How Warren Buffett Is Wrong
Posted by Perry Willis — August 21, 2011
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We disagree. We think Mr. Buffett’s investments do more social good than his taxes do. Here’s why…
None of Mr. Buffett’s companies use force to compel people to do business with them, but everything The States does relies on coercion. This automatically makes Mr. Buffett’s investments better than his tax payments. In addition….
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Mr. Buffett is also scamming us in another way. He wants us to believe that wealthy Americans have been doing less to fund the Leviathan State. He wrote in The New York Times….
“Since 1992, the I.R.S. has compiled data from the returns of the 400 Americans reporting the largest income. In 1992, the top 400 had aggregate taxable income of $16.9 billion and paid federal taxes of 29.2% on that sum. In 2008, the aggregate income of the highest 400 had soared to $90.9 billion… but the rate paid had fallen to 21.5%”
We say that Mr. Buffett is using percentages in order to deceive. Here’s how those percentages work out in terms of dollars….
In 1992 the top 400 wealth generators paid $4.9 billion in taxes.
In 2008 the top 400 wealth generators paid $19.5 billion in taxes.
Can you see how Mr. Buffett’s scam works? The percentage of income paid in taxes went down, but the amount of taxes paid in dollars actually ROSE, by a multiple of 4 in 16 years!
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And, he has reinforced the image that the takers in the USA have a moral argument to take more.
“Otherwise, I suggest you pick up a weapon, and stand a post. Either way, I don’t give a damn what you think you are entitled to.” Colonel Jessep in A Few Good Men played by Jack Nicholson
While Warren has more money than I ever will, it doesn’t give him “high priesthood” status.
The Gooferment is the referee; not the “beauty contest judge”.
We need more rowers and less free riders!
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