Warren Buffet is one of my heroes. He actually believes what that he should share his good fortune and pay a big chunk of it in taxes -- that what used to be called responsibility. I don't know about y'all but I was taught to share with the less fortunate and I guess Buffet was, too. Here's an excerpt from an op-ed he wrote for the New York Times called Stop Coddling the Super-Rich. I talked about the Patriotic Millionaires a while back and Buffet has spoken well for the patriotic billionaires. The link above has the full text.
"Twelve members of Congress will soon take on the crucial job of rearranging our country’s finances. They’ve been instructed to devise a plan that reduces the 10-year deficit by at least $1.5 trillion. It’s vital, however, that they achieve far more than that. Americans are rapidly losing faith in the ability of Congress to deal with our country’s fiscal problems. Only action that is immediate, real and very substantial will prevent that doubt from morphing into hopelessness. That feeling can create its own reality.
Job one for the 12 is to pare down some future promises that even a rich America can’t fulfill. Big money must be saved here. The 12 should then turn to the issue of revenues. I would leave rates for 99.7 percent of taxpayers unchanged and continue the current 2-percentage-point reduction in the employee contribution to the payroll tax. This cut helps the poor and the middle class, who need every break they can get.
But for those making more than $1 million — there were 236,883 such households in 2009 — I 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."
I can't add anything to what Buffet has said so well except to say that he's totally right!
Happy Blogging!!!!!!
Kay
It's is so sad that there aren't more Warren Buffets in the upper class. It would be a much better world.
ReplyDeleteI'm with Darlene, but will add that it's sad that there aren't a great many Buffets in Congress because he is right on. I have lost all faith in the ability of my government to deal with problems. Within ten years, they've gotten us into two stupid wars, and now they can't get it together to deal effectively with our financial crisis. These people are both evil and stupid.
ReplyDeleteI read that. Great joke too. Thanks.
ReplyDeleteYeah, I like him too.
ReplyDeleteI saw this piece...thank you Mr. Buffet. I agree with Darlene...we need more Warrens....a lot more. ~Joy
ReplyDeleteA few years back, Walter Cronkite, who was wealthy although not on Buffets' level, said substantially the same thing in an AARP magazine article. This "no tax increases ever" dictate we are being forced to observe is stupid and destructive.
ReplyDeleteDarlene: Obviously, I think so, too.
ReplyDeleteSnow: It is indeed.
Mage and Linda: Thanks!!!
Joy: Buffet is a rarity.
Dick: Right you are! Too bad Congress has lost its collective sanity (if it ever existed)
My financial adviser quotes Buffet to me all the time; today, I got to quote Buffet back at 'im. THAT was fun!
ReplyDeleteToo bad you're not on the Congressional committee. I think it is much more complicated now for corporations being dictated to by Wall St. WS seems to be much more greedy in deciding how much earnings should be. Stockholders look primarily at how much their stock earns for them and pay little attention to the rest of it. Add to the mix we're now a world economy in ways never before. Throw in the fact that many corporations accountants seek ways for their employers to avoid paying any taxes at all -- well, I'm sure you know all this and more.
ReplyDeleteSo, who's left to pay taxes in our country?
Being wealthy does not make one greedy; but, it's a rare person who can become wealthy without looking/acting greedy. Mr Buffet and Mr Gates (and Ms Melinda Gates) are inspirations to me!
ReplyDeleteCop Car
P.S. Once more, my senator & representative have heard from me.
I admired Warren Buffet before, and I admire him more after reading this. He makes me wonder: Has Congress ever polled millionaires and billionaires to find out how many would willingly pay a small percentage more in taxes? Some are surely patriots and compassionate souls like Buffet, but some might just be tired of being seen as the root of all evil.
ReplyDeleteNance: If I were rich enough to need a financial adviser, I'd want yours -- he sounds great!
ReplyDeleteJo: They wouldn't want me on their damned committee -- I'd rock their world with the unvarnished truth -- i.e. a pretty damned big pill to swallow! I shoot straight from the hit and straight for the heart and take no prisoners. When I ran John Anderson's campaign in 1980 for our county, everyone who worked for me wanted me to run for something because of my brutal honesty. I wouldn't even consider it because I realized that running for office in this country involves selling one's soul to the highest bidder is involved and my standards are higher than that. I am not for sale. My ex-husband told me shortly after I left him that his mother told him to tell me that she changed her will. Hell!!!! I didn't know I was in her will so what did I lose? I don't want *anyone's* 30 pieces of silver.
CC: Only the weak sell their souls. I hold myself to a higher standard. 10 years ago I homeless. Today I will never be rich but I manage with a bit of help that I am thankful for.
Boomongo: I agree! I think Congress has been bought and paid for by billionaires. Please click on the Patriot Millionaires link in this post.
ReplyDeleteThis statement by Buffett has been dancing all over the web. Seems like it will take magic pixie fairy dust to make it happen, though. Congress is beholding to the top 2%.
ReplyDeleteI agree it's a good op-ed and a nice gesture. But let's not get carried away in praise for Buffett. He's a wily old coot who's wheeled and dealed his way through the American financial system, crafting special deals for himself and never hesitating to work the tax system to his own benefit.
ReplyDeleteStill and all, while he's not a saint, nobody should begrudge him his success, and the riches he's brought to others thru his company. So good for him (and he's one of the few) to say that people like him should pay their fair share.
I remember when he said he wasn't leaving his children any huge inheritances, that they had all had very good educations and they all had good homes and were more than comfortable and that anything else they needed they would have to earn
ReplyDeletehis money was going to those who didn't have as fortunate a childhood as they did
he's one cool guy :)
Mr. Buffett has never forgotten where he came from. I also, agree with Darlene :)
ReplyDeleteMr. Buffett has never forgotten where he came from. I also, agree with Darlene :)
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