The Homa Files

Warren Buffett is back on the talk shows sanctimoniously asserting that the wealthy don’t get taxed enough.

ABC, Warren Buffett: “There’s No Sacrifice Among The Rich”
http://www.realclearpolitics.com/video/2010/11/28/warren_buffett_theres_no_sacrifice_among_the_rich.html

Since he won’t shut up, I suggest that the extension of the Bush tax cuts come with the following modifications:

• For anyone with wealth (not income) totaling more than $1 billion, all current income – whether ordinary income or capital gains — shall be taxed 95%.  Call it the Gates / Buffet tax.
• For anyone with wealth totaling more than $1 billion, no deductions shall be allowed against adjusted gross incomes.  Specifically, charitable deductions shall be made after-tax.  Sorry, Bill, but I want to see more of Buffet’s money going to the Feds instead of Gates Foundation … just like mine.
• For all citizens, an estate can be sheltered by a maximum of $1 million of charitable gifts. Ditto the prior point. Confiscate Buffet’s estate and throw it into the gov’t grinder.

And, while we’re at it:

• For all members of Congress (House & Senate) and all members of the Administration who report directly to the President, no income tax deductions shall be allowed and all income – regardless of source, type or amount – shall be taxed in its entirety at the highest marginal rate paid by any taxpayer. Let’s make the Congressional tax discussions a bit more personal.
• For all retired members of Congress and any retired members of any Administration who reported directly to the President, all government pension and retirements benefits (including gov’t paid healthcare premiums) shall be taxed in its entirety – with no allowable deductions —  at the highest current marginal rate paid by any taxpayer. Let them ‘feel our pain’ everyday when they wake up

The above plans kill many birds with relatively few stones:

1. Raises some dough for deficit reduction
2. ‘Sensitizes’ our lawmakers.
3. Potentially, gets Buffett to shut the blank up.

Win, win, win.

This entry was posted on November 29, 2010 at 6:42 am and is filed under Buffett, Warren, Taxes. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.