Skip to comments.Stop coddling the super-rich: Buffett (Obama supporter Warren Buffett admits fudging tax returns)
Posted on 08/15/2011 3:53:55 AM PDT by tobyhill
Billionaire Warren Buffett urged lawmakers to raise taxes on the country's super-rich to help cut the budget deficit, saying such a move will not hurt investments.
"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," The 80-year-old "Oracle of Omaha" wrote in an opinion article in The New York Times.
Buffett, one of the world's richest men and chairman of conglomerate Berkshire Hathaway Inc , said his federal tax bill last year was $6,938,744.
"That sounds like a lot of money. But what I paid was only 17.4 percent of my taxable income - and that's actually a lower percentage than was paid by any of the other 20 people in our office. Their tax burdens ranged from 33 percent to 41 percent and averaged 36 percent," he said.
(Excerpt) Read more at news.yahoo.com ...
When I see a video of Buffet writing an extra check to the US Treasury over and above what the law says he owes, then I will pay attention to what he says.
If he thinks the problems with our elected gentry is they don't collect enough taxes, then he is getting senile.
6-million in taxes???? Warren needs to fire his accountants and use the same ones as General Electric.
Hey Hypocrite.....you gave your billions to Gates for a SLUSH FUND...A TAX FREE SLUSH FUND!! STFU!
It is time for the private jet set to be dialed back - we can start with the congress who thinks that this nation's air assets are their private limos. We can start with retirement plans for congressmen and other appointed officials. We can start with trimming federal vacations to just two weeks a year.
It's time the millionaires and billionaires in Congress shared some of the people's sacrifice. Oh, and to make Warren happy, a nice space on the tax return where he can put down any amount of self-tax he desires to give to the federal government.
Set federal pay scales to equivalent salaries of our nation's armed forces. Eliminate all benefits for elected and appointed officials. Require congress to maintain their households in their home states and districts, rather than moving their whole families to Washington DC. It is a public service, not a career. It's about time that congress stop looting the people's money and embezzling it for their favored peons.
And, heck, tax Warren Buffet half of his assets.
He just needs to stop taking deductions and “pay his fair share”.
Buffet made his billions by paying as little tax as possible, now he wants to close the door behind himself. If he's paying 17% or so that tells me that most of his money is in the form of capital gains and dividends, and that he has the best legal and tax minds working to see that that's all he pays. He's also a huge supporter of the death tax and 0bamacare because he's heavily invested in life insurance and gap insurance. The rich use life insurance to pay off the death tax and keep their estates intact. No death tax no real need for life insurance on a large scale.
So the when MSM tries to make Buffet to be this generous individual, interested in fairness, just remember, he didn't become the worlds # 1 investor by worrying about "fairness".
It sounds like a lot of the people in his office are going to be above the $250k threshold to get their taxes raised on the first cut also.
Andrew Carnegie was the same. He earned his money during a time when there was no income taxes. But, after he made his bundle, he testified before Congress in support of the Income Tax. Typical Liberal.
At least Carnegie donated a lot of his money to charity (Carnegie libraries, etc.). Maybe at least Buffett could donate his estate to the US Treasury...
Remember, taxes are on INCOME not what sits as capital in banks or other property. The rich already have their stash and it is the upper middle class being PREVENTED from getting their stash through taxation.
This wouldn't bring in much revenue, but it would shut up the sanctimonious rich democRats.
If he were really serious, he’d want his wealth taxed, not his income.
I’d be willing to bet the moment congress passed such a tax law, his entire wealth would suddenly be out the country.
Buffet is a tool. He’s advocating for increasing the super rich because he makes his money helping the super rich park their fortunes in tax-protected vehicles like life insurance and trusts. The more taxes levied upon the wealthy, the more they seek shelter and the more Buffet profits. If he was truly seeking fairness, he’d be advocating a fair Federal sales tax.
To show how generous and fair minded he is, I suggest to him that he select what he thinks his tax rate should be, pay it, and then pay all of his previous yearly incomes at the highest rate, too.
If he feels he is being under-taxed currently, then he must have been under-taxed for years and years previously.
I do not mind paying taxes. I mind sending the money to be wasted in DC. By the way. The super rich do not pay taxes, they collect taxes.
You no longer are the Oracle of Omaha. You now, sir, are the
FOSSIL OF OH-MAHA!
If you’re paying $6,938,744 in taxes and it’s only 17& of your taxable income, you must be doing something right.