What keeps Warren Buffett from paying more if he wants to?
Whatever extra taxes Buffett may pay will be more than offset by the favorable government treatment his companies will gain as his payoff for shilling. That’s how ‘crony capitalism’ works.
Well, he can always pay more if he feels compelled, but why does he take it upon himself to speak for other people with his kind of money? It is their money, not the government’s.
As regards Buffett, by saying that taxes need to be raised on certain people, he is in effect, volunteering someone else's money. My take is that Buffet should contact other people and see if they agree to have their money taken before he suggests that it be taken. Otherwise, as others have noted, nothing is stopping him from sitting down and writing a check to the U.S. Treasury for 30 billion dollars instead of giving that money to the Bill Gates foundation.
Not only that but this tax the rich scheme never seems to do what it sets out to do: namely tax the rich as the term “rich” is often defined to include upper middle class - middle class folks. I think Buffet should ease his conscience by voluntarily giving more of his money to the State if he so desires but he has no right to mandate that anyone else do the same as that’s just State sanctioned theft.
Warren Buffet can afford to be wrong.. I cannot...
No doubt Warren has some of his portfolio in hard gold..
He already has his fortune.. he can experiment..
BUT OBAMA??... Warren defaults to OBAMA!!>>>
He knows something thats suspicious.. about Obama..
Is martial law in our future?... or some other gambit?..
I’m not ready to account Buffet as being senile YET!!!..
Billionaires going for Obama is very suspicious..
Obama is the Wily E. Coyote of Capitalism..
The Daffy Duck of free market trading...
The Yosemite Sam of American socialism..
Something doesnt add up.... actually many things do not add up..
Did anyone else see Stusrt Varney on FoxBusiness this morning? I didn't quite catch his argument, but he was saying Berkshire Hathaway's core business relies on selling instruments (insurance? bonds?) that act as tax shelters and the higher the taxes go, the more demand for their services. Can anybody flesh this out?
It reminds me of the Soros scam, funding all the US groups that weep over drilling for oil in poor Mother Earth (keeping US production constricted) while investing big-time in overseas producers (Petrobras and Hess).
What a lame excuse.
Then why not reduce taxes on the super rich, since the number of super-rich is too small for lower rates to make much difference to our budget problems.
Buffet is a sick old Democrat. Brainless but just lucky.
Warren Buffet is wrong just about everything except picking stocks. He can run my portfolio but I do not want him anywhere near my checkbook. The opposite is true. The best way to control spending and cut the deficit is to tax the 46 per cent who do not pay taxes. It will broaden the tax base. But more importantly, once someone has to pay Federal taxes they are less prone to push for more spending once they realize it will affect their pocketbook.
Gifts to the United StatesGiven that Buffet knows full well that he can donate and given that he has not made an announcement of a billion dollar donation, we must assume he has an ulterier motive.
U.S. Department of the Treasury
Credit Accounting Branch
3700 East-West Highway, Room 622D
Hyattsville, MD 20782
Here’s a question for Warren Buffett: Suppose hypothetically that many years ago, I founded an investment company called... let’s call it Hathaway-Berkshire (”HB”), which pays me $1 per year as president and CEO. Let’s assume that HB is so successful that the price per share has risen over the years from $10 to $125,000 and as a result, I as the larget shareholder of HB have a net worth of $40 billion. Let’s also assume that to reduce the income tax liabity of the HB investors, HB doesn’t pay a dividend or make capital gains distribution, rather the profit to the shareholder is the capital appreciation of the shares, which produces a long term capital gain, taxable at 20%, if and when the shares are sold, subject to an offset for capital loses and other investment expenses.
Since I only pay myself $1 a year, I need another source of money to live on, but I don’t want to sell my shares in HB because I don’t want to pay taxes on the capital appreciation. Instead, I go to my friendly bank, and borrow $5 billion, secured by my HB stock, at preferred interest rates, and then use part of what I borrow to pay the interest on the loan and invest the balance of the loan in double tax free municipal bonds. I then live comfortably off the tax free income from the borrowed money.
Thanks to HB, I am now one of the wealthiest men in the world, but I pay very little taxes on ordinary income because I only make a $1 a year in salary. I don’t pay any taxes on dividends or capital gains because as president and CEO of HB, I decided not to declare a dividend or distribute capital gains, and I haven’t sold any shares in HB in decades and therefore, I haven’t had to pay any capital gains taxes on the capital appreciation. Instead, I have borrowed money to invest in double tax free muni’s, which allows me to write-off as an invesgtment expense at least part of the cost of borrowing the money to shelter thelittle bit of taxable income or capital gains that slips through the cracks.
I can scream all I want about why the wealthy should pay more income and capital gains taxes, but none of this will affect me personally, because I have spend millions and millions of dollars on tax lawyers, accountants, and political campaigns to make sure that I have no taxable income or capital gains, and therefore, increasng the income tax rate and/or capital gains rate on the wealthy will mean nothing to me because I, as one of the wealthiest people in the world, have little if any taxable income or investment gains. I