The Daily Scoop: Warren Buffett Ready to Take GOP Tax Challenge

Warren Buffett is ready to call Republicans’ tax bluff. Last fall, Senator Mitch  McConnell said that if Buffett was feeling “guilty” about paying too little in  taxes, he should “send in a check.” The jab was in response to Buffett’s August  2011 New York Times op-ed, which made hay of the fact that our tax  system is so unbalanced that Buffett (worth about $45 billion) pays a lower tax  rate than his secretary. Senator John Thune promptly introduced the “Buffett  Rule Act,” an option on tax forms that would allow the rich to donate more in  taxes to help pay down the national debt. It was, as Buffett told me for this  week’s TIME cover story, “A tax policy only a Republican could come up with.”
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One Comment to “The Daily Scoop: Warren Buffett Ready to Take GOP Tax Challenge”

  1. Here is the problem with the Buffet counteroffer…

    Buffet is the 2nd richest self-made man in the world. Offering up a $1 for $1 ($3 for $1 with McConnell) contribution means absolutely ZIP to Buffet.

    That is like McConnell saying he would make a dollar for dollar contribution into the treasury for every dollar offered up by a family of 4 on government assistance… it isn’t fair to the family on assistance whose contribution hurts them far more than would ever even be noticeable to McConnell in his income bracket.

    However, if Buffet offered up a percentage of total net worth matching contribution then his offer would be real and could be taken seriously.

    Heck, even if Buffet would just pay the $5 billion in back taxes the federal government is suing the company he owns that made him the 2nd wealthiest man, then Buffet could be taken seriously.

    $5 billion would stave off growth of the national debt for a little over 1 day.

    But that will NEVER happen unless Buffet loses a court case.

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