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That wasn't my logic at all. I was just saying that it's funny saying people defend him for buying into GS. He's looking to make a killing on that deal.
So you have as big of an aversion to charity as I have for the McCain/Palin ticket?
That wasn't my logic at all. I was just saying that it's funny saying people defend him for buying into GS. He's looking to make a killing on that deal.
That's why the idea of an ownership stake in companies that are bailed out is being batted around.
Shasta, FTW.
It seems like this thread has gotten lost in arguments that are peripheral to the topic, the fact that Buffet has chosen to endorse Obama rather than McCain. Why do you think he decided to do that? I'm sure if he had done otherwise, the McCain camp would use him as an example of a financial wizard whose judgment on such an important matter should be respected.
I do take his endorsement seriously. In fact, he has swayed my opinion on estate taxes.
As far as joe biden, he obviously doesn't have a clue about money. How do you earn 5 million with tremendous benefits and only have 150K to show for it?
If you can't see this it would suck to be you.
You know where Buffet got his start?
With a life insurance company.
You know why the biggest policies are bought?
To pay estate taxes.
I have a policy myself that exists solely to pay those taxes if I meet a premature end. That way my business won't have to be sold to pay the taxes. Big problem with estate taxes is that they are due and payable right away - in cash. Most wealth is not held in cash. Now, the person that most people think of paying these taxes are the Paris Hilton's and Kennedy's of the world. Who cares if they have to sell their 4th home in the Hampton's right? The people they don't think of are the small-business owners; who don't have much cash (have sunk it all into the business) - but they have a business that is attractive for its cash-flow to larger businesses. Those businesses buy the small ones, let most of the employees go, and absorb the income into their own structure. They are willing to pay pretty good money, therefore, for a business that generates several million in revenue, even if it only generates a couple hundred grand for the ownership. Therefore, the "value" of the business is well over the (old. $1.2 million) threshold for estate tax exemption. Hope I explained that well.
Buffet rails on "Dynastic" wealth when arguing for estate taxes. The exemption prior to Bush was only $600 K - twice that for a married couple. EVERYTHING above that was taxed at 60%!!! Now, what "dynasties" are built on a foundation of 600 grand???? Buffet is disengenuous on this one.
Estate taxes suck.
Amen.
I had no real understanding of this before my wife's grandmother passed away.
I think you explained it very well.
He got a pretty sweet deal on that $5 billion he just put in for this debacle.
10% guranteed return for the rest of his life.
Where are the CAPITALIST PIG screams from the left???
Should be respected?
Bill Gates and Warren Buffen are two of the greediest human beings in the history of the World.
They are so consumed by greed that their minds thinks about the ac ulation of wealth to an obesessive degree as to be incomprehensible by a normal human being.
It's like trying to understand how a serial killer thinks...serial killers are effective at killing because they think in ways that nomral humans don't.
Would you like some fries with that FAIL?
Buffett donates $37bn to charity
It is patently absurd to use the Bill Gates Foundation as an example of altruism.
You know who the board of trustees are on that charity?
Bill Gates
Melinda Gates
Warren Buffet.
They didn't give that stock wealth to charity, they gave it to themselves, they avoided paying taxes on it and they still control it.
What they did was transfer multiple billions of stock wealth into an en y where they could avoid paying just about any and all taxes on it...
They only have to give away 5% of the endowment per year...that's basically a 5% tax rate on all those billions...
Now you tell me those are the actions of individuals wanting to pay taxes.
And Buffet's contributions in particular are conditional...to where he can get the majority of that money back.
Don't ing tell me that was altruism...that's a ing joke.
I'd love to see where you're getting all this information. As usual I think you're full of .
Just because you are ignorant on how billionaires avoid taxes while still controlling their wealth doesn't mean I have failed...it just means you don't what the you are talking about.
Except that it isn't really HIS money. It is the money of his firm, and benefits his stockholders.
There is that small distinction.
Of course you have to pony up the cash to buy a share, currently around $200,000 each.
Sure, Bill Gates and Warren Buffen are the most ungreedy people on planet earth, that's why they are worth untold billions
Fools.
if he endorsed mccain you'd be all over his nutsack...admit it.
Except that it isn't really HIS money. It is the money of his firm, and benefits his stockholders.
There is that small distinction.
Of course you have to pony up the cash to buy a share, currently around $200,000 each.
And you're too stupid to understand that when Americans start paying that 700 billion...the first guy in line with his hand out is going to be Warren Buffet.
Stop embarrasing yourself.
Translation:
"but, but, but what I *really* meant was, but but but..."
The cash is passing out of his hands. Yes or no?All the gifts will be awarded yearly, with 5% of each donation passed on each year, it was announced.
No I wouldn't...I'd just think he's more honest than I do now.
I'd never think he's altruistic...
He doesn't spend his money in an altruistic fashion.
Ted Turner is an example of altruistic billionaire...and that's about it. But he's also a fool.
None of Buffetts companies own much of the ty debt or equity that Paulson wants to buy with that cash, do they?
If you really think Buffett is a greedy idiot, you will have a hard time making your case.
Feel free to look keep looking foolish trying though. It is funny.
The joke is your understanding of a durable trust that is essentially what the foundation is.
They make 6-10% on the invested money and donate 5% of the assets, so that the foundation doesn't run out and keeps on having the ability to do decent things long after they are gone, THIS IS THE PURPOSE OF THE TRUST TO BEGIN WITH YOU MORON.
The stated purpose of the foundation MUST be charitable, and they CANNOT use the money to benefit themselves. Sure it is all tax free, just as any other charitable giving is.
LOL in the way he chooses, without a tax dime being paid....and at a lower rate by 30% minimum! Than it would by conventional means...and this is with a long term capital gains tax rate of maybe 8%, extremely low.
Sorry but you guys don't know wha the you are talking about...as evidence by ChumpDumper and Base having seemingly no awareness of the possibility of someone having a negative net worth....when they are in the process of talking .
Careful what you wish for now...
If Whott is upside-down in credit purchases, only has a net worth of $100, and donates $85 before his payday, that qualifies, right?
With the housing price correction allot of people are seriously upside-down! It's possible...
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