Respect (Some Of) Your EldersAugust 16, 2011
Big props to billionaire Warren Buffett, the lone-sane billionaire in the bunch who wrote an op-ed in yesterday’s New York Times:
“My friends and I have been coddled long enough by a billionaire-friendly Congress.”
The 80-year-old investor said his federal tax bill last year, or the income tax he paid and payroll taxes paid by him and on his behalf, was $6,938,744. “That sounds like a lot of money,” Buffett wrote. “But what I paid was only 17.4 percent of my taxable income – and that’s actually a lower percentage than was paid by any of the other 20 people in our office. Their tax burdens ranged from 33 percent to 41 percent and averaged 36 percent.”
Buffett said the notion that high taxes discourage hiring and investment is false.
“I have worked with investors for 60 years and I have yet to see anyone – not even when capital gains rates were 39.9 percent in 1976-77 – shy away from a sensible investment because of the tax rate on the potential gain,” he said.
“People invest to make money, and potential taxes have never scared them off,” he said. “And to those who argue that higher tax rates hurt job creation, I would note that a net of nearly 40 million jobs were added between 1980 and 2000. You know what’s happened since then: lower tax rates and far lower job creation.”
The long and the short of Buffett’s assertion is that one NEVER makes a business decision based on the tax consequence – making money is making money and taxes are inevitable.
This isn’t the holy grail of our fiscal problems, but it is, however, a good first step to reducing our deficit and narrowing the gap between the middle and upper classes that has widened tremendously in recent years. Fair is fair, and at the moment, Warren Buffett says it AIN’T fair.
Right on brother.You are one decent billionaire.
This guy ain’t too shabby either.
The same CANNOT be said for the waste of flesh Murdoch. He’s done nothing but divide and cheapen American and British politics and news for decades. One would think someone his age would do something positive with his billions. Instead he forces his pro-war beliefs and sleeze onto the British and American public.
I’m glad to see his horrible myspace dying a painful death. Here’s hoping he does the same soon.
Help hold Murdoch and Fox News accountable for their crimes. I donated 5 bucks!