January 29, 2012
Warren Buffett On Taxation: Listen To My Advice, Not My Accountant's
On Friday, I learned of this
Mr. Buffett has also already sheltered the bulk of his fortune from federal taxes by putting them into a foundation that will give the money away.
which was definitely puzzling in light of this.
But for those making more than $1 million — there were 236,883 such households in 2009 — I [Warren Buffett] would raise rates immediately on taxable income in excess of $1 million, including, of course, dividends and capital gains. And for those who make $10 million or more — there were 8,274 in 2009 — I would suggest an additional increase in rate.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.
On the one hand, Mr. Warren Buffett advocates for tax hikes on the rich. On the other, he has arranged to deprive the federal government of a huge chunk of taxes - namely, the taxes on his own estate.
After struggling, ultimately without success, to reconcile the words with the actions, it became impossible to argue with this.
It seems to me that Buffett’s actions imply a clear distrust of governmental taxing and spending programs and their ability to improve society in an efficient manner.
Indeed, Saul Elnadav. And casts his calls for tax increases in a less than credible light.
It's not really hypocritical to play by the existing rules while requesting that the rules be changed for everybody. And even if it were, as we constantly must point out to our progressive friends, hypocrisy is not a policy argument.
Posted by: Dan at January 29, 2012 5:15 PMMr. Buffet never talks about getting his start with $500,000 borrowed from relatives (those were 1955 dollars). He also talks of leaving his kids nothing, he doesn't beleive in inherited wealth. Maybe his kids are expected to borrow from aunts and uncles too.
The man is not a buffoon, but a nose for business does not make you an economist.
Posted by: Warrington Faust at January 29, 2012 6:34 PM"will give the money away"
Its a "charitable foundation"
I have been seeing an awful lot of pictures of Buffet with Obama lately. Where was Buffet born?
Seriously, when Buffet made his first few million, income tax went to 90% (an "tax deductible" really meant something). Perhaps we're seeing a little "I did it, you can to".
Posted by: Warrington Faust at January 29, 2012 8:43 PMMaybe his kids are expected to borrow from aunts and uncles too.
Posted by Warrington Faust at January 29, 2012
Mr Warrington Faust
apparently this is a toughie for you to figure out, , so allow the benevolent Sammy assist you.
Mr Buffets 3 kids, are all over 50 years old, with a personal net worth of millions EACH
Yes, Yes, Yes.... like Mr. Buffets poor secretary that was paraded out like a useful stage prop idiot by Hussein and the First Lingerie Queen (see story today on her $50,000 purchase).
www.forbes.com/sites/paulroderickgregory/2012/01/25/warren-buffetts-secretary-likely-makes-between-200000-and-500000year/
Let the masses eat cake...and wear JC Penney.
Posted by: ANTHONY at January 29, 2012 9:53 PMPosted by Sammy
"Mr Buffets 3 kids, are all over 50 years old, with a personal net worth of millions EACH"
Sammy, I take it you have determined that they have enough and should not have any more.
Posted by: Warrington Faust at January 30, 2012 8:06 AMI'd love to see the House pass a 70% no loophole tax on the rich and send it to the Senate where the Senate Democrats "millionaire and billionaire" caucus (Reid, Feinstein, Boxer, Whitehouse, Kohl, Schumer, Kerry, Blumenthal, Cardin, etc) would have to vote on it up or down.
Posted by: Tommy Cranston at January 30, 2012 2:35 PMWarrington,
Sammy didn't determine that "they have enough and should not have any more", their father did.
A very unworthy comment from you. Are you shilling for Monique??
OldTimeLefty