|
|
Joined: Sep 2021
Posts: 4,184 Likes: 11
Campfire Tracker
|
OP
Campfire Tracker
Joined: Sep 2021
Posts: 4,184 Likes: 11 |
The day of reckoning is upon us. Decades of endless spending have led us to the economic cliff. No shocker there. About the only person in Washington that consistently warns us of overspending is Rand Paul. Unfortunately, he is a voice in the desert. So little wonder where we're headed - higher personal and corporate taxes and a significant recession as a result. But good news, the Bidenomic Inflation Rate will go negative. Buckle Up. Warren Buffett reveals the news no American taxpayer wants to hear as the government tackles rising debt - here's what it means for you
The declaration comes as the US is hard-pressed to address rising fiscal deficits
The national debt recently hit $34 trillion, a sum about as big as the US economy
Citing certain financial factors, he said a federal tax hike is likely on the horizon
By ALEX HAMMER FOR DAILYMAIL.COM
PUBLISHED: 01:43 EDT, 6 May 2024 | UPDATED: 07:16 EDT, 6 May 2024
Warren Buffett has said he expects the US government to increase taxes rather than reduce spending as the country struggles with its mounting national debt. The declaration, delivered Saturday, comes as the US is hard-pressed to address widening fiscal deficits, and as the national debt recently topped $34 trillion - an amount nearly as big as the entire US economy.
More concerning is the fact the Fed and other money-minded officials have no plan in sight, paving the way for the Berkshire Hathaway boss's unsettling prediction. The 'Oracle of Omaha' aired his prediction at his hallowed hedge fund's annual shareholder meeting attended by some of the top CEOs in the country. There, the conglomerate reported its collection of businesses generated some $11.2 billion of operating earnings, up 39 percent from the year before.
Despite those results being a sign of a relatively robust economy, the 93-year-old who is valued at more than $131billion said he believes a federal tax hike is on the horizon. Warren Buffett has warned that he expects the US government to increase taxes rather than reduce spending. The 93-year-old is seen here Fortune's Most Powerful Women Summit in Washington, DC, in 2015
'I think higher taxes are likely,' he said, pointing to how the Congressional Budget Office has estimated in its latest long-term budget projections federal deficits will rise to 8.5 percent of GDP in fiscal 2054 from the 5.5 percent seen today. 'They may decide that some day they don't want the fiscal deficit to be this large because that has some important consequences,' Buffett added. 'So they may not want to decrease spending and they may decide they'll take a larger percentage of what we own, and we'll pay it.'
The unprecedented problem comes as US budget deficits are expected to dissipate if, and when, tax cuts introduced in 2017 are renewed next year. But, given current market conditions, there rate cuts remain uncertain, and inflation also remains stubbornly high.
These factors led to Buffet's Berkshire reducing its stake in Apple, one of the many blue chip manufacturers, home builders, insurance companies or retailers in its stable. As a result, Berkshire reported a $135.4 billion holding in the iPhone maker at the end of the first quarter, down from $174.3 billion seen in December.
The move quickly became a topic of discussion as the meeting unfolded in real time, with Apple CEO Tim Cook one of the high-powered figures in the room.
Si Vis Pacem, Para Bellum
|
|
|
|
|
Joined: Apr 2011
Posts: 12,251 Likes: 14
Campfire Outfitter
|
|
Campfire Outfitter
Joined: Apr 2011
Posts: 12,251 Likes: 14 |
"I am surprised!" ... said no one.
|
|
|
|
|
Joined: May 2021
Posts: 937
Campfire Regular
|
|
Campfire Regular
Joined: May 2021
Posts: 937 |
They only have eight more months of denial, then they'll blame Trump for the problem.
U.S. government was established to represent citizens, NOT TO RULE OVER THEM.
|
|
|
|
|
Joined: Sep 2003
Posts: 23,560 Likes: 21
Campfire Ranger
|
|
Campfire Ranger
Joined: Sep 2003
Posts: 23,560 Likes: 21 |
The day of reckoning is upon us. Decades of endless spending have led us to the economic cliff. No shocker there. About the only person in Washington that consistently warns us of overspending is Rand Paul. Unfortunately, he is a voice in the desert. So little wonder where we're headed - higher personal and corporate taxes and a significant recession as a result. But good news, the Bidenomic Inflation Rate will go negative. Buckle Up. Warren Buffett reveals the news no American taxpayer wants to hear as the government tackles rising debt - here's what it means for you
The declaration comes as the US is hard-pressed to address rising fiscal deficits
The national debt recently hit $34 trillion, a sum about as big as the US economy
Citing certain financial factors, he said a federal tax hike is likely on the horizon
By ALEX HAMMER FOR DAILYMAIL.COM
PUBLISHED: 01:43 EDT, 6 May 2024 | UPDATED: 07:16 EDT, 6 May 2024
Warren Buffett has said he expects the US government to increase taxes rather than reduce spending as the country struggles with its mounting national debt. The declaration, delivered Saturday, comes as the US is hard-pressed to address widening fiscal deficits, and as the national debt recently topped $34 trillion - an amount nearly as big as the entire US economy.
More concerning is the fact the Fed and other money-minded officials have no plan in sight, paving the way for the Berkshire Hathaway boss's unsettling prediction. The 'Oracle of Omaha' aired his prediction at his hallowed hedge fund's annual shareholder meeting attended by some of the top CEOs in the country. There, the conglomerate reported its collection of businesses generated some $11.2 billion of operating earnings, up 39 percent from the year before.
Despite those results being a sign of a relatively robust economy, the 93-year-old who is valued at more than $131billion said he believes a federal tax hike is on the horizon. Warren Buffett has warned that he expects the US government to increase taxes rather than reduce spending. The 93-year-old is seen here Fortune's Most Powerful Women Summit in Washington, DC, in 2015
'I think higher taxes are likely,' he said, pointing to how the Congressional Budget Office has estimated in its latest long-term budget projections federal deficits will rise to 8.5 percent of GDP in fiscal 2054 from the 5.5 percent seen today. 'They may decide that some day they don't want the fiscal deficit to be this large because that has some important consequences,' Buffett added. 'So they may not want to decrease spending and they may decide they'll take a larger percentage of what we own, and we'll pay it.'
The unprecedented problem comes as US budget deficits are expected to dissipate if, and when, tax cuts introduced in 2017 are renewed next year. But, given current market conditions, there rate cuts remain uncertain, and inflation also remains stubbornly high.
These factors led to Buffet's Berkshire reducing its stake in Apple, one of the many blue chip manufacturers, home builders, insurance companies or retailers in its stable. As a result, Berkshire reported a $135.4 billion holding in the iPhone maker at the end of the first quarter, down from $174.3 billion seen in December.
The move quickly became a topic of discussion as the meeting unfolded in real time, with Apple CEO Tim Cook one of the high-powered figures in the room. We have been hearing stock market doom, housing crash, and used vehicles crashing in price for a long time now. Still waiting….
|
|
|
|
|
Joined: May 2008
Posts: 5,210 Likes: 9
Campfire Tracker
|
|
Campfire Tracker
Joined: May 2008
Posts: 5,210 Likes: 9 |
The day of reckoning is upon us. Decades of endless spending have led us to the economic cliff. No shocker there. About the only person in Washington that consistently warns us of overspending is Rand Paul. Unfortunately, he is a voice in the desert. So little wonder where we're headed - higher personal and corporate taxes and a significant recession as a result. But good news, the Bidenomic Inflation Rate will go negative. Buckle Up. Warren Buffett reveals the news no American taxpayer wants to hear as the government tackles rising debt - here's what it means for you
The declaration comes as the US is hard-pressed to address rising fiscal deficits
The national debt recently hit $34 trillion, a sum about as big as the US economy
Citing certain financial factors, he said a federal tax hike is likely on the horizon
By ALEX HAMMER FOR DAILYMAIL.COM
PUBLISHED: 01:43 EDT, 6 May 2024 | UPDATED: 07:16 EDT, 6 May 2024
Warren Buffett has said he expects the US government to increase taxes rather than reduce spending as the country struggles with its mounting national debt. The declaration, delivered Saturday, comes as the US is hard-pressed to address widening fiscal deficits, and as the national debt recently topped $34 trillion - an amount nearly as big as the entire US economy.
More concerning is the fact the Fed and other money-minded officials have no plan in sight, paving the way for the Berkshire Hathaway boss's unsettling prediction. The 'Oracle of Omaha' aired his prediction at his hallowed hedge fund's annual shareholder meeting attended by some of the top CEOs in the country. There, the conglomerate reported its collection of businesses generated some $11.2 billion of operating earnings, up 39 percent from the year before.
Despite those results being a sign of a relatively robust economy, the 93-year-old who is valued at more than $131billion said he believes a federal tax hike is on the horizon. Warren Buffett has warned that he expects the US government to increase taxes rather than reduce spending. The 93-year-old is seen here Fortune's Most Powerful Women Summit in Washington, DC, in 2015
'I think higher taxes are likely,' he said, pointing to how the Congressional Budget Office has estimated in its latest long-term budget projections federal deficits will rise to 8.5 percent of GDP in fiscal 2054 from the 5.5 percent seen today. 'They may decide that some day they don't want the fiscal deficit to be this large because that has some important consequences,' Buffett added. 'So they may not want to decrease spending and they may decide they'll take a larger percentage of what we own, and we'll pay it.'
The unprecedented problem comes as US budget deficits are expected to dissipate if, and when, tax cuts introduced in 2017 are renewed next year. But, given current market conditions, there rate cuts remain uncertain, and inflation also remains stubbornly high.
These factors led to Buffet's Berkshire reducing its stake in Apple, one of the many blue chip manufacturers, home builders, insurance companies or retailers in its stable. As a result, Berkshire reported a $135.4 billion holding in the iPhone maker at the end of the first quarter, down from $174.3 billion seen in December.
The move quickly became a topic of discussion as the meeting unfolded in real time, with Apple CEO Tim Cook one of the high-powered figures in the room. We have been hearing stock market doom, housing crash, and used vehicles crashing in price for a long time now. Still waiting…. The safe bet is to assume everything will be just fine.
|
|
|
|
|
Joined: Mar 2022
Posts: 757 Likes: 1
Campfire Regular
|
|
Campfire Regular
Joined: Mar 2022
Posts: 757 Likes: 1 |
You wont have to wait long.....We should call trolls stools like they are.🌰
Rehab is for quitters!
THEY are all guilty!
Name one honest politician!
DEFINE Treason.
God bless the USA
Democrats ARE the plague!
RINO'S need to be hunted!
Who's a bigger puzzy than Paul Ryan? Mike Pence? John Kerry ?
REELECT NOBODY! Except Trump
|
|
|
|
|
Joined: Jan 2002
Posts: 12,904 Likes: 5
Campfire Outfitter
|
|
Campfire Outfitter
Joined: Jan 2002
Posts: 12,904 Likes: 5 |
The day of reckoning is upon us. Decades of endless spending have led us to the economic cliff. No shocker there. About the only person in Washington that consistently warns us of overspending is Rand Paul. Unfortunately, he is a voice in the desert. So little wonder where we're headed - higher personal and corporate taxes and a significant recession as a result. But good news, the Bidenomic Inflation Rate will go negative. Buckle Up. Warren Buffett reveals the news no American taxpayer wants to hear as the government tackles rising debt - here's what it means for you
The declaration comes as the US is hard-pressed to address rising fiscal deficits
The national debt recently hit $34 trillion, a sum about as big as the US economy
Citing certain financial factors, he said a federal tax hike is likely on the horizon
By ALEX HAMMER FOR DAILYMAIL.COM
PUBLISHED: 01:43 EDT, 6 May 2024 | UPDATED: 07:16 EDT, 6 May 2024
Warren Buffett has said he expects the US government to increase taxes rather than reduce spending as the country struggles with its mounting national debt. The declaration, delivered Saturday, comes as the US is hard-pressed to address widening fiscal deficits, and as the national debt recently topped $34 trillion - an amount nearly as big as the entire US economy.
More concerning is the fact the Fed and other money-minded officials have no plan in sight, paving the way for the Berkshire Hathaway boss's unsettling prediction. The 'Oracle of Omaha' aired his prediction at his hallowed hedge fund's annual shareholder meeting attended by some of the top CEOs in the country. There, the conglomerate reported its collection of businesses generated some $11.2 billion of operating earnings, up 39 percent from the year before.
Despite those results being a sign of a relatively robust economy, the 93-year-old who is valued at more than $131billion said he believes a federal tax hike is on the horizon. Warren Buffett has warned that he expects the US government to increase taxes rather than reduce spending. The 93-year-old is seen here Fortune's Most Powerful Women Summit in Washington, DC, in 2015
'I think higher taxes are likely,' he said, pointing to how the Congressional Budget Office has estimated in its latest long-term budget projections federal deficits will rise to 8.5 percent of GDP in fiscal 2054 from the 5.5 percent seen today. 'They may decide that some day they don't want the fiscal deficit to be this large because that has some important consequences,' Buffett added. 'So they may not want to decrease spending and they may decide they'll take a larger percentage of what we own, and we'll pay it.'
The unprecedented problem comes as US budget deficits are expected to dissipate if, and when, tax cuts introduced in 2017 are renewed next year. But, given current market conditions, there rate cuts remain uncertain, and inflation also remains stubbornly high.
These factors led to Buffet's Berkshire reducing its stake in Apple, one of the many blue chip manufacturers, home builders, insurance companies or retailers in its stable. As a result, Berkshire reported a $135.4 billion holding in the iPhone maker at the end of the first quarter, down from $174.3 billion seen in December.
The move quickly became a topic of discussion as the meeting unfolded in real time, with Apple CEO Tim Cook one of the high-powered figures in the room. We have been hearing stock market doom, housing crash, and used vehicles crashing in price for a long time now. Still waiting…. S&P down 4.2% in April average home price up 2% over the year (down in real dollars) average used car price down 7% in 2023 (and plenty more to come). I'm far from the doom and gloom guy on here, but the times, they are a 'changing. Shall we discuss what increased taxes in a down economy would look like?
Sic Semper Tyrannis
|
|
|
|
|
Joined: Jan 2012
Posts: 67,633 Likes: 71
Campfire Kahuna
|
Campfire Kahuna
Joined: Jan 2012
Posts: 67,633 Likes: 71 |
Buffet says ….come to me
I could flat tear up some CiCi peetza buffet. The Marinol is working. Brotha gots da mumchies
|
|
|
|
|
Joined: Sep 2021
Posts: 4,184 Likes: 11
Campfire Tracker
|
|
OP
Campfire Tracker
Joined: Sep 2021
Posts: 4,184 Likes: 11 |
S&P down 4.2% in April
average home price up 2% over the year (down in real dollars)
average used car price down 7% in 2023 (and plenty more to come).
I'm far from the doom and gloom guy on here, but the times, they are a 'changing.
Shall we discuss what increased taxes in a down economy would look like? Blood in the streets?
Si Vis Pacem, Para Bellum
|
|
|
|
|
Joined: Jan 2002
Posts: 12,904 Likes: 5
Campfire Outfitter
|
|
Campfire Outfitter
Joined: Jan 2002
Posts: 12,904 Likes: 5 |
S&P down 4.2% in April
average home price up 2% over the year (down in real dollars)
average used car price down 7% in 2023 (and plenty more to come).
I'm far from the doom and gloom guy on here, but the times, they are a 'changing.
Shall we discuss what increased taxes in a down economy would look like? Blood in the streets? Nah, but I'm old enough to have seen both recessions and stagflation. There will definitely be melting of snow flakes.
Sic Semper Tyrannis
|
|
|
|
|
Joined: Jan 2004
Posts: 4,608 Likes: 5
Campfire Tracker
|
|
Campfire Tracker
Joined: Jan 2004
Posts: 4,608 Likes: 5 |
In the past Buffet has said the wealthy aren't paying enough taxes, so it appears that now's his chance.
|
|
|
|
|
Joined: Jul 2006
Posts: 4,896 Likes: 6
Campfire Tracker
|
|
Campfire Tracker
Joined: Jul 2006
Posts: 4,896 Likes: 6 |
In the past Buffet has said the wealthy aren't paying enough taxes, so it appears that now's his chance. Its always been his chance. He could have written a check to the IRS at any time, as could any lib with money. I personally have never encountered one who did.
"Men must be governed by God or they will be ruled by tyrants". --- William Penn
|
|
|
|
|
Joined: Dec 2019
Posts: 3,805 Likes: 2
Campfire Tracker
|
|
Campfire Tracker
Joined: Dec 2019
Posts: 3,805 Likes: 2 |
Wonder what the news reports will be when Trump gets to say “ Ive inherited the worst economy in ages”
Osky
A woman's heart is the hardest rock the Almighty has put on this earth and I can find no sign on it.
|
|
|
|
|
Joined: Nov 2006
Posts: 1,072
Campfire Regular
|
|
Campfire Regular
Joined: Nov 2006
Posts: 1,072 |
They only have eight more months of denial, then they'll blame Trump for the problem. Well, $8 TRILLION of it was added in only 4 short years under his Presidency. Btw. Are you aware Democrats are actually much better for the federal debt in the US?
|
|
|
|
|
Joined: Jan 2002
Posts: 12,904 Likes: 5
Campfire Outfitter
|
|
Campfire Outfitter
Joined: Jan 2002
Posts: 12,904 Likes: 5 |
In the past Buffet has said the wealthy aren't paying enough taxes, so it appears that now's his chance. Its always been his chance. He could have written a check to the IRS at any time, as could any lib with money. I personally have never encountered one who did. If I'm reading his writings at the time correctly, the context was hedge fund managers paying a reduced rate for their income, rather than ordinary income taxes. Buffet makes his money on capital gains, also not taxed at ordinary income taxes, but not a "special" tax treatment like hedge fund managers. Still, taxes for thee and not for me....
Sic Semper Tyrannis
|
|
|
|
|
Joined: Mar 2010
Posts: 12,157 Likes: 58
Campfire Outfitter
|
|
Campfire Outfitter
Joined: Mar 2010
Posts: 12,157 Likes: 58 |
Havent you guys heard? Everything is going to be just fine. America is doing great and it will be business as usual forever. Just ask some of the guys in here. The US will be awesome forever lol. There are going to be some awfully sad folks when the chit hits the fan and it is coming
|
|
|
|
|
Joined: Mar 2010
Posts: 12,157 Likes: 58
Campfire Outfitter
|
|
Campfire Outfitter
Joined: Mar 2010
Posts: 12,157 Likes: 58 |
They only have eight more months of denial, then they'll blame Trump for the problem. Well, $8 TRILLION of it was added in only 4 short years under his Presidency. Btw. Are you aware Democrats are actually much better for the federal debt in the US? While republicans are just as guilty for spending, there isnt a wrold that exists where the dems are "much" better on spending
|
|
|
|
|
Joined: Jul 2020
Posts: 2,432 Likes: 1
Campfire Regular
|
|
Campfire Regular
Joined: Jul 2020
Posts: 2,432 Likes: 1 |
So are we going to get to see who is swimming naked when the tide goes out?
|
|
|
|
|
Joined: Jul 2020
Posts: 2,432 Likes: 1
Campfire Regular
|
|
Campfire Regular
Joined: Jul 2020
Posts: 2,432 Likes: 1 |
In the past Buffet has said the wealthy aren't paying enough taxes, so it appears that now's his chance. Its always been his chance. He could have written a check to the IRS at any time, as could any lib with money. I personally have never encountered one who did. If I'm reading his writings at the time correctly, the context was hedge fund managers paying a reduced rate for their income, rather than ordinary income taxes. Buffet makes his money on capital gains, also not taxed at ordinary income taxes, but not a "special" tax treatment like hedge fund managers. Still, taxes for thee and not for me.... Buffett probably makes more on dividends than capital gains
|
|
|
|
|
Joined: Nov 2003
Posts: 2,761 Likes: 4
Campfire Regular
|
|
Campfire Regular
Joined: Nov 2003
Posts: 2,761 Likes: 4 |
Buffett probably makes more on dividends than capital gains Dividends from where?
You can no more tell someone how to do something you've never done, than you can come back from somewhere you've never been...
|
|
|
|
|
370 members (10gaugemag, 17CalFan, 1Longbow, 1OntarioJim, 10ring1, 19rabbit52, 46 invisible),
3,262
guests, and
1,125
robots. |
|
Key:
Admin,
Global Mod,
Mod
|
|
|
Forums81
Topics1,194,639
Posts18,533,591
Members74,041
| |
Most Online11,491
Jul 7th, 2023
|
|
|
|
