Warren Buffett: Rich should pay more in taxes

According to recent polls, about two-thirds of Americans believe that taxes should rise to help bring down the deficit and pay for services that the nation needs. They don’t believe that bringing tax rates back to the levels of the Clinton administration would ruin capitalism, extend joblessness and bring America closer to (gasp!) Europe.
Neither does Warren Buffett, one of the nation’s richest capitalists. He told ABC’s Christiane Amanpour that the rich ought to pay higher taxes:

191 comments Add your comment

Good Grief

November 22nd, 2010
1:49 pm

Hey, a Cynthia Tucker article promoting class warfare and wealth envy. Must be Monday.

SouthGaDawg

November 22nd, 2010
1:53 pm

Since when does Cynthia care about what polls or Warren Buffett thinks?

Oh…I know…when it supports her crazy view of the way America should be.

Speaking of her crazy views, why the heck is she still doing an op-ed piece for the AJC? Doesn’t she live in D.C. now?

Bob

November 22nd, 2010
1:53 pm

Warren, pay gov 100% if you want, lead by example. I would agree to a billionaire tax, just not on the married billionaires making just over 125K each

Libertarian

November 22nd, 2010
1:53 pm

Oh jeez…not this again.

This is what he said

“But I think that people at the high end — people like myself — should be paying a lot more in taxes. We have it better than we’ve ever had it.”

……..There’s a big difference between $250k and Billions. Any logical person should be able to see that.

Mike

November 22nd, 2010
1:56 pm

Somehow I doubt that Buffet speaks for all those who would be in the “should pay more” class. He may be a great businessman, but not very good at making social policy.

Cutty

November 22nd, 2010
1:57 pm

Those wacky repubs. Fighting for tax cuts that they’ll never benefit from.

AngryRedMarsWoman

November 22nd, 2010
1:59 pm

Sorry, but Warren Buffett doesn’t speak for me even though I am stuck in his tax bracket. As others have said before, there is a huge difference between a couple making $300k and a man worth billions. For fun last night I pulled up the 2009 TurboTax forms to see what would have happened if my BF and I were to marry….just a few thousand extra in federal income tax, that’s what, and that is before the Bush tax cuts expire. Buffett has no clue about how real people live…then again, neither do the folks running this country. Whatever.

Sam

November 22nd, 2010
1:59 pm

Typical democrat. You notice he has also commented that he pays less than his secretary. If he wants to be so generous, let him pay more..lots more. As a single person if I make more than $200k I will be in his bracket. How is that right? Tax millionaires and billionaires if you want. The may not miss t. People on the bottom edge of the so called rich bracket will take it in the ear.

Good Grief

November 22nd, 2010
2:04 pm

Cutty – I’m hoping that you’re using sarcasm on your 1:57 post, but if not, then please answer…

Does it actually bother you that people would fight for something that would not benefit them?

Samh

November 22nd, 2010
2:05 pm

Ms. Tucker:

Just as you and some economists point out, the majority of research suggests that tax cuts “don’t pay for themselves,” at least not entirely. But, is there a single study, economic theory, or peer-reviewed article that suggests raising taxes during a period of high unemployment and economic stagnation will help the economy? Is this what Keynes said?

Do you and Buffet want higher taxes because you truly believe it will drive down unemployment, or because you need to reject the Bush tax cuts for political reasons? And if the Bush tax cuts are the problem, and raising taxes might actually help the economy, why not a wholesale rejection of the cuts for all earners? That’s what Howard Dean recommended in 2004, and our budget situation is far more perilous today than it was six years ago.

Kamchak

November 22nd, 2010
2:10 pm

Those wacky repubs. Fighting for tax cuts that they’ll never benefit from.

AKA—don’t tax my dreams.

jt

November 22nd, 2010
2:11 pm

Of course he wants the “rich” to pay more.

His perverted crony Uncle Sam is running low on extorted money.

Can’t have that.

DannyX

November 22nd, 2010
2:12 pm

After you Republicans tell us how you plan on paying for the Bush tax cuts would you mind …

Giving us the repeal date for socialist Med Part D

Come up with a 1.1 trillion dollar war funding plan.

Explain, why you elected ex Democrat-career politician-bankrupt- no-bid-Republican Nathan Deal as your Governor?

Ragnar Danneskjöld

November 22nd, 2010
2:14 pm

Nobody’s stopping Warren. He should lead by example, instead of telling the rest of us how to live our lives. Typical leftist.

stw

November 22nd, 2010
2:19 pm

CYNTHIA– you are so damned predictable..What happened to the race card today ??

Tim

November 22nd, 2010
2:20 pm

I am starting to notice a trend with Cynthia.
Democrats always good.
Republicans always evil.

DannyX

November 22nd, 2010
2:24 pm

Lead by example. Lol.

Here’s how you “lead by example”…

The Stimulus bill provided billions and billions to state governments to help them pay the bills.

On Fox News the only Republican to be found were bashing the stimulus. One after the other. Night and day.

Back in Georgia a different story. Republican Governor, Sonny Perdue was busy drafting a letter on behalf of all Republican Governors demanding more federal dollars to help states get past the the current economic crisis that was ironically caused by the Republicans in the first place . Every single Republican Governor signed that letter. None of them appeared on Fox. Not one.

Cowards.

Gordon

November 22nd, 2010
2:26 pm

How about if the government shows it can make some major spending cuts and THEN we raise taxes? Every time we have raised taxes before, spending went up even faster. Let’s try something different this time.

ctucker

November 22nd, 2010
2:26 pm

stw@2:19, That’s the best you can do?

ctucker

November 22nd, 2010
2:27 pm

jt@2:11, “extorted money”? Huh?

Really last word

November 22nd, 2010
2:27 pm

And, those who get tax refunds who don’t pay tax . . . .

ctucker

November 22nd, 2010
2:28 pm

Good Grief@1:49, You need to put your thinking cap on. Your arguments— if they can be called that — are pure piffle today.

Mr Awesome

November 22nd, 2010
2:50 pm

If he wants to pay more taxes, then tell him to open his damn checkbook. BTW, Cynthia, one of your beloved illegals was convicted of killing Chandra Levy.

jarvis

November 22nd, 2010
2:51 pm

He also suggests deepening tax cuts for the Upper Middle Class. I’m surprised you didn’t quote that.

Some People are stupid

November 22nd, 2010
2:56 pm

So what it sounds like on the blog today is that those who are considered conservatives don’t mind a tax increase as long as its on the millionaires and billionaires..

killerj

November 22nd, 2010
3:00 pm

With that kind of money start your own government, you,d be a fool to give it to this administration.Save a house program would be nice.

Good Grief

November 22nd, 2010
3:01 pm

Merely making an observation, CT.

By the way, just how many people in the lower tax brackets are employers? How many of them operate S-corps? Let’s just continue to tax the top. It sounds great.

Let’s look at an example (copied from nextst oplaude rdale.c om)

It seemed that 10 men decided to have a business lunch once a week. They always met in the same restaurant and the bill was always, $100.00, for all 10 men. If each man was responsible for his share of the bill that would be, $10.00, each. The men decided to divide the bill based upon their ability to pay (using the progressive structure of the tax code). Using this formula the following payment arrangement was worked out based upon income.

Men 1-4 who made the least amount of money paid nothing.
Man 5 paid $ 1.00
Man 6 paid $ 3.00
Man 7 paid $ 7.00
Man 8 paid $12.00
Man 9 paid $18.00
Man 10 paid $59.00

After several weeks the owner of the restaurant told the men that because they were such good customers he was reducing the bill by $20.00. Their dilemma was how to divide up the, $20.00. If each person got the same amount then the first 4 men would be getting money back but they never paid anything for the dinners. After much discussion and no resolve the owner offered the following suggestion which they all agreed to.

Original Payment-New Payment-$ Amount Saved-% Saved
Men 1-4 paid- $0.00- $0.00- $0.00- 0%
Man 5 paid- $1.00- $0.00- $1.00- 100%
Man 6 paid- $3.00- $2.00- $1.00- 33%
Man 7 paid- $7.00- $5.00- $2.00- 28%
Man 8 paid- $12.00- $9.00- $3.00- 25%
Man 9 paid- $18.00- $14.00- $4.00- 22%
Man 10 paid- $59.00- $50.00- $9.00- 15%

Once outside the men began to argue about the settlement. Man 5 said he only got, $1.00, while Man 10 received, $9.00. Men 1-4 were upset because the received nothing. They said that the cut only benefited the rich and the poor got nothing. They were upset so they beat up Man 10 and left him. The next week they met for lunch as usual except man 10 did not show up. When the new bill arrived the men discovered that between them they did not have enough money to pay even half of the bill.

In this story we see a simplified version of the Federal Income Tax. According to an article in the “New York Times” 80% of the taxes are paid by 20% of the people highest income people. Any time you have a tax cut the people who are carrying the tax burden are going to get the money. The next time you hear of a tax cut and the media tells you that the wealthy are getting all the money, remember they are the ones paying the taxes.

One epitaph to the story has it where the tenth man moved overseas and took his dinning purchasing there.

jarvis

November 22nd, 2010
3:02 pm

Long posts suck.

Jimmy62

November 22nd, 2010
3:03 pm

No one is stopping Buffett from paying more. If he thinks he can afford it, then the only thing stopping him from paying more is him. In fact, it’s FAR more fair for him to do it voluntarily if he thinks he can afford, then to change policy and make him pay more.

Buffett, BTW, probably benefited financially from all the bailouts more than any other single individual in the entire world. But instead of volunteering to pay more in taxes, he whines that other people should be forced to pay more in taxes. What a generous soul!

aj

November 22nd, 2010
3:05 pm

Yeah! Let’s tax the rich so we can keep paying for people who live off the system! Wow! I’m sure as long as I keep paying into the system that there will be some left for me…right?

Good Grief

November 22nd, 2010
3:06 pm

jarvis – Sorry about your short attention span.

jarvis

November 22nd, 2010
3:07 pm

Jimmy62, taking a shot at his generosity is a bad tactic. This is a man that has given $34 billion to charity in recent years, and actively pursues other billionaires to pledge half of their fortunes as well.

Lil' Barry Bailout

November 22nd, 2010
3:07 pm

If you want higher taxes, vote Democrat.

Oops, that didn’t work on November 2, now did it?

jarvis

November 22nd, 2010
3:08 pm

No need to apologize.

Lil' Barry Bailout

November 22nd, 2010
3:09 pm

“[Americans] don’t believe that bringing tax rates back to the levels of the Clinton administration would ruin capitalism, extend joblessness and bring America closer to (gasp!) Europe.”
—————-

Why are the Democrats who run Congress in such disarray and disagreement about raising tax rates in January then? If it’s the smart thing to do, wouldn’t they just go ahead and raise all the rates back to Clinton levels?

jarvis

November 22nd, 2010
3:11 pm

My link where Buffett suggests deeper cuts for Upper Middle Class along with Lower and Middle is in the same article ctucker pilfered her attached video from.

Unfortunately, the link is stuck in moderation pergatory. Google “warren buffett raise taxes”. It will be the second link.

Van Jones

November 22nd, 2010
3:11 pm

It’s easy to spend other peoples’ money.

ctucker

November 22nd, 2010
3:12 pm

Good Grief@3:01, Remember the ’90s? Prosperity and a balanced budget?

carlosgvv

November 22nd, 2010
3:12 pm

There is a reason the Republicans are fighting as hard as possible to keep tax cuts for the rich. They are the party of big business and the rich and receive huge amounts of money from them. The concerns of non-rich Americans mean little or nothing to them. Their words and actions make this obvious to anyone except their mindless followers.

jarvis

November 22nd, 2010
3:14 pm

I remember an Internet bubble that provided a false sense of prosperity. Is that the 90’s you were talking about?

joe suggs

November 22nd, 2010
3:15 pm

Gots to pay for the medicaid/food stamps and illegal crowd.They needs the cell phones and 4 kids apiece.

Lil' Barry Bailout

November 22nd, 2010
3:15 pm

Ok then Carlos, tell us why some Democrats also oppose raising the tax rates.

Good Grief

November 22nd, 2010
3:16 pm

CT – Remember the dot-com bubble? Remember the role that Barney Frank played in creating the current housing market crisis? Don’t act like only Bush was culpable. Or that Clinton was to be praised for the economy of the 1990s. Both sides have plenty of blame to shoulder for where we are.

Gordon

November 22nd, 2010
3:17 pm

Cynthia,

Do you believe the properity and balanced budget of the ’90’s were due to higher taxes? I seem to remember something about a dot com boom. I also seem to remember a Republican Congress forcing some spending cuts after the ‘94 election.

Libertarian

November 22nd, 2010
3:17 pm

I am against raising taxes on small businesses, many of which make $200k-$5million range. No small business makes billions….but they are lumped into the tax bracket with the Warren Buffets of the world.

WDE

November 22nd, 2010
3:18 pm

Yeah, what gets left out of this story is that Buffett didn’t pay much more than the capital gains tax his entire life. Now that he’s in his twilight, and doesn’t have many years ahead of him, it’s awfully easy to say these kinds of things.

History Professor

November 22nd, 2010
3:18 pm

Ms. Tucker,
While I am glad that you are addressing our fiscal problems in a widely read public forum it doesn’t do us any good if we never discuss the cause of the problems instead of the symptoms. We have both a tax problem and a spending problem. We all know the biggest elements of our budget are defense, social security, medicare, and dept interest but no one discusses how these things become so economically burdensome, which at its heart is the Federal Reserve. They have the power to give billions of dollars to foreign countries without the approval of Congress or the American people. They have they power to dictate the value of our dollar thus the value of our “working labor” since we are compensated in dollars and yet they refuse to open the books that show us why our dollar is worth what it is. Do you think the Founders wanted a PRIVATE basically secret organization controlling the economy behind secret doors with no accountability to anyone? The FED isn’t King it’s the Kingmaker. They claim to apoltical but yet the chairman is appointed by the President. They claim to have the public interest in their mandate yet they refuse to open thier books to the public and nor do they have to because they are a private bank with a public sounding name. While we are at it why don’t we give Bank of America, J.P. Morgan Chase, and the rest of the big banks the power to create their own money too…oh wait that sounds absurd doesn’t it? Until we address the criminal Banking Cartel that two years ago engineered the greatest transfer of wealth from the poor to the rich in world history then debating our tax code is a waste of time. I would like to see you write some articles on Ben Bernanke and Federal Reserve and how our banking system really works.
I will leave you with this quote from Mayer Rothschild one of the founders of the Federal Reserve…”Permit me to issue and control the money of a nation, and I care not who makes its laws.”

James

November 22nd, 2010
3:19 pm

normal “gotcha” far left (or far right) journalism.

Buffet gave more than 1/2 of his net worth to charity/private foundation which effectively screwed the gov’t out of 10’s of billions of dollars and clearly made a statement that monies are better spent and invested in the private and public charity sector.

Road Scholar

November 22nd, 2010
3:20 pm

Take away all tax breaks for the rich, let them have their rate under the Bush plan!

jarvis

November 22nd, 2010
3:21 pm

Three best performing stocks of 1998:

Amazon.com
America Online Inc.
Yahoo

Sure. Bill Clinton’s policies had everything to do with that.