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| Subject: Everything I have herd suggests the real recession will start sometime this coming year | |
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Author: Stephen |
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Date Posted: 19:08:51 11/26/07 Mon In reply to: Bev 's message, "Oro you always talk about the poor paying so much in taxes . Buffet does not agree with ou" on 18:24:35 11/01/07 Thu We are, no doubt, in an economic downturn. But the real (technical) recession will start next year with the collaps of the stock market and banks. Fuel (coal, gasoline, natural gas) prices will continue to rise because government deregulation passed by Bush Sr. will finally allow the resource owners to price fix. This will drive the cost of everything upwards. But it won't matter to them because people need energy to survive in todays world. And most people are so far in debt, that they have no other choice. pffff c'est la vie. Well, we were winning for a few tens of years, anyway. > He thinks he should pay more along with people like >Bill Gates dad and Kerry etc. plus we went into a >recession when bush cut taxes we are still in one . > >I should pay more tax, says US billionaire Warren >Buffett > >By Andrew Clark in New York > >11/01/07 "The Guardian" -- -- Warren Buffett, the >famous investor known as the "Sage of Omaha", has >complained that he pays a lower rate of tax than any >of his staff - including his receptionist. Mr Buffett, >who is worth an estimated $52bn (£25bn), said: "The >taxation system has tilted towards the rich and away >from the middle class in the last 10 years. It's >dramatic; I don't think it's appreciated and I think >it should be addressed." > >During an interview with NBC television, Mr Buffett >brandished an informal survey of 15 of his 18 office >staff at his Berkshire Hathaway empire. The >billionaire said he was paying 17.7% payroll and >income tax, compared with an average in the office of >32.9%. >"There wasn't anyone in the office, from the >receptionist up, who paid as low a tax rate and I have >no tax planning; I don't have an accountant or use tax >shelters. I just follow what the US Congress tells me >to do," he said. > >Mr Buffett also took a pot shot at hedge fund >managers. He said: "Hedge fund operators have spent a >record amount lobbying in the last few months - they >give money to the political campaigns. Who represents >the cleaning lady?" > >His intervention comes amid an increasingly rancorous >debate on Capitol Hill about tax. Shortly after taking >office, President Bush pushed through $2 trillion in >temporary tax cuts, including sharp reductions for >high-earners. These expire at the end of 2010 and the >White House wants to renew them. > >A leading Democrat, the Harlem congressman Charlie >Rangel, published alternative plans this week that >would impose a 4% surcharge on people earning more >than $200,000 a year, while delivering tax relief to >90 million working families. > >Republicans say the net effect would be a $2 trillion >tax increase that would hurt small businesses and >farmers. Meanwhile, Mr Buffett's remarks drew a robust >response from the US Chamber of Commerce, which said >the top 1% of US earners accounted for 39% of tax >revenue - and the highest earning 25% of the >population delivered 86% of the tax-take. > >The chamber's chief economist, Martin Regalia, said: >"Mr Buffett has made an awful lot of money and if he >wants to pay more taxes, I think that's fine. But I >think he should get his facts straight." > >He added: "There's no question in my mind: if you were >to impose [the Democrats'] tax increases, you would >see the US go into a recession." > >© Guardian News and Media Limited 2007 [ Next Thread | Previous Thread | Next Message | Previous Message ] |
| Subject | Author | Date |
| I have read the same thing from various sources nt | Bev | 19:29:12 11/30/07 Fri |