Ronald Reagan and the "Buffet Rule"

NiteGuy

Former Staff
Jul 2011
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13,694
Teardrop City
What would former President Ronald Reagan have to say about Obama's so-called "Buffett Rule"?

Let's find out:

[video=youtube;cgbJ-Fs1ikA]http://www.youtube.com/watch?v=cgbJ-Fs1ikA&feature=player_embedded[/video]

Sounds pretty much the same as our current President's rhetoric, doesn't it? Does that mean Reagan was a “a staunch believer in the redistributionist state,” a believer in “government-enforced equality,” or even (gasp!) a “socialist”?
 
Last edited:
Oct 2007
2,136
682
Utah
I agree we should close the tax loopholes and I think many on both "sides" have said the same. Saying it and doing it are two different things. Also, I think people often confuse which taxes they're talking about when they make general statements about taxes such as this clip provides.

Does anyone believe Buffet doesn't pay accountants to minimize his taxes to the extent possible allowed by law? Perhaps we should try adding a line on the tax forms for the wealthiest to include an additional amount in addition to closing loopholes. :)
 
Nov 2009
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Flower Mound, TX (In the basement)
Different times. Certainly different Presidents.

LOL!

Nice try.
 
Nov 2005
76,560
10,255
Richmond Va
Does anyone believe Buffet doesn't pay accountants to minimize his taxes to the extent possible allowed by law? :)
I don't think Buffet needs cook his books.
When a man with that kind of wealth can stick 5 billion into Bank of America stock and net a billion in 24 hours after doing so, why would he need to cook his books?
 

NiteGuy

Former Staff
Jul 2011
17,044
13,694
Teardrop City
Different times. Certainly different Presidents.

LOL!

Nice try.
Yes, different times. The wealthy these days are making even more than then, and paying less because of the loopholes.

Your response wasn't even a "nice try". Just a massive fail.
 
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Oct 2007
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Utah
I don't think Buffet needs cook his books.
When a man with that kind of wealth can stick 5 billion into Bank of America stock and net a billion in 24 hours after doing so, why would he need to cook his books?
There's a difference between cooking the books and taking advantages of loopholes, maximizing deductions, etc. in order to reduce the amount you owe in taxes. I highly doubt Buffet's accountants are paid to not utilize the loopholes available.
 
Nov 2005
76,560
10,255
Richmond Va
There's a difference between cooking the books and taking advantages of loopholes, maximizing deductions, etc. in order to reduce the amount you owe in taxes. I highly doubt Buffet's accountants are paid to not utilize the loopholes available.
I'm certain they are...and I wasn't defending Buffet by any means.
It was just hypothetical curiosity on my part.
I couldn't even spend the interest on a billion dollars, and Buffet has how many billions?
 
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Nov 2009
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570
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I don't think Buffet needs cook his books.
When a man with that kind of wealth can stick 5 billion into Bank of America stock and net a billion in 24 hours after doing so, why would he need to cook his books?
Under my tax system, Mr. Buffet would have paid tax on that $5 billion investment and nothing on the profits from that investment risk.
 
Nov 2009
3,526
570
Flower Mound, TX (In the basement)
Under your tax system, I'd have to learn to speak Chinese too.. just saying.
I just spoke enough Chinese to get really lost over there, but it was fun.

In my system of taxation, only sales, consumption and transfers would be taxed. Income and private real property would never be taxed.