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Proposed Buffett Rule and How It Would Apply to Some Lottery Winners Who Invest

Topic closed. 122 replies. Last post 5 years ago by haymaker.

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Should there be a minimum of 30% tax on long term capital gains?

Yes, the wealthy should pay their fair share. [ 15 ]  [28.85%]
No, things are just fine the way they are. [ 9 ]  [17.31%]
Neither, put in a flat tax for all types of income [ 18 ]  [34.62%]
Neither, I will explain below. [ 10 ]  [19.23%]
Total Valid Votes [ 52 ]  
Discarded Votes [ 5 ]  
haymaker's avatar - Lottery-012.jpg
Egg Harbor twp.south Jersey shore
United States
Member #112968
June 29, 2011
3854 Posts
Offline
Posted: March 4, 2012, 10:56 pm - IP Logged

LOL, my fave posters with more common sense than all the liberals in DC combined... oh heck, thow in all the liberals on the west coast with the DC liberals and they still don't have more common sense than Ridge, Sully, CDanaT, and Haymaker... Patriot

well thanks, Piaceri, its great to be assoc. w/ that group,incl, you. Smile

Extraordinary Popular Delusions & the Madness of Crowds    -- Charles Mackay  LL.D.

    mediabrat's avatar - 18z0typ
    upstate NY
    United States
    Member #108791
    March 31, 2011
    549 Posts
    Offline
    Posted: March 5, 2012, 7:30 pm - IP Logged

    Thank you all for your honest, thoughtful opinions.  And thank you for not descending into the ugly partisan bickering that has plagued many of the other political threads.

    I may or may not have more to add later.  But for now, thank you.  You have given me a few things to think about.

      Avatar
      Inland Empire
      United States
      Member #118116
      October 22, 2011
      316 Posts
      Offline
      Posted: March 5, 2012, 8:08 pm - IP Logged

      Thank you all for your honest, thoughtful opinions.  And thank you for not descending into the ugly partisan bickering that has plagued many of the other political threads.

      I may or may not have more to add later.  But for now, thank you.  You have given me a few things to think about.

       Maybe I should have said the same thing. Those folks did give me a few things to think about, too.

        Kumo's avatar - ebDWVf6 jpg?1

        United States
        Member #122235
        January 27, 2012
        172 Posts
        Offline
        Posted: March 10, 2012, 12:20 pm - IP Logged

        My apologies for the very late reply to my topic, a few things came up... Got my LP account banned for posting some links to funny youtube vids in my blog. Thank you Todd or to the person who restored it, I promise that it won't happen again.

        I honestly think the "Buffet Rule" is a joke and more taxes is not the answer to solve our budget problems. We are already spending rediculous amounts of money on things that can be accomplished for far cheaper. The 1% already pay a huge sum of our taxes and the vast majority of them do not use any form of government financial assistance.

        How does $900 for an office chair sound? In my time serving at a major Army Medical Hospital in DC, this is what we were spending to replace gently used furniture in the facility, but get this... it happened a couple of years before the big BRAC Consolidation was to merge us with another major military medical facility in the area. It would not have hurt hospital administration to use the old chairs for a few more years, especially when they worked just fine.

        I've mentioned before how my ancestors on my Mother's side have been in this country since before our independence from the UK. Except for a few folks, we've never been what I would call wealthy.  If anything, my lineage is proof postive that we do not need rediculously big welfare systems for survival of our citizens and our nation, my ancestors got along just fine without them on a gold based currency.

        35% of a jackpot winners lump sum already goes to Uncle Sam, I really don't think they need to pay anymore than the annual 20% on the capital gains on any investments arising from their winnings.

        I think Chris Christie put it best in response to Mr. Buffett's whining about capital gains tax,

        “He should just write [the government] a check and shut up. I’m tired of hearing about it. If he wants to give the government more money, he’s got the ability to write a check. Go ahead and write it”

        Freedom is never more than one generation away from extinction. We didn't pass it to our children in the bloodstream. It must be fought for, protected, and handed on for them to do the same. ~Ronald Reagan

        "None are more hopelessly enslaved than those who falsely believe they are free." ~Wolfgang von Goethe

        "It's preferable to be harmlessly paranoid than fatally stupid."  ~Anonymous

          rdgrnr's avatar - walt
          Way back up in them dadgum hills, son!
          United States
          Member #73904
          April 28, 2009
          14903 Posts
          Offline
          Posted: March 12, 2012, 2:34 pm - IP Logged

          Thank you all for your honest, thoughtful opinions.  And thank you for not descending into the ugly partisan bickering that has plagued many of the other political threads.

          I may or may not have more to add later.  But for now, thank you.  You have given me a few things to think about.

          You're welcome.


                                                       
                               
                                                   

           

           

           

           

                                                                                                             

          "The only thing necessary for evil to triumph is for good men to do nothing"

                                                                                                      --Edmund Burke

           

           

            Avatar
            NH
            United States
            Member #83352
            December 5, 2009
            223 Posts
            Offline
            Posted: March 12, 2012, 5:35 pm - IP Logged

            A country of 300 million and counting with no safety nets? I don't know about anyone else, but no thank you...The middle class would get destroyed. You'd need a cop on every other street corner.  It would be the wild wild west all over again with prisons being built in every city.

              rdgrnr's avatar - walt
              Way back up in them dadgum hills, son!
              United States
              Member #73904
              April 28, 2009
              14903 Posts
              Offline
              Posted: March 12, 2012, 6:43 pm - IP Logged

              My apologies for the very late reply to my topic, a few things came up... Got my LP account banned for posting some links to funny youtube vids in my blog. Thank you Todd or to the person who restored it, I promise that it won't happen again.

              I honestly think the "Buffet Rule" is a joke and more taxes is not the answer to solve our budget problems. We are already spending rediculous amounts of money on things that can be accomplished for far cheaper. The 1% already pay a huge sum of our taxes and the vast majority of them do not use any form of government financial assistance.

              How does $900 for an office chair sound? In my time serving at a major Army Medical Hospital in DC, this is what we were spending to replace gently used furniture in the facility, but get this... it happened a couple of years before the big BRAC Consolidation was to merge us with another major military medical facility in the area. It would not have hurt hospital administration to use the old chairs for a few more years, especially when they worked just fine.

              I've mentioned before how my ancestors on my Mother's side have been in this country since before our independence from the UK. Except for a few folks, we've never been what I would call wealthy.  If anything, my lineage is proof postive that we do not need rediculously big welfare systems for survival of our citizens and our nation, my ancestors got along just fine without them on a gold based currency.

              35% of a jackpot winners lump sum already goes to Uncle Sam, I really don't think they need to pay anymore than the annual 20% on the capital gains on any investments arising from their winnings.

              I think Chris Christie put it best in response to Mr. Buffett's whining about capital gains tax,

              “He should just write [the government] a check and shut up. I’m tired of hearing about it. If he wants to give the government more money, he’s got the ability to write a check. Go ahead and write it”

              Roger that, Kumo.

              And hey, I say if we're gonna have a Buffett rule, let's not have a Warren Buffett rule.

              Let's have a Jimmy Buffett Rule! Margaritas for everybody all the time!

               

              Nibblin' on sponge cake
              Watchin' the sun bake
              All of those tourists covered with oil
              Strummin' my six-string
              On my front porch swing
              Smell those shrimp; they're beginning to boil. 

              Wastin' away again in Margaritaville
              Searching for my lost shaker of salt
              Some people claim that there's a woman to blame
              But I know it's nobody's fault

              I don't know the reason
              I stayed here all season
              Nothin' to show but this brand new tattoo
              But it's a real beauty
              A Mexican cutie
              How it got here I haven't a clue

              Wastin' away again in Margaritaville
              Searchin' for my lost shaker of salt
              Some people claim that there's a woman to blame
              Now I think
              Hell, it could be my fault

              I blew out my flip-flop
              Stepped on a pop-top
              Cut my heel had to cruise on back home
              But there's booze in the blender
              And soon it will render
              That frozen concoction that helps me hang on

              Wastin' away again in Margaritaville
              Searching for my lost shaker of salt
              Some people claim that there's a woman to blame
              But I know it's my own dam fault
              Yes and some people claim that there's a woman to blame
              And I know it's my own dam fault


                                                           
                                   
                                                       

               

               

               

               

                                                                                                                 

              "The only thing necessary for evil to triumph is for good men to do nothing"

                                                                                                          --Edmund Burke

               

               

                Avatar
                New York,
                Panama
                Member #73078
                April 4, 2009
                3490 Posts
                Offline
                Posted: March 13, 2012, 9:15 pm - IP Logged

                Roger that, Kumo.

                And hey, I say if we're gonna have a Buffett rule, let's not have a Warren Buffett rule.

                Let's have a Jimmy Buffett Rule! Margaritas for everybody all the time!

                 

                Nibblin' on sponge cake
                Watchin' the sun bake
                All of those tourists covered with oil
                Strummin' my six-string
                On my front porch swing
                Smell those shrimp; they're beginning to boil. 

                Wastin' away again in Margaritaville
                Searching for my lost shaker of salt
                Some people claim that there's a woman to blame
                But I know it's nobody's fault

                I don't know the reason
                I stayed here all season
                Nothin' to show but this brand new tattoo
                But it's a real beauty
                A Mexican cutie
                How it got here I haven't a clue

                Wastin' away again in Margaritaville
                Searchin' for my lost shaker of salt
                Some people claim that there's a woman to blame
                Now I think
                Hell, it could be my fault

                I blew out my flip-flop
                Stepped on a pop-top
                Cut my heel had to cruise on back home
                But there's booze in the blender
                And soon it will render
                That frozen concoction that helps me hang on

                Wastin' away again in Margaritaville
                Searching for my lost shaker of salt
                Some people claim that there's a woman to blame
                But I know it's my own dam fault
                Yes and some people claim that there's a woman to blame
                And I know it's my own dam fault

                rd, The rich pay more taxes than  the average worker, and thats a fact

                leave things as they are

                forget what "they" say about youWhat you say about you?...

                Now, does it count??

                 

                 

                *Jr$ina

                  rdgrnr's avatar - walt
                  Way back up in them dadgum hills, son!
                  United States
                  Member #73904
                  April 28, 2009
                  14903 Posts
                  Offline
                  Posted: April 8, 2012, 12:52 am - IP Logged

                  rd, The rich pay more taxes than  the average worker, and thats a fact

                  leave things as they are

                  Roger that, Rosie!  Thumbs Up


                                                               
                                       
                                                           

                   

                   

                   

                   

                                                                                                                     

                  "The only thing necessary for evil to triumph is for good men to do nothing"

                                                                                                              --Edmund Burke

                   

                   

                    Avatar
                    New York,
                    Panama
                    Member #73078
                    April 4, 2009
                    3490 Posts
                    Offline
                    Posted: April 8, 2012, 1:45 am - IP Logged

                    Roger that, Rosie!  Thumbs Up

                    Yep! this is your rosie, lol...lol...

                    forget what "they" say about youWhat you say about you?...

                    Now, does it count??

                     

                     

                    *Jr$ina

                      Boney526's avatar - NjlpLogo
                      New Jersey
                      United States
                      Member #99032
                      October 18, 2010
                      1439 Posts
                      Offline
                      Posted: April 8, 2012, 11:02 am - IP Logged

                      When we have smaller, de-centralized government and less taxes, it will be much easier for everybody to earn their fair share.

                      This nation wasn't founded on the concept of a huge federal bureaucracy telling us what to do in every aspect of our lives and demanding more and more taxes to spend foolishly on things like studies on how men in Zimbabwe wash their genitalia or why Chinese hookers drink so much.

                      The federal government is there to serve us and obey the Constitution which strictly limits their authority. But they either ignore the Constitution completely or twist it around like a pretzel to suit their needs (like the Commerce Clause for instance).

                      They have no authority to require us to buy insurance we don't want under the threat of fines or imprisonment. They have no authority to tell us what kind of light bulbs we have to use or how much water is in our toilets or coming out of our shower heads. They can't tell anybody that they have to provide free birth control devices for someone else's recreational sex rituals. They have no right to tell us what to do or where we can go. They work for us.

                      This country will have the change it needs when it changes back to the way it's supposed to be under the Constitution.

                      You sound like you should be a Libertarian.

                       

                      Then again, Classical Liberalism is the only moral system of governance, while new age "Progressive Liberalism" is just statism.



                      What I like about Buffett's proposed rule (from what I heard) is that it is flattens out the tax rates.  However, what I do not like at all about it is that it's flattening  them UPWARDS for the top income earners.  To me, the only moral income tax is no income tax.  But for purposes of compromise, I'd compromise on a small, flat income tax, and big cuts to the Federal Budget.  Think Ron Paul's "Plan to Restore America", which cuts 1 trillion dollars year one.

                       

                       

                      http://www.ronpaul2012.com/the-issues/ron-paul-plan-to-restore-america/

                        rdgrnr's avatar - walt
                        Way back up in them dadgum hills, son!
                        United States
                        Member #73904
                        April 28, 2009
                        14903 Posts
                        Offline
                        Posted: April 8, 2012, 11:49 am - IP Logged

                        You sound like you should be a Libertarian.

                         

                        Then again, Classical Liberalism is the only moral system of governance, while new age "Progressive Liberalism" is just statism.



                        What I like about Buffett's proposed rule (from what I heard) is that it is flattens out the tax rates.  However, what I do not like at all about it is that it's flattening  them UPWARDS for the top income earners.  To me, the only moral income tax is no income tax.  But for purposes of compromise, I'd compromise on a small, flat income tax, and big cuts to the Federal Budget.  Think Ron Paul's "Plan to Restore America", which cuts 1 trillion dollars year one.

                         

                         

                        http://www.ronpaul2012.com/the-issues/ron-paul-plan-to-restore-america/

                        I am Libertarian in most of my beliefs.

                        Except that I believe in a defense strategy incorporating a military able to defend our interests worldwide with the capability to crush any and all opposition.

                        No nation building and no quarter. Overwhelm, crush and withdraw.


                                                                     
                                             
                                                                 

                         

                         

                         

                         

                                                                                                                           

                        "The only thing necessary for evil to triumph is for good men to do nothing"

                                                                                                                    --Edmund Burke

                         

                         

                          tntea's avatar - Lottery-059.jpg

                          United States
                          Member #5344
                          June 30, 2004
                          23641 Posts
                          Offline
                          Posted: April 8, 2012, 12:29 pm - IP Logged

                          I am all for everyone paying their fair taxes.  What gets my goat is knowing people who didn't work a lick in 2011. (Lived off welfare, food stamps, etc.) Then allowed another to claim their children to receive $9 grand in taxes.

                          The Fraud... just kills me.

                          When I get up every morning to go to work.. She lays in bed.

                          When I organize my day to get my work done, she plans what tv shows she will watch..

                          When I write my check to pay my taxes, she checks her box to see if she received them...

                          Something wrong with this picture... YDRIS

                          I say get off your tush and go to work.. I am tired of supporting you and others like you.

                               OLD/Vtrac   Lottery Bible         Double Warnings      Thumbs Up TN F34/F44

                            Boney526's avatar - NjlpLogo
                            New Jersey
                            United States
                            Member #99032
                            October 18, 2010
                            1439 Posts
                            Offline
                            Posted: April 8, 2012, 2:46 pm - IP Logged

                            I am Libertarian in most of my beliefs.

                            Except that I believe in a defense strategy incorporating a military able to defend our interests worldwide with the capability to crush any and all opposition.

                            No nation building and no quarter. Overwhelm, crush and withdraw.

                            Non-interventionalism isn't necessarily Libertarian in nature, just that Ron Paul, the de Facto leader of the movement is a non-interventionalist, so the movements are associated.

                             

                            Just ask Barry Goldwater.

                             

                            But the Non-Interventionalist platform held by Paul has become so twisted to the point where Conservatives think he wants to do away with America's ability to defend themselves.  No, he just wants declarations of war by CONGRESS (like the Constitution says) and a more defensive, less aggressive foreign policy.  The current situation that we've seen unfold is a direct result of our intervention in Iran during the Cold War.  Studying this history has helped me understand where these conflicts started, and how we can prevent future aggression against the US.

                            Should we be able to crush our opposition?  Well that depends.  We should certainly be able to crush a country like Iraq, Iran, etc. if need be.  But it's unrealistic to think we would be able to crush a country like China or Russia.  That's a war nobody would win, for the same reasons we couldn't invade mainland Japan in WW2.

                            We should never have become such a war loving nation that we invade countries like Iraq, (seemingly at random) destablizing the Middle East.  Afghanistan is different, but it was a terrible strategic move to launch a full scale invasion, when by all intellegence reports, we had a few hundred or at most 2000 insurgents to take care of.  Spec Ops, Marks of Reprisals and targeted operations simply would have been more effective, and cheaper, and less costly in terms of lives lost for both the Afghani people and for the US.

                             

                            The military industrial complex has to be fought against, and only the Right Wing in this country has a legitimate claim to fight it.  Small Government requires less military spending.  We shoulnd't have troops defending Europe like we have since WW2 and we shouldn't still have troops in Japan, or Korea, and we certainly shouldn't be using the US military as the right arm of the United Nations.

                             

                            This is what the non-interventionalist conservatives fight against, not against a defensive military that is able to adequatedly defend the US.  A budget of $500,000,000,000-750,000,000,000 should be more than adequite to defend the United States, and if it isn't, we should start questioning if we are inflating to heavily, or if we are causing ourselves to have far too many enemies.

                              rdgrnr's avatar - walt
                              Way back up in them dadgum hills, son!
                              United States
                              Member #73904
                              April 28, 2009
                              14903 Posts
                              Offline
                              Posted: April 8, 2012, 9:02 pm - IP Logged

                              Non-interventionalism isn't necessarily Libertarian in nature, just that Ron Paul, the de Facto leader of the movement is a non-interventionalist, so the movements are associated.

                               

                              Just ask Barry Goldwater.

                               

                              But the Non-Interventionalist platform held by Paul has become so twisted to the point where Conservatives think he wants to do away with America's ability to defend themselves.  No, he just wants declarations of war by CONGRESS (like the Constitution says) and a more defensive, less aggressive foreign policy.  The current situation that we've seen unfold is a direct result of our intervention in Iran during the Cold War.  Studying this history has helped me understand where these conflicts started, and how we can prevent future aggression against the US.

                              Should we be able to crush our opposition?  Well that depends.  We should certainly be able to crush a country like Iraq, Iran, etc. if need be.  But it's unrealistic to think we would be able to crush a country like China or Russia.  That's a war nobody would win, for the same reasons we couldn't invade mainland Japan in WW2.

                              We should never have become such a war loving nation that we invade countries like Iraq, (seemingly at random) destablizing the Middle East.  Afghanistan is different, but it was a terrible strategic move to launch a full scale invasion, when by all intellegence reports, we had a few hundred or at most 2000 insurgents to take care of.  Spec Ops, Marks of Reprisals and targeted operations simply would have been more effective, and cheaper, and less costly in terms of lives lost for both the Afghani people and for the US.

                               

                              The military industrial complex has to be fought against, and only the Right Wing in this country has a legitimate claim to fight it.  Small Government requires less military spending.  We shoulnd't have troops defending Europe like we have since WW2 and we shouldn't still have troops in Japan, or Korea, and we certainly shouldn't be using the US military as the right arm of the United Nations.

                               

                              This is what the non-interventionalist conservatives fight against, not against a defensive military that is able to adequatedly defend the US.  A budget of $500,000,000,000-750,000,000,000 should be more than adequite to defend the United States, and if it isn't, we should start questioning if we are inflating to heavily, or if we are causing ourselves to have far too many enemies.

                              Whoa, lotta ground to cover there so I should probably blog it.

                              But later, cuz importchips drove me to drink earlier. Heavily.

                              I agree with a lot of it though.

                              Though I have a major problem with Ron Paul thinking Iran having the bomb is nothing to be concerned about.


                                                                           
                                                   
                                                                       

                               

                               

                               

                               

                                                                                                                                 

                              "The only thing necessary for evil to triumph is for good men to do nothing"

                                                                                                                          --Edmund Burke