Warren Buffett Pitches Senate Democrats On 'Tax Fairness'

WASHINGTON, Feb 8 (Reuters) - Warren Buffett, the billionaire philanthropist who inspired President Barack Obama's new crusade to make the rich pay more taxes, made his pitch for the proposal at a meeting on Wednesday with U.S. Senate Democrats, party aides said.

Buffett was the dinner speaker at a closed-door meeting of the lawmakers and discussed their efforts for tax fairness, aides said.

Buffett made "very compelling arguments for the need to make our tax code an instrument of fairness for middle-class families instead of being rigged to help the rich get richer," one aide said.

Obama spoke to Senate Democrats earlier in the day during their retreat inside the Washington Nationals' baseball park.

Buffett - an investor who is one of the richest people in the world - has complained that many millionaires and billionaires, like himself, pay a lower tax rate than the average working American.

Obama has said he wants Congress to enact a "Buffett rule," which would require anyone earning more than $1 million to pay an effective rate of at least 30 percent.

Obama began his election-year campaign for the proposal by inviting Buffett's secretary, who pays a higher tax rate than her boss, to his Jan. 24 State of the Union address to Congress.

Comments

[dbrett480]

04:20 PM on 02/25/2012

The main issue is the capital gains. Why should an investment banker pay less than the postal carrier giving him his dividends?

[Seedpod1]

11:38 PM on 02/14/2012

This is America, the richest country in the world! I shouldn't have to work hard, or study to get through a tough college, or pay back the mortgage for a home I clearly couldn't afford. I want a president who promises me EVERYTHING for NOTHING as long as I vote to re-elect.

After all, I contribute as much to society as any common virus or intestinal parasite. Don't I ?

[ConservativeChampion]

03:49 PM on 02/10/2012

It was a good day for the Warren "The Crony Capitalist" Buffet. Major gain and Warren made MILLIONS on the mortgage deal.

After Warren gets done making MILLIONS, he runs over and tells everyone to pay higher taxes in the name of "fairness".

http://freebeacon.com/warren-buffetts-net-worth-jumps-154m-thanks-to-mortgage-settlement/

[Got2Go]

03:15 PM on 02/10/2012

He has learned from his experience and now wants to do the right thing.

[uneeda]

11:30 AM on 02/10/2012

the pawnbroker of omaha lecturing democratic lawmakers on "tax fairness" is a hoot

[Eagleman]

11:05 AM on 02/10/2012

He is a billionaire now...made all the money and over the hill - it does not matter

Why was he quiet all these days.... during time he was making thousands and millions...

if he wants to pay more taxes what is stopping him. He can write a check to IRS

[Mac88]

08:38 AM on 02/10/2012

Over the last 30 to 40 years, the American middle class first worked longer hours, then put the wifes to work, spent their savings and accumulated massive debt in pursuit of the American dream as their wages remained stagnant and the elite amassed fortunes. It worked with respects to the economy. There is no longer sufficient income or other options in the hands of the middle class to to continue to do so. Ford paid his workers five dollars a day which was three times what everyone else paid so they could afford to buy his cars and doubled his fortune in less than two years in doing so. Eccles, promoted similiar philosophies to get us out of the great depression. As the balance of total income swings towards those who don't spend it, the economy cannot support itself! If those in power are not going to distribute the fruits of ones labor in a more equitable fashion then they should do so in the form of taxes at the least! We, the workers, are out of options!

[Mahi vce]

03:22 AM on 02/10/2012

If warren buffet likes paying higher taxes so much , then why is his company still fighting on tax issues with IRS ?

[JeanValjean]

10:49 AM on 02/10/2012

Just because as a corporate officer, he has fiduciary duties. Some of them owed to his shareholders (who may not share his views). This being said, I think that your contention raises an interesting point: most of the times, executive branches of governmental entities need the legislative branch approval to either raise taxes, either spend money. It seems that governments cannot accept directed donations, and perhaps it is a void that should be explored by Governments. For instance, let's assume that one wealthy person desires to give money to the department of education. Right now, it can't be done. Should governmental agencies be allowed to receive gifts, it might be a substantial resource for the government. Since money is free speech, it should be possible. And quickly we would see people with money to put the money where they mouth is. We might very well see a very well funded department of health and human services instead of a fat department of defense.

[ehjay]

12:25 AM on 02/10/2012

Buffet and Gates have a policy of directing their tens of billions of charity where it is the most effective. Among other achievements they have almost eradicated a certain disease saving countless lives. President Carter is world renowned for his endeavours as a liberal activist. Bill Clinton is leaving his mark. Who are the Republicans in their class? Most Republicans are too busy satisfying their greed and buying gov't influence.

[OhhBoy]

08:37 PM on 02/09/2012

Buffet decides he needs to pay more taxes......after not doing so for 40 or 50 years. Must be an old man looking for redemption with the lord as his time draws neat.

[ehjay]

12:07 AM on 02/10/2012

Wisdom arrives late in life, as the European truism "too soon old, too late smart" declares. That is why success often arrives late also.

[wallinmark]

05:42 PM on 02/25/2012

My wisdom arived after the money went south. To late to cry now. I have helped others felt good then and still does. Being rich and cheep greedy I have not had the curse to have ,thhank God.

[laura r]

07:39 PM on 02/09/2012

ALL the Senator need to listen to Warren Buffet, and soon before the American economy is completely destroyed.

Bruce Bartlett, a former domestic policy adviser for the Reagan White House and former top treasury official under the first President Bush. Now a heretic in the conservative circles where he once was a star, Bartlett argues that right-wing tax policies — pushed by the ideologue Grover Norquist, Tea Party activists, and the One Percent’s rented politicians — are destroying America’s economic foundation.

[mechhouse]

11:47 PM on 02/09/2012

David Stockman, Reagan's Budget Director said basically the same thing in an op-ed in the New york times

[Mac88]

08:52 AM on 02/10/2012

Robert Reich painted a good picture of where we are in "Aftershock The next economy & Americas future". We need to get good sound tax policy and wage structure back or we will simply have more of the same!

[Got2Go]

03:17 PM on 02/10/2012

Well said and 100% true.

[shankapotomus]

06:27 PM on 02/09/2012

Hum, hes owes taxes from the last 10 years and all he has to do is write a check, hes not trying very hard now is he.

[anniesez455]

06:29 PM on 02/09/2012

typical Democrat tax evader....

[aforbes808]

06:15 PM on 02/09/2012

Yes let the Wall St. banksters who create nothing of value to society keep their ill gotten gains. Banker: I need that $30m, it's a hard work pushing useless paper all day. Ow, I just got a paper cut. Hazardous too.

[Republicanistan]

06:09 PM on 02/09/2012

WAKE UP you sheople.

People like Romney pay 13.9% because they spend millions of dollars lobbying Congress to make the laws that way, not because it is the right thing to do.

[stuart100s]

06:37 PM on 02/09/2012

What were the total dollars that he paid? How much did you pay? Is that fair?

[Republicanistan]

06:45 PM on 02/09/2012

The dollars that I paid prevent me from buying a House. The dollars that Romney didn't pay because of the loop holes he lobbied to have enacted in the tax Law would buy him a HUNDRED HOUSES.

IS THAT FAIR?

[Mac88]

08:57 AM on 02/10/2012

It is not a matter of fair any more than wages are fair! The middle class no longer has the ability to support the economy. We do not get paid enough to offset the money that goes on the sidelines rather than for consumption! It is simple math considering reality!

[Republicanistan]

06:03 PM on 02/09/2012

Boo-hoo I have never seen so many righties and real amurican Patriots cry in a long time.

Warren Buffet must be right, again.