Billionaire Warren Buffett has for years “complained” that his taxes are not high enough. He reminds us again of his complaint in his recent op-ed piece in the NY Times:
“OUR leaders have asked for “shared sacrifice.” But when they did the asking, they spared me. I checked with my mega-rich friends to learn what pain they were expecting. They, too, were left untouched.
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My friends and I have been coddled long enough by a billionaire-friendly Congress. It’s time for our government to get serious about shared sacrifice.”
I have two problems with Buffett here. First, the Obama administration hasn’t just been targeting the “super rich” (those making 1 million plus a year). The administration wants to raise taxes on anyone making 250k or higher. Much of our economy is driven by small businesses and the owners of those businesses are in that range.
CNN recently posted an article that acknowledged that a tax hike on the rich would be a drop in the bucket.
“Tax hike on the rich would impact just 3% of taxpayers”
Again, we are talking about what the Obama administration defines as “rich”, not Buffett’s definition.
Secondly, why does a man who controls billions of dollars in his sleep have to be mandated by government to add another zero to his tax returns? Since when has the IRS refused voluntary increased payment?
Back in 2008, Obama made it clear that he wanted to raise the taxes on those making 250k or higher. He even suggested that if someone making 100k or more could still see a hike in taxes. So when he is poo-pooing about how the rich can do away with their private jets, it is nothing more than detraction from his plan to soak those who can’t afford a private jet. But for those who simply hate those who make more money than they do, Buffett’s plea is pure gold even if it does affect more hard working small business owners on Main Street.
But again I ask the question, what is stopping Buffett from raising his own taxes?
My other question would be “What kind of tax breaks is he getting for helping his government?” Because I doubt this is simply just a labor of love. This is politics, and nothing (including his op-ed piece) is done for free. Even favors have a price tag.
Thank you!!
