The Fiscal Times story headlined, Warren Buffett: Stop Whining and Write Uncle Sam a Check.
Congressman John Shimkus (R-Ill.) tweeted, Nothing is stopping Warren Buffett (or anybody) from making a donation to the Treasury if he feels hes under-taxed.
Im a little fed up with these people who come on with their big op-eds and admonitions, said Pat Buchanan on MSNBCs Morning Joe. Why doesnt he set an example and send a check for $5 billion to the federal government? Hes got $40 billion.
Indeed, why doesnt Buffett write a check to good ol Uncle Sam? I dont ask rhetorically, but in earnest. What is stopping him from making that donation?
A contribution to the federal treasury is fully tax-deductible, so thats not the sticking point.
Perhaps its a matter of fairness. The Oracle of Omaha doesnt want to stick his massive toe into a pool of greater taxation until hes assured that all his mega-rich friends will be pushed in as well. Quite understandable on a couple levels, though I view patriotism and duty as a personal — not a merely collective — concern. (In other words, my love of freedom and country doesnt depend on you seconding that emotion.)
However, what about when Warren Buffett passes from this earth?
Then, the question of fairness seems moot. At that most unfortunate time, his fortune must go somewhere. Even he cant take it with him.
The money could all go to his kids — the lucky sperm club as Buffett once dubbed them. But he has previously stated his three children will each receive only a modest inheritance.
Mr. Buffett has already announced, in fact, that he is giving 99 percent of his wealth to private charity. The Bill and Melinda Gates Foundation is the largest recipient. And Buffett has urged other super-wealthy Americans to pledge 50 percent of their net fortunes to private charity.
Why not, instead, bequeath his entire net wealth, and their entire estates, minus a modest cut for offspring, to the United States Government?
The answer is obvious.
Columnist Cal Thomas answered it in the form of a question: Why would anyone want to send more money to government which is such a poor steward of it? . . . You would be subsidizing wrong decisions and bad behavior.
With the waste and fraud and corrupt politics of Washington, no one in their right mind would hand over their lifes savings to Congress — not when they could give it to a legitimate charity.
Whether one agrees with his politics or not, Buffet certainly knows investing. With his actions, with his own billions of dollars, he is declaring, loudly and clearly, that in caring for the sick, feeding the poor, educating future generations and pursuing a myriad of other worthwhile endeavors, the U.S. government is not the best place to invest.
On that, we as a nation have reached consensus: Sell Congress short.
As for Warren Buffett, reading his op-eds will never be as informative as watching where he puts his own money.