Quote:
Originally Posted by dogzilla
He doesn't need tax rates raised in order for him to send the government his surplus money. He can do that today.
Until he and the other elite liberals and socialists do likewise, they have no more credibility than liberal loudmouths like Michael Moore, i.e. no credibility.
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Okay, you don't get it.
$47 billion: Warren Buffett's net worth
$54 trillion: The net worth of the wealthiest 25% of American households
$1.06 trillion: The anticipated income tax receipts for 2010
$3.55 trillion: the 2010 federal budget
$1.17 trillion: anticipated 2010 deficit
$14 trillion: estimated public debt
0.3%: the percentage of Buffett's fortune compared to the public debt
386%: the percentage of the fortune of the wealthiest 25% compared to the public debt
A little quick math will tell you that the wealthiest 25% of Americans as a group hold more than 1,000 times the wealth as Warren Buffett, and that even if Buffett donated his entire fortune to the federal government, it would barely put a dent the
deficit let alone touch the debt. It would also hobble his ability to continue to generate wealth.
When Buffett talks about taxing the rich more, he's talking about an entire class worth trillions and over the long term. To assume he should "put his money where his mouth is" by donating his fortune as an individual is missing the point. He suggests that America would be better off if more tax revenue were generated from the wealthiest of Americans.