Warren Buffett, giving the slip again
January 19, 2012 6:56 am American Politics, Economics and FinanceBuffet, a vociferous Democrat tax critic, issued the following challenge to Republicans.
In his challenge, issued in a Time Magazine interview last week, Buffett promises to match voluntary contributions aimed at reducing the deficit by “all Republican members of Congress, and I’ll even go three for one with (Senate Minority Leader Mitch) McConnell.”
Unbeknownst to him Rep. Scott Rigell, a Republican representing Virginia, “makes it a practice to donate 15 percent of his Congressional salary ‘to pay down the debt.’ That amounted to $23,103.33 in 2011 and about $26,100 in 2012.” So Warren Buffett, who made $62,855,038 in 2010 the last year for which the data is available, will be writing a check made out to the United States Treasury for 0.00078% of his 2010 income.
What happened to the “match voluntary contributions”? Oh don’t be silly, he is matching the dollar amount, not the percentage amount. Just remember the drill, as a Democrat when proposing higher taxes you compare the percent amount between different tax brackets but when you have to pay up you compare the dollar amount.
No word on when Buffett will send a cheque for the remaining $9,379,052.37, so that he can match Rep. Rigell’s contribution. No word either if Warren Buffet’s Berkshire Hathway, which owes just over $1 billion in taxes going back to 2002, has decided to help out in reducing the deficit by paying up.
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Arran Gold
Robert :
Date: January 19, 2012 @ 9:04 AM
Buffett should have even more money now that Keystone was shot down- his buddy Dick Holland’s environmental group BOLD Nebraska complained enough about that aquifer so that Obama shut down the project. Holland, an original investor in Berkshire Hathaway decades ago, now has left the door open for Buffett to seize control of all Alberta oil sands transport via his Burlington Northern Santa Fe railway… Cha-Ching!
Lisa :
Date: January 19, 2012 @ 9:43 AM
Heres a better idea!Because govt is part of the problem in creating debt, as a rule , every politician that enters office must donate a percentage of their own salary to paying down the national debt.If there is no natinal/state/provincial/municipal debt,then you get to keep your full salary.
Audits every year while you are in office/elected.National, province/state, and municipal level.That should keep free spending politicians in line.If the numbers dont add up you are removed from office.Gee just like a real job eh?
Lets start from the top down shall we?
Chris :
Date: January 19, 2012 @ 9:47 AM
Of course, Rigell earns more than just his congressional income, and actually earned between 1.88 and 12.48 million in 2010 (http://hamptonroads.com/2011/06/rigell-regions-richest-congressman-files-show), which puts his donations at 0.21% or 1.4% of his income.
Which would mean Buffet would need to contribute a total of $132000 or $880000 to match percentage wise. Not that he promised percentages, just to match dollars. But don’t let facts get in your way.
Oxygentax :
Date: January 19, 2012 @ 9:57 AM
I’m sure that there are enough Republicans in congress and the senate to force Mr. Buffett to pay all of his income to the federal government on an annual basis, and then some. The problem with the challenge though, is that he is making the assumption that the deficit needs to exist in the first place. He’s making an assumption that the federal government needs to spend all that money. If I were congress, I would ensure that Mr. Buffet can’t offset his contributions against current income tax as we can do in Canada.