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Tuesday, November 27, 2012

It takes One to Know One - Warren Buffett Creates Wealth, Shares Wealth and Supports Optimistic Capitalism

http://www.wealthdaily.com/articles/warren-buffett-endorses-minimum-tax-for-the-ultrarich/3800

“The ultra-rich, including me (says Warren Buffett) , will forever pursue investment opportunities.”- quote.

Warren Buffett is now taking time to invest in America's future, by speaking out for higher tax rates on rich people, like him.

Watching Warren Buffett speak about wealth is like being in the presence of the real Santa Clause.  He looks like a modern Santa and speaks about money like it's chocolate in a Christmas stocking.  

In other words, he's a jolly man who loves to spread optimism about creating and sharing wealth,

Buffett is charming when dropping quotes like, "Wall Street is the only place that people ride to in a Rolls Royce to get advice from those who take the subway (to work). http://www.brainyquote.com/quotes/authors/w/warren_buffett.html

As a word crafting minimalist, Buffett sure gets to the point, especially when it's about investing money to create wealth.  

Now, Buffett is trying to teach politicians about the value of sharing wealth by taxing the rich.  It sounds so simple. Rich people and the super-rich, should pay more than a 14 % tax rate, especially, considering many middle class taxpayers fall into a 30 % tax rate.

In fact, super-duper-ultra-rich people don't pay any taxes, at all.

Buffett is probably the world's most successful (and arguably likable) investor.When he speaks "wealth", he's talking from a pinnacle that a majority of the universe will never reach.  

That's probably why the very small number of super rich people in the world probably don't say much about Buffett's support for a minimum tax policy, whereby they would pay a base tax rate.  Rarely do people reach the threshold of earning over $500,000  a year or more, to reach before paying the minimum tax rate. They are so few in number that they hardly form a quorum of themselves.

Buffett speaks from experience when he says, 

"The rich are always going to say that, you know, just give us more money and we'll go out and spend more and then it will all trickle down to the rest of you. But that has not worked the last 10 years, and I hope the American public is catching on.






Buffett is receiving mixed reviews about his New York Times opinion column about taxing the rich. 
http://www.nytimes.com/2012/11/26/opinion/buffett-a-minimum-tax-for-the-wealthy.html?_r=0

He writes: "Suppose...an investor you admire and trust comes to you with an investment idea. 'This is a good one,' he says enthusiastically. 'I’m in it, and I think you should be, too'."

"Would your reply possibly be this? 'Well, it all depends on what my tax rate will be on the gain you’re saying we’re going to make. If the taxes are too high, I would rather leave the money in my savings account, earning a quarter of 1 percent.' Only in Grover Norquist’s imagination does such a response exist."

Ironically, critics of Mr. Buffett's knowledgeable point of view are those who will never earn anywhere near the money accumulated by his company, Birkshire Hathaway.  While some may snub Buffett's taxation opinion, critics who can speak, with authority, from his point of view, are as rare an unicorns.  

In other words, if Buffett says the rich, the "super rich" and the "ultra rich" can afford to pay more taxes, then, who are we, who pay a 30 percent rate, to argue with his experience?

It takes one to know one, my mother always said. For Warren Buffett, those who either know him, or would like to, wish it were possible to emulate his success, even if doing so meant paying a higher tax rate than 14 percent!

Warren Buffett said,  "Someone's sitting in the shade today because someone (esle) planted a tree a long time ago".

American politicians are overdue when it comes to taxing the rich.  For whatever reason, they're timid about taxing the rich but think little about putting the burden of paying for government on the middle class.  Nonetheless, it's never too late to meet a master from among the rare ultra rich and learn from him.

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