Politics

FILE - In this May 1, 2010 file photo, Berkshire Hathaway Chairman and CEO Warren Buffett gives an interview prior to participating in the annual shareholders meeting, in Omaha, Neb. Two bidders have already driven up the price of a private lunch with billionaire Warren Buffett to over $1.5 million Monday, June 6, 2011, and the online charity auction runs all week.(AP Photo/Nati Harnik, file)

Warren Buffett’s taxing the rich won’t solve deficit, says Tax Foundation

9:19 AM 08/21/2011

Laura Donovan

(CNSNews.com) – Taxing millionaires and billionaires more – a position advocated by billionaire Warren Buffett and President Barack Obama – won’t make much of a dent in the national debt or the record federal budget deficits, a new study finds.

“Even taking every last penny from every individual making more than $10 million per year would only reduce the nation’s deficit by 12 percent and the debt by 2 percent,” the non-partisan Tax Foundation’s David Logan writes.

Full story: Warren Buffett’s taxing the rich won’t solve deficit, says Tax Foundation

Tags: Taxes, Warren Buffett

ladylove

like Buffet did not already know this,
http://pulse.yahoo.com/_KXYTAMYXGXP7DMGKS7NOOGEY2E F'nCat

Pass the CUT, CAP, & BALANCE ACT, run a Christie/Ryan with anyone running for open seats to sign a Contract With America, to do just that. People in America would Vote them in, in a LANDSLIDE thru 2028………….
thephranc

Buffett knows full well there isn’t enough money available if you tax the rich. These remarks look more like a PR ploy so stoke class warfare against the rich and at the same time insulating him self.
mundakal

Warren Buffett and all the Hollywood elites, millionaire congressmen, any other person who wants the government to continue with the bottomless gravy train to illegals and the lazy are free to donate a larger portion of their bug buck salaries and tax savings through tax loopholes etc etc back to the US Treasury. They will gladly accept your donations – please make sure you don’t claim a charitable deduction come tax filing next year. Unfortunately the liberal left and the elites like to whine about the poor and the needy but do nothing – they need to lead by example. Don’t hide your money in trusts or tax shelters – spend it now if you feel the need to do something instead of using hard earned tax payer money.
Anonymous

If DC (members of both parties) were more interested in financial solutions than class envy and class war-fare, there is one:

Pass the Fair Tax Act which will repeal the 16th Amendment, abolish the Internal Revenue Service and eliminate all federal income taxes. The Act includes a “pre-bate” to every household to cover the cost of (sales) taxes on necessities up to the poverty level to prevent regressiveness in the new tax code, which would be a sales tax (NOT a VAT). The “rich” buy more stuff, and more expensive stuff, so they’d carry the largest tax burden. Meanwhile, eliminating the need for “the rich” to shelter income in off-shore havens would bring billions, probably trillions, of dollars back “home” for investments and business expansions here; American companies would regain a competitive advantage, preventing relocation of businesses still here and bringing back, not only US companies that have moved overseas but also foreign companies looking for a greener pasture; the entire underground economy would be mainstreamed so that drug dealers, hookers, bank-robbers and purse-snatchers would also be paying taxes; lobbyists would no longer be able to “entice” congress-critters to etch in special tax-code loopholes for their very special interests; and the full dynamic potential of capitalism could be unleashed.

That, or any other real solution, will not happen, though, until we stop allowing “them” to pit us against each other. And shame on Warren Buffett — just another one of those self-important jerks who “got his,” and now is intent on kicking the ladder over so others cannot climb to similar heights.