Re: Auto Repossessions Hit 17-Year High

On May 11, 3:45 pm, California Poppy <GoldenStatePo...@xxxxxxx> wrote:
On May 11, 1:30�pm, mg <mgkel...@xxxxxxxxx> wrote:

On May 11, 12:12 pm, "Jerry Okamura" <okamuraj...@xxxxxxxxxxxxx>
wrote:

They are only following the lead of their government. �Borrow, borrow,
borrow. �The only problem is, when an individual borrows, he cannot get any
more money that what he can earn. �The government has no such problem, they
can always get more money from the citizens of this country.

The Republicans have an odd way of looking at things. First they give
huge tax breaks to the rich and then they blame politicians for
borrowing money to pay for them.

Just what are these "tax breaks to the rich"?

The 15% tax on capital gains and dividends is an example:

"From The Times
June 28, 2007
Buffett blasts system that lets him pay less tax than secretary

Tom Bawden in New York

Warren Buffett, the third-richest man in the world, has criticised the
US tax system for allowing him to pay a lower rate than his secretary
and his cleaner.

Speaking at a $4,600-a-seat fundraiser in New York for Senator Hillary
Clinton, Mr Buffett, who is worth an estimated $52 billion (£26
billion), said: “The 400 of us [here] pay a lower part of our income
in taxes than our receptionists do, or our cleaning ladies, for that
matter. If you’re in the luckiest 1 per cent of humanity, you owe it
to the rest of humanity to think about the other 99 per cent.”

Mr Buffett said that he was taxed at 17.7 per cent on the $46 million
he made last year, without trying to avoid paying higher taxes, while
his secretary, who earned $60,000, was taxed at 30 per cent. Mr
Buffett told his audience, which included John Mack, the chairman of
Morgan Stanley, and Alan Patricof, the founder of the US branch of
Apax Partners, that US government policy had accentuated a disparity
of wealth that hurt the economy by stifling opportunity and
motivation. . ."
http://business.timesonline.co.uk/tol/business/money/tax/article1996735.ece
.

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