Warren Buffet Wants to Pay More Tax

[JohnH]

http://business.guardian.co.uk/story/0,,2202020,00.html

Warren Buffet is complaining that his average tax rate (including payroll taxes) is lower than anyone who works for him.

He thinks something needs to be done about this state of affairs.

Seems like I remember Bill Clinton & Bill Gates making the same complaint.

Can somebody get in touch with the Oracle of Omaha and explain that if he is really serious about this, there is already a mechanism to do so? It's right there in the instructions for preparing his tax return, (Page 64 & 65) and the really nice thing about this is that his payments can be applied directly to the national debt. He can also get a tax deduction for this payment, although I'm sure he would want to forego that deduction in the interest of being consistent and a person whose actions conform to his words.

So if he's really true to his convictions, then once he gets the word I expect him to be telling us pretty soon that he wrote an extra check & mailed it in with his 2007 return. Otherwise he's just another blowhard who likes to talk a good game, but really has no intention of backing up his words with meaningful action. And this applies to anyone else who complains they aren't paying enough in taxes - mostly a bunch of peacocks, strutting & posturing but doing nothing more than putting on a show.

[taxxcpa]

http://business.guardian.co.uk/story/0,,2202020,00.html

Warren Buffet is complaining that his average tax rate (including payroll taxes) is lower than anyone who works for him.

He thinks something needs to be done about this state of affairs.

Seems like I remember Bill Clinton & Bill Gates making the same complaint.

Can somebody get in touch with the Oracle of Omaha and explain that if he is really serious about this, there is already a mechanism to do so? It's right there in the instructions for preparing his tax return, (Page 64 & 65) and the really nice thing about this is that his payments can be applied directly to the national debt. He can also get a tax deduction for this payment, although I'm sure he would want to forego that deduction in the interest of being consistent and a person whose actions conform to his words. So if he's really true to his convictions, then once he gets the word I expect him to be telling us pretty soon that he wrote an extra check & mailed it in with his 2007 return. Otherwise he's just another blowhard who likes to talk a good game, but really has no intention of backing up his words with meaningful action.

I don't think he is just another blowhard. Haven't you ever noticed how all those people who are so concerned with the plight of the down-and-outers will do anything for them other than invite them to their tables for dinner.

Buffet probably really favors high estate taxes and high income tax on the wealthy since he already has so much money that he could afford to pay 100% of all future income without any change in his standard of living.

If I had a billion dollars I wouldn't be as concerned about income tax as I am when all I have is $ 100. If they took the $100 but waived the tax on future income, I would be happy. However if I had a billion, I would rather see taxes on my income rather than a capital levy.