An Open Challenge to Warren Buffet

Warren Buffett speaking to a group of students...

So, once again Warren Buffet is pushing the idea that the “Super Rich” should pay much more in taxes than they do currently. My response…

So, what’s stopping them?

Do we really need a bunch of new tax laws enacted (wow, that’s a can-o-worms I would just as soon avoid) to get them to take action?

Tell ya what, Mr. Buffet. Why don’t you get all of the Super Rich together, and come to some sort of agreement about how you want to handle the situation? It would be like some sort of fun Super Rich convention.

You could all agree to do something to bail this country out of its current situation, and then you could all pat yourselves on that back and bask in the praise about how selfless and patriotic you are. It would be amazing!

Here’s some ideas to get you started:

You could all voluntarily add a surcharge of 10% or more to whatever tax amount you have to pay.

You could all send the IRS a check with a note that says, “I am freely giving this to the people of the United States”.

You could all give your high paid accountants a “tax season off” and not take all of your write-offs.

And, perhaps best of all – you could file your tax returns using the standard 1040-A form and just take the standard deductions. Boy, would that do the trick or what? You bet you’d pay – you’d pay a lot more than you do now. It’s an easy solution.

Category: Rants and Raves

26 Responses to “An Open Challenge to Warren Buffet”

  1. Smart Guy Reply

    How Much Does Warren Buffet Owe In Back Taxes? Why Is He Opposed To Paying What He Owes In Taxes? Does He Supp? How much does Warren Buffet owe in back taxes?

    Why is he opposed to paying what he owes in taxes?

    Does he support higher tax rates because he knows that politically connected cronies like him don’t have to actually pay them?

    • The poster boy for the ‘rich need to pay more in taxes’ has been fighting his taxes in court for years now, doesn’t get better than that.

  2. Steven B Reply

    What’s Obama’s Response To Warren Buffet Owing 1 Billion In Back Taxes? Surely President Obama must know that Warren Buffet is not paying his fair share of taxes. Reports indicate Warren is fighting tooth and nail against paying 1 billion in back taxes. Given the incredible hypocrisy of Warren, Mr. Obama must have a great excuse for Warren. Anybody know how Obama is explaining this away?

    • Obama and Buffet have this crony capitalism relationship. Buffet gets up and supports Obama’s higher taxes ploy that will never go through congress and Obama lets Buffet have a sweetheart stock arrangement with Bank Of America.

      What does Obama get out of it? He gets to pretend that he’s after social justice by taxing the rich a bit more and fool simple minded people into thinking the few billion might get would balance Obama’s massive deficit spending.

      The truth is it does nothing to balance the budget, Obama has been forced to acknowledge that.

      Obama has a nice deal with the head of GE too. Bails them out, gives them sweetheart government contracts and regulation help and in return the CEO of GE follows Obama around like a puppy.

      Crony Capitalism. Change and Hope? No, now we are left hoping someone can beat Obama in the fall so we can have change.

  3. Captain king Reply

    Does Warren Buffet Ever Invest In Mutual Funds? I would like to know if whether Warren Buffet ever invests in mutual funds through his company Berkshire Hathaway?

    • No Buffett is the greatest investor who ever lived. I know he makes money by buying companies not funds. If you invested 15 dollars in 1964 in Berkshire you would have 90,000 dollars today.Mutual funds are not for the pros.

  4. Limahkow Reply

    What Company Did Warren Buffet Invested Since Late 2008? I am aware that Warren Buffet invested in several company since the happening of financial crisis in 2008. I remember that his Berkshire bought shares in Goldman Sachs, Johnson & Johnson, and few others. What are those companies that he invested in recently?

    • A General Electric investment (preferred stock) was made around the same time as Goldman. Small investments (for Berkshire) in Harley Davidson, and Tiffany bonds were made.

      A nice $2.6 billion in Swiss Re notes with some convertible features.

      A few hundred million in the Chinese battery and auto company BYD.

      Berkshire made good size investments in Dow Chemical and Wrigley, however these were commitments made before the financial crisis.

      Berkshire recently invested in Becton Dickenson. Given the relatively small amount, it may be that it wasn’t a Buffett investment though.

  5. Success_2_be Reply

    How Valuable Is The Knowledge Of Warren Buffet At Berkshire Hathaway Shareholder Meeting? I have read a few books on Warren Buffet. Now I’m thinking about buying a share of Berkshire Hathaway so I can attend their annual meeting. Is it worth it to attend a Berkshire shareholder meeting to get more insight on investing like Warren Buffet?

    Many say just buy Berkshire stock instead of trying to out perform it. Unfortunately the Oracle of Omaha and Charlie Munger are not going to live forever.

    • I’ve been there a couple of times, bought a ‘B’ share and went, and I enjoyed it. I don’t know that you come away with a lot of hints as to how they do it, but you do get Warren’s and Charlies takes on a lot of different things in the market. The best part of a Berkshire meeting is Warren and Charlie sitting up in front of an arena full of people doing nothing but answering questions for five hours. As far as I know, these questions are not prescreened (maybe they ought to be!!!). A lot of questions will be Berkshire specific, but a lot will be trying to get their take on things going on in the general economy and the world. Often, they will try and frame answers to questions in the context of what Berkshire is doing. How much you get out of it depends on how good the questions are. Last year they got to answer the same question about silver at least three times. There are also always people with agendas in asking their questions. One person asked about Russia, who was undoubtedly invested heavily in Russia and got an answer that they wouldn’t touch it with a 10 foot pole after what happened Yukos. Another asked about how Jeremy Siegel’s latest book changed their philosophy, Charlie replied “I think he’s demented”. Warren then asked if there was anybody they haven’t insulted. I think what you get out of a Berkshire meeting is an idea of how they look at things. My biggest shock as a short term trader was how much our philosophies lined up, other than how long we hold assets (Berkshire virtually never sells anything). I refered to my first trip back there as seeing how the other half lived…turned out it was much the same as me. I’d recommend going…although I don’t know that I’d make it a yearly thing just for their insight. For a financial meeting, it can be pretty entertaining at times.

  6. INewsmaven Reply

    Is It True That Jim Leach And Warren Buffet Play Bridge Together And That Is How Obama Got The Endorsement? Warren Buffet and Jim leach are Bridge Buddies and remember all the hearing of the finance committe when Warren was your expert witness.

    • Obama got the endorsement because Jim Leach was a very Liberal Republican. Probably the most Liberal of the entire party.

  7. Notawanda Reply

    Who Do You Believe Warren Buffet Or G W Bush? Warren Buffet announced this country is indeed in a recession citing his businesses slow downs and a general down turn – “…the economy is going south…”. Our illustrious (Lying) Leader G W Bush says we are not in a recession that the economy is fine-just a little slow. (I think G W Bush is only thing that is a little slow!)
    Sneakysn..I am NOT a liberal! I have voted Republican more than Democrat over the years! I consider myself to be a realist! I merely state what is obvious and assume nothing!(You know what ass u me is known for,don’t you?)

    • Warren Buffet!. He has made gazillions in investing and he does it without dealing under the table.

      If there is one human on the planet who knows the American economy inside out and how it works he is it.

      If he says we are in a recession, we are in a recession.

      ps: To the conservatives who keep claiming that the liberals WANT a recession to make their president look bad.

      Bush already looks bad. Bush already looks like a total buffoon.

      Unlike conservative (bush included) we do not mistake HOW WE WANT THINGS TO BE for reality.

      The days of staying the course and staying on message to invoke the Republican voodoo reality are over. You are over.

      Get with the program or get out of the way.

  8. Ragitha G Reply

    Warren Buffet?

    • I have met this guy and talked to him. I didn’t even realize he was a famous rich guy, even the 2nd time I talked to him. Back in the 80′s I worked for a newspaper in Warren’s city. No one was allowed to enter the newspaper un-escorted, I just happened to be the closest supervisor a couple of times he came in for an interview.

      He is absolutely the nicest guy. You would never guess he is worth as much as he is. He just reminds you of someone’s nice grandpa.

  9. Retta's back Reply

    Did Obama Pay Off Warren Buffet Like He Did Old Man Rooney? Art Rooney, owner of the Pittsburgh Steelers was a life long Republican, all of a sudden, he supports Obama for President! Then lo, and behold, we find out Obama appoints Rooney an Ambassadorship to Ireland! Now warren Buffet is agreeing with Obama that we need ANOTHER STIMULUS, like the first one worked so well! So, tell me what you think Obama bought Buffet off with, it’s not like he needs any more money!
    I know I posted this question earlier today, but YA was so messed up today, it was impossible to do anything on it!
    You people are not paying attention, I said what would Obama pay him off with, since he doesn’t need anymore money! Please read the question before answering next time!

    • Warren Buffet’s wealth is tied up in stocks and bonds. Even though he is still quite wealthy, he has taken about a 20% hit to the value of his portfolio. He is positive on the economy, because he knows if he is negative, the value of his portfolio will drop further. Right now Buffet is like the bosses at Enron – talk up the value of the business/economy, so he can unload some of his stocks before they fall further.

  10. Notawanda Reply

    Who Do You Believe Warren Buffet Or G W Bush? Warren Buffet announced this country is indeed in a recession citing his businesses slow downs and a general down turn – “…the economy is going south…”. Our illustrious (Lying) Leader G W Bush says we are not in a recession that the economy is fine-just a little slow. (I think G W Bush is only thing that is a little slow!)
    Sneakysn..I am NOT a liberal! I have voted Republican more than Democrat over the years! I consider myself to be a realist! I merely state what is obvious and assume nothing!(You know what ass u me is known for,don’t you?)

    • Warren Buffet!. He has made gazillions in investing and he does it without dealing under the table.

      If there is one human on the planet who knows the American economy inside out and how it works he is it.

      If he says we are in a recession, we are in a recession.

      ps: To the conservatives who keep claiming that the liberals WANT a recession to make their president look bad.

      Bush already looks bad. Bush already looks like a total buffoon.

      Unlike conservative (bush included) we do not mistake HOW WE WANT THINGS TO BE for reality.

      The days of staying the course and staying on message to invoke the Republican voodoo reality are over. You are over.

      Get with the program or get out of the way.

  11. John John Reply

    Are Republicans Still Denying What Warren Buffet Said About Taxes For The Rich? Especially when Romeny comes out today and says he only pays 13% in taxes?

    http://finance.yahoo.com/news/romney-paid-least-13-taxes-191600991.html

    • Warren Buffet says the rich aren’t paying enough in taxes and that he and others should pay more.

      I want to see Warren Buffet’s tax returns to see if he’s taken deductions. If he thinks he should pay more he wouldn’t take every deduction he could. In, fact to lead by example (well, he did propose a rule called “The Buffet rule”), he wouldn’t take any deductions.

      So put up or shut up Warren!

  12. Grace Reply

    Who Is Warren Buffet? Why is he famous?

    • Warren Buffet epitomizes the “millionaire next door.” He sets a good example to all Americans who want to figure out how the rich get rich. He started BERKSHIRE Hathaway and has several other companies under his belt, not the least of which is Geico Insurance. He knows how to make money and build wealth by being smart and not blowing his cash. He and his wife live in a very modest home in or near Omaha, Nebraska. Not sure if he still drives to and from work in the family station wagon, but that was the case a few years ago. He’s supposedly very humble and raised his kids to appreciate the value of a dollar. They have been told to expect only $1 million each of Buffet’s multi-billion dollar fortune when he dies. Furthermore, when he dies, his estate will go almost entirely to charity.

  13. Bushliedhisazzoff Reply

    Do You Think Warren Buffet Is For The Average American Or The Rich American.?

    • Well, considering that Warren Buffet builds his businesses by using “Star Bonds” which are taxpayer financed loans from the States where he builds his store. He then arranges stipulations that allow him to use sales taxes collected to repay those loans instead of paying those taxes….It is safe to say that he is for the Average American just so long as they are financing and repaying his wealth machine.

      Anyone who thinks that Warren Buffet is for the Average American is NUTS.

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