Warren Buffet on Bush's tax cuts

[oboe]

http://washingtontimes.com/upi-breaking/20040306-014015-3472r.htm

Interesting, if brief, reading.   I've always had a high regard for Mr. Buffet.

[Eagler]

is ripping President Bush's tax cuts, CNN reported

that's "ripping"? or is cnn leaning again, trying to make a left mountain outa a mole hill...

[Toad]

Help me out here..... is anyone preventing Mr. Buffet from taking advantage of this opportunity? Buffet, Gates and Soros have all come out against the tax cuts. Gates is the richest man in the world and Buffet is number two.

Seems pretty simple to me; no one is going to make them keep the money. Somebody please forward this link to Bill and Warren. Thanks!



How do you make a contribution to reduce the debt?

4.2) How do you make a contribution to reduce the debt?  
 
  Please follow these important steps to make a contribution to reduce the debt.
Make check payable to the "Bureau of the Public Debt"
In the memo section of the check, make sure you write "Gift to reduce the Debt Held by the Public "

Mail check to -

ATTN  DEPT  G
BUREAU  OF  THE  PUBLIC  DEBT
P O  BOX  2188
PARKERSBURG,  WV   26106-2188
 
 

[oboe]

It's probably more complicated than that, Toad.    They may be coming to conclusions about the wisdom of the tax cut from a perspective beyond their own short term personal interests.

On a related note, I couldn't find anything on cnn.com or cnnfn.com to corroborate the story.   I would appreciate more info on this if anybody can find it.    Not so much on Soros, but Gate's views on the cut as well.

[Toad]

No, it isn't any more complicated than that at all.

If he doesn't feel his tax cuts are "fair" then he can easily give the money back.

In fact, he can go it one better and give much MORE money back. He is, after all, the second richest man in the world.

Sitting and protesting that the US Government sent him too much money back is ludicrous. He's blowing smoke.

If it REALLY bothers him, why does he not make these same comments and then encourage his fellow billionaires and multi-millionaires to step up to the plate and help out the country by "giving something back" to the National Debt?

He could still oppose the tax cuts and be all noble about it. However, his present stance is hypocritical. It's all hat and no cattle.

Poor Warren! The debt is huge and they gave him too much money back!!!

Easy solution....... don't take it.  Tah-dah! Problem solved.

[Toad]

Oboe:

David Cay Johnson, "Dozens of Rich Americans Join in Fight to Retain the Estate Tax," New York Times, February 14, 2000

[oboe]

It's probably not so much whether he feels the tax cuts are "fair" but whether they are "wise", for the long term success and health of our nation.   That's what I was trying to suggest above.
He could probably give his entire fortune and not make a dent in the national debt.    

Btw, the Gates referred to in the article was Bill Gates' father, William H Gates.   Bill is not involved with the petition against the repeal of the estate tax.   But thanks for the link, it was another interesting read.    I haven't seen an example of wealthy people putting group interest above self interest since, well, I can't remember when.   Very refreshing.

[Saurdaukar]

Originally posted by Eagler
is ripping President Bush's tax cuts, CNN reported

that's "ripping"? or is cnn leaning again, trying to make a left mountain outa a mole hill...

Mole hills dont get ratings.  No ratings - no income.

[Toad]

Originally posted by oboe

He could probably give his entire fortune and not make a dent in the national debt....    

   I haven't seen an example of wealthy people putting group interest above self interest since, well, I can't remember when.   Very refreshing.

That is true. Even Buffet couldn't really dent the National Debt. However, is protestations are funny. He doesn't have to take the money. What he's protesting is that while HE may be willing and happy to pay, he's afraid his other Richy Rich friends may not be. Therefore, he wants the government to FORCE them to pay.

Why not direct his efforts at getting the Richy Riches to join him in paying even more? The top 1% of taxpayers pay roughly 30% of all taxes. Why doesn't Warren beseech them to got the extra mile and pay 40% voluntarily? The answer is obvious; because he knows they won't. So he beseeches the Government to make them do it. Certainly his right to do so but it's just his opinion. Obviously, most Richy Riches don't agree with him.

It's a tiny, tiny little group of wealthy that are putting group interest above self-interest there. You can search the web for some articles that expound on why that is. Consensus seems to be that it's because these few are SO rich, it' simply wouldn't change their life one iota.


Who wants to be a billionaire?

Buffet is worth ~$42 billion; he made about $12 billion last year. He's in the same tax bracket ~ 38% (using Married filing joint) as someone reporting ~$300,000 AGI.

Now if they upped that percentage to say 90%, would Buffet's life change in the least? Nope; he'd still retain a billion in earnings for the year. Would the guy making $300,000 have his life change? OOOOOOOOO YAH! Big change.

It's always easy to spend the other guy's money. These ~120 odd wealthy are amongst those who could pay far more without changing their lifestyles in the least. Let them do so. Voluntarily, of course.

[lazs2]

cutting taxes is allways wise for the health of any nation.

lazs

[Corwin]

They are protesting the fiscal policy.  I used to say I was a fiscal conservative and align myself with the GOP on budget.  Bush's "don't tax and spend" is a very dangerous course IMHO.  Anyone want to consider the ramifications that Social Security and Medicare will place on our national debt once the boomers start reaching for their benfits in droves?  How many of you are prepared to fund 100% of your healthcare costs and cost of living in retirement?  If you are a typical wagre earner you are up to your ears in debt and have no savings.  This mass moind set would certainly lead one to believe that a lot of folks are counting on SS and medicare.

This isn't a political debate - it's just common sense.

[lord dolf vader]

funny toad you have tried to change the subject like what four times to one of your choosing.







why dont you try again!!

[LePaul]

Isn't it funny how other people want to determine what you pay in or are deducted, but you aren't allowed to make them meet the same mark?

[Eagler]

Originally posted by Corwin
They are protesting the fiscal policy.  I used to say I was a fiscal conservative and align myself with the GOP on budget.  Bush's "don't tax and spend" is a very dangerous course IMHO.  Anyone want to consider the ramifications that Social Security and Medicare will place on our national debt once the boomers start reaching for their benfits in droves?  How many of you are prepared to fund 100% of your healthcare costs and cost of living in retirement?  If you are a typical wagre earner you are up to your ears in debt and have no savings.  This mass moind set would certainly lead one to believe that a lot of folks are counting on SS and medicare.

This isn't a political debate - it's just common sense.

Corwin
we will just grind up those boomers and eat them
did you get my email sir?

[LAWCobra]

yeah but what does Jimmy Buffett say about it?