Warren Buffett: I should be paying more taxes

[yieldingxxx]

It's nice to hear some honesty for a change, especially coming from a billionaire..

Quote:

"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."


http://www.huffingtonpost.com/2010/11/2 ... r=Politics

[Bhassler]

Buffet has been saying that for years. Buffet is the Great Grandmaster of Money +3, a great humanitarian, and by all accounts a nice guy.

[Chris Fleming]

Sure he's happy to pay more tax--without the business and bank bailouts his Berkshire Hathaway fund probably would have gone bankrupt. I don't buy his "nice guy" bullshit.

[Bhassler]

Have you ever looked at an annual report for Berkshire Hathaway? It's an economy unto itself. Unless people stop buying candy and furniture and stop traveling and shipping goods and any number of other services, Berkshire Hathaway will do just fine.

Warren Buffet has donated something like 85% of his wealth to charities, including the Bill and Melinda Gates Foundation (yes, run by Bill Gates), which happens to be the second largest charity in the world behind the Red Cross-- and it's privately funded. What have you done? Talked a bunch of shit about how bad rich people are on the internet? Which helps more people?

[BaguaBoxer]

What about all of the company's that Buffett has crashed and burned to get to where he is? I ain't buying his act...

[BaguaBoxer]

What about all of the company's that Buffett has crashed and burned to get to where he is? I ain't buying his act...

[Steve James]

Seems like rich people are ok until they want to give their money away. Anyway, I don't think he's saying that everyone should pay more taxes; and, as pointed out, he gives much of his money away. So, I don't see how I can condemn him. Afa the companies that he has crashed, I think that applies equally to all capitalists, certainly to the ones that own most of the media. Succeeding on the backs of others is, ahem, the American way.

[marqs]

Warren Buffet is mostly known for long-term investing, not speculation.

Please, if you start accusing him of something, find some facts to back it up.

[Chris McKinley]

The problem is, Buffett's argument is vapid. There is currently nothing stopping Buffett or anyone else from giving away as much money to the government as they desire to pay. Thieving from anyone else, regardless of how wealthy or how poor, is simply not necessary to his stated intention.

[internalenthusiast]

as i understand it, much of what BRK (buffett's company) does in effect is insurance. for a while he was insuring super-cat (super-catastrophic) insurance, for hurricanes, etc., and may still be doing so.

he also owns some common stock of other companies, and owns a bunch of companies outright. and has made periodic ventures into silver, and other things.

i am sure he is shrewd, and can be cold-blooded. i don't think he could have gotten where he is without that attribute. but he's no mozilo (from countrywide), AFAIK. i.e., he doesn't operate by ripping people off.

http://www.reuters.com/article/idUSTRE69E4KN20101015

what he is best known for, AFAIK, is buying companies with good management and good prospects, whole. i understand he usually leaves that management in place to do its job, as that's part of the reason he buys the company. he wants to acquire well-managed, profitable businesses--which can survive and succeed over the long term.

in the video below, he mentions that his tax rate is lower than his receptionist. his total taxes (payroll plus income taxes) were 17.7%, while the average for his office was 32.9%. he had no tax planning, or shelters, no tax accountant, etc.
"just followed what congress told him to do...".

he says most of his income is taxed at 15%. and it takes a billion three to be on the forbes 400 as he is. "i'll bet a million dollars against any member of the forbes 400... that the average for the forbes 400 will be less than the average for their receptionists...the million will go to which ever charity the winner...designates."

asked about how his compatriots feel: "they are happy...they are not paying the tax rate their receptionists are."

lots of hedge fund managers get taxed at 15%, as it's based on capital gains. some of these guys make absolutely huge amounts.

http://www.bing.com/videos/watch/video/ ... FORM=LKVR4

full disclosure: i do at present, own a small amount of BRK.B stock.

i do so for several reasons: i think he's very smart and capable. the stock is diversified more than a single company stock (BRK is a holding company). i have some faith that he treats the companies he buys well (leaves capable management in charge, and lets them run their business). and finally, i like the kinds of positions he takes in the above video, and the fact that he seems to me one of the more honest and sane mega-capitalists around. he warned years ago in his annual reports, about the "financial weapons of mass destruction" i.e., derivatives. he's a smart man.

i in no way mean anything i say as a sales pitch, nor do i mean to idealize him. just provide a little context. my statements are in no way a recommendation for the stock.

those interested more in tax structure could look up: "regressive" and "progressive" tax structures. very interesting for those who care about the re-distribution of wealth, through taxation.

my hunch is that teazer could talk about these things intelligently. and indeed, there may be others on the board who know more about buffett, and these issues than i do.

best...