuals, don't eliminate estate tax, etc.

He got his, now wants to change the rules. Never heard this when he was building his company.

Let him give up everything to Uncle Sam, THEN tell others they should do the same. He doesn't want to do that, he put everything in trusts and foundations.

Joe's telling him just give it all to us now, why not if it's such a good idea
This post was edited on 10/3 at 7:56 am


notsince98
Missouri Fan
KC, MO
Member since Oct 2012
7001 posts

re: Buffett on CNBC: what a jerk
This is how crony capitalism works. The elite influence/force government to create regulations that prevent anyone from being able to compete with them. They make it so expensive no little guys can start-up and get there.


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380
NOSHAU
New Orleans Saints Fan
Member since Feb 2012
3531 posts

re: Buffett on CNBC: what a jerk
quote:

Preaching his BS again about redistribution of wealth, excesses of the wealthy, we don't need tax cuts for businesses or individuals, don't eliminate estate tax, etc.

He got his, now wants to change the rules. Never heard this when he was building his company.

Let him give up everything to Uncle Sam, THEN tell others they should do the same. He doesn't want to do that, he put everything in trusts and foundations.

Joe's telling him just give it all to us now, why not if it's such a good idea


He's been a hypocrite for a while. Someone called him out previously telling him that the government did not need to create a rule or law to allow him to contribute more than his tax rate to the government and that he could do so at any time. Funny how he has not done so.


TigerV
Member since Feb 2007
1206 posts

re: Buffett on CNBC: what a jerk
quote:

"I would feel kind of silly if I realized $1 billion worth of gains and paid $350 million in tax on it if I just waited a few months and would have paid $250 million," Buffett said.


this is all i need to hear from that dip shite. If he is so against the elimination of the estate tax, then go ahead and sell your holdings now. Why wait for a more favorable tax environment?


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102
GenesChin
Army Fan
The Promise Land
Member since Feb 2012
29641 posts

re: Buffett on CNBC: what a jerk
quote:

government did not need to create a rule or law to allow him to contribute more than his tax rate to the government and that he could do so at any time. Funny how he has not done so.


I voted for a failed local property tax increase to help fund a new school. I don't see why I should donate that tax amount to the local government. You maximize your situation in the rules of the system, even if you want them to/think they should change.

I remember Donald Trump on the campaign talking about how he wanted to close tax loopholes he has used. I don't think he should "donate" the money back either
This post was edited on 10/3 at 10:40 am


3D
LSU Fan
NJ
Member since Sep 2013
250 posts

re: Buffett on CNBC: what a jerk
Joe is the only one withe the stones to say something to him. Becky or the others would just stroke his ego.


madmaxvol
Tennessee Fan
Member since Oct 2011
8238 posts

re: Buffett on CNBC: what a jerk
In a related note...it was just announced that Berkshire Hathaway is purchasing the majority of Pilot-Flying J (the largest distributor of Diesel fuel in the U.S.)


LSUFanHouston
LSU Fan
NOLA
Member since Jul 2009
9583 posts

re: Buffett on CNBC: what a jerk
What was the ordinary rates in the 70s and early 80s when he was building his empire? Pretty high.


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30
Twenty 49
LSU Fan
Shreveport
Member since Jun 2014
7800 posts

re: Buffett on CNBC: what a jerk
quote:

Berkshire Hathaway is purchasing the majority of Pilot-Flying J


The first headline I saw said "Buffett to Purchase Flying J." My first thought was, damn those Margaritaville casinos must be throwing off some cash.


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30
beaverfever
Arkansas Fan
Little Rock
Member since Jan 2008
14321 posts
 Online 

re: Buffett on CNBC: what a jerk
quote:

Joe is the only one withe the stones to say something to him. Becky or the others would just stroke his ego.
Joe is the most woke dude on cable. I’m surprised CNBC hasn’t ran him out yet. Maybe they know there are people like me who are only still watching because of him.


bogart
Member since Dec 2013
165 posts

re: Buffett on CNBC: what a jerk
I like Joe but it drives me nuts when he constantly talks over people and brings up stupid sh!t.


RollTide4Ever
Alabama Fan
Nashville
Member since Nov 2006
10993 posts

re: Buffett on CNBC: what a jerk
It boggles my mind that his father was the great Libertarian Howard Buffet.


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studentsect
LSU Fan
Member since Jan 2004
1908 posts

re: Buffett on CNBC: what a jerk
quote:

I voted for a failed local property tax increase to help fund a new school. I don't see why I should donate that tax amount to the local government. You maximize your situation in the rules of the system, even if you want them to/think they should change.



Agree, its not that difficult to think of scenarios where something is both (1) in the best long-term interests of society and (2) against your personal short-term best interests.

I'm not sure where I think my ideal income tax rate is, but its certainly would bad for society if it was at 0, yet a tax rate of 0 would be to my benefit this year.

Buffet obviously isn't thinking "Man, it would be awesome if I personally had less money!!!!!!"
He thinks the current system is bad for society in the long term. Him donating money to the government does nothing to address that concern. It's an argument that seems clever at first glance, but really falls apart under closer inspection.


igoringa
LSU Fan
Tejas
Member since Jun 2007
10582 posts

re: Buffett on CNBC: what a jerk
Disagree. When he states he feels bad he oys less in taxes then his secretary - he can fix that. He controls it. He does not need to feel bad.

What he feels bad about in truth is other rich people don't pay enough - not him. He controls that


studentsect
LSU Fan
Member since Jan 2004
1908 posts

re: Buffett on CNBC: what a jerk
quote:

Disagree. When he states he feels bad he oys less in taxes then his secretary - he can fix that. He controls it. He does not need to feel bad.

What he feels bad about in truth is other rich people don't pay enough - not him. He controls that


You are describing his position as something that it isn't, then describing a solution for that made up position.

He thinks that the legal framework for taxation in this country leads to negative outcomes because of the incentives it creates. The only way to address that issue is to change the legal framework.

If there was an AL Manager who believed the concept of a designated hitter is bad for baseball, and openly advocated for changing the rule, would you say he was full of shite if he didn't send his pitcher up to the plate?

I'm not sure how people have trouble understanding this. Buffet does what the tax code incentivizes him to do, and he expects other people to do the same...he just thinks outcomes would be better overall if the tax code were different. He doesn't like the DH, but he's not going to handicap himself for no reason.


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20
GenesChin
Army Fan
The Promise Land
Member since Feb 2012
29641 posts

re: Buffett on CNBC: what a jerk
quote:

When he states he feels bad he oys less in taxes then his secretary - he can fix that. He controls it.

What he feels bad about in truth is other rich people don't pay enough


I'm not saying I agree with Buffett on this, but your argument to dismiss him is weak considering his position on giving away his wealth. He has already donated an estimated $30bil and pledged 99% of his wealth will be donated

More to the point, he does not control how much he pays in taxes. Yes, he can donate additional funds to the federal government but those are not taxes. Paying excess "taxes" to the IRS would be refunded


While that sounds like semantics, it really isn't. Donating doesn't change the fact that he doesn't agree with the tax system right or wrong.


igoringa
LSU Fan
Tejas
Member since Jun 2007
10582 posts

re: Buffett on CNBC: what a jerk
quote:

More to the point, he does not control how much he pays in taxes. Yes, he can donate additional funds to the federal government but those are not taxes. Paying excess "taxes" to the IRS would be refunded


While that sounds like semantics


I am pretty sure he is not simply taking the standard deduction. There are hundreds of credits etc that he is choosing to take (not forced to). He could easily get his effective rate much much higher a multiple of ways.

He doesn't - he makes smart tax decisions all the time. He funds other smart tax moves (hello Burger King all the time). All of that is great and wonderful - but while doing that don't in the same breath say it is unfair or immoral while doing it. Advocating a different tax structure is one thing, but when he plays the unfair/immoral card then he should hold himself to the standard he wants all held to. He is by definition a hypocrite.





Iowa Golfer
Iowa Fan
Heaven
Member since Dec 2013
8197 posts
 Online 

re: Buffett on CNBC: what a jerk
But hey, he's honest to shareholders, and pays a great dividend as well!


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GenesChin
Army Fan
The Promise Land
Member since Feb 2012
29641 posts

re: Buffett on CNBC: what a jerk
quote:

but when he plays the unfair/immoral card then he should hold himself to the standard he wants all held to. He is by definition a hypocrite.


Would he not be subject to these tax laws himself? This isn't like buying a cabin in the woods then saying no one else should be able to buy one.



That's also a dangerous game for him given that his name carries the Berkshire brand. If he starts making decisions that down' financially optimize his situation, that's not a good look.


studentsect
LSU Fan
Member since Jan 2004
1908 posts

re: Buffett on CNBC: what a jerk
quote:

Would he not be subject to these tax laws himself? This isn't like buying a cabin in the woods then saying no one else should be able to buy one.



I don't get how people can't grasp the concept of disliking the rules of a game, and advocating for changing those rules, while at the same time playing to win.

Am I to believe that anyone who supports a VAT is full of shite unless they have been arbitrarily donating a % of every transaction to the federal government?
And why would Republicans even bother with eliminating SALT deductions, wouldn't it be easier for everyone in favor of elimination to just stop claiming them? The government doesn't force anyway to claim local deductions. Problem solved.

I don't even agree with Buffet. But claiming that "Buffet is a hypocrite because he claims the tax code produces bad overall results, yet he doesn't donate all of his money to the federal government" makes just as make such sense as saying "Oil and gas companies are hypocrites because they claim that many environmental regulations are unnecessarily burdensome and often produce unanticipated negative results, yet they don't donate all of their money to the federal government".


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