TAX BATTLE ROYALE: Fox News Vs. Patriotic Millionaire

Tax Battle Royale

Outstanding live TV.  Stuart Varney, self-made, demeans the inherited wealth of Eric Schoenberg, who argues that he and other millionaires need to pay higher taxes.

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Part two:

Let's get ready to rumble.

Who won this battle over taxes?  Spout off in comments below.

Comments

[Josie]

This argument confuses people. It's about ferderal taxes on INCOME, not existing wealth. If Varney "works" for, or earns his money and Schoenberg sits back as an "investor" and gains on his (or his inherited) wealth, its should be, IMHO, the same--taxable income taxed at the same rate. No more special treatment for cap gains. Cap gains is income, just as Varney's earned income.

Now, we can argue about the rate (I believe a lower, 20-22% flat tax rate will spur the economy and raise more tax revenue, but others may have more info on the most efficient tax rate). However, there should be no argument over cleaning up the tax code, which is too complex and ripe with corruption.

And I have not even mentioned the spending side of the federal ledger...

[Alberet]

Why does no one ever CONNECT FOX News and FOX Entertainment?
FOX News pumps out PSEUDO-prolife/family/American "values" .... and
FOX Entertainment pumps out GLEE, FAMILY GUY, and numerous other shows glorifying
Homosexuality, Pedophilia, Drug use, brutality, and every other ANTI-family value.

[LadyLiberty]

Alberet write to the president and let him know how you feel!

Donations by Media Companies Tilt Heavily to Obama

snip

Even companies whose news outlets are often perceived as having a conservative bias have given significantly more money to Mr. Obama. Rupert Murdoch’s News Corporation, for example, has contributed $58,825 to Mr. Obama’s campaign, compared with $2,750 to Mr. Romney.

http://mediadecoder.blogs.nytimes.com/2012/08/22/donations-by-media-companies-tilt-heavily-to-obama/

As for the rich guys battle SCAM the really wealthy like the bailed out warren buffoon hide their billions in tax exempt foundations

Dimon Best to Lead Treasury in Crisis, Buffett Says

http://www.bloomberg.com/news/2012-11-27/dimon-would-be-best-treasury-secretary-in-crisis-buffett-says.html

Buffett renews argument for millionaire's tax

http://money.cnn.com/2012/11/26/news/economy/buffett-millionaires-tax/index.html?iid=HP_LN

Watch What Warren Buffett Does, Not What He Says

http://www.weeklystandard.com/blogs/watch-what-warren-buffett-does-not-what-he-says_664022.html

Norquist: Buffett is a Crony Capitalist

http://thehill.com/blogs/blog-briefing-room/news/269435-norquist-calls-buffet-argument-silly-

Implementing Warren Buffett's Gift

snip

The foundation must continue to satisfy the legal requirements qualifying Warren’s gift as charitable, exempt from gift or other taxes.

http://www.gatesfoundation.org/about/Pages/implementing-warren-buffetts-gift.aspx

Warren Buffett Is A Punk

snip

D) He lies about his kids. He often says his kids will get basically nothing from him. He says, nobody should win the “genetic lottery”. In fact, there’s a notorious story where one of his daughters had to buy a necklace from Zales Jewelry (which Buffett owns) on a layaway plan.

Meanwhile, Buffett has given each of his kids a charitable foundation with billions each to manage. If a foundation has $3bb in it, then something like $90mm can go to salaries. I think his kids will do fine with that kind of money


http://techcrunch.com/2012/05/12/warren-buffett-is-a-punk/

How Buffett Saves Billions On His Tax Return

http://www.forbes.com/sites/greatspeculations/2011/08/17/how-buffett-saves-billions-on-his-tax-return/

Buffett’s Betrayal

snip

A good chunk of his fortune is dependent on taxpayer largess. Were it not for government bailouts, for which Buffett lobbied hard, many of his company’s stock holdings would have been wiped out.

Berkshire Hathaway, in which Buffett owns 27 percent, according to a recent proxy filing, has more than $26 billion invested in eight financial companies that have received bailout money. The TARP at one point had nearly $100 billion invested in these companies and, according to new data released by Thomson Reuters, FDIC backs more than $130 billion of their debt.

To put that in perspective, 75 percent of the debt these companies have issued since late November has come with a federal guarantee.

http://blogs.reuters.com/rolfe-winkler/2009/08/04/buffetts-betrayal/

When Warren Buffett Says Jump, GoldmanCEO Blankfein Asks, "How high?"

http://www.economicpolicyjournal.com/2012/10/when-warren-buffett-says-jump-goldman.html

[LadyLiberty]

One more comment why don't they just write a check to the treasury if they REALLY want to pay more taxes?

[SKINFLINT]

This is absolutely sickening. This is the message that will be repeated ad nauseum until everyone is screaming that they want to pay higer taxes. The people who got us into this mess will then continue to use the system to their advantage and NOT pay the higher taxes that they are telling us they would like to pay. http://www.huffingtonpost.com/2011/08/29/warren-buffett-taxes-berkshire-hathaway_n_941099.html Berkshire Hathaway in Delaware. http://www.berkshirehathaway.com/2010ar/201010-K.pdf Here is why. http://www.nytimes.com/2012/07/01/business/how-delaware-thrives-as-a-corporate-tax-haven.html?pagewanted=1&ref=lesliewayne It'll never end until we have to pay these people every last cent that we earn.

[SKINFLINT]

http://www.cnbc.com/id/49976741 Take it all bithches.

[Greg Diaz]

There's a difference between parties mutually and voluntarily paying for services and a licensed monopoly extorting the same at the threat of violence….

[Texas Dar]

I mean realy, who let this Idiot out of the "Stupid Cage".......?

[Michael P]

Why is it that nobody seems to understand the basic issue at hand: This whole discussion about tax rates has to do with Federal Income Tax. Nothing more, nothing less. And when we talk about paying higher rates, we talk about the money that is paid back to the Federal Reserve to service the interest debt accumulated by the US Govt when the Fed prints money - out of thin air, remember that.

So - in essence, when one side or the other starts bringing in the argument that services have to be cut, or, people are milking the system, etc - realize that none of these things are paid for by the income tax we pay. None - Nada - Zilch. Not one government service is paid for with income tax money. Find me one that is, and I will eat my hat, and kiss your ass. I am quite confident that my hat will stay intact and my lips will remain clean.

Once you realize that this statement is true, that none of your income tax goes to pay for government services, either federal, state or local - then go out amongst your friends, coworkers, etc, and ask them this simple question: What do you think your income tax pays for each year? You will be amazed at the answers you get.

When Americans start to wake up to this undeniable fact about where their income tax really goes - then they will begin to understand the bogus nature of this argument that is put in front of them each year, during all elections, and during all fiscal crisis.

Whats even worse, with the public now becoming aware of the debt ceiling, they are now exposed to a new bogus argument - the one where they mingle debt and deficit. Which you cannot do - because debt relates to the money owed by the US govt on interest payments to the fed for printed currency, and deficit applies to the amount of money spent on government programs each year, vs the amount of revenue actually taken in to pay for said programs.

And by revenue, we are talking about legal, apportioned taxes that are legislated by Congress - sales taxes, tariffs, etc. We are NOT talking about income tax revenue here.

So, as I sit and watch these faux-debates about debt and deficit take place, I am constantly asking myself this question: How can they make this argument to each other, and the American people, and keep a straight face? And why are more people not waking up to this crap, and asking the right questions?

Just saying.....

[Fragile Habitat]

This dude needs some tax counciling

[Texas Dar]

Well you sure can tell what side he listens too....Just like the Occ Wall Street bunch sent by George Soros and the new Grads from Collage shouting "Carl Marks"....Just waiting for thAre goverment to give them all their wants for life. Just take it from the rich guys. They worked hard for it and my teachers have taught us they will just give it to us. The Democrat Party promised it to us, So Hand it Over......Please.!

[Insidious]

Stu the cry baby Brit should have kept his dick in his pants and cut the ball off his sons and sewed his daughters legs closed. Just another mouth for Fox News.