Buffett says the rich should pay more taxes
Buffett says the rich should pay more taxes
Easy to say for a guy who built his wealth starting with an insurance company, which uses government regulation to make most of its money. Wealthy people put their money into the insurance company because life insurance payouts aren't taxable but estate taxes are. Then Buffet's insurance company gets to invest that money in low risk bonds to get basically free money before paying it out. This only exists because of insurance company lobbying - it only adds friction to the system and wastes time and resources, while insurance companies get rich extracting money from the system. This is how Buffet built much of his starting capital.
Then he keeps most of his earnings in the holdings company, and only occasionally pays capital gains. The guy's gamed huge loopholes in the U.S. tax system his whole life, and then has the audacity to say that "the rich" should pay more taxes? Physician, heal thyself.
Edit: Reply instead of downvoting? There's a bunch of not commonly known facts in this comment and it's getting some downs, a non-fact progressive viewpoint is getting some ups... that's got to be the most disappointing thing about HN lately, the trend towards up/downvoting based on politics and not content in a comment.
Stick to business and stay out of trying to be a folk hero? Or pay higher tax rates voluntarily to set an example? Campaigning for a tax increase when a lot of his money came from helping people use a tax loophole created by his industry doesn't seem particularly righteous.
As a businessman, he's required to exploit these loopholes, much like a lawyer is required to defend a client they know to be in the wrong. What makes Buffett special is that he, unlike so many other super rich, is choosing to publicly draw attention to the system they all know to be broken.
http://www.taxpolicycenter.org/publications/url.cfm?ID=90058...
On the other hand, the tax burden and the supposed services and goods provided might have a larger effect on the poor but rich-compatible ideologues.