Posted on 08/21/2011 5:45:26 AM PDT by Kaslin
Billionaire Warren Buffett created a stir last week, writing in the New York Times, “My friends and I have been coddled long enough by a billionaire-friendly Congress.”
“It’s time for our government to get serious about shared sacrifice,” Mr. Buffett urged, specifically advocating that Congress “raise rates immediately on taxable income in excess of $1 million, including, of course, dividends and capital gains.”
Buffett has a point, of course, perhaps several points. Who can defend the fairness, or even sanity, of a tax system in which a man making tens of millions or even billions pays less in taxes, percentage-wise, than someone mowing his lawn and taking home 1/100 of a percent as much income? But, of course, no one anywhere ever defends our federal tax code. Not even the congresspeople who voted it into law . . . and have the campaign contributions to prove it.
Or take the Sage of Omaha’s argument that wages shouldn’t be taxed at higher rates than investment income. The logic is not without some plausibility. Still, my solution would be to cut income tax rates, not to raise the tax take on capital gains.
All of which invariably raises a far more fundamental issue: The size and scope and success of government. You see, to want more tax revenue implies something: that government needs and should have more money, and receive an even higher take of the sum domestic product.
Isn’t that unquestionably what Buffett is saying? Government is not large enough. Government can spend these dollars better than the taxpayers who earned them.
Many conservative politicians and pundits were quick to suggest Buffett put his own money where his mouth is:
• The Fiscal Times story headlined, “Warren Buffett: Stop Whining and Write Uncle Sam a Check.”
• Congressman John Shimkus (R-Ill.) tweeted, “Nothing is stopping Warren Buffett (or anybody) from making a donation to the Treasury if he feels he’s under-taxed.”
• “I’m a little fed up with these people who come on with their big op-eds and admonitions,” said Pat Buchanan on MSNBC’s Morning Joe. “Why doesn’t he set an example and send a check for $5 billion to the federal government? He’s got $40 billion.”
Indeed, why doesn’t Buffett write a check to good ol’ Uncle Sam? I don’t ask rhetorically, but in earnest. What is stopping him from making that donation?
A contribution to the federal treasury is fully tax-deductible, so that’s not the sticking point.
Perhaps it’s a matter of fairness. The Oracle of Omaha doesn’t want to stick his massive toe into a pool of greater taxation until he’s assured that all his “mega-rich friends” will be pushed in as well. Quite understandable on a couple levels, though I view patriotism and duty as a personal — not a merely collective — concern. (In other words, my love of freedom and country doesn’t depend on you seconding that emotion.)
However, what about when Warren Buffett passes from this earth?
Then, the question of fairness seems moot. At that most unfortunate time, his fortune must go somewhere. Even he can’t take it with him.
The money could all go to his kids — “the lucky sperm club” as Buffett once dubbed them. But he has previously stated his three children will each receive only a modest inheritance.
Mr. Buffett has already announced, in fact, that he is giving 99 percent of his wealth to private charity. The Bill and Melinda Gates Foundation is the largest recipient. And Buffett has urged other super-wealthy Americans to pledge 50 percent of their net fortunes to private charity.
Why not, instead, bequeath his entire net wealth, and their entire estates, minus a modest cut for offspring, to the United States Government?
The answer is obvious.
Columnist Cal Thomas answered it in the form of a question: “Why would anyone want to send more money to government which is such a poor steward of it? . . . You would be subsidizing wrong decisions and bad behavior.”
With the waste and fraud and corrupt politics of Washington, no one in their right mind would hand over their life’s savings to Congress — not when they could give it to a legitimate charity.
Whether one agrees with his politics or not, Buffet certainly knows investing. With his actions, with his own billions of dollars, he is declaring, loudly and clearly, that in caring for the sick, feeding the poor, educating future generations and pursuing a myriad of other worthwhile endeavors, the U.S. government is not the best place to invest.
On that, we as a nation have reached consensus: Sell Congress short.
As for Warren Buffett, reading his op-eds will never be as informative as watching where he puts his own money.
It is simple, if you are on the left, you merely have to espouse the lefts talking points, not follow them. Same exact way Bill Clinton could abuse and some cases rape women, the NOW crowd gave him a pass because he stood for the right things.
The rules are totally different for the Right. If you do not follow any and every rule the left media will nail you for it. That is because the Right has a conscious and the left does not.
It is simple, if you are on the left, you merely have to espouse the lefts talking points, not follow them. Same exact way Bill Clinton could abuse and some cases rape women, the NOW crowd gave him a pass because he stood for the right things.
The rules are totally different for the Right. If you do not follow any and every rule the left media will nail you for it. That is because the Right has a conscious and the left does not.
If he's serious about a level playing field, then the top 10% of income earners who foot almost 70% of all federal income taxes need a HUGE tax cut and the 46% who pay no income taxes at all need a huge tax increase.
Of course this hasn't got a snowball's chance of happening, mainly because so many people are economically illiterate. However, wouldn't it be interesting to say: If you paid no income taxes this year, you don't get to vote...nothing in the game, you don't get to play. That would at least prevent the dead people in Lake County, Indiana, from voting...sometimes twice.
For the life of me, I don't understand why people in this country idolize the poor. While there are exceptions, most people are poor because of poor choices along life's highway...decisions I didn't make and, hence, I shouldn't pay for.
Buffet’s $40 Billion would last on 5 days if he chose to pay ooff the interest on our debt...
Stupid libtards, stupid Obozo...
Whats up with Warren Buffett?... whats in it for Warren?...
Warren can AFFORD paying more taxes.. “WE” cannot...
What Buffet is indirectly doing is echoing the feelings of the hard leftists who believe nobody deserves anything they earn...they’re just luckier than other people. So hand over all that “unearned” cash to the government so the leechers er deserving poor can get some of the swag that was taken by the producers uh I mean undeserving, lucky filthy rich.
Ping
The author is right and Buffet is an ignorant jerk. Starve the beast!
Buffett has never worked inside government so his blind liberal faith in it is naive and misguided. If he did he would see massive waste, misuse of resources, empire building, fraud and a clumsy decision apparatus that is based on poltical rather than economic considerations. There simply isn’t enough money on the planet to satisfy its insatiable appetite for tax dollars. Buffett doesn’t see the irony that he would never invest his own money in such a mismanaged, greedy and inefficient “enterprise”.
I would like to say to Warren Buffett that in my opinion he is just a jackass, i have been what the so called experts would call poor all of my life but i have defended peoples right to be rich if they can be with out having the government to extort it from them.
The only reason for the debt is big government and government waste, rich people are not the problem, police state mentality in government is.
“The only reason for the debt is big government and government waste, rich people are not the problem”
Well said. The government spends money for political reasons to get and hold power. The more money it spends, the greater the opportnities to buy votes and reward friends. By contrast, many rich people invest money for the economic returns and in the process generate jobs, new products and services which in turn often spin off even more jobs and other business opportunities. Government consumes; businesses produce.
It's the spending, stupid. And by "stupid" I mean Warren Buffett.
That should be the only argument any Republican candidate for any office should comes back with when they are confronted with it.
No, he is just another crony capitalist. He knows HE will still be able to avoid paying while racking in big $$ via government subsides of his Wind Farms and other "green" boondoggles.
I don’t believe Warren Buffett for a second when he says he does his own taxes. He’s a lying sack of crap. As if he expects us to believe he sits down and fills out his own 1040EZ every year.
Gift Contributions to Reduce Debt Held by the Public.
The Bureau of the Public Debt may accept gifts donated to the United States Government to reduce debt held by the ...
www.treasurydirect.gov/govt/reports/pd/gift/gift.htm
««Mr. Buffett has already announced, in fact, that he is giving 99 percent of his wealth to private charity»»
I question if he gives to charities out of his heart, or for the purpose to use it as a huge tax deduction. I bet it's the latter
That's right. Warren Buffet is a scam artist in bed with the politicians. In truth he is anti-free market, anti-business and anti-worker. He's just out there doing a little sales pitch for the team.
Your comment hit a nerve here. I know rich people and they have worked very hard for their money.
If a man chooses to work 18hrs a day to build a business or get ahead, why should the government be entitled to a higher percent of his efforts.
I also think WB is going the wrong way. I think everyone should pay income tax. The 51% who pay no income tax today need some “skin in the game”. Even if you have no income you still pay $20. If you need to, you can get it by standing at the foot of a freeway offramp with a sign.
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