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What is it with billionaires these days? Buffett suggesting we need to tax him more? Stop coddling the super-rich he says. In other words, he’s saying “I’ve done such a fine job with my money, now I want to give more to a government that hasn’t.”
Mr. Buffett, has someone changed your suppositions? It seems counter intuitive to your “invest in great management” philosophy. Shouldn’t you really be telling the government to cut costs? Just like you demanded of your Netjets, Clayton Homes, and Helzberg Diamond Shops executives.
In fact you said, “We have no alternative,” at your annual meeting in May 2009. Really? Why didn’t you just raise prices on your most profitable customers? Couldn’t they afford it? Stop coddling them Mr. Buffett.
Buffett writes, “I have worked with investors for 60 years and I have yet to see anyone — not even when capital gains rates were 39.9 per cent in 1976-77 — shy away from a sensible investment because of the tax rate on the potential gain.”
What they do Mr. Buffett is invest somewhere else. Like overseas. And guess what, they don’t bring that money back into the US because of our high tax rates. That’s an estimated $60 billion a year that could be used to pay down the $14 trillion dollar debt that the same government you want to give more money too, owes everyone else.
Since Mr. Buffett thinks the government can do a better job with his money than he can, then give it to them. We can sure use it. You’ve already given the government $7 million last year, what’s $50 million more? You can afford it. Stop talking about giving more and just do it.
Which begs the question, why hasn’t he already? Is it because he doesn’t trust the government to spend his money wisely? Doesn’t he like Washington’s management?
Haven’t you always said Mr. Buffett to invest in what you know? You seem to know a lot about taxes and Washington, so write the check. Go ahead and put your money where the sun doesn’t shine or as the rest of us non-billionaires call it, the Federal Deficit.
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