Buffett for President?
August 16, 2011
By Scott Ronalds
One of the richest men in the world wishes he was taxed more. Warren Buffett paid $7 million in federal taxes last year, which equated to 17% of his taxable income. Surprisingly, this was the lowest rate of any of the 20 employees in his office.
In a rare plea in the New York Times, Buffett is asking Congress to stop pampering the super rich. âMy friends and I have been coddled long enough by a billionaire-friendly Congressâ, he notes. His advice to Washington is to leave rates unchanged for 99.7% of taxpayers and raise taxes on Americans making more than $1 million, with an additional increase in rates for those making $10 million or more.
As for the potential backlash, he believes the super-rich will take it in stride:
âI know well many of the mega-rich and, by and large, they are very decent people. They love America and appreciate the opportunity this country has given them ⌠Most wouldnât mind being told to pay more in taxes as well, particularly when so many of their fellow citizens are truly suffering.â
America needs to reduce its deficit, urgently. Its second richest citizen is willing to do his part, and feels that his bridge and poker buddies wouldnât mind sharing in the sacrifice either. If nothing else, itâs an interesting message to Congress.
Copyright Š Steadyhand Investment Funds
I think Mr. Buffett is completly right. Most of the super rich in the Western world are extremely nice people who would not mind paying more taxes, helping the poor and helping their countries. If only more of these super rich would speak up and if the tax laws were changed throughout the world, the countries would be able to ease poverty throughout the world and poverty could easily be eliminated within 50 years (or less) and as a result terrorists would not be able to manupilate and brain wash the poor into joining their criminal organisations. Terrorism would be reduced drastically and people would not live in fear. I also believe that most countries would be debt free. USA is one country that the world looks up to and if they implement Mr. Buffett's plans the rest of the Western world will follow. The Western countries can then convince the rest of the world to do the same. The world would become much better.