Wednesday, January 11, 2012
Taxes Warren Buffett challenges GOP to pay down debt
Posted by Max Brantley on Wed, Jan 11, 2012 at 4:54 PM
Senator John Thune promptly introduced the “Buffett Rule Act,” an option on tax forms that would allow the rich to donate more in taxes to help pay down the national debt. It was, as Buffett told me for this week’s TIME cover story, “A tax policy only a Republican could come up with.”Still, he’s willing to take them up on it. “It restores my faith in human nature to think that there are people who have been around Washington all this time and are not yet so cynical as to think that [the deficit] can’t be solved by voluntary contributions,” he says with a chuckle. So, Buffett has pledged to match one for one all such voluntary contributions made by Republican members of Congress. “And, I’ll even go three for one for McConnell.” That could be quite a bill if McConnell takes the challenge; after all, the Senator is worth at least $10 million. As Buffett put it to me: “I’m not worried.”
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Comments (17)
Showing 1-17 of 17
Brilliant. I bet he wouldn't find any takers on the neo-liberal austerity side of the aisle as well.
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How can Congress be representative of the people when 50% are millionaires? They are simply voting to keep their own taxes, and those of their big campaign contributors, immorally low. Looking out for number one and to hell with the rest of us.
And no Senator worth $10M can possibly be even remotely in tune with the needs of working families. The closest he probably gets is looking down at them through the window of his private jet.
What we have is government of multi-millionaires, for multi-millionaires, by multi-millionaires.
I don't mind them making money -- but I do mind them buying my government, using it to screw me, and then calling it freedom.
I love this guy! A very wealthy man who lives a simple life in a place like Omaha, and loves to put it to our Republican friends. I'm sure he isn't worried about paying out any money here. What do you say, Timmie?
I'm sure Mr. Buffett feels pretty safe about his pocketbook. He knows that none of those loudmouth Rethuglicans are going to put their money where their mouth is.
You think maybe our Little Timmy 'Cager' Griffin might donate his entire annual salary so Warren buffett will have to match it? Nah, Cager counts his money every night before he goes to sleep.
There is about as much chance our Cager Little Timmy will donate a single dollar as there is Saleen, november, baker, Viper, sunshine, or our other blog cheapstakes will donate a single dollar to support our troops or protect the homeland.
Why doesn't he worry about paying the billion or so back taxes his company currently owes. That would be a nice start. Then he can throw challenge around.
I'm really looking forwards to hearing him perform here on March 1st at Verizon Arena.
Lrman1, do you always pay taxes first and later decide whether or not you actually owe them? If not, why would you suggest a different standard apply to Warren Buffett?
I sort of doubt a company like Berkshire-Hathaway worth ~$372 billion is going anywhere if their tax dispute with the IRS over back taxes is ultimately settled in favor of the IRS.
Grow up.
I'm abiding Mr. Buffett feels appealing safe about his pocketbook. He knows that none of those arrogant Rethuglicans are traveling to put their money area their aperture is. Escort Bayan
What is preventing him from writing a check to the IRS right now? Why does he need incentives if he believes that the debt needs to be paid down? He has plenty of money and so do many of his cronies. He could start a drive among the rich to pay down the debt. I wonder why he doesn't do what he says should be done? Hmmmmmmmmm!
Holmes, it is the RETHUGlicans who are using the national debt, of which they are responsible for 70%, as a club to try and destroy Social Security (which has done nothing to increase the national debt) or Medicare (which is in somewhat trouble because of another ReTHUGlican president). See a pattern? ReTHUGluicans hate old people, young people, poor people, and even the military once they are out of the service. Now they do love babies in the womb but can't stand them once they are borned!
Anyone who doesn't have $10 million dollars and voted ReTHUGlican, has a mental disorder and ought to seek treatment!
We would not be in debt had the previous administration not cut taxes while starting a war. Had we left the Clinton tax levels in place and not invaded a country that didn't attack us, we'd be in tall cotton. I suspect taking those two actions were a deliberate attack on our government to "kill the beast." There really is no other explanation.
What Mr. Buffet did not tell you:
"Mr. Buffett's net worth rose by $10 billion in 2010 to $47 billion, according to Forbes Magazine. That increase, an unrealized capital gain, is part of his total income by any standard definition, including the one used by the Congressional Budget Office. After also including a $1.6 billion gift to the Bill and Melinda Gates Foundation, Mr. Buffett's true income in 2010 was much closer to $11.6 billion than the $40 million figure cited in his op-ed. Hence his true effective tax rate was only 6/100ths of 1% as opposed to 17.4%. And these are just the additions to his income that we know about.
The "Buffett Rule" would not tax the vast majority of his shielded income, including either his unrealized capital gains, which are currently taxed at zero percent, or charitable contributions, which are tax deductible. If the "Buffett Rule" were applied as President Obama proposes, then Mr. Buffett's federal tax bill would have been $14.4 million, rather than the $6.9 million he actually paid. As a fraction of his true income, his effective tax rate would only have risen from 6/100ths of 1% to 12/100ths of 1%."
If you taxed unrealized capital gains, everyone who owned a stock that increased in value would annually pay taxes on that increase.
So, if I owned 1000 shares of Arkansas Times and it went from $20 to $30, I'd pay taxes on that $10,000 even if I had not sold the stock and it was only a paper gain. It would be $2500 or so, maybe. I might have to borrow the money or even sell the stock to pay the taxes.
Or, say we removed the exemption for homes and I owned a $300,000 home. The appraised value increased to $350,000 because my neighbor got a premium price when he sold. I'd owe maybe $10,000 in taxes on that $50,000 increase in my home's value. And I am still living there.
Is that what you are proposing? Seriously?
Wow Occupy for once one of you makes sense. And yes, that is what would happen if the liberal got his way. In the name of fairness and balance the common man would be screwed again. Higher taxes and taking from others is the liberal way.
Since Warren is such a wonderful example, why does this man take charitable deductions? No one is stopping this old prick from paying off more of the debt.
And republicans are responsible for 70% of the debt? i would love to see those facts.
B rock says Occupy makes sense.
If that is so B Rock, wouldn't that be the main justification for inheiritance taxes? To finally tax the capital gains that up until that time had been unrealized paper gains only.
(PS, the dead don't get taxed so Death Tax is a spindoctor lie)
The inheiritor pays the tax as title is transferred. So shouldn't Sarah Palin more accurately call it a Living Tax? But Sarah never had much need for being accurate.
Buffett isn't proposing taxing net worth or unrealized capital gains. That is pure propaganda.
However, anyone who is really interested in helping working families and not just wealthy investors would propose taxing income from capital gains at the same rate as income from wages and salaries.
But that would mean sweat from hard work is valued as highly in America as stock dividends from Daddy's portfolio, and so it will never happen.
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