Warren Buffett throws down financial challenge to GOP

SAUL LOEB/AFP/Getty Images)

Billionaire investor Warren Buffett has a challenge for congressional Republicans: For every dollar one donates to Uncle Sam to help pay down the debt, he will match it. Buffett will even triple every donation sent it by Senate Republican leader Mitch McConnell.

Buffett issued the challenge in an interview with Time magazine in response to the fact that Republicans won't raise taxes for billionaires -- but they've said they'd be happy to accept Buffett's donations.

In a New York Times op-ed last August, Buffett lamented that in 2010, he paid only 17.4 percent of his taxable income to the government -- even though middle class earners in his office paid between 33 percent and 41 percent. Buffett paid a lower rate in part because a significant part of his income came from investments, which are taxed at a lower rate than wages.

Last year, President Obama proposed a tax policy change inspired by the chairman of Berkshire Hathaway Inc. -- dubbed the "Buffett rule" -- to ensure that taxpayers who make over $1 million a year are taxed at the same overall rates as middle class Americans.

Republicans, however, are obstinately opposed to tax the wealthy more, arguing it burdens the people who create jobs. In response to Buffett's complaints about the tax code, McConnell said the billionaire was welcome to "send a check" to the government. South Dakota Republican Sen. John Thune introduced a bill called the "Buffett Rule Act" that would create a line on tax forms so that the rich could donate more than they owed.

"That is a tax policy only a Republican could come up with," Buffett said to Time. "It's kind of touching this faith he has i n the American public, that with a $1.2-or-3 trillion deficit, that he thinks Americans are so wonderfully spirited they would just solve it all by contributions."

Buffett emphasized that his commitment to matching all Republican donations to Treasury coffers is a "firm offer."

McConnell spokesman Don Stewart reminded Time that Republicans want to keep government smaller.

"I look forward to Mr. Buffett matching a healthy batch of checks from those who actually want to pay higher taxes, including congressional Democrats, the president and the DNC," he said.

[Mr_Diplomacy]

I wish to see the list of names of the billionaires who create jobs including the names of the jobs they create. I think that claim is just more bovine feces of the Greedy Obstructionist Party.

[Mr_Diplomacy]

I amend the request to include the super wealthy who fit the category.

[lami987]

Now republicans want to make America depends on donations. It is no way to run a country, even a fourth world country. I'd recommend that no body donate to US treasury. If republicans want to starve America to death, lets die together. Buffett's matching idea is a little better though. Rich Americans create fewer jobs than the rest of us. A hundred dollar earned by a low or middle income American create more jobs than $100.00 earned by a rich American because low and middle income Americans spend all their income in the US. But rich Americans spend some of their income out of the US.

[karlimhof]

When a country has in effect 2 tax systems; one payroll income based, and the other investment based, the former paying 30-40% , the latter 17-20%, i ask you, it that the "liberty and justice for all"?????

[occupy_cbs]

js2212: "I think you're listening to a little too much liberal talk radio."



There is no "liberal talk radio," but there is plenty of conservative hate radio, like limpbaugh, savage, medved, and sykes.


What happens when America's airwaves fill with hate? BILL MOYERS JOURNAL takes a tough look at the hostile industry of "Shock Jock" media with a hard-hitting examination of its effects on our nation's political discourse.

http://www.pbs.org/moyers/journal/09122008/profile.html

[occupy_cbs]

js2212: "Evidently you don't know how to dig up actual facts, you just listen to liberal talk radio."



NO, I read conservative republican commentaries, unlike you listening to conservative hate radio.

Try reading this conservative republican commentary in Forbes, by the creator of supply-side economics:

Tax Cuts And 'Starving The Beast'
by Bruce Bartlett

The most pernicious fiscal doctrine in history

http://www.forbes.com/2010/05/06/tax-cuts-republicans-starve-the-beast-columnists-bruce-bartlett.html

[occupy_cbs]

tenbender: "The more you pay the debt down the more odumer will spend"



Why are all republicans so economically-challenged?

The national debt is MONEY owed from past legislation during the past 30 years, and has absolutely NOTHING to do with SPENDING -- either now or in the future!

[occupy_cbs]

js2212: "I think it's ironic that Buffett "laments" his 17% but strangely, he's unwilling to volunteer any more money himself. He's more than willing to suggest other pay more though.



Do you have a reading-comprehension problem?

Warren Buffett in fact is volunteering much more MONEY himself, by matching any of the BIG MOUTH republicans that are so 'worried' about the national debt we're leaving for future generations dollar for dollar, and even doubling down on all MONEY paying down the national debt by beady-eyed mitch mcconnell.

By tripling every dollar that mitch mcconnell pays on the national debt, Warren Buffett is indeed paying much more!

[js2212]

Brush up yourself. "In a New York Times op-ed last August, Buffett lamented that in 2010, he paid only 17.4 percent of his taxable income to the government"
What's he lamenting? If he doesn't think he's being taxed enough, then pay more is all I meant. No need to the grandstanding BS.

And while you're at it, learn to research facts. I hear you jumping on the tax the rich bandwagon. Evidently you don't know how to dig up actual facts, you just listen to liberal talk radio.

[occupy_cbs]

js2212: "I hear you jumping on the tax the rich bandwagon."


You 'hear me'?......How do you sound?

Personally, the bush tax cuts have to disappear soon, for any kind of fiscal responsibility at all, and that would raise taxes slightly on all taxpayers -- UNTIL THE NATIONAL DEBT IS PAID OFF!

That's fiscal responsibility, since we're at a 60-year low in taxes.

Why are you republicans such fiscal liberals?????


Maybe you should learn fiscal responsibility from a real conservative republican, and the creator of supply-side economics:

Tax Cuts And 'Starving The Beast'
by Bruce Bartlett

The most pernicious fiscal doctrine in history

http://www.forbes.com/2010/05/06/tax-cuts-republicans-starve-the-beast-columnists-bruce-bartlett.html

[occupy_cbs]

dinkster1: "Go ahead and give your money to them, don't hold your breath about them spending it on fixing social security, or keeping the postal service above water."



I hear ya.....but in this case, what Warren Buffet is asking the BIG MOUTH republican congresscritters to do, is pay down the national debt -- MONEY already owed through past legislation by both D's & R's -- not future spending on anything.

Think about it.....if we could raise that MONEY through a little higher taxes on everyone, especially the wealthy (think ending the bush tax cuts) we could get rid of the interest-only payments on the national debt, which is running about $300 billion per year!

[wr_aaberg]

I would happily donate to reduce national debt! Is there a community that supports this or a charity I can contact to follow Buffet's inspiring example?

[tenbender]

The more you pay the debt down the more odumer will spend !

[occupy_cbs]

Hey tenender -- "DEBT" is MONEY owed from unfunded legislation, much like 10 years of the bush wars!

[dinkster1]

This is about a government that spends whatever it wants on whatever it wants, and then when the tab becomes too high, passes it off on Americans. This is about unsustainable wars funded with printing presses and inflation, not about underfunded government. Go ahead and give your money to them, don't hold your breath about them spending it on fixing social security, or keeping the postal service above water. Expect them to instead spend it on tomahawk missiles to shoot at Iran, and more global insurgencies and bases, forcing empire on the world. Why is it people believe that "just a bit more money" will magically fix such an entrenched problem?

[js2212]

ellie,

I think it's ironic that Buffett "laments" his 17% but strangely, he's unwilling to volunteer any more money himself. He's more than willing to suggest other pay more though.

Where are you getting your facts? I think you're listening to a little too much liberal talk radio. Here are figures from the IRS, since I am one who likes to have actual facts rather than imaginary information.
Average Tax Rates for:
Top .1% earners: 24%
Top 1% earners: 24%
Top 5% earners: 20%
Top 5-10% earners: 11%
Top 10-25% earners: 8%
Top 25-50% earners: 5.5%
Under 50%: 1.85%

So all of you screaming about the rich paying their "fair" share, what are you basing your demands on, other than Obama's distortion of the facts and the Socialist agenda put forth by Occupy? I shudder to think what you consider "fair".

[roadracer9x]

Those numbers are pure BS. Where did you get them, a book about fairy tales? I know they are BS because I and many others I know in my middle class bracket pay way more that that.

[js2212]

I checked my taxes for the last 3 yrs and this is exactly what I paid. You can find the same information at the same source. A monkey could research it. The source is called the Internal Revenue Service. I don't know - maybe you've heard of them. You see, I don't just believe what I'm fed by sources with an agenda. I look stuff up myself. The whole tax the rich thing is just bullsh** liberal Socialist propaganda and you all are just gobbling it up like junkies. I can't say I'm exactly happy with the government or the way things are, but I'm not a sheep that eats what I'm fed like a lot of posters on this thread. And if I don't like where I'm at, I hold myself accountable. I don't shift blame to something else and cry about it.