|
| “
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Barney
Kilgore, the man who made the Wall Street Journal into a national
publication, was once asked why so many rich people favored higher
taxes. That's easy, he replied. They already have their money
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When
Warren Buffett does the 'Bama Frug ...
| Warren
Buffett, billionaire Obama enabler, and his adviser on the economy (and
hasn't that worked out well) was last seen on this page whining about
the
unfairness of Obama’s
Corporate Jet Rhetoric. He's
evidently back in saddle again, this time volunteering the middle class
for a tax increase. |
| “
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•
The charity loophole. For billionaires like Mr. Buffett, the single
most important deduction in the tax code is for charitable giving.
Middle-class earners can't give nearly as much money away to reduce
their overall tax burden. Yet we don't hear Mr. Buffett calling for the
elimination of that deduction in the name of fairness.
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. That's an act of generosity, but if the government's
purposes are so vital, why doesn't he simply give the money to the IRS?
Rebecca Quick of CNBC put that question to Mr. Buffett in 2007. His
answer: "Well, that's a choice and it's an option . . . If I had to
give it to a single individual, or make some young Buffett a
multibillionaire, or give it to the government, I'd absolutely give it
to the government. I think that on balance the Gates Foundation, my
daughter's foundation, my two sons' foundations will do a better job
with lower administrative costs and better selection of beneficiaries
than the government." [Full]
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” |
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501's currently control something nearing $3.6 trillion in assets.
ReplyDeleteYat
In my life, I've found many wealthy people that were shrewd, but, also, shit-house lucky. They weren't mental giants, or had much of anything to offer, except a C-note at Christmas if their pizza was hot when you delivered it to their door.
ReplyDeleteWith this in mind, I don't recommend anyone pay attention to the ramblings of these folks. They have no secret formula for success, or politics. In fact, they have a tendency to be pompous self-important jackasses who are helpless without the staff that makes their world spin.
so why haven't I heard about Buffett giving a coupla bil to the gubbmint?
ReplyDeletee~C
Buffett made a point that people who work in his office pay over 30% tax rate, while he pays about 17%, meaning it is unfair. What this misses is that people who work for him are paying mostly earned income tax, while he pays mostly capital gains tax, which is a much lower rate. Add in dodges like charity giving through trusts, and this guy has some nerve telling us anyone's taxes are too low.
ReplyDeleteAll of which sets up the question about who would get the benefit of the additional money people should pay in taxes: the government! And what does the government do that is so wonderful with that money that giving it more is a good thing? Not a damned thing. More money down the rathole.
Annnnd the money he does take as capital gains have already been taxed at the 35% rate by Uncle. So, in addition to his 17% he adds that 35, making the total somewhere near 52%.
ReplyDeleteLike that, Warren baby?
You are paying more than you are smart enough to figure out... Duh.
If they didn't declare dividend, and he took the money as income, he could 'shelter' it, perhaps better than the 17% he now pays. Who give a fig. Buffet is a buffoon who has his and doesn't care to let anyone else get theirs.
tomw
Po and hungry?
ReplyDeleteRemember "Warren's Buffet"
Fine, Warren. How about a big-ass tax on accumulated wealth?
ReplyDeleteThe rest of us are trying to make ends meet.