Warren Buffett Gave His Tax Return To Charlie Rose Last Month

[cal04]

http://tpmdc.talkingpointsmemo.com/2011/09/warren-buffett-gave-his-tax-return-to-charlie-rose-last-month.php?ref=fpa


Attention Buffett Birthers on Capitol Hill: Warren Buffett has already made his 2010 tax return public.
http://tpmdc.talkingpointsmemo.com/2011/09/on-capitol-hill-rise-of-the-warren-buffett-birthers-video.php

Appearing on Charlie Rose last month, the billionaire investor brought his tax return along to prove his point about the Buffett Rule, which has become the centerpiece of President Obama's new plan to raise taxes on the super-rich.

A group of Republicans on Capitol Hill is calling on Buffett to release his tax return to the public, to prove whether or not he actually pays a lower percentage in tax than his secretary. Buffett made no secret of the numbers to Rose, and explained how the income breakdown works.

(snip)
BUFFETT: Well, taxes -- if you make money with money, you get taxed very -- at very low rates; 15 percent dividends in capital gains. No payroll tax. If you make money with muscle or hard work or sweat of your brow, you get taxed at rates that move on up. And most of the people, the middle-class gets taxed at rates of either 15 percent or 25 percent on their income tax, but then they get really hit hard on the payroll tax and that's what brings the rates in our office up to an average of 36 percent if you leave me out.

http://www.cnbc.com/id/44174056/TRANSCRIPT_%C2%A0_Warren_Buffett_Tells_Charlie_Rose_Why_Congress_Should_Stop_Coddling_the_Super_Rich

[frazzled]

1. I know, I saw that interview!

I'm sure he'll be happy to let the Buffett birthers see how little he actually paid, as a percentage of his income.

It was a great interview, btw. The statement that struck me the most was when he talked about how people were not going to stop working or investing because of a tax increase:


CHARLIE ROSE: Well, but you’re the top of the list there with -- you
and Bill. But there is also this -- what is an appropriate rate of
taxation of people like you before, as some conservatives and supply-siders
argue, you begin to somehow inhibit growth?

WARREN BUFFETT: Yeah. Well, I -- I worked through all kinds of
systems of taxation.

CHARLIE ROSE: Right.

WARREN BUFFETT: And I worked with rich people, you know, even in the
‘50s and the ‘60s, and I worked with them when the top rate was 70 percent.
I worked with them when capital gains rates were 39.6 percent, and not one
of them said, you know, it’s 1:00, and instead of working this afternoon I
think I’ll go to the movies because my marginal rate is so high. I mean,
if anything, they worked harder, Charlie.

CHARLIE ROSE: The reason they got rich is because they worked hard.

WARREN BUFFETT: I never had one person -- I had hundreds of people
...

CHARLIE ROSE: Yeah.

WARREN BUFFETT: ... you know, in the partnership ...

CHARLIE ROSE: Right.

WARREN BUFFETT: ... and not one of them ever came to me and said,
"Warren, I decided to hell with it. 39.6 percent, I’m not going to invest
my money." What would they do with it, stick it under the mattress?

http://www.charlierose.com/download/transcript/10711

[Drale]

2. If Buffet really wanted to help,

he would choose say 100 or 1000 people at random and completely pay off all their bills, after all what is he doing with all that money?

[Lionessa]

3. I disagree and here's why...

So long as people step up to offer charity, it re-enforces the idea that government doesn't need to step in because the goodness of bake sales and philanthropy will cure all ills.

Buffet is right to do all he can to change the rules so that a long term across the board correction for the wealthiest takes place.

[Pacifist Patriot]

8. Excellent point.

[Drale]

10. Thats a good point

I didn't think of it that way.

[roguevalley]

13. actually, my loathing of Buffet is more basic. Until he writes a check

and pays about 45% tax rate, he's just another big mouth asshat

[Selatius]

14. He kind of does that now.

In past interviews, he said he doesn't do any tax planning. While he could get his tax rates even lower with enough financial planning and advisors ahead of time, he has said he doesn't even do that.

[Matariki]

4. What he's doing by speaking out right now is great. And he already gives a lot to charitable causes.

But some folks will always find something to hate, complain, or criticize.

I mean why 100 or 1000? If he did I suspect you'd find something else wrong with him?

[The Doctor.]

5. Give a man a fish?

Not when the whole nation, as Lionessa suggested, needs a great deal more than 1000 people out of debt.

[banned from Kos]

6. He is doing better than that. His entire fortune is going to buy vaccines

and better education for poor children the world over.

[Indydem]

7. How about paying the estimated 1b in back taxes that he owes?

http://www.huffingtonpost.com/2011/08/29/warren-buffett-taxes-berkshire-hathaway_n_941099.html

[Angry Dragon]

9. .............

:popcorn:

[unblock]

11. that's berkshire hathaway, not buffett personally.

they are separate entities, with separate tax issues.

[Indydem]

15. He is President and CEO.

If he wants to pay the taxes, BH will pay the taxes.

[unblock]

17. and he's indicated that it will be paid, they're waiting on the irs

there's been an ongoing dispute and they're waiting for the irs to determine the final amount.

in any event, this has what exactly to do with personal tax rates?

[banned from Kos]

12. HuffPo garbage sourced from a Murdoch Post hit piece

Shameful.

Berkshire only said there were "prior period adjustments" and admitted no liability.

Fuck HuffPo - they suck.

[Indydem]

16. "Admitted No Liability"

AKA Tax Dodge

But thats OK, right, cause he's one of "ours?"

Filthy rich motherfucker avoiding his taxes.