Warren Buffett is a Hypocrite

It's OK if a liberal makes that kind of money. Their showy display of supporting causes mitigates the immorality of their accumulation of material wealth.

As for Buffet, the pledge alone is enough. As we've learned since January of 2009, good-sounding words are far more important than results.

He provides a product or service people are willing to pay for, generally making his employers a fair return on their investment.

What's the problem?

It was all over the news when it happened in 2006. He gave it to them in the form of of 10 million shares of stock in Berkshire Hathaway Inc.

http://www.gatesfoundation.org/about/Pages/implementing-warren-buffetts-gift.aspx

You're really upset, aren't you?


On a related note, considering how hard you tried to play innocent both times you got busted for playing with peoples personal information, do you really think it's a good idea to openly gloat about it where the board owner can see? Seems like a bad long-term strategy.

FTFY

Nothing. But then again I'm not a leftist.

And I'll remember what you just wrote the next time you're whining about someone making money.

It was all over the news when it happened in 2006. He gave it to them in the form of of 10 million shares of stock in Berkshire Hathaway Inc.[/QUOTE]

To be given gradually over time. I was talking about if he had given it all at once which he didn't do.

And has he missed a donation yet? Stocks tend to go up in value over time, you know.

When's the last time I whined about people making money?

To be given gradually over time. I was talking about if he had given it all at once which he didn't do.[/QUOTE]
He publicly pledged to do it, he publicly outlined how he was going to do it, and as of July, he's been doing it exactly as he said he would. He's also made provisions in his will for the rest, should he die before all the money is given.


So, how is he a hypocrite?

Uh, in Europe we have both. It's not "VAT instead of income tax," it's "VAT in addition to income tax."

Question (a serious one): Why are capital gains tax rates different from, and specifically lower than income tax rates?

Also, I love how the left praises Warren Buffet calling for higher income tax rates when he makes all his money from capital gains. It's like, do they not see at all how backhanded it is? Oh sure, there's a phrase right at the bottom, but if you don't read carefully (and we know how carefully Congress reads things), you'd hardly come away with the impression that he wants to increase capital gains rates. He's also ever-so-careful to stop short of calling for extending payroll taxes past the current cap... mostly because if you don't count payroll taxes, his premise, that he is taxed less as a percentage than everyone else in his office, falls apart, and it makes for a much less convincing argument.

He's a hypocrite all right. And even funnier: none of the Democrats' tax proposals include any increases in the capital gains rates! Sure, if they let the post-Bush tax cuts expire*, long-term capital gains tax goes up 5% (from 15 to 20%) but that actually hurts low income earners worse, because for them the capital gains rate jumps from 0 to 20%. Oops. So that's not happening.

*technically the current capital gains rates were set in the 2005, which is not typically considered to be one of the Bush tax cuts.

So what is stopping Buffet from paying more in taxes?

Buffett can bring up the very valid point all day about taxes. His real gripe is that HE KNOWS that it wouldn't do the slightest bit of good if all his fellow multi-billionaires donated every last cent of their wealth to the government. Because HE KNOWS it's not a revenue problem that the US government faces. It's a spending problem. If we can't get spending under control, it won't matter whether we tax every last person in the U.S. at %100 because it wouldn't take very long for us to burn through ALL that money.

The government needs to get back to a realistic set of functions and creating the environment where people can succeed and support that environment for everyone. It can not possibly be a guarantor of success for everyone.

Is Warren buffet pushing higher donations or higher taxes

I'd favor a national sales tax over a VAT. Countries that have a VAT find them insanely complicated to manage. Sales tax would be much simpler.

Having said that, a sales tax is still a bad idea. It disproportionately affects lower-income people and would create a huge black market and new criminal class as millions of people tried to avoid paying it. Some kind of modified flat tax on income is probably the least-bad way to go.

But....but....he's a member of the lefty Hollywood elite? You can't possible expect him to contibute! That's only for the ultra-rich righties!

Might as well dump this here.

The Real Reason Warren Buffett's Taxes Are Low

Warren Buffett Benefits More From Deferral Than a Low Rate

Well you don't tax essential items like groceries and baby clothes.

The government shouldn't be allowed to spend more than what the prior years revenues were.

I would be in favor of a national sales tax if the income tax were eliminated.

The guy goes on and on about the inequality of taxes and how he and his ilk should be paying more...

But he's leaving 99% of his wealth to Charities that can't be taxed! And he so doesn't want his money taxed he has this stipulation on his gifts..

Gee, Warren...I thought those taxes were good and righteous...why avoid them??

That's yet another example of his hypocrisy.

Why, yes ... requiring that charities continue to be charities is such an unreasonable stipulation for a gift.

He's the one arguing he should be made to pay more taxes....then actively seeks to avoid them.

Understandable or not, it's hypocrisy.

I want to know how Mr. Buffett avoided paying the Alternative Minimum Tax. It's 28% for incomes above $175,000, so virtually all of his income should have been taxed at that rate at a minimum. It's possible a great deal of his income comes from some other non-taxed source, bringing his average down, but, without details, it's difficult to say how "fair" his tax liability is.

In any event, most people who would get hit by higher income tax rates AREN'T Warren Buffett, not by a long shot. Warren Buffett's lifestyle wouldn't changed if you double his tax burden. But that's not true of the vast, vast majority of higher earners.

In addition to that, we already have a gross disparity in the tax system in that a few percent of people at the top are paying almost everything. There is no incentive for government spending to be reduced because most people have little skin in the game.

I become convinced a flat tax with absolutely no deductions is the way to go. It would make things transparent, end the class warfare nonsense, and ensure that everyone pays a fixed percentage of their income to running the state.

I bet you would see a lot more people motivated to get off their ass and vote during elections as well.

Tamar, you're not this stupid. He's not trying to avoid paying taxes, he's trying to avoid having his money used for something other than charitable causes after his death. He doesn't want the Gates Foundation to use his money to support political candidates, or build ipod factories, or to put together a hunting fleet to kill every whale it can find.

Of course...they'd have tax dollars at stake.

And what exactly do you think is meant by:

Doesn't sound like he's precluding political donations, construction of ipod factories, or whale hunting. Sound like he's trying to dodge taxes.

Also, it fascinating how desperate some of you are to insult the character of a man who's given more money to charity than any of you ever will.



I bet if he'd promised to give Nova some money then not followed through, you'd all be going on about what a great guy he was.

Sure, if you only quote five words out of context. But when you quote this...

it sounds a bit different.


But anyway, when are you going to finish explaining what a terrible person Matt Damon is?