Warren Buffet is an Idiot

By Bernie on 06 Nov 2007

Marie Antoinette, painted by Franz Xaver Wagenschön, shortly after her marriage in 1770

Sometimes a person can be so wealthy that he loses touch with the common man. According to popular myth, Marie Antoinette was so divorced from the plight of the peasants that hearing they had no bread to eat, suggested "qu’ils mangent de la brioche" ("Let them eat cake").

Warren Buffet, fluctuating between being the second or third richest man in America, has informed us that he (and by extension, every rich person) pays too little in income taxes (1) in terms of percentage. As for proof, he confessed that his effective tax rate is 17.7%. Then taking 15 volunteers from his office personnel in Omaha, Nebraska calculated that not one had an effective tax rate below 32.9%.

Of course, this is all smoke and mirrors. Mr. Buffett pays exactly the same rate on the first $102,000 of income as do his employees. Since FICA taxes stop at that point, anyone making more than that amount will have a lower tax rate. Should rich people continue paying the FICA tax on the rest of their income just to make Buffett happy? They certainly are not going to collect millions from social security when they retire. If we followed Warren Buffett's suggestion then someone making 10 million a year will pay an extra $765,000 a year into social security with no hope of ever getting back any fraction of a fraction of that when he retires. Is that fair? There are over 7,500,000 millionaires (2) in America and if they don't have enough cash to pay more in taxes, then what? Let them cash in their stock, or as the French would say, "Let them eat cake?"

Since Warren seems to be an idiot these days, let me make a simple suggestion: if you feel you're paying too little in taxes, then simply write a check and pay more (3), you goofball, but kindly leave everyone else alone.

Now it is very difficult to call someone who is worth tens of billions of dollars an idiot, but that is what he is now. He once had smarts but sadly this drooling, babbling moron has lost most of his little gray cells.

I don't think anyone really knows what he is suggesting. Does Buffett want everyone pay FICA taxes without limitation? Do we then give these rich fatcats a few hundred thousand a year when they retire? Or do we just raise the tax rate simply because they are rich?

Buffett Is Not Being Honest

One of the reasons Buffett pays a lower tax rate is that most of his income is not from a salary, but from tax exempt or lower-taxed streams of income. Is he suggesting that we eliminate non-taxed income or tax-free bonds? If we did that, then cities and states would have to pay more in interest to lure investors to their bonds. And if those government entities paid more in interest then they would have less money for services that the poor and middle class utilize more than rich people do. Those entities would in fact have to raise sales taxes to make up for the shortfall and consequently the non-rich would suffer more since more of their income goes to purchases as opposed to investments.

I thought the "Sage from Omaha", generally regarded as the most successful investor of all time, had some knowledge of how high taxes cripple investment, industry, the stock market, and employment. But I suppose when you are so far removed from the common man, you have no clue of what their options are when the economy sours, as it will under his suggestions.

So here is Warren Buffett's advice in case you are fired because your employer cannot afford to pay you because that money is now going to the Federal Government: "Can't pay your mortgage? Cash in 100 shares of Berkshire Hathaway Stock (currently $133,800 per share) and simply pay off the bank entirely and retire."

What an idiot!

buffett taxes too low

I know I spelled Buffett's name incorrectly in the title, but I cannot change it without losing links to this article.



BlueOregon, 30 Oct 2007, Warren Buffett Thinks He's Not Paying Enough in Taxes

Brian Williams: (There's) a looming tax fight in Congress. The Democrats want to revamp the tax structure and get rid of some of the loopholes that the wealthy and corporations enjoy to pay less taxes. And it may surprise you to learn that one of the universally accepted richest guys in the world, Warren Buffett, feels he pays too little by percentage.


In our office 15 people cooperated in a survey, out of 18, I didn't make anybody do it. And my total taxes paid, payroll taxes plus income tax, mine came to 17.7 percent. The average for the office was 32.9 percent. There wasn't anybody in the office, from the receptionist on, who paid a lower tax rate. And I have no tax planning, I don't have an accountant, I don't have tax shelters. I just follow what the U.S. Congress tells me to do.


CNN Money, 25 May 2005, Number of millionaires hits record

The number of millionaires in America reached record highs in 2004, hitting 7.5 million, according to a new survey.

That represented a gain of 21 percent, the largest jump in the number of U.S. millionaires since 1998, according to the survey by the Spectrem Group, a Chicago-based research firm.

Spectrem counted Americans with net assets of $1 million or more, excluding primary residences but including second homes and other real estate holdings. There were 6 million millionaires in 2001, when the bursting of the tech-stock bubble pruned more than a million Americans from this status.


Big Dogs Weblog,
So What's Stopping Warren Buffett?

Warren Buffett, the billionaire ho has not yet found a way to enjoy his wealth, complains that he does not pay enough income taxes and states that he pays less than his employees who make far less money. Buffett indicated that he does not have accountants and all that (I find that hard to believe) and that he just follows the government's rules and he ends up paying less in taxes than he feels he should. I have news for Mr. Buffett; the treasury will accept money from citizens who want to pay more in.

If Buffett feels so terribly guilty about not paying enough in taxes then I suggest he ease that guilt by going to Treasury Direct and following the instructions on how to reduce the debt through voluntary donation. This should ease whatever guilt Mr. Buffett feels.

Anyone may republish this article for non-commercial use without asking my permission. I make it easy, see details here.

Related Posts with Thumbnails
If this is your first time here, please read my Comment Policy HERE.

comments powered by Disqus



Email Me

FAQ/About Me


Site Policies


My Articles in Danish

Follow Me:

Special Offer For My Muslim Readers: Please subscribe to Planck's Constant Blog. We guarantee a 100% increase in your intelligence.

subscribe to my Feedvia RSS Feed

subscribe to comment Feedvia my Comments Feed

Visit my Pinterest pagevia my Pinterest Feed


Shameless Advertising

This is what Bernie is Reading Now

For Previous Books Click Here.

Buttons & Widgets

Older Buttons

View My Stats

Blogs That Link to Me:

A collection of things...
Always on Watch
Americans Stand with Israel
Animal Magnetism
Apropos of Nothing
Bare Naked Islam
Basil’s Blog
Blazing Cat Fur
Blogging for a free world
Celestial Offerings
Cmblake6's Weblog
Commonsense & Wonder
Conservative Thoughts
Cosmic Cogitations
Cristy Li
Daily Blasphemies
David Drake
DragonLady’s World
Elder of Ziyon
Empyreum Cœlum
Fausta’s Blog
Fiery Spirited Zionist
Gates of Vienna
Gummihund/ Rubberdog and a proud Orangutan
Hard to Swallow
Hodjanernes Blog
Infidel Bloggers Alliance
Intergalactic Source of Truth
Iron Burka
Israel Matzav
Jewish Preppers
Leather Penguin
Maggie’s Notebook
MFS - The Other News
Monkey in the Middle
My Gripes of Wrath
My Newz 'n Ideas
News on the March
Nicholas Hunter Folkes
No Apology
nothing to laugh at
Oswald Bastable’s Ranting
Outside the Camp
Perigo Islâmico (In Portuguese)
Pirate's Cove
pislamonausea Central
Project 2,996
Prune Juice Media
Ramrock's Blog (In Spanish)
Right Nation
Right Pundits
Right Truth
Rosemary’s Thoughts
Sherryx’s Weblog
Silicon Valley Redneck
Simply Jews
Smooth Stone
So Far, So Good ...So What!
Squid Thoughts
Stop Islamic Conquest
Sunday Morning Coffee
Tales of a Wandering Mind
The Amboy Times
The Astute Bloggers
The Christian Defender
The Infidel Task Force
The Lunatic's Asylum
The Mindset
The Old Curmudgeon
The Political Commentator
The Right Nation
The Sandman
The Sassy Tn’T PoLITicallY InCorrect
The Tao of Torah and Rebbi Nachman.
The Unreligious Right
Theo Spark
Third World County
Thoughts From A Seared Conscience
Thunder Pig
usa stands with israel
Veritas Universalis
Western Civilization and Culture
wine women and transcendence
Working the Web
Xanthippa's Chamberpot
Zilla of the Resistance