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mental invalid

Two of America's Richest Assail Bush Tax Cut

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Two of America's Richest Assail Bush Tax Cut

Tue May 20, 5:23 PM ET Add Politics to My Yahoo!

 

 

 

NEW YORK (Reuters) - You would think two of the wealthiest Americans would have no problem with a tax cut that would put thousands, if not millions, of dollars in their pockets.

 

 

But billionaire investors Warren Buffett (news - web sites) and George Soros, Nos. 2 and 24 on Forbes Magazine's list of the 400 richest Americans, both railed on Tuesday against President Bush (news - web sites)'s plan to deepen income tax cuts and eliminate taxes on corporate dividends.

 

 

Bush, who has campaigned around the country touting the plan as a way of creating jobs and boosting stock prices, is pressing for final agreement this week as Congress wrangles to fit the package into a $350 billion limit set by the Senate.

 

 

In an opinion article in the Washington Post, Buffett, the chairman of holding company Berkshire Hathaway, said he already pays about the same income tax rate as his receptionist -- about 30 percent.

 

 

But Buffett said with the planned dividend tax cut, he conceivably could pay a mere 3 percent in income taxes. Recalling President John F. Kennedy's declaration that Americans should "pay any price, bear any burden" for the country, Buffett said a 3 percent income tax rate "seems a bit light."

 

 

"Supporters of making dividends tax free like to paint critics as promoters of class warfare. The fact is, however, their proposal promotes class welfare. For my class," wrote Buffett, whose wealth is estimated at $36 billion.

 

 

Soros, renowned for both his swashbuckling speculative bets on currencies as well as his philanthropic work, dismissed the tax cuts. He said they would not revive the U.S. economy in the short-term but were only aimed at helping the rich get richer.

 

 

"This move is designed not to have much impact now. It's designed to have an impact over an extended period and it's basically using the recession to redistribute income to the wealthy," Soros said in an interview with financial news network CNBC.

 

 

"I think that is really not a very effective way of using a deficit," said Soros, whose wealth is estimated at $6 billion.

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im just constantly amazed with how people keep a straight face in the bush admin, and how they are able to sell this to the blue collars......

 

 

amazing.....

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its nice to see disgustingly wealthy people act like they give a damn...maybe they really do...

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Bump. Good read.

 

Sorry I haven't responded to your email, homey. School started again on Tuesday, plus I have some serious shit happening with medical issues and my mom. Blarg. Needless to say, the albums you send are fucking hot. Thanks again, man.

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Guest BROWNer

i'm consistently flabbergasted the bush administration

is still in office. the blatant criminality is astonishing.

these guys are the most ill propaganda(spin) managers

in a long time. this administration looks to eclipse the success

of big tobacco's 80 or whatever year PR war.

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Guest BROWNer

edit: i shouldn't use the word 'criminality' cuz these

guys pretty much made the laws or their buddies did, so really alot of

what they are pulling is actually legal, even though its becoming

more and more contentious..

 

it's amusing how bush tries to slam democrats for their 'special interests'....

republicans have been pulling this card for years....funny thing is,

'special interests' almost always boils down to everything

and everyone BESIDES the rich elite and powerful.

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on another subject, i heard bush had a 10 year ban on the research and development of nuclear weapons by the usa lifted yesterday...... thats great....:rolleyes:

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Originally posted by nomadawhat

on another subject, i heard bush had a 10 year ban on the research and development of nuclear weapons by the usa lifted yesterday...... thats great....:rolleyes:

 

The funny part is how he uses the fact that other countries are developing WMD's as an excuse to start shit with everyone. How hypocritical, but it's crazy how stupid americans are to blindly agree. I really hope he isnt reelected, but homeboys pushin the propoganda strongly and wisely, by the time he's done we'll be in the dark ages. If he's re elected I have a nauseating suspicion that colin powell will be his republican succesor in 2008.

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really though. if we all stop paying federal taxes at once that administration is straight fucked.

And with all the infantry non rich republicans for the most part...what they gonna do? bomb us into paying our hard earned moneys to their corrupt use of hypocrytic killing.

 

 

fuck it. you got my vote on the succession of California.

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"The other, also backed by the administration, would authorize $15 million to continue funding a study of ways to turn an existing nuclear weapon into a high-yield "bunker-buster" bomb capable of burrowing deep into the earth before exploding. Designed to destroy underground facilities, it would have a force 10 times that of the Hiroshima blast."

 

This thing would fuck up the area it was used in so badly that it would be ridiculous. Earthquakes, volcanos and tsunamis in full effect.

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Originally posted by mental invalid

im just constantly amazed with how people keep a straight face in the bush admin, and how they are able to sell this to the blue collars......

 

 

amazing.....

 

 

agreed. i was quite impressed and happy to read this article. thanks to mental for sharing.

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Originally posted by Ken Barlow

Lets all hope he doesn't win again next year.....

 

don't hope...vote

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Originally posted by Girth Brooks

its nice to see disgustingly wealthy people act like they give a damn...maybe they really do...

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break down of the plan.

 

The richest Americans -- that's both singles and married couples whose AGI tops $311,950 -- now pay tax rates up to 38.6 percent. That rate would be cut to 35 percent.

 

 

Those who currently fall under the 35 percent bracket (single filers with incomes over $143,500 and joint filers with incomes over $174,700) will have their tax rate trimmed to 33 percent.

 

 

Taxpayers in the 30 percent bracket will have their rate nipped to 28 percent. (That's singles with an AGI of $68,800 to $143,500 and married couples with an AGI of $114,650 to $174,700.)

 

 

And those in the 27 percent bracket will pay no more than 25 percent. (Again, this applies to singles with incomes from $28,400 to $68,800 and married couples filing joint returns with an AGI between $47,450 and $114,650.)

 

Meanwhile, lower-income earners in the 10 percent and 15 percent tax brackets won't get a cut.

 

Even before the tax measure's passage, this year's federal shortfall was expected to rocket well beyond the unprecedented level of $300 billion. Of the bill's $350 billion price tag, $210 billion -- or 60 percent -- would occur this year and next.

 

 

i'm so disgusted, by our leadership. i can't deal with Bush anymore. i really hope the democrats find a strong candidate to clean up the mess that bush has made.

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