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| Subject: I have read the same thing from various sources nt | |
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Author: Bev |
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Date Posted: 19:29:12 11/30/07 Fri In reply to: Stephen 's message, "Everything I have herd suggests the real recession will start sometime this coming year" on 19:08:51 11/26/07 Mon >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 ] |