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This has nothing to do with not taxing anyone else and only targeting the rich.
My point is, if everyone is talking about a need for compromise, it's because they realize that the solution will not come from any single program being cut or any one group paying more taxes, whether that's the rich, the poor, corporate, etc. Yeah taxing the rich wouldn't solve it, but it would help at least some.
All he's saying is, hey, we're willing to step up and do our part to save this ship. How can anyone argue with that?
i have never met anyone that wanted to pay more!
I've seen that guy on CNBC many ,many times. He's got a big bone in his pants for Becky Quick and she drags all kinds of stuff out of him. He's a little on the weird side but I give him immense credit for his philanthropy. In fact I would prefer that he give the money he wants to pay in taxes, to charity. It would do a fuck of a lot more good than handing it to the boneheads in Washington. Fuck them. Show me you can cut spending in a real way then we can talk about raising taxes.
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Yes, even the Oracle from Omaha doesn't think the government is a good bet.
Who is considered the the top five percent?
Top 5% income earners
Google, my brotha...Google...
Respect
And Borg, you're obviously slacking. lol
jmar, what is it you do? You probably told me already, but I can't keep that shit straight around here....
I am a small minority owner in about a third of our portfolio and I have a decent amount of skin in the game.
Basically, I have a good deal of common sense, I know my business well but I don't claim to be the sharpest tool in the shed.
I have met Jim. He's a good guy. Like most on here.
Pit Row
It's the standard "I have no idea what you're talking about, but the man I listen to on the radio says your wrong." response.
If you think you'll get a well thought out articulate response from some of these guys, all I can say is don't hold your breath waiting for it.
ABC News, in collaboration with James F. Reda and Associates, complied a list of some of the companies in the headlines today and looked at just how much money some of these CEOs are taking home.
CEO Cash Salary Stock, Other Pay Total Pay
Lehman Brothers
2007 Richard Fuld $5,000,000 $66,770,000 $71,770,000
2006 Richard Fuld $7,000,000 $55,323,679 $62,323,679
2005 Richard Fuld $14,500,000 $89,500,000 $104,000,000
2004 Richard Fuld $11,000,000 $24,300,000 $35,300,000
Goldman Sachs
2007 Lloyd Blankfein $27,600,000 $15,500,000 $43,100,000
2006 Lloyd Blankfein $27,800,000 $15,700,000 $43,500,000
2006 Henry Paulson $129,087,000 $34,900,000 $163,987,000
Bear Stearns
2006 James Cayne $17,300,000 $14,800,000 $32,100,000
2005 James Cayne $12,900,000 $10,300,000 $23,200,000
2004 James Cayne $10,200,000 $9,500,000 $19,700,000
Merrill Lynch
2007 John Thain $15,800,000 $0 $15,800,000
2007 E. Stanley O'Neal $584,000 $161,000,000 $161,584,000
2006 E. Stanley O'Neal $19,200,000 $45,116,327 $64,316,327
2005 E. Stanley O'Neal $14,800,000 $3,120,000 $17,920,000
Washington Mutual
2007 Kerry K. Killinger $1,000,000 $3,468,625 $4,468,625
2006 Kerry K. Killinger $5,100,000 $17,153,715 $22,253,715
2005 Kerry K. Killinger $4,600,000 $8,876,608 $13,476,608
2004 Kerry K. Killinger $2,900,000 $12,335,416 $15,235,416
AIG
2007 Martin J. Sullivan $10,200,000 $5,647,439 $15,847,439
2006 Martin J. Sullivan $16,900,000 $5,838,656 $22,738,656
2005 Martin J. Sullivan $7,750,000 $159,000 $7,909,000
2004 M.R. "Hank" Greenberg $1,400,000 $12,002,880 $13,402,880
Fannie Mae
2007 Daniel Mudd $3,200,000 $5,200,000 $8,400,000
2006 Daniel Mudd $4,400,000 $2,290,000 $6,690,000
Freddie Mac
2007 Richard Syron $5,590,000 $0 $5,590,000
2006 Richard Syron $5,150,000 $0 $5,150,000
While CEO of Goldman Sachs Group in 2007, Blankfein earned a total compensation of $53,965,418, which included a base salary of $600,000, a cash bonus of $26,985,474, stocks granted of $15,542,756 and options granted of $10,453,031
Let's have a look at some of the others.
Forbes list the "salary" for the following:
James Cayne - $200K (not $17 million) as part of 28.4 million in compensation.
Kerry K. Killinger - $1 million in salary, but also nearly 23 million in compensation and not 4.5 million.
Daniel Mudd (2009) - $79,167 in salary as part of nearly 26 million in compensation.
Martin J Sullivan - 1M in salary as part of 17 million in compensation.
As long as that salary only makes up 1/6th to 1/50th of your compensation it's not such a big deal I guess. If a million dollar salary only made up 4% of what I earned I suppose that I wouldn't mind paying taxes on a million in salary. Of course we don't actually know what they pay in taxes either since those records are never made public. You can clearly see though that they're using alternative methods of compensation to reduce their taxes on the vast majority of their earnings.
While I was wrong to say that people don't take out a million in salary, it appears I underestimated how little a burden it would be when you took into account the rest of their earnings.
But yes, it's also true that when they are given stocks and other things as compensation if they receive gains on it, they are only taxed on that as capital gains. There's a risk to that kind of compensation, of course--if you don't sell it before everything goes bust, the value could be as little as nothing.
"Interesting read, especially the part about payroll taxes.
Everybody seemed to think I was making that shit up a couple of weeks ago. At least Buffet gets it."
"Find me one person that earns a million dollars a year that receives it as a standard salary. "
Standard salary being payments subject to the full range of payroll taxes...there are MANY executives that get 1 million dollar or higher standard salaries. Most of the banks involved in the bailouts had multiple executives with 1-6 million dollar cash salaries or more...plus cash bonuses. Ed Mueller, CEO of Qwest, has a 1.2 million dollar base salary and multi-million dollar cash bonuses on top of the stock options mentioned.
"Even pro athletes are smart enough to structure their contracts so they don't get hooped like the average working shmuck"
There aren't enough years in many pro athletes lives to structure their payments to come out in a better tax bracket than the average shmuck. Assuming an athlete only makes 10 million over a career...they would have to "structure" the payments over 200 years to be in an equivalent tax bracket if we assume the shmuck earns 50k per year. Sure, the 15% SS taxes would make a small difference but you aren't going to take 150 years out of that "structure" by getting creative with stock options. Pro athletes rarely get paid in stock options anyhow. Further, with some athletes getting 20-30+ million dollar contracts (excluding endorsements, appearances, etc)....there is no way they are reducing that income down to the equivalent of a 50-100k a year shmuck...much less a 20-30k shmuck. if we are talking about a 200k career pro bowler then yes, we may have a comparison.
"Are you trying to imply that Buffet just has a better accountant than the rest of the people at his income level? Shit, I do the same things he does so that certainly can't be the case"
Does the comedy in this need explaining?
Short of it is it would be a fluke that these people weren't in the top bracket as Borg stated.
If they are granted stock options...they are taxed on the difference of the market price and their option price at the time of exercise.
Post a reply to: Very Interesting Read from Buffett