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Oct 10

Buffett on Taxes

No one likes to see taxes raised, but some more than others. Tax rates are at historically low levels, and the US has a scarily massive budget deficit. Here’s what Buffett had to say:

We’re going to have to get more [tax] money from somebody. The question is, do we get more money from the person that’s going to serve me lunch today, or do we get it from me? I think we should get it from me. I have a lower tax rate, counting payroll taxes, than anybody in my office. And I don’t have a tax shelter — I just take the form and fill out the numbers. I think that’s very wrong, and I think that if we’re going to get money — and we’re going to need money; we are not taking in enough money at the federal government level … it shouldn’t be [from] the bottom 98%. It should be more from people at the top.

Which sounds reasonable. But then you scroll down and read comments like this:

What is the incentive to do better and develop yourself if the only thing you have to look forward to is a higher percentage of taxes if you do well in life. The way the middle class is going now, I would do better by earning less and taking what the government gives out. I am a proud taxpayer but I believe I already pay to[o] much and I am not even in the top tax bracket (yet!). By the way, I am still waiting on the IRS to send me some of MY money back, guess they are to[o] broke to pay me back.

…and you realize that things like this are a good idea. There are a depressingly large amount of those types of people in the comments section of that page (many of whom are arguing against straw men, and some people on $250k+ who simply don’t want to pay more taxes). Of course there are still other issues that need to be dealt with – but that fact alone doesn’t invalidate this argument.

  10:11am  •  Business & Finance  •   •  Tweet This  •  Comments (1)