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.

0 0 votes
Article Rating
Subscribe
Notify of
guest
9 Comments
Oldest
Newest Most Voted
Inline Feedbacks
View all comments
Dan
Dan
9 years ago

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.

Warrington Faust
Warrington Faust
9 years ago

Mr. 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.

Sammy in Arizona
Sammy in Arizona
9 years ago

“will give the money away”
Its a “charitable foundation”

Warrington Faust
Warrington Faust
9 years ago

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”.

Sammy in Arizona
Sammy in Arizona
9 years ago

Maybe 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

ANTHONY
ANTHONY
9 years ago

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).
http://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.

Warrington Faust
Warrington Faust
9 years ago

Posted 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.

Tommy Cranston
Tommy Cranston
9 years ago

I’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.

OldTimeLefty
9 years ago

Warrington,
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

Show your support for Anchor Rising with a 25-cent-per-day subscription.