6 ms·

Buffett always complains that he did not pay enough tax. He could simply wire 50% of his fortune to the IRS. His secretary had no choice. (End of sarcasm) They

Buffett always complains that he did not pay enough tax. He could simply wire 50% of his fortune to the IRS. His secretary had no choice. (End of sarcasm) They should donate to a foundation. They should not have link with it (direct or indirect). Their family (direct or indirect) should not have link with it (direct or indirect). The problem with these structures is that they allow someone to control and directly benefit from assets without fiscally owning them. Usually these foundations have complex structures and use generous fiscal code of some countries. For many, the main goal is to lower the fiscal pressure during transmission to the children.

paulpauper 5y ago
millions of Americans struggle with basic expenses. Such expenses are recurring. even if he gave half, it would not last long enough to fix those problems.
- boringg 5y ago
  Agree - which is why he says it's a systemic problem that needs fixing. All of these, frankly, stupid arguments that he should just give the IRS money for no reason because they don't tax him high enough is ridiculous. Literally a drop in the bucket. Full year budget - $4.89 Trillion in 2019.
dnautics 5y ago
I think the real thing is that Buffet knows that wiring your fortune to the IRS is a perilously stupid way to do good with your money; just statistically such a huge chunk of that will go to, say, bombing children halfway around the world, bureaucracies that spend money better than actually provide healthcare, and anti-poverty programs that are better at lining the pockets of 'social entrepreneurs' that are better at writing grants than providing services to the poor. If you do actually believe that the federal government is the most efficient way to redistribute wealth, at least earmark it to killing the debt, which is an unethical institution (you cannot go back in time and vote against spending that your generation is forced to pay off; it's taxation without representation) https://www.treasurydirect.gov/govt/reports/pd/gift/gift.htm https://www.treasurydirect.gov/govt/reports/pd/gift/gift.htm
- ericmay 5y ago
  It’s fine if he thinks it’s stupid, but then he shouldn’t complain that he doesn’t pay enough either as if only he could pay more then he would do so. BS! I don’t have a problem with the guy or with his wealth, but the whole “oh but if they’d only tax me” thing is infuriating. Hell, he could just endow any number of non-Ivy League schools and pay for kids to go to college.
  - dnautics 5y ago
    Exactly this. I don't even make nearly as much as warren Buffett and I'm actively contributing to an unrelated kid's (single mom, service worker, spotty job reliability) college fund. You just have to step up and do it one day, or, if you're warren buffet, tell your personal assistant to set it up.
  - boringg 5y ago
    I have a genuine question do you know what Buffets philanthropies do or his plans with his wealth? Or are you just reacting to talking points?
    - ericmay 5y ago
      I'm reacting to his talking points - I'm not sure what his philanthropies will do with his wealth, but I assume not give it to the IRS so I think the point still stands. Anybody who wants to pay more taxes can write the IRS a check. It's very easy to do.
BoysenberryPi 5y ago
Frankly if I was a billionaire and had the means to setup my own charity that I had complete visibility into so I knew exactly where every penny was spent I would do that over giving it to another foundation.
- IdontRememberIt 5y ago
  Agree. Unfortunately today a Foundation is mainly a optimisation structure. Most of the countries have usually other structures (in their fiscal code) to encourage people to help.
- rhizome 5y ago
  Sticking your nose in "where every penny was spent" is not great and I imagine for most people it would lead quickly to micromanagement. What do you know about charities, about running charities? Anything? Give anonymously. To people who already know what they're doing. You're a billionaire, you can afford list price for benefit events.
ABCLAW 5y ago
>Buffett always complains that he did not pay enough tax. He could simply wire 50% of his fortune to the IRS. His secretary had no choice. (End of sarcasm) Wealth is competitive. Over time, having a higher rate of return than someone else results in substantial differences in overall wealth. Everyone in his position being on the same playing field and chipping in equally is not the same as him martyring himself and letting more selfish peers acquire more resources and sway.
- bnjms 5y ago
  Said better than I in fewer words
bnjms 5y ago
This argument gets played frequently but it misses the a point. Buffet is not complaining that he has not been able to send enough money to the government he is complaining that the system has no way to take the money from people like him. It’s is meaningless to send more money as the complaint is about the system and how it deals with the overall group he is a part of. The consistent criticism is that Buffet has not put in enough lobbying to change the system. He could afford building of lobbyists and not farms and burned out influencers manipulating public consensus. Now that’s a a decent criticism. But no one should ever have to pay more than they must, just to have an opinion on their own government.
- refurb 5y ago
  I’m sorry what? Buffet shouldn’t have just cut the IRS a check for $2B because it’s “meaningless to just send the money”? So unless all the pieces are in place there is no value in paying the amount in taxes you publicly claim you should pay? That’s like saying alcohol should be illegal, but drinking all the time. “Well, there is no point in me not drinking, the point is to change the law”. That makes zero sense.
  - watt 5y ago
    Buffer should've done same but opposite what Koch brothers do: fund powerful think-tanks, but left of center, to promote progressive tax and eliminating loopholes and limitation of business taxes and capital gains taxes, I guess also promoting estate taxes for a good measure.
  - boringg 5y ago
    Disagree. Why would you arbitrarily pay the IRS money if you didn't owe them anything. It would put himself in a weaker competitive position against his competitors and for what benefit? I completely disagree with you. The move should be to change the system.
    - refurb 5y ago
      You pay them because your argument is “i should be paying more”. It’s hard to take someone seriously when they say they should pay more tax, have every opportunity to pay more tax, yet choose not to pay more tax.

paulpauper 5y ago

millions of Americans struggle with basic expenses. Such expenses are recurring. even if he gave half, it would not last long enough to fix those problems.

boringg 5y ago
Agree - which is why he says it's a systemic problem that needs fixing. All of these, frankly, stupid arguments that he should just give the IRS money for no reason because they don't tax him high enough is ridiculous. Literally a drop in the bucket. Full year budget - $4.89 Trillion in 2019.

dnautics 5y ago

I think the real thing is that Buffet knows that wiring your fortune to the IRS is a perilously stupid way to do good with your money; just statistically such a huge chunk of that will go to, say, bombing children halfway around the world, bureaucracies that spend money better than actually provide healthcare, and anti-poverty programs that are better at lining the pockets of 'social entrepreneurs' that are better at writing grants than providing services to the poor. If you do actually believe that the federal government is the most efficient way to redistribute wealth, at least earmark it to killing the debt, which is an unethical institution (you cannot go back in time and vote against spending that your generation is forced to pay off; it's taxation without representation) https://www.treasurydirect.gov/govt/reports/pd/gift/gift.htm https://www.treasurydirect.gov/govt/reports/pd/gift/gift.htm

ericmay 5y ago
It’s fine if he thinks it’s stupid, but then he shouldn’t complain that he doesn’t pay enough either as if only he could pay more then he would do so. BS! I don’t have a problem with the guy or with his wealth, but the whole “oh but if they’d only tax me” thing is infuriating. Hell, he could just endow any number of non-Ivy League schools and pay for kids to go to college.
- dnautics 5y ago
  Exactly this. I don't even make nearly as much as warren Buffett and I'm actively contributing to an unrelated kid's (single mom, service worker, spotty job reliability) college fund. You just have to step up and do it one day, or, if you're warren buffet, tell your personal assistant to set it up.
- boringg 5y ago
  I have a genuine question do you know what Buffets philanthropies do or his plans with his wealth? Or are you just reacting to talking points?
  - ericmay 5y ago
    I'm reacting to his talking points - I'm not sure what his philanthropies will do with his wealth, but I assume not give it to the IRS so I think the point still stands. Anybody who wants to pay more taxes can write the IRS a check. It's very easy to do.

BoysenberryPi 5y ago

Frankly if I was a billionaire and had the means to setup my own charity that I had complete visibility into so I knew exactly where every penny was spent I would do that over giving it to another foundation.

IdontRememberIt 5y ago
Agree. Unfortunately today a Foundation is mainly a optimisation structure. Most of the countries have usually other structures (in their fiscal code) to encourage people to help.
rhizome 5y ago
Sticking your nose in "where every penny was spent" is not great and I imagine for most people it would lead quickly to micromanagement. What do you know about charities, about running charities? Anything? Give anonymously. To people who already know what they're doing. You're a billionaire, you can afford list price for benefit events.

ABCLAW 5y ago

>Buffett always complains that he did not pay enough tax. He could simply wire 50% of his fortune to the IRS. His secretary had no choice. (End of sarcasm) Wealth is competitive. Over time, having a higher rate of return than someone else results in substantial differences in overall wealth. Everyone in his position being on the same playing field and chipping in equally is not the same as him martyring himself and letting more selfish peers acquire more resources and sway.

bnjms 5y ago
Said better than I in fewer words

bnjms 5y ago

This argument gets played frequently but it misses the a point. Buffet is not complaining that he has not been able to send enough money to the government he is complaining that the system has no way to take the money from people like him. It’s is meaningless to send more money as the complaint is about the system and how it deals with the overall group he is a part of. The consistent criticism is that Buffet has not put in enough lobbying to change the system. He could afford building of lobbyists and not farms and burned out influencers manipulating public consensus. Now that’s a a decent criticism. But no one should ever have to pay more than they must, just to have an opinion on their own government.

refurb 5y ago
I’m sorry what? Buffet shouldn’t have just cut the IRS a check for $2B because it’s “meaningless to just send the money”? So unless all the pieces are in place there is no value in paying the amount in taxes you publicly claim you should pay? That’s like saying alcohol should be illegal, but drinking all the time. “Well, there is no point in me not drinking, the point is to change the law”. That makes zero sense.
- watt 5y ago
  Buffer should've done same but opposite what Koch brothers do: fund powerful think-tanks, but left of center, to promote progressive tax and eliminating loopholes and limitation of business taxes and capital gains taxes, I guess also promoting estate taxes for a good measure.
- boringg 5y ago
  Disagree. Why would you arbitrarily pay the IRS money if you didn't owe them anything. It would put himself in a weaker competitive position against his competitors and for what benefit? I completely disagree with you. The move should be to change the system.
  - refurb 5y ago
    You pay them because your argument is “i should be paying more”. It’s hard to take someone seriously when they say they should pay more tax, have every opportunity to pay more tax, yet choose not to pay more tax.