If Mr. Buffet truly believes in what he says I'd like to see him step out and lead the uber rich. He could simply open his checkbook and increase his tax payment to whatever he things is an appropriate amount for the super rich to pay.I'm certain IRS would acept and cash his check. He could then encourage the rest of the Nations super rich to follow in his foot steps
The reason for his (Buffet's), and other "super" wealthy individuals, minimal tax liability is due to a hefty investment in tax attorney's who shelter his income (perfectly legal and acceptable). An increase in tax rates on these wealthy will have a minimal impact on individual tax liability for precisely this reason. Notice he calls for an increase in tax rates (looks and sounds noble), but does not push for closing beneficial tax breaks or loopholes (this would truly affect his tax liability). If he wants to provide for low-income programs, libraries, scholarships, or whatever, all he need do is what Carniege, Mellon, etc. did; it's called charitble donation. Finally, all of the taxable income from the uber rich could be confiscated and it would pay for about 60% of the annual deficit. This would still leave 100's of billions being added to the debt annually. Let's provide businesses, individuals, and markets with stability and predictability; a flat tax on ALL individuals (everyone is serious when they have skin in the game) with no tax breaks, incentives, loopholes, or whatever name you give them.
Well put Mark, One last thought. Remember Buffet is an Obama supporter. By taking the this stand at this time he is putting the GOP on the spot, don't you think?
I get what you're saying Bob, but I respectfully disagree. Warren Buffet is a Warren Buffet supporter. While he waves his left hand in the air, don't lose sight of what the right hand is doing (pun intended about left & right). We should all be wise to this strategy employed by magicians, politicians, and shrewed billionaires, irregardless of which hand is waving.
If Mr. Buffet truly believes in what he says I'd like to see him step out and lead the uber rich. He could simply open his checkbook and increase his tax payment to whatever he things is an appropriate amount for the super rich to pay.I'm certain IRS would acept and cash his check. He could then encourage the rest of the Nations super rich to follow in his foot steps
ReplyDeleteAbsolutely!!
ReplyDeleteThe reason for his (Buffet's), and other "super" wealthy individuals, minimal tax liability is due to a hefty investment in tax attorney's who shelter his income (perfectly legal and acceptable). An increase in tax rates on these wealthy will have a minimal impact on individual tax liability for precisely this reason. Notice he calls for an increase in tax rates (looks and sounds noble), but does not push for closing beneficial tax breaks or loopholes (this would truly affect his tax liability). If he wants to provide for low-income programs, libraries, scholarships, or whatever, all he need do is what Carniege, Mellon, etc. did; it's called charitble donation. Finally, all of the taxable income from the uber rich could be confiscated and it would pay for about 60% of the annual deficit. This would still leave 100's of billions being added to the debt annually. Let's provide businesses, individuals, and markets with stability and predictability; a flat tax on ALL individuals (everyone is serious when they have skin in the game) with no tax breaks, incentives, loopholes, or whatever name you give them.
ReplyDeleteVery well said sir!
ReplyDeleteWell put Mark,
ReplyDeleteOne last thought. Remember Buffet is an Obama supporter. By taking the this stand at this time he is putting the GOP on the spot, don't you think?
I'll say this Bob, he was pounding the table on this when he campaigned for Hilary C... So you may very well be right...
ReplyDeleteI get what you're saying Bob, but I respectfully disagree. Warren Buffet is a Warren Buffet supporter. While he waves his left hand in the air, don't lose sight of what the right hand is doing (pun intended about left & right). We should all be wise to this strategy employed by magicians, politicians, and shrewed billionaires, irregardless of which hand is waving.
ReplyDelete