published Monday, August 15th, 2011

Warren Buffett calls for more taxes on 'mega rich'

Billionaire investor Warren Buffett is calling on the so-called mega-rich to pay more in taxes.

Buffett says in a New York Times opinion piece that he would immediately raise rates on households with taxable income of more than $1 million, and he would add an additional increase for those making $10 million or more.

He says he and his mega-rich friends have been coddled long enough by Congress, and says it is time for the government to get serious about shared sacrifice.

He says he has yet to see anyone shy away from investments due to potential capital gains taxes, even when capital gains rates were much higher in the mid-1970s.

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Pshh... What does this guy know about finances? Clearly a leftie talking head with no real money of his own.

August 15, 2011 at 8:49 a.m.
gjuster said...

If Warren Buffet was so concerned about paying more taxes - he should stop using any of the legal loopholes he uses to lower his tax bill. The problem with more taxes is that our government will just waste them with more spending. Add one dollar in taxes for every 4 dollars cut (real cuts) - then many of us conservatives could back a tax increase.

August 15, 2011 at 9:38 a.m.
esmith said...

Here's a "how to" for millionaires who believe they should be paying more. There's actually an address where Mr. Buffett and others may send a check if they so desire: http://www.fms.treas.gov/faq/moretopics_gifts.html Here's the address: Gifts to the United States U.S. Department of the Treasury Credit Accounting Branch 3700 East-West Highway, Room 622D Hyattsville, MD 20782

August 15, 2011 at 10:27 a.m.

Anyone think the federal government already has enough money to operate? Sure we all do. So this more about driving a wedge between citizens (easier to punish the minority of the wealthy) and allow for politicians to act as redistributionist.

It's the duck pond theory, people.

August 15, 2011 at 11:01 a.m.
hambone said...

It may come as a suprise to many but there are a lot of Americans that are really concerned about our economy and they know that even though they may have to pay more taxes it will be better for all and will increase their own income!!!!!

August 15, 2011 at 12:20 p.m.
onetinsoldier said...

If you are making money while you are asleep then that money should be taxed at at least 75%.(capital gains). We need to reward workers, not gamblers. The average mans income is stagnant, his home has lost value, and the gamblers have devalued his savings. When will we demand justice in pay, and that earnings require work?

August 15, 2011 at 2:28 p.m.
timbo said...

Onetinsoldier.....Without the gamblers there would be no money to "reward" the workers. The people who risk everything to create wealth and jobs should make the bulk of the money. What risk does the worker incur? He just goes home at 5 PM and takes it easy while the "boss" worries about making payroll or new business.

This is a symbiotic relationship. That means there is a host, like a shark for example, and there is the Ramora fish living off the shark. You are the Ramora fish.

August 15, 2011 at 2:47 p.m.
adolphochs said...

Right on Onetinsoldier! All those pensioners, retirees and savers who are earning dividends, interest and capital gains while they sleep ought to be paying taxes at 75%! That'll teach them to be frugal. Your new top rate will turn us into a nation of insomiacs where everyone will be afraid to to go sleep and we'll all work 24/7 to avoid taxes. Productivity will go through the roof. If you're caught napping on the job - Boom! 75% is taken from your savings account. Of course we'll have to hire many new IRS Sleep Police to enforce your new rate which also improve the employment rate.

August 15, 2011 at 2:47 p.m.
eastridge8 said...

I agree with Warren Buffett for more taxes on the rich BUT...it'll NEVER happen!!! Too many rich people in too many HIGH places will stop this dead in it's tracks.

August 15, 2011 at 2:54 p.m.
adolphochs said...

Eastride 8. For tax year 2008 (last year data available), top 1% paid 20% of federal income taxes. The top 5% paid 35%. That's enough. Last year 51% of Americans filing a federal return paid nothing in federal taxes. In fact, many got money back although they didn't pay a penny through the Earned Income Tax Credit - basically welfare.

August 15, 2011 at 4:16 p.m.
Oz said...

Buffett recieved a bail out for Wells Fargo. He will probably need another one in the future. He is just covering his butt.

August 15, 2011 at 7:58 p.m.
Oz said...

How many lower and middle income people are out there working for cash? Pimps, painters, drug dealers, bookies, carpenters, landscapers, etc. How many employees take cash under the table from vendors? Nobody has a problem with that. Do they?

August 15, 2011 at 8:40 p.m.
ceeweed said...

As a working stiff, I am still grateful I can get on here and voice my opinion and also buy my fake pimp gear that the TFP has on this forum. I may be po but i can still be stylin.

August 15, 2011 at 9:19 p.m.
MetroMax said...

onetinsoldier...Go put everything you own on the line and start a business. Be a gambler! You don't have to work for a someone else. If you are liable for all of the risks involved, how much of the reward should you receive? 25% after your 75% tax. You really think that would be fair? I bet you would be the one screaming the loudest.

August 15, 2011 at 9:19 p.m.
nowfedup said...

What a bunch of uninformed out there, NOTE upper 6% own or control, 90% of wealth, upper 2% half of which is celebs/pro sports own or control 70 or real wealth. REAL wages for workers has dropped last 40 years while upper end has increased 400% or more. Note Buffett is giving HALF of his wealth, along with Gates to charity, those two have challenged other top ends to do same. Buffett's job is to earn money for his investors, he is top at doinig so, yet he lives a rather simple live. What he has forgot about taxes, economics, finance is more then the combined amount of most of nation. So what he says is very correct, he knows his business and is at top of it. So if some of the backwards care to run him down, or mock his knowledge, suggest you turn off Rush and study for your GED as you really need it. Some of dumbest's post ever about finance/Buffett, not surprising TN is 42nd in education.

August 15, 2011 at 11:02 p.m.
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