Billionaire Warren Buffett has a partial cure for the US financial fiasco – tax him and his buddies at a higher rate.
Last year Buffett paid about 7 million dollars to the IRS but that was only a 17% tax rate. And it was the lowest among the 20 other people who work in his office, who paid anywhere from 33 to 41% and they earn substantially less. He says the US government has been coddling him and his wealthy buddies for decades and it’s time to stop because they can well afford to pay more.
In an editorial for the New York Times, Buffett writes that raising the tax base for the mega-rich will not scare them off investing in a good venture. And he ought to know. He’s one of the world’s richest men.
I don’t know if this is the answer or even part of the answer but I do know that I pay more than a 17% tax rate and I don’t make millions. I paid $5,000. in taxes last year on my freelance work and Rev Can just sent me a bill for $300. more. If I ran my personal finances the way the US runs theirs I’d be living under an overpass in a cardboard box. Can’t afford to pay your debt? Well, what you don’t do is raise the limit on your credit card by a few more trillion dollars! That’s a road to ruin, from where I sit.
3 thoughts on “Warren Buffett is Speaking. Is Anyone Listening?”
When Warren Buffett speaks, many do listen but often fail to heed his message. Warren Buffett’s suggestion isn’t the solution, but its overall intent calling for a structural review and revision of the US tax act will go along way to solving the problem.
What’s that old saying, A spoon full of sugar helps the medicine go down and those in the US Senate and Congress truly need super sized. The answer is complex due to its many moving parts, but not impossible if they take one step at a time.
You should have heard the right wing host on CFRB this morning saying Buffett should be more honest and should give to the US Treasury instead of charity! Inexplicably, nobody on the right wants to even consider the “rich” (aka “job creators” – LOL) paying a cent more tax to help bail them out of the swamp that the last several Republican years have sunk them into. It’s going to be the ruin of their economy AND their nation but it seems no one can see past the tea bags dangling from their hat brims. Good thing their money says “In God We Trust”, cause they’re rapidly running out of options. Bring on more prayer days, Gov. Perry – y’all are going to need plenty of ’em.
As an anti-Republican (anybody but Republican candidates), I appreciated the suggestion from Mr Schulz, CEO of Starbucks. He refuses to donate to ANY politician’s campaign for the foreseeable future. This suggestion has gone viral throughout American businesses. Yeah!
Buffett is willing to do his part and with Schulz’s push, maybe the 535 members of Congress will get off their collective butts!
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