Warren Buffett Calls for Higher Taxes on Millionaires

I kind of have a man-crush on Warren Buffett at the moment. He recently wrote an editorial calling for higher taxes for people that make more than $1-million. He explains things clearly and his reasoning is sound. As an example, he pointed out the absurdity of the low tax rates he currently enjoys:

Last year my federal tax bill — the income tax I paid, as well as payroll taxes paid by me and on my behalf — was $6,938,744. That sounds like a lot of money. But what I paid was only 17.4 percent of my taxable income — and that’s actually a lower percentage than was paid by any of the other 20 people in our office. Their tax burdens ranged from 33 percent to 41 percent and averaged 36 percent.

If you make money with money, as some of my super-rich friends do, your percentage may be a bit lower than mine. But if you earn money from a job, your percentage will surely exceed mine — most likely by a lot.

Firstly, I love the term “super-rich”. It makes me think that Buffett and his friends parade around in capes…because they can. I wonder if I qualify as super-poor. I’m certainly not in the middle-class at the moment, but neither am I homeless or hungry. I’m pretty this makes me super-poor. Do I get a cape too?

Secondly, I think I’m going to have to abandon Margaritaville and promote Warren to my favorite Buffett. Sorry Jimmy.

Source

Author: RPadTV

https://rpad.tv

13 thoughts on “Warren Buffett Calls for Higher Taxes on Millionaires”

  1. I read this article yesterday and was impressed with his bluntness on the whole topic.

    I think if you were qualified as super-poor you would not have a website IMO lol.

  2. That's great and all but it wont change anything. I am super poor currently. Plenty of money going out to go to school and only 3 days of full-time employment left. Honestly being without a job is scaring me. Less than 2 weeks ago was my 7 year anniversary here and now I am quitting. I have to make it to late September without any real source of income. It should be interesting to say the least.

  3. I have to agree with Slicky. It is nice that he is writing this, and apparently believes it, but this won't change anything. It's like being stabbed by someone, but knowing that they felt really bad about it and are sorry that it happened.

  4. I was actually going to take this time to write a very lengthily essay of why I disagree with some of Mr. Buffett’s rationale, but instead I think I’ll just leave you with one of my favorite Warren Buffett quotes:

    "I could end the deficit in 5 minutes. You just pass a law that says that anytime there is a deficit of more than 3% of GDP all sitting members of congress are ineligible for reelection.”

    -M

  7. But I see we had 2 different angles on this one. Nice retort to the post though. I agree 100%.Sent from my iPhone 4

  8. But I see we had 2 different angles on this one. Nice retort to the post though. I agree 100%.Sent from my iPhone 4

  9. But I see we had 2 different angles on this one. Nice retort to the post though. I agree 100%.Sent from my iPhone 4

  10. If we have learned anything from the Watchmen or Outer Limits… it's that all our deficit issues as well as world peace can be achieved by faking an alien invasion.

    The human race will work together like symbiotes when the zombie apocalypse comes. I'll just wait it out.

  11. How Warren Buffet is wrong:
    http://www.downsizedcfoundation.org/blog/how-warr…

    (In the article "The State" = "Federal State"- a.k.a. "The Federal Government")

    Don't get me wrong; I like the guy. I admire his work and, especially, his humility. I simply have some philosophical differences of opinion regarding politics and/or the very nature of government. Remember that he has more to gain from his political contributions to the State than I (or you) do. I really like this article as a counter-point to Mr. Buffet’s op-ed.

    Pay especially close attention to the last part of the short article.

    (Is this what you were referring to in your earlier post, Smartguy?)

    -M

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