Warren Buffet on billionaires protected ‘as if we were spotted owls’
Several of you have pointed out today’s op-ed piece by billionaire Warren Buffet in the New York Times, which begins thusly:
Billionaire Warren Buffet/AP
Our leaders have asked for “shared sacrifice.” But when they did the asking, they spared me. I checked with my mega-rich friends to learn what pain they were expecting. They, too, were left untouched.
While the poor and middle class fight for us in Afghanistan, and while most Americans struggle to make ends meet, we mega-rich continue to get our extraordinary tax breaks. Some of us are investment managers who earn billions from our daily labors but are allowed to classify our income as “carried interest,” thereby getting a bargain 15 percent tax rate. Others own stock index futures for 10 minutes and have 60 percent of their gain taxed at 15 percent, as if they’d been long-term investors.
These and other blessings are showered upon us by legislators in Washington who feel compelled to protect us, much as if we were spotted owls or some other endangered species. It’s nice to have friends in high places.
- By Jim Galloway, Political Insider
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174 comments Add your comment
Joe Mama
August 15th, 2011
2:51 pm
Centrist — “Democrats who advocate raising taxes “on the rich” really mean the professional class and small business earned income – job killing tax increases in the name of “fairness” and class envy.”
ALERT
Windows For Telepaths has experienced a Fatal Program Error
Please shut down and reboot
Centrist
August 15th, 2011
2:53 pm
You fascist “john galts.” You know that he was a fiction character in a fictional story set in a fictional time and place under a fictional government…right?
The Federal Government is not legally authorized to accept donations. Taxes are not extortion…they are finance.
It is very simple:
Do you eat food, drink water, live in a shelter, drive on roads, go to doctor’s offices or hospitals, do you read? Of course you do. Now, imagine how society would operate without any of those things and how much more expensive and inefficient private business would be without any of those things.
No matter who or what comes together to fix collective action issues, maintenance is required. Thus, government is born. How governmental officials obtain their position determines the type of government you have, but even in the fake universe you Rand fanatics dream about there is a government. In Ayn Rand’s dream world that government is an authoritarian plutocracy.
Personally, I like having a cashier at the grocery store that can count (thank you education system). I like having food that is safe and fresh (thank you education system, safety inspectors, and roads). I like having doctors available (thank you education system, scientific community, and healthcare infrastructure).
I know you right-wingers will never break down and read real science and philosophy…or their intersection, but I ask that you at least attempt to read Mancur Olson’s The Logic of Collective Action. Yes, it will shatter your idea of John Galt…but he has existed and markets do not work like Ayn Rand pretends they do. After all, she was an unsuccessful screenwriter…not an economist in any sense of the word.
Cosby
August 15th, 2011
2:53 pm
I do not know why this is such news. There is nothing stopping him frm contributing to the Fderal Treasury. So, Why does he call for congress to do it and force him. If he is that supportive of it, why does he not put his money where his mouth is!!
Libertarian
August 15th, 2011
2:53 pm
Mr. Buffet is free to cut a check to the government if he wants to. But, I do agree that the “mega rich” could pay more. I think the tax rate on dividends should be raised to at least 20%. But I also think the bottom 40% of earners should have a little skin in the game too. Everyone should pay something. Problem is no one is Washington is talking about real tax reform. We need an overhaul to our current system. GE pays 2% and shelters money off shores while myself and a lot of people I know are paying 35-39% in income taxes (not including all the other taxes). The system is flawed.
The REAL fact is
August 15th, 2011
2:54 pm
The fact is…..
Yeah. I’m a hypocrite because I don’t have time to debate with you.
You’re too shallow to see that your insistence on blaming others while ignoring your own complicity in the running up of the debt by sitting in silence (for the simple reason that the person with the credit card at the time had the right letter after his name) exposes your hypocrisy for everyone to see. Just like the rest of your Tea Party hacks.
So keep bellowing into the wind. Your ignorance slip is showing.
Centrist
August 15th, 2011
2:55 pm
Another imposter post @ 2:53 under my screen name. If you wish to reply to him – please use the “Imposter” monicker.
Centrist
August 15th, 2011
2:57 pm
Joe Mama,
Most small business are S-corps. That income you are referring to is personal, not business, income. Stop pretending your income has anything to do with job creation.
Furthermore, if you reinvest those profits your small business makes (note, profits and revenue are too different things…this is a concept lost on the ears of most right-wingers) your tax burden is lowered. Watch, next year reinvest all of your profits and look at your tax bill. It will be $0. Guess what that reinvestment does? It grows business.
Taxes do not stifle business, the fact that you can escape all company taxation simply by reinvesting is evidence enough that your opinion is uninformed.
Now, be a good little capitalist and invest.
Centrist
August 15th, 2011
3:00 pm
Yet another imposter post @ 2:57. This guy is a total jerk.
The fact is..
August 15th, 2011
3:00 pm
The REAL fact is
August 15th, 2011
2:54 pm
LOL! Typical. When you have no facts, call names.
Libertarian
August 15th, 2011
3:02 pm
Centrist
August 15th, 2011
2:57 pm
You don’t sound like much of a “centrist.” Maybe you should change your name to “James Taggart”
bigdawg88
August 15th, 2011
3:02 pm
Fact is…
you probably live in a shack under a rock somewhere. The POTUS did have a plan, but the republicans disliked having to give back their tax breaks. The POTUS was also for reducing spending, but the legislature cannot get together and decide what to cut. The LEGISLATURE is responsible for coming up with the budget and voting on it. Why do they keep asking President Obama to step up and lead when they don’t want to listen? He saw through their silly attempts to put him to blame for their ineptness and ignored them. Why doesn’t Boehner step up to the plate and lead his party? Sounds like he can’t even get the republicans in line.
DannyX
August 15th, 2011
3:02 pm
Karl Marx was a right wing wimp. Commies and Socialists unite.
td
August 15th, 2011
3:03 pm
deegee
August 15th, 2011
1:37 pm
For those of you that think that Warren Buffett should be writing big fat checks to the IRS, here is the other part of the issue. No one wants to be the only schmoe paying 33% to the government. Warren Buffett advocates for a simpler tax code that strips away the inequitable tax loopholes and deductions. Make the rates reasonable and make everyone in the same income bracket pay the same rate
I do too it is called the fair tax. No deductions and you only pay taxes on what you spend.
Libertarian
August 15th, 2011
3:05 pm
“No one wants to be the only schmoe paying 33% to the government”
Tell me about it….it sucks.
Centrist
August 15th, 2011
3:06 pm
What? I am an imposter?
No! You “centrist” are the imposter! In fact, you are a fraud!
In the name of democracy, linguistics and science I am usurping your moniker.
Who all is in favor of having an ideological centrist hold the screen-name Centrist?
Eli
August 15th, 2011
3:07 pm
Centrist,
You have my vote!
Young Lady
August 15th, 2011
3:07 pm
@ Mr. Buffet is free to cut a check to the government if he wants to.
Except he’s not. What part of ‘You cannot pay more on your taxes than you owe’ do people not understand? You can’t cut a check and hand it to the IRS for something you don’t owe. It would be unethical and likely illegal for them to take it.
The most he could do is buy Treasury bonds which is not the argument he’s making. And Treasury Bonds are a different beast than taxes which is why if you’re smart you don’t compare the two interchangably. And I’m sure he’s wisely invested in those as well.
cs
August 15th, 2011
3:08 pm
Finally, a greedy bas#$% who gets it!!! Buffet for prez!!
Arby
August 15th, 2011
3:08 pm
Did you folks not notice that Buffett donated all of his billions to the Bill and Melinda Gates Foundation — which means that the billions are not taxable? Only a left wing-nut would read this and applaud. You’ve been had by a con man on a Madoff scale.
Joe Mama
August 15th, 2011
3:10 pm
Centrist Impostor Sockpuppet — “Most small business are S-corps. That income you are referring to is personal, not business, income.”
I didn’t refer to income. Again, your Windows for Telepaths software has clearly crashed.
“Stop pretending your income has anything to do with job creation.”
I did no such thing and I challenge you to demonstrate otherwise, lying sockpuppet. (laughing)
“Furthermore, if you reinvest those profits your small business makes (note, profits and revenue are too different things…this is a concept lost on the ears of most right-wingers) your tax burden is lowered. Watch, next year reinvest all of your profits and look at your tax bill. It will be $0. Guess what that reinvestment does? It grows business.”
The nitwit goes ‘bleat bleat.’ (laughing)
“Taxes do not stifle business, the fact that you can escape all company taxation simply by reinvesting is evidence enough that your opinion is uninformed.”
The foolish ninny says what?
You don’t know what my opinion IS, sockpuppet. (pointing, laughing)
Now, be a good little capitalist and invest.
You know, it’s like you just gave up and let the tumor take over and start doing all the talking for you. I’d page the nurse if I were in your position.
DannyX
August 15th, 2011
3:11 pm
Relax real Centrist, everyone can tell the difference.
The DannyX that posted at 3:02 was an obvious fake, the fake post didn’t include a “socialist Medicare Part D” reference.
The fake Centrist posts as just as easy to spot. They aren’t filled with Tea Party propaganda.
Lighten up.
Libertarian
August 15th, 2011
3:12 pm
Young Lady
August 15th, 2011
3:07 pm
Someone told me that there is a way that you can pay more. But I’m no accountant. Either way, he could choose not to claim any deductions. Then he would have a higher burden.
Atlantan
August 15th, 2011
3:13 pm
What a joke. Here is a man worth $50 billion dollars. If he really believes what he writes then he should live it. Give to the government $49,000,000,000 and keep a billion. It will run the government just under 5 days and give him one billion on which to retire. Until he does this he is just another hypocrite. Oh yeah he is an investor in NetJets so by all means lets tax the selfish jet owners.
Mr. Buffet is successful at investing and hypocrisy.
td
August 15th, 2011
3:13 pm
DannyX
August 15th, 2011
1:44 pm
“By the way, exactly when is the socialist Medicare Part D repeal bill going to surface in the House?”
It needs to be third on the list right after Obama care and Medicaid.
Centrist
August 15th, 2011
3:15 pm
td,
and on what you invest. The FairTax is just a bad idea…and it is justly treated as so.
As Alan Simpson and Connie Mack discovered in their investigation, the “fair”tax would have a tax rate of about 67% if we were to generate current revenue levels.
Not to mention the other considerations. For example, the “fair”tax discourages spending and encourages savings. It discourages short and middle range private investment. It will either lower wages or increase unemployment…and technically it will exponentially increase payroll taxes (since a wage is the purchase of labor services)
I can not think of a good thing to say about the fair tax. It is universally a bad idea.
Joe Mama
August 15th, 2011
3:15 pm
Atlantan — “Until he does this he is just another hypocrite.”
Tu Quoque logical fallacy.
It seems that it’s still in vogue around here; I leave for a couple of weeks and it’s one of the first things I see when I get back.
Libertarian
August 15th, 2011
3:15 pm
“Furthermore, if you reinvest those profits….”
Hey, maybe I don’t want to “reinvest.” I guess I’m a terrible person for wanting to actually take home a profit. Only a socialist would suggest “reinvesting” all of your profits.
Donnie
August 15th, 2011
3:15 pm
I will cast my vote in favor of the new, true Centrist.
Atlantan
August 15th, 2011
3:16 pm
@bigdawg88 – you are embarrassing yourself and look like an ignoramus. The Democrats controlled everything from 2009-2011 and what did they do with it………
Joe Mama
August 15th, 2011
3:18 pm
The sockpuppet always rings twice.
Libertarian
August 15th, 2011
3:18 pm
Buffet is a little wacko. First, if the 8000 or so “mega rich” people he’s referring to gave ALL of their money to the government, it wouldn’t fix our problems. We’d be back in a $14trillion hole in no time. Second, the man refused to pay for his granddaughter to go to college….that’s just insane. What about “share sacrifice” and “giving back” Warren? The man won’t even give his own family money. Clearly he’s lost it.
The fact is..
August 15th, 2011
3:18 pm
bigdawg88
August 15th, 2011
3:02 pm
Fact is…
you probably live in a shack under a rock somewhere
HAHAHA!!! Thanks–you help to prove my point!
JRH
August 15th, 2011
3:19 pm
The socialists that post here don’t even pay taxes. This is about the only time you’ll ever see them agreeing with a capitalist. Uncle Warren has been singing this same old song for a few years now. Mr. Buffett is just yanking your liberal chains!
deegee
August 15th, 2011
3:22 pm
td, don’t even get me started with the fair tax. It’s anything but fair. Old farts love it because they have already made all of their major purchases in life and don’t mind paying 25% on the purchase of their Activia and bran flakes. It sucks if you are young and just starting out in life. Talk about putting a burden on your grandchildren. It doesn’t get rid of the IRS. It doesn’t avoid picking winners and losers. It’s a lot easier to forecast income tax revenue than sales tax revenue and illegal immigrants already pay sales tax and payroll taxes. The tax they would pay on the little bit of income they earn doesn’t make the case for burdening the rest of us with what would likely be a sales tax on top of an income tax. That’s why the fair tax doesn’t have a chance in hell of being enacted into law so stop whining about the fair tax.
Joe Mama
August 15th, 2011
3:22 pm
Libertarian — “Second, the man refused to pay for his granddaughter to go to college….that’s just insane.”
Not at all. He’s clearly said that he wants his family members to know the value of hard work and sacrifice in order to get ahead. You don’t teach that by giving a kid a free ride to go to college. Let her get a job or go into the military to pay for it, like a lot of other kids had to do.
“What about “share sacrifice” and “giving back” Warren? The man won’t even give his own family money.”
The current patriarch of the Hilton family has made it clear that young Miss Paris won’t be getting more than a tiny fraction of the family’s aggregate fortune. I presume you’re as appalled by that?
Donnie
August 15th, 2011
3:22 pm
The new, true Centrist is well left of center where I declare all centrists on the AJC blog should reside.
P.S. Only Democrats get to vote here, since they are in the majority. If we can’t carry the state, we can run this blog.
Centrist
August 15th, 2011
3:23 pm
Libertarian,
Then pay yourself a wage if you do not want to reinvest. By the way, most Fortune 500s started and expanded by reinvesting all their profits. It is the fastest way to grow your business…it is such a socialist policy…ooohhhh.
Grow up, you right-wingers are such children…with you name calling and complete lack of vision. Have you ever considered the idea that the tax code is complex to allow you to decide how you want to operate your own business and how you want to pay yourself?
Let me guess, you have a sub-S corp or a sole proprietorship and your “profits” are your salary, aren’t they (or some legal equivalent). If that is what you want then you are going to pay tax levels according to your filing status. Keep your receipts and pay H&R Block the $75 to have them change your filing status.
Just because you are too lazy or complacent to figure stuff out for yourself does not mean a robust and reliable system of taxation should be scrapped.
td
August 15th, 2011
3:23 pm
cs
August 15th, 2011
3:08 pm
Finally, a greedy bas#$% who gets it!!! Buffet for prez!!
It is greedy to want to keep the money you earn? Is it greedy for someone to go get government handouts?
Donnie
August 15th, 2011
3:24 pm
Now, my name is really Donnie. Is yours?
Democrats believe democracy should be open to everyone.
td
August 15th, 2011
3:28 pm
Donnie
August 15th, 2011
3:22 pm
The new, true Centrist is well left of center where I declare all centrists on the AJC blog should reside.
P.S. Only Democrats get to vote here, since they are in the majority. If we can’t carry the state, we can run this blog.
Well let me act on this blog the way you leftest act in public. Its not FAIR. Since I am in the minority I should have an equal amount of power as the majority. I should be allowed to edit all the majority comments and tell you if they are false or not. I am going to hold my breath and turn blue until I get what I want.
Amazing
August 15th, 2011
3:28 pm
Amidst the partsian lobs being thrown from both sides on this blog, the bigger point that Mr. Buffet is making is that a balanced approach that has everyone sharing in the pain is logical. he is absolutely right relative to investment decisions. Taxes are a consideration but they are rarely the 1st or most important consideration. If there is a desire to reduce the entitlements given to people, then reductions to entitlements given to corporations, hedge funds and the super wealthy must be on the table as well. The pain to get our financial house in order must be shared by all.
Libertarian
August 15th, 2011
3:28 pm
Joe Mama
August 15th, 2011
3:22 pm
I agree with what you’re saying but I just think its a bit strange that on one hand, Mr. Buffet wants to give more the government and to charities but won’t give to his own family who are in “need.” If there’s anyone who doesn’t “need” more money, its our worthless, wasteful government.
Deep Thought
August 15th, 2011
3:29 pm
Many of these “spotted owls” that Buffett refers to are some of the largest philanthropists in the US. I would much rather these generous billionaires contribute to society the way they see fit. Afterall, Uncle Sam spends money like a drunken sailor!
Joe Mama
August 15th, 2011
3:30 pm
Donnie = Eli = sockpuppet
A sockpuppet’s life is lonely, cold and dark. No one knows the anguish and anomie of the sockpuppet’s life, as the sockpuppet labors thanklessly and alone. None shall know of the valiant fight the sockpuppet wages to mislead others and to misappropriate the identities of others; the tale is too sad to be told.
Yes, a sockpuppet’s lot is a sad one indeed.
The REAL fact is
August 15th, 2011
3:30 pm
The fact is….
I appear to have hurt your feelings by saying your view is shallow, that you are a hack and that you have an ignorance slip.
I called out your hypocrisy. I used the FACT that the Tea Party didn’t exist and there was nary a peep from you folks while your guy was holding the card.
I pointed out the FACT that as soon as someone with a different letter after his name wins an election there was this “grassroots” uprising which is anything but grassroots.
I did refer to you as shallow but that is based on the FACT that the Tea Party is banking on people to be too stupid to see the above FACTS.
So like it or not, the FACTS aren’t on your side.
Centrist
August 15th, 2011
3:30 pm
td,
It is not greedy to keep your money…if you earn it all by yourself. Your income is contingent upon the presence of applicable infrastructure. It is only right that you pay for it.
Why progressive taxation? Well, the more money you make, the more reliant you are on that infrastructure. Not because you necessary go to the hospital more or drive on more roads, but because you rely on more employees and customers that use infrastructure.
Before I retired I was a DM with Best Buy. I relied on a healthy and educated workforce and customer base (and much more). They needed roads to get to work or buy goods, I needed them to have those roads, those schools, those hospitals, etcetera and so forth that allowed them to have the standard of living that enabled them to shop at my stores…thus providing my income.
The moral is: I relied on government infrastructure much more than those that made less money than me…I should pay more.
Big Hat
August 15th, 2011
3:31 pm
Crazy and dis-honest will always win out over “balanced …and …logical”.
Libertarian
August 15th, 2011
3:31 pm
Centrist
August 15th, 2011
3:23 pm
Clearly you are ignorant. You must be a college professor. I have tax attorneys and CPA’s galore. None of them can lower my tax burden. And, frankly, we should have a code that simple so that I don’t have to pay people hundreds of thousands of dollars to search for loopholes. GE has a HUGE tax department…which is how they pay 2% in tax. Your average small business can’t afford a 7 figure tax department.
Joe Mama
August 15th, 2011
3:32 pm
Libertarian — “I agree with what you’re saying but I just think its a bit strange that on one hand, Mr. Buffet wants to give more the government and to charities but won’t give to his own family who are in “need.” If there’s anyone who doesn’t “need” more money, its our worthless, wasteful government.”
If you are truly a Libertarian, then I can’t understand why you’re taking issue with how the man wants to spend — or not spend — his own money.
If he chooses to fund his grandkids’ college education or not, I’d think you’d be behind letting him choose for himself, given your handle.
Libertarian
August 15th, 2011
3:33 pm
“robust and reliable system of taxation”
HAHAHAHA…..wow. I take it back…you must work for the IRS. My tax return last year was over 100 pages. Proof that it is too complex.