The other day, Warren Buffett made a big splash in the tax debate by saying we need to stop coddling the super-rich and that they need to pay more taxes with in opinion piece in the NY Times. He then goes on to say how he doesn’t really do anything productive but just makes money off of moving stocks around and this allows him to fall in the 15% income bracket. (As discussed in an earlier post.) He later brags about how he really only paid 17.4% (huh?) but that he was the lowest in his office where others had a significantly more tax liability percentage.
“Last year my federal tax bill — the income tax I paid, as well as payroll taxes paid by me and on my behalf — was $6,938,744. That sounds like a lot of money. But what I paid was only 17.4 percent of my taxable income — and that’s actually a lower percentage than was paid by any of the other 20 people in our office. Their tax burdens ranged from 33 percent to 41 percent and averaged 36 percent.”
He later starts blathering about how the leeches of our economy are really nice people and very patriotic and want to be told to pay more taxes. I kid you not. You can read it all here. That is, if you want to be impress with hypocrisy, double talk and delusion.
Oh, he forgot to mention how he doesn’t pay the damned taxes that he owes to begin with.
“Berkshire Hathaway, the eighth-largest public company in the world according to Forbes, openly admits to still owing taxes for years 2002 through 2004 and 2005 through 2009, according to the New York Post. The company says it expects to “resolve all adjustments proposed by the US Internal Revenue Service” within the next year.”
Warren Buffet and his ilk do nothing to increase the wealth of the U.S. but rather detract from true value of our goods and products. They are a leech upon and amongst us. They do nothing to increase our GDP and only profit from other people’s money most often in the form of other people’s losses.