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Warren Buffett Ready to Take Republicansí Tax Challenge
TIME ^ | 01/12/2012 | RANA FOROOHAR

Posted on 01/12/2012 4:35:31 AM PST by SeekAndFind

Warren Buffett is ready to call Republicans’ tax bluff. Last fall, Senator Mitch McConnell said that if Buffett were feeling “guilty” about paying too little in taxes, he should “send in a check.” The jab was in response to Buffett’s August 2011 New York Times op-ed, which made hay of the fact that our tax system is so unbalanced, Buffett (worth about $45 billion) pays a lower tax rate than his secretary. Senator John Thune promptly introduced the “Buffett Rule Act,” an option on tax forms that would allow the rich to donate more in taxes to help pay down the national debt. It was, as Buffett told me for this week’s TIME cover story, “a tax policy only a Republican could come up with.”

Still, he’s willing to take them up on it. “It restores my faith in human nature to think that there are people who have been around Washington all this time and are not yet so cynical as to think that [the deficit] can’t be solved by voluntary contributions,” he says with a chuckle. So Buffett has pledged to match 1 for 1 all such voluntary contributions made by Republican members of Congress. “And I’ll even go 3 for 1 for McConnell,” he says. That could be quite a bill if McConnell takes the challenge; after all, the Senator is worth at least $10 million. As Buffett put it to me, “I’m not worried.” (See below for a statement from McConnell’s office.)

Listen to Buffett’s retort to McConnell’s contribution theory:

CLICK ABOVE LINK FOR THE AUDIO

(Excerpt) Read more at swampland.time.com ...


TOPICS: Business/Economy; Constitution/Conservatism; Culture/Society; News/Current Events
KEYWORDS: republican; tax; taxes; warrenbuffet; warrenbuffett

1 posted on 01/12/2012 4:35:42 AM PST by SeekAndFind
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To: SeekAndFind

If he pay himself $1 salary then pay %50 taxes. Thats nothing. If he want to call our bluff, then he should pay the 50% on his capital gain that his company get. Watch him cry poor then


2 posted on 01/12/2012 4:41:00 AM PST by 4rcane
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To: SeekAndFind
I remember that Buffet and Bill Gates were roaming the country approaching other billionaires to give their riches to charity. why not do the same again for the government. It shouldn't be a gimmick, just give the money for the good of us all, Warren.
3 posted on 01/12/2012 4:42:17 AM PST by Thebaddog (Remember, Obama said he's only 60% done with his agenda.)
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To: SeekAndFind

Buffet got rich by sheltering his capital gains in his insurance companies.


4 posted on 01/12/2012 4:47:25 AM PST by Moonman62 (The US has become a government with a country, rather than a country with a government.)
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To: SeekAndFind

What a BS headline. He is running away from a very good point. If you want to pay more taxes...THEN DO IT! Why hide behind the “Gee-I want to pay more but they won’t raise my rates”

He gets called out on it and his only response is “OK-I’ll pay more as soon as you do” and the liberal Time magazine says this is calling Republicans bluff.

TOTAL BS


5 posted on 01/12/2012 4:48:00 AM PST by icwhatudo ("laws requiring compulsory abortion could be sustained under the constitution"-Obama official)
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To: SeekAndFind

You 1st,

Yuh fat &^%$K...


6 posted on 01/12/2012 4:50:04 AM PST by Vendome (Don't take life so seriously, you won't live through it anyway)
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To: SeekAndFind

Here’s an idea Warren... why don’t you pay what you already owe, you ignorant, liberal a$$ clown.


7 posted on 01/12/2012 4:50:12 AM PST by Common Sense 101 (Hey libs... If your theories fly in the face of reality, it's not reality that's wrong.)
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To: SeekAndFind

He should have issued that challenge to the party which wants to raise taxes.


8 posted on 01/12/2012 4:52:35 AM PST by jersey117 (.)
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To: SeekAndFind

If Buffet is so concerned why doesn’t he simply just sit down and write a nice big fat check to the US Treasury? Why is he making this out to be a “if you do this, then I will do this” type situation. Because it’s all for public consumption and the stupid republicans, instead of saying, “you were the one complaining Mr. Buffet, so here’s your chance to make it all better”, they’ll stumble all over themselves trying to figure out how their response will ‘sound’ and be ‘perceived’.


9 posted on 01/12/2012 4:54:05 AM PST by Outlaw Woman ( Hello, Hello...Remember me...I'm everything you can't control...)
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To: SeekAndFind

This the guy who thought estate taxes are great things.

Then he sheltered his $ 46 billion estate in four foundations headed by each of his four offspring, so he would pay zero in estate taxes.

FUWB.


10 posted on 01/12/2012 4:54:40 AM PST by exit82 (Democrats are the enemies of freedom. We have ideas-the Dems only have ideology.)
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To: Outlaw Woman

I will take Warren challenge. I will send $1 to the US Treasury for each $1 billion he sends. This offer is good through 4/15/2012. See small print on reverse for details.


11 posted on 01/12/2012 4:57:09 AM PST by urbanpovertylawcenter (where the law and poverty collide in an urban setting and sparks fly)
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To: SeekAndFind
“And I’ll even go 3 for 1 for McConnell,”

Let's see. McConnell is worth about $10 million. Buffett is worth about $46 Billion. Make it 4,600 for one or shut up.

12 posted on 01/12/2012 5:06:20 AM PST by tnlibertarian (Things are so bad now, Kenyans are saying Obama was born in the USA.)
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To: tnlibertarian
Let's see. McConnell is worth about $10 million. Buffett is worth about $46 Billion. Make it 4,600 for one or shut up.

Where did Mitch get 10 Million? F***** Crook.

13 posted on 01/12/2012 5:16:55 AM PST by scooby321
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To: SeekAndFind

Did Buffet ever suggest that his secretary’s taxes be cut so that she pays the same percentage as he does?


14 posted on 01/12/2012 5:17:25 AM PST by Daveinyork
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To: exit82
Then he sheltered his $ 46 billion estate in four foundations headed by each of his four offspring, so he would pay zero in estate taxes.

You must have learned that from reading Time magazine.

15 posted on 01/12/2012 5:21:57 AM PST by Moonman62 (The US has become a government with a country, rather than a country with a government.)
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To: SeekAndFind

I wish the media would challenge his claim that he pays a lower rate than his secretary...I mean request to see both returns, side by side and compare.

I’m sure the bulk of the difference is not in actual INCOME tax. Rather, it is likely that 100% of his secretary’s income is subject to the 6% social security tax, while probably zero percent of Buffet’s is - since he doesn’t earn income, but instead gets a return on investment.

The other discrepancy is that his secretary’s tax bracket is probably higher than his 15% cap gain tax. Now the bracket rate may be higher, but we have no idea how many deductions she has, to know whether or not she actually pays more than 15% of income. I make $75k and my federal income tax liability is 8%, after deductions - pretty average. So, I doubt his secretary really pays a higher rate - its just that the listed bracket rate is higher.

But this really just brings us back to the argument over whether or not to raise cap gain taxes....and even Obama has admitted that raising these hurts the economy. In fact, Buffet and Obama are lock step in this - the only reason to do is has to do with ‘fairness’....even though the federal government will collect less money.

And that is monumentally stupid...and nothing more than class warfare.


16 posted on 01/12/2012 5:23:56 AM PST by lacrew (Mr. Soetoro, we regret to inform you that your race card is over the credit limit.)
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To: scooby321
Let's see. McConnell is worth about $10 million. Buffett is worth about $46 Billion. Make it 4,600 for one or shut up.

And why is Time so impressed by Warren's challenge? McConnell isn't the one calling for higher taxes.

17 posted on 01/12/2012 5:26:27 AM PST by Moonman62 (The US has become a government with a country, rather than a country with a government.)
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To: SeekAndFind
“It restores my faith in human nature to think that there are people who have been around Washington all this time and are not yet so cynical as to think that [the deficit] can’t be solved by voluntary contributions,”

One would think someone that rich, who's used to dealing in numbers that size, that it's completely impossible to pay down the debt with voluntary contributions. What an idiot.

18 posted on 01/12/2012 5:37:38 AM PST by Cymbaline ("Allahu Akbar": Arabic for "Nothing To See Here" - Mark Steyn)
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To: icwhatudo

Thank you for putting the words in my head into print. None of the this ‘you go first’ crap. Republicans don’t WANT tax increases, that’s the whole point.

Warren, I triple-dog dare ya!


19 posted on 01/12/2012 5:49:23 AM PST by SueRae (I can see November 2012 from my HOUSE!!!!!!!!)
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To: SeekAndFind

WB isn’t doing a damn thing. HE posited a higher tax rate was good for people like him. HE is the one spewing such crap.

All Mitch did was say “Okay, Warren, put your money where your mouth is.”

NOW Warren says he won’t give unless someone else gives. Ergo, Warren is a hypocrite.


20 posted on 01/12/2012 5:52:06 AM PST by Recovering_Democrat
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To: Recovering_Democrat

He’s trying to make out the republicans as hypocrites,
but they aren’t the ones calling for “higher taxes on the rich”.

This voluntary contribution program has been around for a LONG time, and [un]remarkably few have actually “taken advantage” of this vehicle to put their money where their mouth is.

At first, with this article, I thought Buffay was actually going to pay more in taxes like he said he should. But no, he is still a chickensht hypocrite limosine lib.


21 posted on 01/12/2012 5:56:04 AM PST by MrB (The difference between a Humanist and a Satanist - the latter knows whom he's working for)
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To: MrB

Mitch should point out that raising INCOME TAX rates wouldn’t affect the amount Muffet A$$ pays by one penny. There should be a tax on liberals.


22 posted on 01/12/2012 6:04:46 AM PST by TStro
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To: Moonman62
You must have learned that from reading Time magazine.

I don't read Time magazine. What's your point?

23 posted on 01/12/2012 6:09:30 AM PST by exit82 (Democrats are the enemies of freedom. We have ideas-the Dems only have ideology.)
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To: TStro

It’s said, accurately, that the poor tend to be democrat/socialist in order to get the “boost” from the government, the middle/working class tend to be republican/conservative in order to preserve what they’ve worked for,

and the truly wealthy tend to be communists, in order to secure their power and keep others out of the “nomenklatura”.

Warren’s living up to this observation. The reason he wants high income taxes on “the rich” is to keep them from becoming truly wealthy and joining the power group.


24 posted on 01/12/2012 6:26:21 AM PST by MrB (The difference between a Humanist and a Satanist - the latter knows whom he's working for)
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To: SeekAndFind

Warren Buffet needs to pay the back taxes his company owes first. Then he can talk about meeting a challenge.


25 posted on 01/12/2012 6:45:44 AM PST by formosa (Formosa)
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To: scooby321
Where did Mitch get 10 Million? F***** Crook.

He's a politician; the crook-thing is implied.

Full disclaimer: I heard the net worth figure on the radio this morning and did not independently verify it.

26 posted on 01/12/2012 6:54:49 AM PST by tnlibertarian (Things are so bad now, Kenyans are saying Obama was born in the USA.)
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27 posted on 01/12/2012 7:07:45 AM PST by TheOldLady (FReepmail me to get ON or OFF the ZOT LIGHTNING ping list)
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To: exit82

RE: I don’t read Time magazine. What’s your point?

I think he wants to know your reliable source for the factoid that you brought up.


28 posted on 01/12/2012 7:15:19 AM PST by SeekAndFind
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To: SeekAndFind
Ohhhhh, Mr. Buffett.....

Tax The Rich? Good Luck With That By WALTER WILLIAMS 

Read it and weep.

29 posted on 01/12/2012 7:23:17 AM PST by mewzilla (Santelli 2012)
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To: exit82

My point was going to be that Time would never report such a thing, seeing how they and Warren are all Democrats, and want everybody but themselves to pay higher taxes.


30 posted on 01/12/2012 9:23:31 AM PST by Moonman62 (The US has become a government with a country, rather than a country with a government.)
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To: Moonman62

Oh, I get you now.

A sarcasm tag would have helped!


31 posted on 01/12/2012 10:57:40 AM PST by exit82 (Democrats are the enemies of freedom. We have ideas-the Dems only have ideology.)
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To: Moonman62
Buffet got rich by sheltering his capital gains in his insurance companies.

He also favors the estate tax which takes the bulk of a deceased person's estate and often forces the heirs to sell a business, ranch or farm in order to pay the taxes. That is a twofer for Buffet. Life insurance proceeds when a person dies is not taxable. That encourages people to buy insurance. Also, like a buzzard sitting on a limb, he swoops in and buys good businesses at a low price when heirs are forced to sell.

Buffet is a Leftist predator like many other liberals.

32 posted on 01/12/2012 11:36:08 AM PST by Mind-numbed Robot
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To: Mind-numbed Robot
Buffet is a Leftist predator like many other liberals.

They say one thing and do another. They are selfish bastards who only pretend to care about others. Al Gore, Pelosi, the Clintons, the Obamas, and John Kerry, among others belong on the list.

33 posted on 01/12/2012 1:44:17 PM PST by Moonman62 (The US has become a government with a country, rather than a country with a government.)
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To: urbanpovertylawcenter

LOL! I love it! Thanks for the snicker of the day! (always needed)


34 posted on 01/12/2012 3:15:28 PM PST by Outlaw Woman ( Hello, Hello...Remember me...I'm everything you can't control...)
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