A Modest Proposal

Warren Buffett made a persuasive case yesterday in the New York Times for raising taxes on the rich. His suggestion prompts this one from me: why don't the rich who agree with him go ahead and voluntarily pay more taxes?

Buffett says he paid almost $7,000,000 in income and payroll taxes last year. Frankly, I think he should have paid 10 times that, given his net worth. But how about if his just doubled it? Surely he can afford $14 million without blinking. Why should he wait for changes in tax law to just pay what he thinks he should pay?

I think it would also be a very smart move on the part of the president to go ahead and personally pay in taxes as much as he would pay under the changes he advocates. I think a lot of Americans would be willing to follow his lead if they just felt they weren't the only ones -- including me. (I couldn't afford to double what I pay, but I probably could swing an extra $50.) It's the same psychology that sold billions in bonds to finance World War II. Neighbors competed with each other to buy more, not less.

Right now, the anti-government crazies have turned things upside down. Using the original Boston Tea Party as a model, they've managed to paint not paying taxes as some kind of expression of patriotism. What do they think, all their taxes go to line the coffers of the British empire? It's as if none of them ever drove across a bridge, sent their kids to school, or collected a Social Security check.

The president needs to make the case that there can be no better way right now to show love of country than putting your money where your mouth is. This is a perfect opportunity for him to show that the buck not only stops with him, but starts with him too.

 

Follow Mark Olmsted on Twitter: www.twitter.com/MarquisMarq

Comments

[gabriel72]

09:02 AM on 08/17/2011

Yes... Lets make a budget on guessing how much rich people will tip the irs. This sounds like sound financial advice. Not knowing how much money we have or will have will be wonderful for the markets.

[Sheria Reid]

02:10 AM on 08/17/2011

An innovative solution but I think that it has as much chance of becoming reality as a lit candle on the patio does of surviving a hurricane. I don't think that very many people will be inspired to pay taxes based on their ability to do so. Americans are not innately fair nor generous. We're a selfish lot. Unfortunately we're also impractical and inconsistent. The same folks who complain about big government when it comes to issues such as universal health care or entitlement programs to provide basic necessities to low-wealth persons, also demand that when there's an oil spill off the coast of Louisiana that the government do something to plug that leak pronto, and never recognize the inconsistency of their positions on the responsibilities of government.

[Mark Olmsted]

10:23 AM on 08/17/2011

I still think in a political atmosphere where the Presidential hands are legislatively tied by the Republicans, increasing his own taxes voluntarity would be a very effective way to lead by example. If all of the Dems in Congress followed him, it would be a marvelous way to co-opt the conversation. to be unapologetically for a Government that has enough resources to help people, as opposed to those who seem to care only about themselves. I doubt it will create a massive movement, but all we can hope for at this point is to win big in 2012--and that's going to happen more because of perception than substance

[joni brit]

08:40 PM on 08/16/2011

It's certainly reassuring that this man who meets with the President every other week has his finger on the pulse of the nation. Since taxing the rich won't even make a dent in the budget, maybe instead of putting another $9.5 million into his Bank, as he did yesterday, he could provide housing for all those his Bank has left homeless.

[Star2000dancer]

10:39 PM on 08/23/2011

Exactly. They're breaking people mentally, physically, financially, and emotionally. Once you break, you're considered a "Broken egg" lie me, after I was crippled by 15 shopping carts,hit in the rear.

I had lost my doctor needed a refill. I called SS for one Dr.s visit to find a new doctor, get refill. Just starting to open a new business, all my money invested. Went to an HMO DR. who treated me like dirt , refused the refill. He gave me "new" drugs,but found nothing wrong, chest burned every so often. I figured it was stress related, had it almost under control.

Took his pill, got paralized,body blew up, tears poured out my eyes, rashes, boils, hives, SIDE EFFECTS! 6hrs.to wear off, rushed back,he screamed I had nothing internal wrong ,was psycosymatic, depressed, pill seeker, needed to see a shrink.

Went to shrink, got meds, became disabled,chest pains exacerbated, Went to docs, begging for original scrips, knew I needed an upper GI.. 8months,bedridden, find a young doctor who gives me one month of meds. I have to see a shrink to get an upper GI. I see 3 shrinks, they say "why are you here?" I tell them I need them to get a GI, one shrink gives me a sonogram & upper GI. She had to makeup a story to get the tests.
Got tests, got home 2 phone messages "STOP TAKING THOSE DRUGS< WE FOUND SOMETHING". Those drugs gave me a duodendum ulcer. Swell.

[SeaBlood]

06:07 PM on 08/16/2011

So, who needs a government anyway? Why should my taxes pay for a police department when my trusty shotgun is all the police Ah needs? And I'll inspect my own meat, than you. And the same goes for my house if it catches fire-----fire departments are too expensive.