When somebody woke super billionaire geezer Warren Buffett from his nap the other day it seems they told him Conservative around the country have been chiding him for his tax rantings. Some suggested, me among them, that if Mr. Buffett really felt he had been short changing Uncle Sam he could take a billion or two of his dough and voluntarily dump it into the IRS coffers.
Before he was fully awake someone let him give an interview to Time Magazine in which he challenges Republican members of Congress to pony up their own dough and he will match them dollar for dollar. He even went as far to say he’d match Mitch McConnell three to one. Big whoop, Warren!
It seems the Nabob of Nebraska has missed the point altogether on several levels. First, it wasn’t Republicans in Congress who said they weren’t paying enough; it was you, Mr. Buffett. Most of us believe we are already paying too much. So why should you challenge the Congress to pay more?
Second, it shows that Buffett knows about the gigantic scale of his fortune. He is risking very little for big publicity. With his fortune vast and he could easily match the entire net worth of all of the members of congress and not lose a serious fraction of his worth. I put a little perspective on Buffett’s challenge for you. Let’s say my net worth is $10,000 and your net worth is $2. I ask you to bet me $2 on a challenge. In order to accept you have to risk 100% of your net worth while I will be only putting up .0002% of mine. Mr. McConnell is said to be worth somewhere between 10 and 20 million. Not bad, but a small fraction of Mr. Buffett’s 50 + billion.
This “challenge” also is exactly what Mr. Buffett says is wrong with the tax system. It not about raw dollars, his percentage is too low.
So, in the interest of fairness, I have a counter offer for Mr. Buffett that fits more with his point about taxes. I will donate 1% of my net worth to Uncle Sugar if he will. I will also try to recruit 49 more conservatives to do the same. If he will match us all we have a deal. Besides, if he believes Obama and the government are so good with money why did he shelter a huge portion of his money in various charitable funds rather than donating it to the government? Why does he take only 100K a year as salary and the rest of his vast income as dividends and capital gains? Because the taxes are lower! If this phony horse’s backside really wants to pay more he should just declare all of his income as straight salary and fill out a 1040EZ He’ll get to pay plenty. Until then, Warren, STFU!