OILED PELICAN

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BREAKING: Buffett Blames Congress for Romney's 15% Tax Rate and for the Unfair US Tax Policy--He does Not Blame Romney

Seeded on Mon Jan 23, 2012 12:42 PM EST

Article Source: Bloomberg.com

politics

Seeded by Oiled Pelican

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Buffett: I do fault a law that allows Romney and me earning enormous sums to pay overall federal taxes at a rate that’s about half what the average person in my office pays.

Warren Buffett, the billionaire calling for more taxes on the rich, said Mitt Romney’s U.S. tax rate of about 15 percent reflects poor laws rather than failings by the candidate for the Republican presidential nomination.

“It’s the wrong policy to have,” Buffett told Bloomberg Television’s Betty Liu in an interview today. “He’s not going to pay more than the law requires, and I don’t fault him for that in the least."

“He makes his money the same way I make my money,” Buffett said. “He makes money by moving around big bucks, not by straining his back or going to work and cleaning toilets or whatever it may be. He makes it shoving around money.”

Buffett has argued for years that the wealthy should pay MORE taxes, not LESS taxes.

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Public Discussion (17)

Oiled Pelican

Buffett happens to be in the top1% or the top 1% but he is an honest man with integrity who is concerned about the future of America. He merits our respect and it's worth while to pay attention to him when he talks or writes about tax policy.

CoH please.

5 votes

#1 - Mon Jan 23, 2012 12:44 PM EST

petridishofideas

mittens is just taking advantage of the tax situation. Can't blame him. I, TOO, blame congress. They continue to give corporation and the powerful elite tax breaks knowing full well 99% of them send not just our jobs overseas but also the profits made HERE, BY US, to a mailbox in the cayman islands!

3 votes

#1.1 - Mon Jan 23, 2012 3:39 PM EST

redsfan

And he shouldn't blame Romney....as this article says...

People don’t begrudge Romney his wealth or his “success.” That’s Romney spin. I also don’t think people expect him to pay more taxes than he’s legally obligated to do. If I were making Romney money, I certainly wouldn’t. But I’d also support changing the rules because we need that money to get the country’s finances in order. The problem Romney faces is that he’s a living breathing example of what many people see as the problem. And by his stated positions, he doesn’t think it’s a problem. If you’re running Mitt’s campaign, that’s a problem.

Don’t Be Stupid: It’s Not About the Money

3 votes

#1.2 - Mon Jan 23, 2012 4:00 PM EST

bob-1478320

When Buffet says eliminate all the tax shelters he uses to keep from paying taxes than he will be a little more believable

2 votes

#2 - Mon Jan 23, 2012 12:51 PM EST

Oiled Pelican

bob, did you read the article? Have you read Buffett on this before? He thinks he should be paying a higher percentage of his gross income than his secretary, for example. That means eliminating tax shelters and making the tax code significantly more progressive.

7 votes

#2.1 - Mon Jan 23, 2012 1:21 PM EST

Oiled Pelican

NONE OF YOU ARE VOTING THIS ARTICLE UP THE VINE.

Please vote it up the vine--we'll all have a more vigorous conversation then.

Thanks in advance.

5 votes

#2.2 - Mon Jan 23, 2012 1:29 PM EST

Louie Lou

Voted

2 votes

#2.3 - Mon Jan 23, 2012 1:58 PM EST

Oiled Pelican

Thanks Lousie. Tax policy is extremely important. Please everyone check out #5 below. Thanks.

2 votes

#2.4 - Mon Jan 23, 2012 2:22 PM EST

truthlover

Great seed, oiled pelican. I'll clip around.

#5 below is a stunningly great comment! Thanks for that--I recommend everyone checking out #5.

2 votes

#2.5 - Mon Jan 23, 2012 2:30 PM EST

bob-1478320

Buffet is saying tax my taxable income at a higher rate,not eliminate my tax shelters whre most of my wealth comes from so I pay more

#2.6 - Mon Jan 23, 2012 5:08 PM EST

truthlover

bob, I haven't done the research, but has Buffett ever defended his tax shelters? If so, can you give us a link?

I too, with Oiled Pelican, would doubt that he has.

2 votes

#2.7 - Mon Jan 23, 2012 6:28 PM EST

Borncorn

The preferential tax rate for capital gains should be abolished. I don't care if you're a plumber or a corporate raider, your income should be taxed as ordinary income. I have no problem with progressive rates as long as all income is taxed the same.

4 votes

#3 - Mon Jan 23, 2012 1:23 PM EST

LanaD

I totally agree with Buffett. I'm not a fan of Romney at all but who can blame him for paying what the law requires? Obviously the law is the problem here. I don't care where your income comes from, if it's money in your pocket you should pay the appropriate income tax rate.

Capital gains= loop hole that needs shut ASAP. Income is income!

4 votes

#4 - Mon Jan 23, 2012 1:30 PM EST

Oiled Pelican

Borncorn, that sounds good to me. Or why not simply go back to the tax structure in place in the early 1960? The nation was booming, people were making money, plenty of taxes were coming in. The progressive tax rate for the top folks was:

The 1960 federal tax system was very progressive even within the top percentile, with anaverage tax rate of around 35 percent in the bottom half of the top percentile to over 70 percent in the top 0.01 percent. This finding illustrates the theme that it isimportant to decompose the top of the income distribution into very small groupsto capture the progressivity of a tax system. Although very top groups contain few taxpayers, they account for a substantial share of income earned, and an even largershare of taxes paid.

People weren't upset with taxes although there was a slow movement, beginning in the University of Chicago in the 1970s, to question the progressive tax rate. One of the early volleys was: The Uneasy Case for Progressive Taxation by Walter J. Blum and Harry J. Kalven (May 1979).

4 votes

#5 - Mon Jan 23, 2012 1:44 PM EST

LanaD

I like!! However, the rich have bought our politicians so I have little hope of seeing it change. They will cut benefits for seniors and the poor before we see this happen sadly. They don't have money to buy politicians with

2 votes

#5.1 - Mon Jan 23, 2012 2:24 PM EST

bob-1478320

and there were more loopholes then to keep the upper income groups from paying those taxes than there are now

1 vote

#5.2 - Mon Jan 23, 2012 5:09 PM EST

truthlover

bob, you're just making this stuff up. Why are you doing that? Are you some kind of politicial troll? Can you support with a link these implausible claims?

LanaD, I certainly have to agree with you. I will be trying to find out more about a candidate who will plausibly have a shot at the high office, has backbone and a track record of speaking truth to power, and is for the kind of change we want. There's a group on the Vine devoted to him that I "run." Hopefully I can get more information on this very embryonic campaign.

4 votes

#5.3 - Mon Jan 23, 2012 6:30 PM EST

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OILED PELICAN

BREAKING: Buffett Blames Congress for Romney's 15% Tax Rate and for the Unfair US Tax Policy--He does Not Blame Romney

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