Buffett says cut taxes for all but the rich

[sabra]

Source: CNN Money

Warren Buffett said it's time to raise taxes on the 'very rich' -- and perhaps cut them for the rest of the population.

Buffett, the billionaire investor who runs Berkshire Hathaway (BRKA), said Tuesday at Fortune's Most Powerful Women Summit in Washington that the nation's tax code "has gotten distorted to a huge extent," by levying higher taxes on secretaries and janitors than on CEOs and private equity whiners.

He called, as he has in the past, for policymakers to redress that iniquity by raising taxes on the rich. Buffett said taxes will have to rise in general in coming years if we want to dig our way out of a giant budget deficit.

"We are not taking in enough money at the federal government level," he said. He said tax collections (see chart, right) will have to rise back into the 18-20% range from below 15% lately.

...

But he hasn't previously pushed for lower taxes on those making less. Asked why not, he said that no one ever asked.

A tax cut for low-income people could boost consumer spending at a time of high unemployment and fading government stimulus funds. But such a shift might not play well with the Tea Party types who have made an issue of the fact that 47% of U.S. households paid no federal income tax last year.

Read more: http://finance.fortune.cnn.com/2010/10/05/buffett-says-cut-taxes-for-the-poor/

[liberal N proud]

1. A rich man who knows when its time to pay his share

You put an extra hindered bucks in the pocket of the middle class, what are they likely to do with it?

Spend it.

Put an extra million in the pocket of the billionaire, what is he going to do with it?


Put it in an offshore account.


Simple enough?

[liberation]

8. Whatever...

... he and his buddies were sucking for as long as they could. He is just a slightly smarter parasite and knows that sucking off the host dry is not a good thing. Now that he has all those billions and it is in his last years on this world, now he cares about paying his "fair share."

I don't buy his "affable grandpa" act for a second.

[reggie the dog]

17. buffet has been calling for more regulation for years

as has george soros

[LaloBorges]

30. A parasite?

Why would you call him a parasite? he is a working man who has been smarter than the rest of us. Just because he has made the billions he has is no reason to insult him. Maybe you should take your time to read abouty him and find out who you are calling a parasite.

[maxsolomon]

37. a "working man"?

i have no issue with Buffet, but i have an issue with that characterization.

workman: an employee who performs manual or industrial labor

buffet performs neither. he is an investor who has "worked hard", but is not a "working man".

[liberation]

44. I have read about him... that is why I called him so.

nice red herring though....

[Donnachaidh]

49. oh puhleeze...

whatever extra taxes he might get will be deftly written off, and then some, by a legion of tax lawyers. He KNOWS that. It's not going to cost him diddley squat. He's looking for positive pr. He's an elitist billionaire playing games. He's NO *working man*.

[66 dmhlt]

31. Warren Buffett is a good person

Not only is he a wise man, as evidenced by his quotes:

“If you’re in the luckiest 1 per cent of humanity, you owe it to the rest of humanity to think about the other 99 per cent.”

“It’s class warfare, my class is winning, but they shouldn’t be.”

But he's a strong donor to Democrats - just see for you self (remember, it's Last Name that's entered 1st):

http://www.fec.gov/finance/disclosure/norindsea.shtml

[Donnachaidh]

50. he's a wealthy man who has taken advantage of a system set up for HIM

Sorry, but his personal public halo-polishing does nothing for the FACT that he's one of the elite who has made his fortune on the backs of the middle class.

[Richardo]

14. An *honorable* rich man, that is.

[SpiralHawk]

2. Just pay your fair share, Republicons

And cease your republicon whining.

Most unbecoming.

Listen to Mr. Buffett - and get a clue.

[Bonhomme Richard]

3. Increasing taxes on the rich forces them to invest.....

in order to reduce their taxable income. Give them a tax cut and they may or may not spend it.

[David Zephyr]

4. This is helpful at this time.

K&R

[Hosnon]

5. What. The. Fuck.

The Tea Party - the Taxed Enough Already Party - takes issue with the fact that almost half of Americans pay no federal income taxes?

Your head should physically explode if it contains such obvious contradictions.

[liberation]

9. The tea party is a bunch of racist morons who can barely read...

... and who think "tax" is latin for "n*gger"


We did not hear a single peep from these degenerates when Bush was doubling the debt and wasting tax dollars like they were going off style, but now that Obama becomes president.... now after 8 years of one of the worst presidencies in US history (in financial terms specifically) now the get all "concerned" about taxes.

[Demoiselle]

13. We DID hear from Mr. Buffett, however.

He's been talking about getting the rich to pay their fair share of taxes for quite a while now. This is not a new position for him.

[Realityhack]

25. Yep.

He seems to understand how the economy works and knows that certain policies are unhealthy in a long term perspective. Imagine that. Geezz some people here need to give the guy some credit.

[awoke_in_2003]

34. No, it is not...

I have heard him say it many times. I tend to pay attention to him- he owns my company.

[SusanaMontana41]

52. Yup. He's been consistent on this. n/t

[ThomCat]

42. Unfortunately, they aren't all that uneducated.

Not by half. They have an average income reported to be in the $70,000 per year range. You don't get that kind of income with educations.

They're just Mean and Selfish and Racist and willing to be political tools of the right in the hope of being rich some day. But you are right that they also recruit a lot of Stupid people to swell their ranks as well.

We can't make the mistake of thinking that they are all stupid though. They haven't caused this much damage and remained a coherent movement so long without having a lot of smart people in organizational positions. It takes smart people working hard to keep a movement together. :(

We need our smart people working just as hard to take them down. They certainly give us enough ammunition with all of their racism and conspiracy theories.

[liberation]

48. You're right, not all of them are morons...

... alas I can say that racism is a big time motivator for them.

I have no patience for anyone who decides to bitch about fiscal responsibility now, after 8 years of Bush the squanderer.

[unpossibles]

41. they see it as an example of how people are stealing their money

and never seem to make the logical connection that it also means half of America owns almost none of this nation's wealth, and our share is shrinking.

Oh wait- I said "logic" with "teabagger" - my bad.

[BrklynLiberal]

6. Maybe he should be giving that speech at some Tbagger rallies....

[Kingofalldems]

7. He's a commie now

So say the freepers.

[liberation]

10. Mr. Buffet says many things...

... nothing has been stopping him from paying the actual offset he believes his tax rate left off his taxes. And yet... there he is just where he has always been; using every single loop hole he can get his hands on when the tax man cometh.

[bossy22]

11. except Mr. Buffett also donated $30 billion to charity

i have a question for you...would you rather collect the 20 million he "owes" in taxes or have a 30 billion charitable donation

[liberation]

12. Charity and paying one's fair share in taxes are two different things.

You know that whole render unto caesar what is his and stuff.

Charitable donations are tax except, so he can still donate all those billions of money (which btw he gets to control how they are used) and still pay his fair share of taxes that he owes to live in a society which allowed him to accrue such level of wealth to begin with.

It is not a false dichotomy regardless of how many red herrings are thrown.

[reggie the dog]

18. +1

his charity goes beyond what taxes he would have paid, and he has called for increasing taxes on people like himself many times.

[haele]

26. Taxes benefit the commons, Charity benefits only the charitable organization it serves.

Roads do not get built by charity. Regulations don't get enforced by charity. Charity won't keep the VA open and running, nor will it ensure the basic needs for a society to thrive.
Charity is nobless oblige, given to salve the spirit and make one feel better about their own fortune to a direct "need" as defined by the giver.
Charity is also fleeting. If no one wants give, the charities lose money.
Taxes deal with everyday life and handle the nitty gritty not so glamorous issues and details that no one else in society thinks about - or if they do, feels the need to address.

Taxes are far more important to the wellbeing of a society than charity is.

Haele

[liberation]

46. Thank you.

It is astounding how so many people in this country have no clue how to differentiate between civic duty/obligation and public relations. Mr. Buffet is free to donate and do all the charitable work he wants, right after he pays his far share of taxes (or even at the same time if he so wishes).

[24601]

51. But by the donation, he decides how it's spent and the government

is deprived of that opportunity. His pet projects get funded at the expense of what could be more pressing priorities, a health care public option for example.

[Richardo]

15. You've seen his tax returns? Interesting.

[liberation]

45. I haven't seen his tax returns...

... I have read interviews with him, in which he says the same thing over and over: how he is taxed at a lower rate than his secretary. And he does so, because he declares all his income using every single possible loophole in order to do so.

Again, I am simply going by his words.

[GreenTea]

16. Jimmy Buffett has been saying this for weeks now....

But then who listens to a beach party singer - Now maybe if a billionaire like Warren Buffett said it, well then even less people would listen - (like me) Certainly republicans wouldn't hear it and would want to renew the DEFICIT RAISING - NO JOBS PRODUCING - TAX CUTS FOR THE RICH so would many democrats who want to renew the most trashy unfair tax legislation in American history!

[cbdo2007]

19. Geez, what an asshole!

*sarcasm*

He could say he was going to end world hunger and all diseases with every last penny in his pocket and still half of DU will come out to bash him for it.

[nomorenomore08]

20. I think it's the mere fact of someone having so much money, in such desperate times.

From that perspective, even billions donated to charity can seem like salt in the wound, in the sense of, "Look what I can do that all you little people can't!"

[Realityhack]

23. I don't think it would matter if it was the best of times.

A lot of people on DU would still be all upset because someone in a group they love to hate said exactly what they themselves argue for.

[proteus_lives]

33. +1

[liberation]

47. Yeah, that must be it.

I mean we live in the country with the widest wealth differential in the industrialized world, we have tens of millions of people living in or below poverty, a big chunk of kids in my local school district have actually experienced hunger (only 1 meal per day), tens of thousands of people die due to lack of health care, untold millions had their retirement threatened.... and yet the victim here is the billionaire who made his wealth from moving money around?

Good grief, besides the easy strawman... some of you have really misplaced priorities when it comes to your precious "concern."

[Nihil]

55. So why are you taking it out on one of the few who care?

> I mean we live in the country with the widest wealth differential
> in the industrialized world,

Correct.

> we have tens of millions of people living in or below poverty,

Correct.

> a big chunk of kids in my local school district have actually
> experienced hunger (only 1 meal per day),

I'll take your word on it as, sadly, it's only too likely.

> tens of thousands of people die due to lack of health care,

Correct.

> untold millions had their retirement threatened....

Correct.

> and yet the victim here is the billionaire who made his wealth
> from moving money around?

Incorrect.

The "victim" is one of the INCREDIBLY FEW people in that bracket
(millionaires/billionaires/"filthy rich") who are actually doing
something to help.

He knows he is unbelievably fortunate but instead of being a run-of-the-mill
CEO - or politician - and indulging his every whim (yet still being unable to
spend all of that wealth on himself), he is using his position not only to
directly benefit those charities but to argue FOR THE GOOD OF THE PEOPLE
that the uber-rich should be taxed MORE.

Maybe you just prefer rich bastards who spend their money buying their
way into politics? If so, you should really open your eyes one of these
days and see exactly where *your* preferences have led you.

[Realityhack]

22. +1 n/t

[Regret My New Name]

24. I'd wonder what his motive would be if he cured all diseases and ended hunger...

He'd just be exploiting those poor people in order to make himself look/feel better. Those people would be wise to reject all help from self-serving bastards like him.

*I bet you're wondering if I'm serious or not, huh? Much like the number of licks that it takes to get to the center of a tootsie pop, the world may never know...

[awoke_in_2003]

35. Like LBJ said...

(paraphrasing)- "If I walked across the Potomac they would report that I couldn't swim"

[Brighton]

21. Rich People do not Create Jobs

I didn't create jobs when I was rich. Read here: http://brighton-towne.blogspot.com/2010/09/rich-people-dont-create-jobs.html

[Sherman A1]

27. It would be hard to disagree with Mr. Buffett

[marmar]

28. Perhaps we should stop thinking in terms of tax cuts PERIOD......

...... and start thinking in terms of getting something other than wars for the taxes we pay.

[Cleita]

29. Buffett has always recognized that the resources of

the planet belong to everyone, not just a few elites.

[DailyGrind51]

32. Now, that's my kinda rich guy!

[JohnWxy]

36. RECOMMENDED. The prophet of UNcommon common sense spseaks out!!

[humbled_opinion]

38. If the Top 1000 richest Americans

Just put up half of their net worth, that stimulus would put everyone in America to work but that is not what he is advocating. He is saying sure raise my taxes, what the heck do I care and he has a point he doesn't care as long as he can buy gasoline for $3.00 per gal and get utilities at the same price as the rest of us. The problem with raising taxes on the "RICH" is that they all don't pay their fair share now, you tell me one rich person that doesn't hire an atty that specifically works to ensure that they pay exactly what they owe in taxes not one penny more, and those tax attys look for every possible loophole and contrivance to save their client money. Sure raise their taxes but when it comes to those RICH people that actually run a business and employ people and you raise their taxes well thats when you don't find such generosity because what they do is pass that tax down to their consumers in one form or another they will not just eat a tax increase just like they wouldn't eat a cost increase to from their suppliers, so they pass the costs on to consumers this is just common sense, so who are those consumers, well thats us. So in my opinion, any tax increase to the so called rich is paid for by the middle class, those of us that buy the products that are produced or managed by the so called rich and then on top of that here comes the govt saying oh well I had to create more govt jobs to regulate these businesses so that they don't rip off the people so in order to pay for all the increases in govt well, I have to raise your taxes to pay for it, WHAT.... So it all boils down to more regulations and higher taxes always ultimately paid for by the Middle Class.

[yellowcanine]

39. Whoa, for some reason I first read it "Bush says......" Weird.

[stubtoe]

40. I wish all billionaires were like Mr. Buffett.

The world would be much better for it.

ed:sp

[ThomCat]

43. On taxes, yes.

But I wouldn't want more people like him on Environmental issues. He's one of the Evil ones pushing his weight around to make sure nothing gets done to fight global warming, investing his money in a bet that nothing will get done, and using his political influence to make sure his bet wins big.

So give him credit where credit is due, but take him with a grain of salt on every other issue.

[Norrin Radd]

53. Tax them 90%.

[FunkyLeprechaun]

54. His own secretary

Paid more taxes than he did and he thought that was unfair.

Buffett is right on.

[Kablooie]

56. Buffett and Gates also convinced 40 billionaires to donate at least half to charity.