Warren Buffett: I should pay a lot more in taxes

Jenny - posted on 11/21/2010 ( 8 moms have responded )

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I've been saying this for years, trickle down doesn't work.



WASHINGTON -- Billionaire Warren Buffett rebutted claims that the Obama administration is unjustly hurting business orders with high taxes by saying that in fact, the wealthy have never had it so good.



"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," he told ABC's Christiane Amanpour in a clip played on "This Week" on Sunday.



When Amanpour pointed to critics' claims that the very wealthy need tax cuts to spur business and capitalism, Buffett replied, "The rich are always going to say that, you know, 'Just give us more money, and we'll go out and spend more, and then it will all trickle down to the rest of you.' But that has not worked the last 10 years, and I hope the American public is catching on."



On Tuesday, Buffett wrote a New York Times op-ed in the form of a letter to "Uncle Sam," thanking him for saving the U.S. economy:



When the crisis struck, I felt you would understand the role you had to play. But you've never been known for speed, and in a meltdown minutes matter. I worried whether the barrage of shattering surprises would disorient you. You would have to improvise solutions on the run, stretch legal boundaries and avoid slowdowns, like Congressional hearings and studies. You would also need to get turf-conscious departments to work together in mounting your counterattack. The challenge was huge, and many people thought you were not up to it.

Well, Uncle Sam, you delivered. People will second-guess your specific decisions; you can always count on that. But just as there is a fog of war, there is a fog of panic -- and, overall, your actions were remarkably effective.





Buffett isn't the only billionaire who has argued for higher taxes. Both Microsoft co-founder Bill Gates and his father, Bill Gates, Sr., recently came out in support of a Washington state measure to "create a 5 percent tax rate on annual income exceeding $200,000 for individuals and $400,000 for couples, and a 9 percent tax rate on income that tops $500,000 for individuals and $1 million for couples."



Buffett has spoken out in the past about taxes for the wealthy, telling the Senate Finance Committee in 2007 that the estate tax should not be repealed. "I think we need to...take a little more out of the hides of guys like me," Buffett testified.

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Kelly - posted on 11/23/2010

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Not when you consider "rich" $250k. And no, my family doesn't make $250k. Hopefully someday, God willing we will be so fortunate. If Billionaires want to "donate" more money to the Govt, who am I to stop them? But if Warren Buffet doesn't feel he pays enough into a broken system, let him waste his money throwing more at the Feds. It doesn't give him, you, or anyone else the right to tell other people how to spend their money. Until the Govt. shows any movement towards cutting spending, I don't care if someone has more money than God. They shouldn't be forced to send another cent to Washington until the politicians can prove that they can start being responsible with the money they already get.

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Jenny - posted on 11/25/2010

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"holding the middle class hostage in order to get a tax break for the super-rich is plain evil"

Yes, yes it is.

Kelly, reading this thread (and the other one I posted) where do you get the impression we're talking about 250K/yr income earners? We're talking millionaires and billionaires here. 250K is the new middle class.

Isobel - posted on 11/25/2010

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He's alrady given away half of his fortune to charity...as has Bill Gates. He's not trying harder to give away more of HIS money...he's trying to bring the nation's attention to the ridiculousness of the fact that the super rich and the corporations are getting away (often) with paying almost nothing because of loop holes and holding the middle class hostage in order to get a tax break for the super-rich is plain evil.

Sara - posted on 11/23/2010

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That's nice, Kelly. But that really doesn't address the issue. But I guess since you don't think that the rich should be taxed more...

Kelly - posted on 11/22/2010

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https://www.pay.gov/paygov/forms/formInstance.html?agencyFormId=23779454

Problem solved.

[deleted account]

I think the billionaires who really want to see this country move forward are stepping up to dispel the myth that cutting their taxes will benefit the masses. It doesn't work! Not then and not now. Obama should not give in!

Krista - posted on 11/22/2010

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"The rich are always going to say that, you know, 'Just give us more money, and we'll go out and spend more, and then it will all trickle down to the rest of you.' But that has not worked the last 10 years, and I hope the American public is catching on."



And the crazy thing is that middle-and-working class Republicans fight tooth and nail for tax cuts for the rich, thinking that someday, somehow, trickle-down will work. I don't know if it's that they think that someday, THEY'LL be rich, and don't like the idea of someone taxing their theoretical earnings. Or maybe they think that they're rich people trapped in poor peoples' bodies. But frankly, I can't wrap my head around why someone who earns $20K a year would fight so vehemently against letting tax cuts for millionaires expire, instead of fighting for tax cuts for himself.

ME - posted on 11/21/2010

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I just finished reading this, and was coming here to post it...I would say that this is fairly obvious...I also just read that (about) 240 congress people made a million plus last year...Think that might have anything to do with their failure to protect middle class tax cuts...???

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