October 30, 2007
Guilt-ridden, greedy bastard wants you to pay more taxes
Warren Buffett counts the money from his wallet after an employee asked how much money he had in it, during a meeting with workers of TaeguTec, in Daegu, South Korea. Photograph: Jo Yong-Hak/Reuters
So, one of the richest men in America thinks he doesn't pay enough taxes -- and by implication neither do the rest of us -- which means: Tax hikes for everyone!
The United States' second-richest man has delivered a blunt message to the Bush administration: he wants to pay more tax.
Warren Buffett, the famous investor known as the "Sage of Omaha", has complained that he pays a lower rate of tax than any of his staff - including his receptionist. Mr Buffett, who is worth an estimated $52bn (£25bn), said: "The taxation system has tilted towards the rich and away from the middle class in the last 10 years. It's dramatic; I don't think it's appreciated and I think it should be addressed."
During an interview with NBC television, Mr Buffett brandished an informal survey of 15 of his 18 office staff at his Berkshire Hathaway empire. The billionaire said he was paying 17.7% payroll and income tax, compared with an average in the office of 32.9%.
"There wasn't anyone in the office, from the receptionist up, who paid as low a tax rate and I have no tax planning; I don't have an accountant or use tax shelters. I just follow what the US Congress tells me to do," he said.
A leading Democrat, the Harlem congressman Charlie Rangel, published alternative plans this week that would impose a 4% surcharge on people earning more than $200,000 a year, while delivering tax relief to 90 million working families.
Republicans say the net effect would be a $2 trillion tax increase that would hurt small businesses and farmers. Meanwhile, Mr Buffett's remarks drew a robust response from the US Chamber of Commerce, which said the top 1% of US earners accounted for 39% of tax revenue - and the highest earning 25% of the population delivered 86% of the tax-take.
The chamber's chief economist, Martin Regalia, said: "Mr Buffett has made an awful lot of money and if he wants to pay more taxes, I think that's fine. But I think he should get his facts straight."
I agree with Regalia: Buffett is free to pay more taxes if he thinks he's getting away with something. I suppose it's possible his tax rate is lower than mine, but that's probably related to him not earning much in salary during the past year, living instead on piles of cash made in the past from his investments -- past earnings that were taxed at a much higher rate, I'm sure.
Bully for him.
But what I can't stand is that he -- like so many other wealthy liberals -- insists that his circumstances and good fortune mean that the rest of us must also be getting away with some sort of fiscal shenanigans.
And therefore we should pay more in taxes, too.
What really chaps my hide is that Buffett and any other wealthy wanker isn't limited to giving Uncle Sugar just what the Feds say he owes. Don't feel like you're getting pinched bad enough? Write another check to the IRS.
Still feeling guilty? Write another, bigger check.
Still having problems dealing with your success? Write another check, this time to your psychiatrist.
But keep your grubby fingers out of my wallet.
Bastard.
Posted by Mike Lief at October 30, 2007 08:31 PM
| TrackBack
Comments
I always found it amazing that wealthy socialists are all in favor of wealth distribution - so long as it isn't theirs.
I, too, call into question their parentage.
Posted by: sonarman at October 31, 2007 12:42 PM