Shame on Buffet. He runs a tight ship for Berkshire investors. But yet he wants to raise taxes for the federal government that regardless how much it takes in it always spends more. We are currently indebted to Communist China for trillions to help prop up our deficits which are now over 16 trillions and rising!
So why doesn't this boob advise our socialist president how to run a tight ship??????
If he gave his entire net worth to the Feds it would run the country for three days.
Warren Buffett does not "want higher taxes," he realizes we need more revenue. If the federal government COMPLETELY shut down all discretionary income (shut down the military, VA, state department, Federal courts, federal prisons, currency, interstates, SEC, FBI, CIA, FDA, Customs and INS, etc, etc)... we would STILL have a deficit.
It is simple math... and he is good at math. He likes things that work... he likes when the numbers add up. Him writing a check to the federal government would NOT solve anything. He is actually wanting a solution...
Now, he has said on a number of occasions that we must cut spending... we have to stop making so many promises we can't afford, cut the military dramatically, and many forms of social spending. However, at the end of the day, we have to bring in more revenue... his point is that it makes sense for the rich to pay more than they are.
His experience as an investor and a businessman has taught him a lot about how the economy works... and how investors think. A higher tax rate on high incomes would not cause the economic devastation that many would try to convince us of... and since we have to bring in more revenue (simple math), even with all the reasonable spending cuts we can (and should) do), some taxes are going to have to go up.
Buffet is one of the biggest philanthropists ever!!!The government should be held accountable for WHERE all of our money actually goes!!!I'd be more than willing to pay more taxes if I knew what they Democrats,Republicans,etc. could tell us!!
Buffet is a Democrat that is a fiscal conservative but a social liberal. His father was a Republican Congressman from Nebraska but Warren went Democrat during Civil Rights era and never looked back. I wish he was Independent cause both political parties are evil.
You are so right. Its always these rich guys who feel guilty and want to give away other people's money. Let him give it to the stupid government if he wants to. He should spend less time giving this kind of advice and more time chasing Erin Burnett.
Jetty; That generalization is almost meaningless.
The problem as the GOP says, is income redistribution.
But being conservative and slow to react, they missed the fact that
income redistribution began with Pres RR and the cash flow has already gone
the other way since then...enormously.
The was massively redistributed from the working,
American middle class that made our country great....
to the " 1%", the multinationals and financial firms.
Warren just hasn't been bribing congress through lobbyists to make himself tax exempt. If Romney had won, he had cut a secret deal with Sheldon Adelson and promised to adopt Gingrich's plan to eliminate capital gains tax. Adelson promised he would kick in up to $100 Million to help the republicans. Actually, he ended up BLOWING $150 MILLION and was only able to elect ONE SENATOR, the republican Senator in Nevada who barely won. Adelson stood to gain $12.5 BILLION in tax breaks under Romney's plan, and Romney's own tax from 2011 would have dropped from $13.9 Million to about $80,000, because Romney was not paying hardly ANY INCOME TAX. He was able, through a loophole, to pay the 18% capital gains rate instead of the 36% starting rate, before deductions, exemptions, credits and loopholes, like his "Dancing Dressage hobby horse" which costs $230,000 per year to "maintain." If Adelson isn't paying that $12.5 Billion anymore, who do you think will be stuck with his tax bill? Also, he stood to have a likely criminal indictment for bribery dropped if Romney had won and appointed his own attorney general. David Stockman, Reagan's budget director, predicted a disaster if Reagan adopted the "Laffer curve" as his economic policy. Stockman was exactly right as is chronicled in his essay "HOW MY GOP DESTROYED THE US ECONOMY" I have been a fiscal conservative all my life, and that's why I no longer vote republican, among other reasons. The IDIOTS in the TEA Party are going to destroy what is left of the once sane republican party if the republicans fail to remove this CANCER within their midst.
Sentiment: Strong Buy
Here's an idea where socially liberal dems can pay more -- it's a sin to tax labor...
"Economist Daniel Altman is proposing something completely different on the tax front --- a system that taxes wealth rather than revenue. It's not intended to raise more revenues but rather to reduce inequality which, he says, threatens growth.
He proposes to replace income, capital gains, estate and gift taxes with a progressive wealth tax that "would do much more to reduce [wealth inequality] than any other tax plan being considered in Washington," according to his recent New York Times op-ed.
Altman's plan would exempt the first $500,000 of wealth from taxes, which he says would affect about 80% of households (these individuals would continue to pay payroll taxes for Social Security and Medicare). The next $500,000 of wealth would be taxed at about 1% followed by a 2% tax on assets valued above $1 million. That's enough to replace all the money collected from taxes on income, capital gains, dividends, estates and gifts, says Altman."
Because Warren Buffet knows what he is talking about. You cannot have a successful economy where the rich are breaking record profits every year and paying a lower rate while the rest of the people are suffering. The middle class needs the tax relief not the rich.