Warren Buffett says Increases Taxes on the wealthy!

They never had it so good!

Published on May 4, 2005 By COL Gene In Politics

Warren Buffett, the second wealthiest person in the world just appeared on Lou Dobbs with the following advice. We need to raise taxes for the wealthy to deal with things like Social Security. He further stated that the wealthy NEVER HAD IT SO GOOD in this country and that we need to reduce our trade deficit , our Federal budget deficit and fix Social Security. Mr. Buffett also said it is interesting that the president believes a $100 billion dollar per year problem with Social security 20 years from now is more urgent than a $400 plus billion dollar per year problem today with the federal deficit. This is one of the people who advised George W. Bush in 2001 NOT to cut taxes for the wealthy because there were more important things this country needed to do with that money than to cut taxes for the wealthy. What an interesting perspective from the world's second wealthiest Person.

Comments (Page 1)

Dr Guy

on May 04, 2005

Ok, he has 45 billion. Let them take 40 billion and leave the rest of us alone!

twerp!

COL Gene

on May 04, 2005

We need Trillions not Billions To bad you Bushies are not more like Mr. Buffett

Deference

on May 04, 2005

Kinda' nice having Warren Buffet back up the posit on the tax situation.

Can someone spell v-i-n-d-i-c-a-t-i-o-n ?

Island Dog

on May 04, 2005

The same bs as usual.

Draginol

on May 04, 2005

And we should care...why?

Luckily, we live in a democracy (representative republic anyway). And there is not enough support for further burdening the citizenry with more taxes.

I've already stated what I would do if my income tax rate were higher. I'd switch to being paid via dividends instead of wages (15% taxation instead of 30%+). Perfectly legal -- just ask John Kerry and John Edwards who do this tactic (note that neither Bush nor Cheney pull that trick even though they could).

How about a national consumption tax? I.e. a 2% national sales tax.

COL Gene

on May 04, 2005

I think when people recognize that it's either taxing the rich a little more or go bankrupt the vast majority will choose taxing the rich a little more. We can start by returning to the pre 2001 tax rates.

Deference

on May 04, 2005

And we should care...why?

As you know, Draginol, often when our society has problems and we need solutions we ask people setting standards in their respective professional fields what their opinion is on a related matter. This is why Warren Buffet's opine on this matter carries weight. I know your question is simply an attempt to minimize the impact of his statements but just in case you did suffer massive cognitive damage I thought I would explain - for the benefit of everyone.

How about a national consumption tax? I.e. a 2% national sales tax.

..rrrrr - ight. I just met a lady today from Delaware. Apparently they have no sales tax there. She loves living in Missouri now, except for one thing - the state sales tax. She can't believe how much less she buys now, simply 'cause the state government rides her for everything from a pack of gum to a tank of gas, to her phone.

Now I don't support a bloated government robbing people of the majority of their paycheck / salary. I simply don't believe in rolling back any of the taxes on the higher brackets as we are now doing.

Madine

on May 04, 2005

When Warren Buffett gives away the majority of his money to the government, I'll listen to him.

COL Gene

on May 05, 2005

A 2% national sales tax in addition to other taxes could help but it would not be good for the poor and lower middle income workers. To fund everything with a sales tax the "Fair tax Group" says it would take a 23% tax on everything to replace income and SS taxes. That is impossible for all the low and most of the middle income workers. Think of adding 23% to every bill- medical, legal, car repair, food etc. The issue is that current taxes are only providing the money for 75% of what we are spending as a country. That can not continue!

dabe

on May 05, 2005

When Warren Buffett gives away the majority of his money to the government, I'll listen to him.

Why must Buffet give away most of his money. He may be worth lots of millions, but insisting on "most" is just hyperbolic rhetoric. No one is suggesting he give away most. Just a fair share would suffice.

COL Gene

on May 05, 2005

A fail share to the Bushies is "AS littler as possible" They do not get it - you can not borrow 1/4 of evertything you spend every year. Starting in Jan 2006, the Fed will begin paying out another $65 Billion EVERY YEAR in prescription drug benefits under Medicare. Bush and the GOP passed this new entitlement with NO money to pay for the added cost. WHERE DO WE GET ANOTHER $65 BILLION EVERY YEAR FOR THIS PROGRAM?

Island Dog

on May 05, 2005

Why must Buffet give away most of his money. He may be worth lots of millions, but insisting on "most" is just hyperbolic rhetoric. No one is suggesting he give away most. Just a fair share would suffice.

And who decides what a "fair share" is. The col, you maybe?

COL Gene

on May 05, 2005

Answer - Congress. We MUST have tax revenue equal to what we are spending. Cut what is acceptable to the majority first, make sure we are enforcing the existing tax laws and then increse tax revenue to finish the job of balancing the budget and begin repaying the debt we have piled up. NOTHING else is a solution. The current path will end up in bankruptcy. The Associated Press has her story this morning the Treasury Department may have to reinstitute 30-year bonds because they are having difficulty raising the revenue to finance a huge deficit.

Lee1776

on May 05, 2005

WHERE DO WE GET ANOTHER $65 BILLION EVERY YEAR FOR THIS PROGRAM?

Scrap the program. Why should I pay for someone elses meds?

That bill was simply a large Socialist program to start with, it does not matter if a Dem. or Republican got the bill through congress. It should never have been past IMO.

COL Gene

on May 05, 2005

Without Bush and GOP it would not have been passed. Now where does the money come from? Now we must increase revenue to pay for it!

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