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Author: DrtThrwingMonkey Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 214649  
Subject: Re: New Buffett op ed Date: 11/26/2012 5:15 PM
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Does your gut, your heart, tell you that it's wrong for everyone to pull together and pay their fair share, with a common goal in view: a more prosperous, safer, and more equitable America for the vast majority and those that come after them?

No. The wealthiest 5% of Americans, who earn 30% of all income, pay 60% of all taxes. My gut would say that if they paid 30% of the tax burden, that would be fair. If they paid a bit more (with progressive tax rates), that might be ok too. Paying 60% definitely seems fair to me, maybe even on the high side. What should it be, 80%? Just because a lot of people keep repeating that the wealthy should pay a higher percentage so that they would finally be paying their 'fair share' doesn't make it so.


Oh, and about this double taxation nonsense, almost every time money changes hands it gets taxed; that's the way it is; that's the way it will be. Get over it.

This is where the argument actually is relevant to Buffett's teachings. Buffett has always made a strong and, I think, very persuasive case that when you own shares, you do not own a little piece of paper, you own a little piece of a business. When that business is making money, you are making money. When it sends you some of that money, it is sending you your own money. So it should be taxed once, not twice, as is the case in many countries, mine for example.

Regards, DTM
(living in Quebec, a capitalist paradise as everyone knows)
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