Uber-rich guy Warren Buffett wants the so-called rich to pay more taxes. That would start of course with Democrats levying a tax increase on top earners—singles who make $200k or couples who earn $250k—by letting the Bush-era tax cuts expire. There's an option for Buffett to get his tax increase and for the rest of us to avoid one.
I don’t think anyone should pay a dime more in taxes until the government cuts spending and reforms the culture of waste and fraud that has been allowed to fester largely due to the size of the Nanny bureaucracy.
But I’ve often written at The US Report there’s a simple way for Buffett to enact his own personal passive tax increase.
Mr. Buffett and his fellow tax lovers should just refrain from taking any deductions or credits on their own income taxes. He could certainly save some of the money he more than likely pays accountants to whittle his tax liability down. That would be a passive, non-invasive voluntary tax increase.
Same goes for President Barack Obama, members of Congress and others. Any Democrat supporter should do the same. You like taxes? Pay taxes on the gross amount you earn. Simple.
Ask yourself a question. If Democrats do get their tax increase do you honestly believe they will spend less? Or do you agree they’ll simply use the boosted revenue to spend more?
Ask yourself another question. Do you honestly believe the super rich are going to pay more in taxes? I don’t. That tax increase will hit self-employed professionals and small business owners who can’t afford to hire Buffett-level accountants.
Ask yourself a few questions about Buffett’s consistency. Right now he’s praising the bailouts. He should be. CSNBC said, “Buffett's portfolio was heavily dependent on the government's decision to save the financial industry. At the time of the crisis and today, the Berkshire portfolio includes a number of financial firms. “
But if you do a little time travel, here’s what PolitiFact said. Buffett criticized Obama’s “handling of the bank crisis.” Buffett’s theory: “a bank that's going to go broke should be allowed to go broke.”
Now Vice-President Joe Biden would call Buffett, who backed the Democrat ticket in 2008, a patriot. Because according to Biden’s campaign rhetoric, you’re a patriot if you like to pay taxes. Funny thing is I never heard Biden call Treasury Sec. Tim Geithner or Rep. Charlie Rangel traitors for the muddy waters flowing across their tax returns.
Bottom line on Buffet: you tax lovers can pay more. Just pay the top rate on your total income. There are certainly enough of you, particularly in the hedge fund and alternative energy sectors, that you could probably have a sizable impact on the deficit.
And Democrats could keep on doing what they do best—growing government, spending money and passing tax increases.
(Commentary by Kay B. Day/Nov. 22, 2010)
Buffett tells ABC rich people should pay higher taxes